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

47 replies
I'm curious to know your thoughts on this:

After you make your first $1,000,000, will you retire?

Personally speaking . . .

I'm not liquid for this yet. If I had the cash in the bank, though, I'd still carry on working, just in a different capacity. I'd turn to my novel writing hobby and try to make a go of it.

What about you?
#make #retire
  • Profile picture of the author Brent Stangel
    I'll retire the same day I stop smoking...and breathing.

    I tried to retire. It was an epic fail.
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  • Profile picture of the author God The God
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    I don't think I will, I will continue as it would be a hobby!
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  • Profile picture of the author Luke Dennison
    $1,000,000 is not really an impressive amount these days.

    I think I would retire at $5m, and live of the Interest
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    • Profile picture of the author wiifm
      Heck I retired 15 years ago with NOTHING and have been having a blast ever since. Just because you retire doesn't mean your life is over.
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  • Profile picture of the author Alexa Smith
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    Originally Posted by Luke Dennison View Post

    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.

    Originally Posted by Get Rich Methods View Post

    I'd still carry on working, just in a different capacity. I'd turn to my novel writing hobby and try to make a go of it.
    One of my plans, also.

    .
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    • Profile picture of the author Luke Dennison
      Originally Posted by Alexa Smith View Post

      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.

      .
      It would be enough for a 21 year old in thailand lol.
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      • Profile picture of the author Alexa Smith
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        Originally Posted by Luke Dennison View Post

        It would be enough for a 21 year old in thailand lol.
        LOL, point taken. Ah yes ... I see that.

        (Will you want to stay there permanently, though?).

        The UK is more expensive: I was thinking this when I bought a small loaf of bread in M&S for £4.75 not so long ago (it did have some cherries in it).

        .
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        • Profile picture of the author Luke Dennison
          Originally Posted by Alexa Smith View Post

          LOL, point taken. Ah yes ... I see that.

          (Will you want to stay there permanently, though?).

          The UK is more expensive: I was thinking this when I bought a small loaf of bread in M&S for £4.75 not so long ago (it did have some cherries in it).

          .
          Who know's :/

          Only fools shop at M&S, but if you're not from the UK then it's just an honest mistake
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          • Profile picture of the author Tom Addams
            Originally Posted by Luke Dennison View Post

            Who know's :/

            Only fools shop at M&S, but if you're not from the UK then it's just an honest mistake

            Hey, don't knock Mark's - it rocks!
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            • Profile picture of the author Luke Dennison
              Originally Posted by Get Rich Methods View Post

              Hey, don't knock Mark's - it rocks!
              You must really be rich
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              • Profile picture of the author Tom Addams
                Originally Posted by Luke Dennison View Post

                You must really be rich
                I mostly use them for the gluten-free products that I can't get at Tesco's. You'd think by now chains like ASDA and Tesco would jump on the gluten-free bandwagon, but no - well, not nearly enough, anyway. It's also an accessibility thing. We're pretty close to M&S. I do the main bulk of my shopping at Tesco, though!
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  • Profile picture of the author gluckspilz
    I'll retire at $100,000,000.00

    Work Hard --> Contribute --> Fulfilment.
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  • Profile picture of the author Tom Addams
    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
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  • Profile picture of the author Phantom309
    I don't think I would. Maybe semi-retire and focus my energy elsewhere. Right now I gotta make 100
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  • Profile picture of the author rondo
    Nope. Not here where the median house price is over $800k.


    Andrew
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    • Profile picture of the author Tom Addams
      Originally Posted by rondo View Post

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


      Andrew
      We're talking liquid for $1,000,000.
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      • Profile picture of the author rondo
        Originally Posted by Get Rich Methods View Post

        We're talking liquid for $1,000,000.
        My point was that $1M is not much these days (it only buys a crappy house). So I'd want 2 or 3 times that at least, liquid. Even then I'd probably work part time for 'fun'.

        The money has to last, and just imagine the cost of living in 20 or 30 years from now. It's going to be rough!

        Andrew
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        • Profile picture of the author Tom Addams
          Originally Posted by rondo View Post

          My point was that $1M is not much these days (it only buys a crappy house). So I'd want 2 or 3 times that at least, liquid. Even then I'd probably work part time for 'fun'.

          The money has to last, and just imagine the cost of living in 20 or 30 years from now. It's going to be rough!

          Andrew
          You make some excellent points, Andrew. Food for thought, certainly!

          I think I failed to make myself clear before, though; my fault. The assumption is that you have everything you want / need and also have $1,000,000 in the bank. Example: you may have a home worth $3.75 million, 4 cars, so forth, and also the cash of $1million at your disposal. You don't have to buy major fixed assets out of your cash, in other words.

          Anyway - good stuff!
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          • Profile picture of the author derekwong28
            1M is liquid assets may be enough for one person here provided that they own their home. However, I may have to stop having a car.
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            • Profile picture of the author Alexa Smith
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              Originally Posted by derekwong28 View Post

              I may have to stop having a car.
              How far can you drive, in Hong Kong, anyway?

              .
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              • Profile picture of the author derekwong28
                Originally Posted by Alexa Smith View Post

                How far can you drive, in Hong Kong, anyway?

