Comments on: How Much Money Do I Need to be Rich? https://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/ A personal finance community for those seeking FIRE, by those seeking FIRE Fri, 29 May 2020 00:26:38 +0000 hourly 1 https://wordpress.org/?v=5.4.1 By: peterhorsfieldcfphttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-2946 Fri, 29 Mar 2019 04:09:05 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-2946 To eat good food, to live in a comfortable home, to own a reliable car, to be with those I love and to work with clients who pay me well. These are all simply practical (and even healthy) things to have in a modern, everyday life.

In fact, it has been proven time and time again that after our basic necessities of life are met the correlation between having more and our happiness declines i.e. more doesn’t make you happier or give you a more fulfilling life.

“The things you own end up owning you.” Fight Club

I am enough. I have always been enough. I just wasn’t aware of it until now.

]]> By: Penny Pinching Ninjahttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-2901 Thu, 14 Mar 2019 14:03:06 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-2901 Awesome article that helps ease the mind when planning to retire with less than a million. Can we change the definition of rich in the dictionary to the elegant one in this post now please!?!?

]]> By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-199 Mon, 05 Sep 2016 01:55:00 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-199 In reply to SavvyJames.

Rich, wealthy, financially independent …. I use the words almost interchangeably.

I also love your definition

]]> By: SavvyJameshttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-198 Mon, 05 Sep 2016 01:14:00 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-198 Even though I don’t use the term ‘rich’ as I prefer ‘wealthy’ your description is pretty close to my own … which is, you are wealthy when you can live your chosen lifestyle on portfolio (savings/investments) and passive (defined benefit plans, pensions) income.

]]> By: Unknownhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-196 Mon, 11 Apr 2016 04:43:09 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-196 I think you are doing a disservice to you readers by misrepresenting the 4% rule. The 4% rule came about by analysis of what withdrawal rate would allow a hypothetical retiree to have a 95% confidence of portfolio survival given historical stock and bond returns covering 30 year retirement periods. In other words – sequence of returns risk is already accounted for and even covers a retiree that retired right before the worst market crashes going back over 100 years. That's why the 4% rule is very conservative and “safe.” Please check out the Trinity study and William Bengen

]]> By: Tyhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-197 Sun, 10 Apr 2016 22:41:11 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-197 Hey Unknown –

Thanks for commenting. Sounds like we're both big fans of the SWR, although I'm unclear on where you feel I'm misrepresenting? I think you take exception with the 'sequence of returns' addendum that I added? If so, check out this post from Michael Kitces in which the Sequence of returns is addressed: https://www.kitces.com/blog/understanding-sequence-of-return-risk-safe-withdrawal-rates-bear-market-crashes-and-bad-decades/

Mad Fientist also has a great post on SWR where he addresses the timing of market ups & downs in relation to your retirement date: http://www.madfientist.com/safe-withdrawal-rate/

]]> By: Get Rich Quickishhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-192 Mon, 14 Mar 2016 22:22:55 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-192 Thanks, Lady FruFru!

]]> By: Tyhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-195 Mon, 14 Mar 2016 22:22:55 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-195 Thanks, Lady FruFru!

]]> By: TRhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-194 Sat, 12 Mar 2016 15:09:32 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-194 Hey Kelly, totally agree. The more money you need to live on, the more you’ll need to save in order to meet that need.  Inversely, the less money you need to get by, the less you need to save up.

Thanks for the first ever comment on this blog!

]]> By: TRhttps://www.campfirefinance.com/how-much-money-do-i-need-to-be-rich/#comment-193 Sat, 12 Mar 2016 15:03:54 +0000 https://getrichquickishdotnet.wordpress.com/2016/02/04/how-much-money-do-i-need-to-be-rich#comment-193 Hey MM, I love that article as well!

I think your concern is in reference to the importance of the early sequence of returns you get when first relying on your retirement portfolio. This post wasn't intended to deep dive into the SWR, but you bring up a valid point so I'll add a note and a link to Brandon's article, which is incredibly helpful.

But that doesn't change the fact that at a basic level the 4% rule says that your investments “appreciate in price at a total rate of 7% per year, before inflation. Inflation eats 3% on average, leaving you with 4% to spend reliably, forever.” The article you link to says as much as does this one from Mr. Money Mustache: http://www.mrmoneymustache.com/2012/05/29/how-much-do-i-need-for-retirement/

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