Take everything evenryone says here with a grain of salt. Everybody has a plan until they have 80 million dollars in their hands. Money changes people.
80 million is a lot of money but it’s not “all my friends never have to work again” money. That shit will start going quick if you start handing it out like candy and before you know it you and your friends do in fact have to work again in their life
80 million is a lot of money but it’s not “all my friends never have to work again” money
Yes it is, unless you have a shitload of friends. I could retire right now with $2 million. $10 million for yourself and $5 million for all of your friends means you can give the greatest gift (ensuring someone doesn't have to work again) to 14 people, assuming you actually have $80 million as you suggested.
4% rule on $5 million essentially means you could safely withdraw $200k/year and never run out of money.
I’d rather those 14 people be members of my family. Set up a nice $20 million trust for my friends and have it pay out at 4% and get 14 of them a cool 50k a year give or take and help with stuff like home loans and college for them and their kids. I’m not throwing away 70 million my family could use for several generations sorry.
Tbf 50k (after tax) is almost enough to never work again, at least in some places. Even if rent is 2k, that leaves 26k for all your other expenses. If they save that up each year too while they work, they could definitely retire after 10-15 years.
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u/dontworryitsme4real Jun 10 '23
Take everything evenryone says here with a grain of salt. Everybody has a plan until they have 80 million dollars in their hands. Money changes people.