10 ms·
Side question. It seems the conventional advice here is to take the money. What if it was far less, say half that? How much is too little?
by neospice 9y ago
Side question. It seems the conventional advice here is to take the money.
What if it was far less, say half that? How much is too little?
- gk1 9y ago$7m is still more than most people make _in a lifetime_. There's no material difference in quality of life between a net worth of $7m vs $14m. Even $2m would mean you could take a very long sabbatical then come back and bootstrap your next startup idea.
- brianwawok 9y agoSo by Mr Money Mustache method, you look at the 4% rule. 1mm = 40k per year forever 2mm = 80k per year forever 3mm = 120k per year forever 4mm = 160k per year forever Pretty set with anything past 2mm in most of the US, maybe you would want 3 or 4 if you really like SF.
- qaq 9y ago160K in SF right that will take you far
- brianwawok 9y agoIt will give you a place to live and food to eat without ever having to do work for money again?
- qaq 9y agoIf you have no family sure
- brianwawok 9y agoNot true at all. If you cannot survive on 160k even with a family even in SF, you may want to look at your spending habits.
- qaq 9y ago"survive" and comfortably live are fairly far removed concepts
- brianwawok 9y agoI would be quite comfortable at those levels, do you enjoy arguing?
- qaq 9y agoSure why not would you provide break down of how that would look with family:)? you can start by subtracting taxes
- xapata 9y agoLet's say $100k post-tax to make it easy. - Housing $34k annually - Car $16k annually - Food $20k annually - Stuff $20k annually - Vacation $10k annually
- qaq 9y agoSo your whole family will live in a studio will not have medical insurance Never eat out etc.
- qaq 9y agoA more realistic one Housing + utilities 50K Medical insurance + deductible exp. 16K Food 20K (will not be good food) Cell service/internet 2k So no car no vacation and around 1K/ month for stuff and all other expenses
- xapata 9y ago$20k annually on food and it won't be good? I'm not sure what groceries you buy and where you eat out, but my family is pretty happy with our food. $400 per week is quite reasonable. Heck, you can shop at Whole Foods with that budget. Sometimes, anyway. The Asian market has much better prices, but they don't sell milk. But yeah, forgot medical. If you're doing half your discretionary on housing, that's going to be tough. I suggest moving.