Puddy Posted January 6, 2006 Share Posted January 6, 2006 (edited) What is this pension you speak of? The majority of folks under a certain age probably have no idea what an old fashioned pension is. Most of us have to actually contribute in order to have money to spend later in life Edit: 's live on a shoe string budget so retirement planning is not important to them. Edited January 6, 2006 by Puddy Quote Link to comment Share on other sites More sharing options...
Rebellab Posted January 6, 2006 Share Posted January 6, 2006 $5 million in West Texas desert "ranch land" isn't all that useful, either. $1250923[/snapback] I wouldn't say that, have you seen the price of cattle lately. $5m in land in west Texas can support a lot of cows which have calves which are worth about $600 to 700. The land is the largest expense in ranching. Quote Link to comment Share on other sites More sharing options...
ChuckB Posted January 6, 2006 Share Posted January 6, 2006 I just need a handful of scratch off lottery tickets, a large pizza, and a forty and I'll be all set Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted January 6, 2006 Share Posted January 6, 2006 I'd have to say $3 to 4 million would do it for me. With that kind of money you can hire a decent money manager and should easily be able to clear $150,000 to $200,000 in a bad year and as much as $400,000 to $500,000 in a good year after taxes. As long as you are not buying a new boat and a new Austin Martin every year you should be able to live on that pretty comfortably until you croak with out ever having to touch the principle. Quote Link to comment Share on other sites More sharing options...
Guest Cherni Posted January 6, 2006 Share Posted January 6, 2006 If I run out of money before my time I'm going out like Blue did. A KY jelly wrestling match with 2 hot college chicks. I'll spend my last $1000 on that and die a happy man. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted January 6, 2006 Share Posted January 6, 2006 1.987 million... invested right and im good till 85 spending 65500 a year .... Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted January 6, 2006 Share Posted January 6, 2006 I wouldn't say that, have you seen the price of cattle lately. $5m in land in west Texas can support a lot of cows which have calves which are worth about $600 to 700. The land is the largest expense in ranching. 1251078[/snapback] Not to mention leasing it out for hunting. Youd be able to buy somewhere around 1000 acres for $4 Million in Llanno County. Then use the other Million for building a homestead and buying live stock. You could divide the property up into quaters and lease each quater for around $7,500 to $10,000 a year for hunting purposes at the start. Hunters are known to make improvements on leases so when their lease runs out, you could raise the lease rate based on these improvements to $12,000 to $15,000 a year. Not including running the cattle on it, you would be able to clear about $50,000 to $60,000 a year just leasing it out to hunters. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 6, 2006 Author Share Posted January 6, 2006 1.987 million... invested right and im good till 85spending 65500 a year .... 1251228[/snapback] Done your research.... Quote Link to comment Share on other sites More sharing options...
Hat Trick Posted January 6, 2006 Share Posted January 6, 2006 But consider that figure represents total assets. Not sure where you live, but in my 'hood, $1mm might buy you a nice, comfy 3/2 house that needs a little work. If you live in a Meth-Antonio trailer park, obviously that $1 mm is going to go a little bit farther. So regional differences in cost of living is something we neglected to factor in. 1251028[/snapback] Missed that part Quote Link to comment Share on other sites More sharing options...
Hat Trick Posted January 6, 2006 Share Posted January 6, 2006 (edited) Missed that part 1251377[/snapback] oh and does it help my cause that I am owner of land that is worth over $250,000 right now, who knows what it will be worth down the road, obviously more, but not sure how much. I don't know, i'm just one of those guys for the reasons he wrote the book, I just don't think about it. I just thought one of these days I'd grow one ov dem dier muney trez. Edited January 6, 2006 by Hat Trick Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 6, 2006 Author Share Posted January 6, 2006 oh and does it help my cause that I am owner of land that is worth over $250,000 right now, who knows what it will be worth down the road, obviously more, but not sure how much. I don't know, i'm just one of those guys for the reasons he wrote the book, I just don't think about it. I just thought one of these days I'd grow one ov dem dier muney trez. 1251385[/snapback] Pick the book up. I am not finished yet so I can't give my huge thumbs up at this point, but what I have gotten through is an enjoyable and informative read. Quote Link to comment Share on other sites More sharing options...
muck Posted January 7, 2006 Share Posted January 7, 2006 $4mil earning 5% interest in a very diversified portfolio of muni bonds = $200k tax free Even if you were living in a high rent district, you could pay off a mortgage with that over time. In a low rent district, you could live a VERY nice life on $200k tax free. PS - Earning $200k tax free is like earning around $360k pre-tax...so, if you could really get by on $90k pre-tax ($50 tax free), all you'd really need is $1 million... Food for thought. Quote Link to comment Share on other sites More sharing options...
