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- cries in unemployed *
I’m turning 36 this year and it’s already happened in a way. In 2019 I was making $14 an hour working at a head shop, and now I’m 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 can’t break the true comfort level unless your household income is $200k. $100k just doesn’t cut it anymore if you want to own a decent house, pay crazy prices for healthcare, have saving/retirement.
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 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.
$3M. I could retire immediately with a comfortable stream of investment income. Anything less would be helpful, but I would still have to work.
Maybe a quarter of a million. Enough to retire in the third world.
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.
$500 would get all my bills caught back up
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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.
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.
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.
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
Man 6 months just to buy a better car that doesn’t cost so much to mantain and fill up. That would be amazing.
$5000 would let me pay off all of our credit card debt and a few medical bills. That would free up about $400 a month just from minimum payments and take off a massive stress load from worrying about all this interest. It would take me around 200 hours to save that up at my current rate.
Instead I feel trapped with what is a comparatively small amount of debt that I’ll be paying off for years if I don’t accrue any other debts.
