Will You Retire When You Make Your First $1,000,000?

I'll retire the same day I stop smoking...and breathing.

I tried to retire. It was an epic fail.

I don't think I will, I will continue as it would be a hobby!

$1,000,000 is not really an impressive amount these days.

I think I would retire at $5m, and live of the Interest

Even that's under £3 Million, at the moment, and with interest-rates currently at an all-time low, your "pension" from that would barely be better than those of a successful surgeon or barrister retiring. And it would have to last you a long time? Granted, interest-rates are clearly going to rise soon, rather than fall any further. I don't know whether I'm the "retiring type" anyway, but I'd need more than that.

One of my plans, also.

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I'll retire at $100,000,000.00

Work Hard --> Contribute --> Fulfilment.

I'm enjoying the responses!

I think $1,000,000 would do me. I have very inexpensive tastes and we already own everything outright: house, vacation home, cars. We have a vacation a year and most of the rest of the time I just happily potter around the house. To be honest, as long as I have enough to support my family, buy new books, I'll be happy. One of the reasons I'm asking this is to set myself a goal, really. I enjoy the work I do, but I'm looking forward to a second life as a novelist. I'm pretty good at online moneymaking, but not the wisest when it comes to the offline world of investment banking, etc. Reading some of these replies, I'm thinking I may have to increase my goal, but for now I'm sticking with the $1million.

Anyway, enough from me. I'm far more interested in your thoughts than my own. LOL

I don't think I would. Maybe semi-retire and focus my energy elsewhere. Right now I gotta make 100

Nope. Not here where the median house price is over $800k.


Andrew

$1000000 doesn't make you a millionaire because once you spend one cent, you're not. It's a nice start and, if I kept doing my writing work but didn't receive my pension money, it would be ok for many number of years but I wouldn't stop writing.

I think by the time I reach the first 1,000,000 that my business will be mostly automated and as i prefer to work in evergreen markets i think that the income will keep on coming weather i choose to retire or not. As for now i can't imagine quitting as this work is so much more rewarding than a 9-5, so much so that i actually enjoy work.

No. 1 Million is just getting started.

I have made more then that and I like to try new things right now experimenting with kindle it's more of a challenge to keep going. Also most 1M+ in a country with FIat money at the rate it's printed are going to get wiped out, I'm pretty sure of that, it all depends on what the goverment does to you and they will not ask, so some will do fantastic and some will not. I saw a guy with millions when I was kid extremly rich loose all his money due to government so talk to an expert to help you make sure it doesn't happen to you (don't PM me I'm not licensed to talk about this, just I know with money printing in a a decade or two 1M is not that much)!!

Just to clarify for anyone skipping through the replies: we're talking liquidity. Having $1,000,000 in cash, after you already own whatever you need in life: house, car, so forth.

I don't want to turn this into a bragging thread by mentioning my other assets. Suffice it to say: I'm at a place now where I really don't need much of anything. Aside from regular monthly purchases like groceries and utilities, my main expenditures feed my geek: rare books, movie memorabilia.

Where I live, $1,000,000 won't buy you a great home. In fact, I think where most of us live this is the case. But I think pretty much anywhere, unless you have an extravagant lifestyle, you can live comfortably enough on the interest / dividends / capital appreciation (minus erosion) to start a second career.

For now, I'm still sticking to this figure, but enjoying reading the replies.

I would retire at $30Mn and go into making games and writing novels... I hope I achieve my target soon.

I would be bored if I retired. I might take a few more vacations though.

I haven't retired just yet

IN all seriousness retiring too early would be the most boring thing ever ... I mean sitting at the beach drinking cocktails will wear out fairly quickly. I would need a project to keep me entertained so I don;t think I could stop and just relax indefinitely. At the moment my lifestyle hasn't changed much either, well apart from the odd toy or two. But I still play videogames, crank out campaigns and monitor them while I shift-tab to an HBO series. I'm sure most will be the same as your main hobbies generally don't change.

Nick

When I make a million dollars I'm just going to want to make more. A million dollars ain't that much money nowadays.

I could retire at $1,000,000 but I wouldn't. My retirement is not dependent upon how much money I make but rather upon how much I've done in my life. I'll retire once I feel like I've reached all my goals and I've inspired hundreds of thousands if not millions of people to do the same.

Being married with 4 kids and carrying a mortgage on new construction in Long Island NY, I would need to be liquid for at least $5 million and it would have to be bearing me 4-5% interest paid to me as monthly passive income by ways of several different kinds of investments.

With that said, I wouldn't stop working because I love what I do.

To me, 1,000,000$ is nothing. In liquidity I guess it's something but i'd prefer own 5,000,000$ AT LEAST in assets.

1,000,000$ in the bank is stupid to keep it there, I never have over 30k in my bank because I prefer to invest into real estate for monthly recurring revenues.

It goes like this: dayjob + internet marketing -> real estate -> MORE real estate & different investments

Anyways, to answer this question. 1,000,000$ is not enough for me.

What's the definition of retirement really?

Like 100% officially veg out, never make a deal, never negotiate, never again try to make money and instead watch cartoon network all day?

In our modern world of interactivity and eCommerce, I think we should officially retire that word.

(Yes. It's true. I'm a funny dude).

I'll retire after I make $250,000 The interest would be $1,000 per month (after taxes and deducting inflation), which is totally enough for my current lifestyle.

I don't plan on retiring as long as this stuff is still fun. I really enjoy this work... it's my hobby and my livelihood which is exactly how I've wanted to design my life since I had my first job as a young teenager.

$1,000,000 is not a lot of money, so no I would not retire.

$1M is not much these days. Actually right now you should look at it like on $3M, meaning $1M (some time ago) = $3M these days.

Sure it sound great, I have a $1M but if you think about it a bit longer you will realize that this amount of money won't allow you to retire. It's a great money to reinvest it in something and this is how it should be perceived.

I'm going for a $3M and still this I'm not thinking about retirement at that point. For me it's just a way to scale up my business to the next level. Just do some research and see how much $ some investors are pumping into ventures. With all due respect to $1M, it's nowhere close to retirement. You should be worth at least $5M (meaning this money is seating in your account and doesn't have to do anything besides getting you some regular payouts) to start thinking about becoming rentier. Of course, it all depends on your needs and the way you want to live. Honestly, forget the $1M idea and retirement... These days it's just a pipe dream.

I don't think most people in internet marketing will ever earn $1,000,000, much less $1,000. So it's a moot point. As to whether or not I would retire, it would depend on if I could find a nice resort area of the world where one mil would actually last for a lifetime. And, I'm sure there are a few places like that.

Well, it's been a fascinating ride, this thread. So glad I posted it. I showed it to my daughter and her first reaction was: "You just paid £2,000 for some new curtains. How you gonna retire on one million?" To which I had no answer . . . other than a rather pained look of consideration, inspired by the fact that, smart as I often think I am, my daughter appears to outweigh me intellectually by about 300lbs. All of which brings me to my revised figure, a completely arbitrary amount, but a useful one nonetheless: £5,000,000. I like the idea of things that motivate, you see. So having a figure in mind, before I retire from one thing and move onto the next, writing novels, should be of help. And I guess that's all I have to say on the subject, but don't let me stop you folks.

Thanks,

GRM