tonorator Posted January 7, 2006 Share Posted January 7, 2006 Now if you're feelin' kinda low 'bout the dues you've been paying Future's coming much too slow And you wanna run but somehow you just keep on stayin' Can't decide on which way to go I understand about indecision But I don't care if I get behind People livin' in competition All I want is to have my peace of mind. Now you're climbin' to the top of the company ladder Hope it doesn't take too long Can'tcha you see there'll come a day when it won't matter Come a day when you'll be gone Now everybody's got advice they just keep on givin' Doesn't mean too much to me Lot's of people out to make-believe they're livin' Can't decide who they should be. I understand about indecision But I don't care if I get behind People livin' in competition All I want is to have my peace of mind. Take a look ahead, take a look ahead. Look ahead. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 7, 2006 Share Posted January 7, 2006 no no no, take 50k with you to vegas, get a bunch of Samoan chicks dressed up like catwoman, 3 lbs of butter, 1 goat, 66 chickens, 6 pounds of spam, one 80 year old mute(guy or girl, doesn't matter since they are there to keep score.), two twinkies, a dolphin (and it's trainer, you never want to get stuck with one that doesn't have a trainer.) 2 baboons, a stack of pancakes and 14 rolls of duct tape. Go to town and go out that way, much more fun than an overdose. 1250971[/snapback] My vote in the Huddle Awards for post of the year!! Oh my goodness...a dolphin with a trainer...never get stuck with one that doesn't have a trainer......classic! I wouldn't say that, have you seen the price of cattle lately. $5m in land in west Texas can support a lot of cows which have calves which are worth about $600 to 700. The land is the largest expense in ranching. 1251078[/snapback] And land is your biggest money maker as well. Lease your land out for grazing, etc. and you can make some cash, not to mention the tax breaks. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 7, 2006 Share Posted January 7, 2006 Oh...and I would have to switch out the Samoan chicks with Eastern European chicks...Soup loves him some Eastern European chicks! :drool: Quote Link to comment Share on other sites More sharing options...
PantherDave Posted January 7, 2006 Share Posted January 7, 2006 Bought some land here in NC about 6 years ago (14+ acres), borrowed 3/4 mill for it (750,000), I've paid off 80% of it so far, as the bank let's me pay more outside of my normal montly payment. It's 2006 appraisal was 3 1/2 million, so it will time to flip it or develope it in about 2-3 more years. That and some more recent purchases(land) should pan out nicely. I built our new house for $330,000(includes the cost of the land) and it appraised for $547,000 when I got finished, so I can't but an exact $ figure on it, but we should be OK. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 7, 2006 Share Posted January 7, 2006 (edited) Bought some land here in NC about 6 years ago (14+ acres), borrowed 3/4 mill for it (750,000), I've paid off 80% of it so far, as the bank let's me pay more outside of my normal montly payment. It's 2006 appraisal was 3 1/2 million, so it will time to flip it or develope it in about 2-3 more years. That and some more recent purchases(land) should pan out nicely. I built our new house for $330,000(includes the cost of the land) and it appraised for $547,000 when I got finished, so I can't but an exact $ figure on it, but we should be OK. 1251695[/snapback] Watch out for the cap gains on that real estate flip. Consider a tax-free 1031 exchange, if you haven't already. Might help you defer over $400k in taxes. Course, if you borrowed against it to pay cash for another income producing property, if you got the right ROI the second property might pay for most of the monthly payment attributable to the refinanced debt on the first. Now you've got two properties and one is virtually paying for the other, and both are appreciating. Lather, rinse, repeat. Or sell it and buy porn, booze, and fireworks. Either way. Edited January 7, 2006 by yo mama Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 7, 2006 Author Share Posted January 7, 2006 $4mil earning 5% interest in a very diversified portfolio of muni bonds = $200k tax free Even if you were living in a high rent district, you could pay off a mortgage with that over time. In a low rent district, you could live a VERY nice life on $200k tax free. PS - Earning $200k tax free is like earning around $360k pre-tax...so, if you could really get by on $90k pre-tax ($50 tax free), all you'd really need is $1 million... Food for thought. 1251643[/snapback] I still believe that for just about everyone 1 mil would not be enough if an individual wants to live a comfortable life assuming we have no other assets. Now if you have a mil in equity and several more mil in investment accounts, it would be fine. I'm willing to guess that most here don't already have several mil already in the bank. The 4 mil number I believe most could get by assuming they don't want too much out of life (i.e. pricey house, nice cars, fancy trips, etc.) Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 7, 2006 Share Posted January 7, 2006 I am a lot younger than most of you and I don't see myself needing that kind of cash. My wife is a banker and could invest a mil or so and I'd bet that would last a pretty long time. Now do i have any exact figure, no, but I wouldn't need no stinking 5-13 mil to live out the rest of my life, I guarantee that. 1251000[/snapback] I'm with you. $1.5m would be plenty - in fact any 7 figure sum would work. I'd pay off the mortgage and live off the residual $1.35m, spending the vast majority of it on travel. I'd most certainly stop working. Quote Link to comment Share on other sites More sharing options...
