|
|
|
|
#2
05-23-2007, 10:51 AM
|
|||
|
|||
Re: empiremaker2 is playing 2-4 nl right now
not really sure about the 2 mil #, thats not what i was commenting on....
duck- i was LOLOLOLOL'ing at you saying EM2 could retire off his earnings from pre frist poker. umm, he made about $1mil, of which at least 35% goes to taxes, which leaves $650k. and since its occured over a couple of years in college and em2 likes to spend money, we can conservatively rule out retirement in the near future, no? 
|
|
#3
05-23-2007, 12:25 PM
|
|||
|
|||
|
Re: empiremaker2 is playing 2-4 nl right now
I wonder if people have really thought through the maths of retiring at a young age on a fixed sum. You can't use the "headline figure" of 5% or whatever interest you think you can safely earn as your income: you have to subtract taxes, obviously, but also inflation if you expect to be doing this indefinitely. A cautious, but not ridiculously cautious estimate might be an income of 1.5% after taxes and inflation. Even that is probably hard to guarantee.
And even if you can manage that, you're allowing only for price inflation, not wage inflation, which means you risk ending up being stuck with a 2007 lifestyle in 2057. (A worry, if extrapolating from 1957 is any guide.) If I really had no plans for making further income and no easy option to fall back on if I needed, anything less than $2 million would leave me feeling seriously uneasy.
|
|
#4
05-23-2007, 01:25 PM
|
|||
|
|||
|
Re: empiremaker2 is playing 2-4 nl right now
lol@2mill not being enough to retire on....
|
|
#5
05-23-2007, 02:01 PM
|
|||
|
|||
|
Re: empiremaker2 is playing 2-4 nl right now
It's plenty if you're a cat. If you're a human, and your tastes tend towards the frugal, and you don't ever plan to get seriously ill or have kids or live in a big metropolis,it might be adequate. If you take investment risks and they pay off, it might be more than adequate. But it isn't enough to guarantee you a risk-free middle-class income for the rest of your life: check out the maths.
|
|
#6
05-23-2007, 05:09 PM
|
|||
|
|||
|
Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
It's plenty if you're a cat. If you're a human, and your tastes tend towards the frugal, and you don't ever plan to get seriously ill or have kids or live in a big metropolis,it might be adequate. If you take investment risks and they pay off, it might be more than adequate. But it isn't enough to guarantee you a risk-free middle-class income for the rest of your life: check out the maths. [/ QUOTE ] Pretty hard to be frugal too when you're young rich and jobless. Working 40 a week at least keeps you from overspending out of boredom.
|
 |
|
|
Hybrid Mode