                .
                It is nearly 20km from my place to my daughter's school. So I drive around 80km every day. Hong Kong is actually bigger than most people think, and is quite mountainous.
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                • Profile picture of the author Alexa Smith
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                  Originally Posted by derekwong28 View Post

                  II drive around 80km every day. Hong Kong is actually bigger than most people think, and is quite mountainous.
                  Ooh, I learned something there, I was thinking maybe 5-10 miles, at a push ...
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                • Profile picture of the author Tom Addams
                  Originally Posted by derekwong28 View Post

                  It is nearly 20km from my place to my daughter's school. So I drive around 80km every day. Hong Kong is actually bigger than most people think, and is quite mountainous.
                  I love Hong Kong, but it's been a few years since I was there. We stay at the New World Harbor View, which is fairly close to everything we need, but I can see how you'd need to drive in HK. Must say though - you don't need to drive to shop. I love how you have escalators (not sure if that's the right international term . . . floory-things that move, lol) everywhere. I could quite happily settle down in HK, but I'd need more than $1M cash!
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          • Profile picture of the author rondo
            Originally Posted by Get Rich Methods View Post

            You make some excellent points, Andrew. Food for thought, certainly!

            I think I failed to make myself clear before, though; my fault. The assumption is that you have everything you want / need and also have $1,000,000 in the bank. Example: you may have a home worth $3.75 million, 4 cars, so forth, and also the cash of $1million at your disposal. You don't have to buy major fixed assets out of your cash, in other words.

            Anyway - good stuff!
            I know, you're talking play money really. But I'm saying $1M is going to run out over time and I'm looking decades ahead so it's not enough (it depends how old we are doesn't it).

            Andrew
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          • Profile picture of the author derekwong28
            Originally Posted by Get Rich Methods View Post

            You make some excellent points, Andrew. Food for thought, certainly!

            I think I failed to make myself clear before, though; my fault. The assumption is that you have everything you want / need and also have $1,000,000 in the bank. Example: you may have a home worth $3.75 million, 4 cars, so forth, and also the cash of $1million at your disposal. You don't have to buy major fixed assets out of your cash, in other words.

            Anyway - good stuff!
            I can't see how you can run a house worth $3.75M and 4 cars on one million worth of liquid assets. My target would be an average of 4% dividend from stocks and bonds. That would only be $40,000 a year or $3333 per month in income.
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            • Profile picture of the author Tom Addams
              Originally Posted by derekwong28 View Post

              I can't see how you can run a house worth $3.75M and 4 cars on one million worth of liquid assets. My target would be an average of 4% dividend from stocks and bonds. That would only be $40,000 a year or $3333 per month in income.
              In the UK, it's certainly possible on far less. No mortgage, no rental or lease fees. You'd have to whack up a pretty hefty utility bill to struggle! LOL P.S Your aim should be higher than 4%.
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  • Profile picture of the author laurencewins
    $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.
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  • Profile picture of the author daled123
    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.
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  • Profile picture of the author Chris30K
    No. 1 Million is just getting started.
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  • 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)!!
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  • Profile picture of the author Tom Addams
    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.
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  • Profile picture of the author Silentkiller1
    I would retire at $30Mn and go into making games and writing novels... I hope I achieve my target soon.
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    • Profile picture of the author Tom Addams
      Originally Posted by Silentkiller1 View Post

      I would retire at $30Mn and go into making games and writing novels... I hope I achieve my target soon.
      I'm going to shut up in a minute, so others can get a word in edgeways, but just had to reply to this. If you're passionate about making games and writing novels, I hope you won't wait until you reach such a figure (well, unless you're already close!). The biggest mistake I think I've ever made was putting my writing on hold for 10 years. And, hey - if you're the next Stephen King, I don't want to wait to read you!
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  • Profile picture of the author elusian
    I would be bored if I retired. I might take a few more vacations though.
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    • Originally Posted by elusian View Post

      I would be bored if I retired. I might take a few more vacations though.
      I agree with you if I had the printing press at the FED I would still do something or I would be bored.
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  • Profile picture of the author badboy_Nick
    Originally Posted by Get Rich Methods View Post

    I'm curious to know your thoughts on this: After you make your first $1,000,000, will you retire?
    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
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  • Profile picture of the author ceenote100
    When I make a million dollars I'm just going to want to make more. A million dollars ain't that much money nowadays.
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  • Profile picture of the author Trey Morgan
    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.
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  • Profile picture of the author jasondinner
    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.
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  • 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.
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  • Profile picture of the author Sarevok
    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).

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  • Profile picture of the author Daniel Szalok
    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.
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  • Profile picture of the author jgant
    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.
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  • Profile picture of the author cyberzolo
    $1,000,000 is not a lot of money, so no I would not retire.
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  • Profile picture of the author andrewkar
    Originally Posted by Get Rich Methods View Post

    I'm curious to know your thoughts on this:

    After you make your first $1,000,000, will you retire?

    Personally speaking . . .

    I'm not liquid for this yet. If I had the cash in the bank, though, I'd still carry on working, just in a different capacity. I'd turn to my novel writing hobby and try to make a go of it.

    What about you?
    $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.
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  • Profile picture of the author master reseller
    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.
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  • Profile picture of the author Tom Addams
    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
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