PantherDave Posted January 7, 2006 Share Posted January 7, 2006 Whatch out for the cap gains on that real estate flip. Consider a tax-free 1031 exchange, if you haven't already. Might help you defer over $400k in taxes. Course, if you borrowed against it to pay cash for another income producing property, if you got the right ROI the second property might pay for most of the monthly payment attributable to the refinanced debt on the first. Now you've got two properties and one is virtually paying for the other, and both are appreciating. Lather, rinse, repeat. Or sell it and buy porn, booze, and fireworks. Either way. 1251716[/snapback] My sis is a real esate lawyer, me and the 1031 are real good friends, plus she had me set up a trust in my daughters names with her as the trustee to help with taxes also, plus our Dad is Multi Mill and has taught both of us very well. Thank you for a heads up though-Peace PD. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 7, 2006 Author Share Posted January 7, 2006 Bought some land here in NC about 6 years ago (14+ acres), borrowed 3/4 mill for it (750,000), I've paid off 80% of it so far, as the bank let's me pay more outside of my normal montly payment. It's 2006 appraisal was 3 1/2 million, so it will time to flip it or develope it in about 2-3 more years. That and some more recent purchases(land) should pan out nicely. I built our new house for $330,000(includes the cost of the land) and it appraised for $547,000 when I got finished, so I can't but an exact $ figure on it, but we should be OK. 1251695[/snapback] I'll add to what mama said with a word of caution: home and property equity is not liquid and, while I don't see much more than a 10% or 20% drop in the hardest hit area, we cannot count on all property to hold it's value. That said, if you are a property owner and have a chunk of actual money in the house, it will be a big help and can some day down the road help suppliment what you need to live comfortably. Quote Link to comment Share on other sites More sharing options...
PantherDave Posted January 7, 2006 Share Posted January 7, 2006 True-how true, but I don't see Coastal NC slowing down anytime soon, as I'm a General Contractor and Developer, and the flux's you mentioned are part of doing business in my line of work. Plus, my father is Multi Mill, and has been putting 8,000 a month into a trust for 25 or so years now so we don't get hit with an inheritance tax(well we will get hit, but he's essentially paying it for us). He has taught us both very well, and has come along way from a share-croppers son. Quote Link to comment Share on other sites More sharing options...
cliaz Posted January 7, 2006 Share Posted January 7, 2006 (edited) Oh...and I would have to switch out the Samoan chicks with Eastern European chicks...Soup loves him some Eastern European chicks! :drool: 1251690[/snapback] Yeah but aren't they into puking on everything? Wait i have a chart... 1. English woman = baby fetish 2. German woman = love eating poop 3. French woman = hairy and give up to easy 4. Chicks from Japan = puking and eating it 5. Polish woman = wearing diapers 6. Spanish woman = sticking veggies in their no-no spots 7. Chick from Portugal = same thing as spain (the country) but with fruits 8. Italian woman = yelling and smacking 9. Swish Chicks = just laying there 10. Austria chicks = Beating fetish 11. Chick from Czech Republic = shrimping guys 12. Finland chicks = fisting 13. Romania chicks = drinking blood and urine 14. Bulgaria chicks = they have chicks there? 15. Lithuwanian chicks = anything a rich american wants 16. Ukraine chicks = same as above cept they'll screw animals too 17. Norway woman = very vanilla sex, never doggy style but will let you pee in their mouths 18. Latvia chicks = stuffing apple in their a$$es and pretending they are Mr. Snuffalopacous 19. Belarus woman = blowing mules/humping dead pine trees (I have no idea why.) 20 Moldova woman = as long as you have money, they suck off a dead horse 21. Estonian woman = smoking pot from their own cooch. Edited January 7, 2006 by cliaz Quote Link to comment Share on other sites More sharing options...
cliaz Posted January 7, 2006 Share Posted January 7, 2006 oh snap DMD is in here. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted January 7, 2006 Author Share Posted January 7, 2006 (edited) True-how true, but I don't see Coastal NC slowing down anytime soon, as I'm a General Contractor and Developer, and the flux's you mentioned are part of doing business in my line of work. Plus, my father is Multi Mill, and has been putting 8,000 a month into a trust for 25 or so years now so we don't get hit with an inheritance tax(well we will get hit, but he's essentially paying it for us). He has taught us both very well, and has come along way from a share-croppers son. 1251736[/snapback] If only more people had parents like ours who have tried (despite my best attempts not to listen) the value of a dollar and what savings can do. Not that I have millions, but I feel comfortable with the future and with my first baby on the way. It's something that I can only hope to teach to my kids... still, my number is 5 mil. Edited January 7, 2006 by TDFFFreak Quote Link to comment Share on other sites More sharing options...
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