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- cries in unemployed *
this post was submitted on 28 Jun 2023
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Lots of student loans and no money saved, so unless it's enough money to pay off all the student loans, buy a house, and have a self sustaining retirement fund, my life wouldn't change today. Any amount would certainly help in the future, but if it doesn't reach all those goals, I'll still have to a similar day-to-day for the time being.
124,594 hours (14 years) would be enough to retire right now, anything less than that wouldn't be immediately "life changing" since I'd still have to hold down a job.
Do you mean the income of 14 years, or the income you would get working 14 while years (which with a 40hour work week is more like 60 years of work)?
I took the amount I estimate I would need to retire right now at my current age and divided that by my current hourly rate. So it's 124,594 working "man-hours", as you say like 60 years of working. But that value goes down every year I do actually work and as my retirement investments grow.
I assume OP asked it that way to normalize and anonymize it a little.
Well good luck reaching that goal. However 60 years of work seems way to high.
I'm probably going to need a year's worth of my time, in part because I would use that to take a year off.
Iβm turning 36 this year and itβs already happened in a way. In 2019 I was making $14 an hour working at a head shop, and now Iβm making just shy of $100k and it finally feels like I can take care of myself (barely)
If you live in any major metro area, I really feel like you canβt break the true comfort level unless your household income is $200k. $100k just doesnβt cut it anymore if you want to own a decent house, pay crazy prices for healthcare, have saving/retirement.
Two-three years, to quit job, buy materials and needed machinery, little cushion and make the same work I do for other people and make money for myself instead as others.
Maybe a quarter of a million. Enough to retire in the third world.
$500 would get all my bills caught back up
Two years worth would be enough down payment for the mortgage on a nice, non-starter home in my area affordable. Anything less would just go towards that future goal.
20 years. Mortgage + interest paid off. I'd still have to work of course, but to be mortgage free would be a game changer.
Including not needing to work, maybe another 20 years on top of that.
Kinda depressing huh
24/7 for a decade would be dope.
11+ years
I don't think money would change my life. I make enough to pay my bills and eat. I have plenty of friends, and that doesn't cost money.
I'm in my mid 40s, married with three kids (teenagers and one in his twenties) and we're right in the middle of middle class.
$100K I could pay off both our cars, and put a nice down payment on a house and enjoy a lower cost mortgage.
$500K I could buy and furnish a house, no more rent or mortgage (but still taxes, which are pretty reasonable where I live).
$1 Million same, but a nice nest egg for the future and help my kids get set up.
$2 Million or more I could seriously consider retirement.
$5 Million or more, I'm definitely retiring.
2 years. That would be enough to pay debts and try a different lifestyle in another city.
I'm impressed that would be only a year. I have so many debt I thought it would be 3 to 5 years.
Anything more than $30 000 I guess
1 year of salary extra would be unbelievably life-changing. Like.....every single stress in life would be eliminated. Shoot, even $10k extra would be HUGELY beneficial.
Been thinking about starting to drive Door dash or another side gig to supplement income.