How much money would it take for you to stop?

If you're going to pay tax, and if you want to buy a house in a capital city, I think you'll need to make double that amount!

Andrew

Can one truly live comfortably on $2,000 a month in Australia? Do you have kids? In the US and many other "western" countries that would not even brake the poverty line for a family. No comment on the 2m in the bank, that would be nice, but even that is not a lot if you brake it down to annual income over the course of your life.

Why would you stop if you created an honest, legitimate business instead of hiring and training intelligent help to work it for you?

One thing I learned a long time ago is that there is a level of work hours per day or week that cannot be exceeded by one person. I also learned that it is difficult to hire help.

It's not necessary that the hired help know everything about your business, just trained sufficiently until they can do the work that lets you take time off from your day. If your helpers are remote, they can do different jobs and not be able to compare notes.

$15k per month (after tax) with a nice condo paid for in South America would be just fine.

Patrick

You are so right. This is sad but you're not alone, I see this a lot. So (too) many people equate "making money" with living as if to suggest that if a person isn't selling something they are not living a good, useful or purposeful and active life. Without the "money making activity" they think their brain will shrivel up and die.

Nothing could be further from the truth.

There are millions of things you could be doing to have a full, interesting, exciting and satisfying life other than "making money". Get a hobby, find a passion. Hobbies and passions will stimulate your mind far more and in a healthier way than just figuring out how to sell something for the rest of your life. There's so much more to life! Sure, we need money and we need a "fair bit" of it. A wage is certainly not enough to live a fantastic life but going to the full other extreme is also just as absurd a notion.

In the middle (and much closer to the bottom end) is "financial freedom" which many of us can attain with relative ease. It's just that no one has really ever put much thought into it and we are so petrified of being broke that we just infest our minds with the enormous and often unattainable "goals" (or dreams) and so we aim to never stop "working" until we are trillions of light years away from what we fear --> being broke.

Fascinating. May I ask, why not?

Living here in the West or first world country, no amount of money you have once you "stop" is enough. If you have 0 money coming in you will run out of money unless you move to a second or third world country... or live in the jungle

I'd do this as long as I have the time to do it

At first I thought this would be a prelude to self promotion, but then I clicked the link in your sig.

Just thought you should know that the link to your blog entry isn't valid.

It's been removed.

Nite WF, and Merry (late) Christmas!!!!

This is kind of an interesting question because NO ONE can actually put a number or dollar amount on how much it would take to stop doing what they do for income.

"$1 Million"

I haven't read all the responses but I'm sure some people will say this. Sure, you might be "rich" by your own standards but rich can come and go. All it takes is one bad move or poor decisions with that $1 Million to be back to square one.

The people who have outrageous numbers such as "Billions" or something along those lines have no idea what they want in life. Those are the people who want the experience of living a life with expensive toys, but how do they really know if they want those things or not? There are some people who buy super charged cars and realize that they didn't really want them at all but they just wanted the experience of having one.

Me: The day I can wake up with a smile, knowing that I will never have to work again but I choose to do so out of choice and not necessity is when I will consider my "stop".

However, I love what I do though so I don't have an exit strategy and I don't have a stop date. Even if I didn't need the money, I would still be doing something IM related, because it's just too much fun to quit.

Hey, just found out that you are right about the Blog post. Thanks to point this out.

Happy cxtms and a GREAT new year to all of you.

G.

I can and did. I've put a lot of thought into this (as you know) and I have an exact amount in mind. That's not to say I will stop making money because I might have a good idea one day and the money will keep flowing into the bank but I know the exact amount I will need in the bank earning a mild safe interest for me to stop "having" to do anything for money.

[quote=Corey Geer;7528641]The people who have outrageous numbers such as "Billions" or something along those lines have no idea what they want in life. [QUOTE]

100% correct! I laugh and shake my head at some of the replies in this thread.

Fascinating! Sixteen million dollars a month?! What would you want sixteen million dollars a month for? Have you sat down and taken the time to calculate your dream ultimate lifestyle and how much it's actually going to cost?

I've interviewed and hung out with many millionaires (mostly stock market and properties tycoons) and many of them agree that to live in a multi million dollar mansion, have the fancy european sports cars, eat at a restaurant every night, buy any clothes they want, throw money around to friends who need a hand AND travel anywhere, anytime and stay in 5 star resorts every time and even the odd helicopter flight would cost about $350,000 - $500,000 a year. I've actually lived like that before and after a while it's not much better than having "enough" to live a great urban lifestyle. A house is a house and in the end once you settle down a comfortable reasonably sized normal upper middle class suburban (or farm) house is just the same as a multi million dollar mansion (unless you're trying to impress someone else).

Sixteen million dollars a month?! Really? I mean that's fine if that's what you want but have you really done any calculations or have you just pulled a figure off the top of your head that "seems" like it would be WAY more than enough? I study the exact topic and question of this thread and I would be fascinated to know how you came to this amount.

Vinnie, why would you need a 35 hour a week job with $15,000,000 in investments just so you can get health insurance? To keep you busy? Don't you have any hobbies or passions to keep you busy?

I don't think that applies to money. If I was to give you 500 BILLION DOLLARS would THAT be enough? I think it's sad that a life should be consumed till death with the desire and activity for getting more and more and more money. Sure, we need a fair bit but I have other things I want to do in my life too. I have hobbies and passions that could (and should) easily consume every waking hour of every day until death and none of them have anything to do with the unatural desire to just spend my days making more and more and more money. When I've got enough - I'm outa here!

I enjoy having a home business immensely.....I enjoy watching things evolve.

That being said I also have other hobbies, and with the right amount of money new doors are opened up such as offline businesses. Its a hard question to answer....... no less then $20 million after taxes.