How Much Money Do You Need to Be Free? (FIRE is Wrong)

I retired at 54 from my aluminum manufacturing company in Florida. I have a networth of $4.1M and have no need to be that serial entrepreneur because you only think that way because you're subconsciously chasing money. When you have financial freedom, all this goes away amd you literally want to take the time to smell the coffee. No stress, no worries and not a care in the world while I type this sitting by my pool at my paid off home in Florida.

Ever since I passed the 500k mark, I felt completely free and basically retired .. I agree with Tate that once you have the money, a lot of the stuff you thought you wanted, you don't actually want. Most gadgets end up owning you anyways, instead of you owning them.

You can be free on very little but you must free your mind first.

There's a Charlie Munger quote that I have to remind myself of whenever I feel the need to take risk: "It's foolish to risk what you need in order to gain something you don't need" Risking and gaining can be addictive but it's important to know when to stop, to change mindset from growth to conservation.

I will be retiring in 2 years at the age of 44. I will have just over £1m (sterling). I will collect around 5% yield from that and I expect to make a few percent capital appreciation also. There is no way the average person can't live comfortably off that amount. I won't have my own private jet or exclusive memberships to VIP clubs or stay in 5* hotels whenever I feel like it but... I couldn't care less about that stuff. I am blessed that I have never had a desire for useless material things. If you care about those things, then you are trying to keep up with the Johnson's. For those who have many millions, that's fantastic and I'm sure they worked hard to earn it and they should indeed enjoy it. But you really don't need that much to live a comfortable life. Just put me in a place with nice weather, give me a good book to read and I will be sorted. I think the happiest people are the ones who don't care about material things. I can't wait to retire to SE Asia. I'm fed up with British weather!

Remember, Kevin stated it’s about the lifestyle you want or choose to live. There are a myriad of places on the planet, where you can live comfortably on $25,000 a year Some places very comfortably

I moved to Bangkok 7 years ago. I can live very nicely on 50k per year here.

I could live on 5% of 500,000 capital in many places in the world. I've then bought my time back from employment and that's valuable...start an online business and invest. Whilst I'm giving up time for a salary and paying max. tax on my time-earnings, I'm trapped. No time and working to pay for a place to live/car etc., so I can continue to work. A vicious cycle.

To be honest, you can achieve 100% freedom with only 250k. I'm living proof. At 5% that's 1k USD/mth. This pays for all essentials in many countries. Of course you don't get to go on random shopping sprees or luxuries or fancy dinners, maybw occasionally, but its 100% doable. This way you can focus on making more money on YOUR TERMS.

Trying to get my online hustle off the ground so I can work anywhere. I'm not materialistic, I don't care about fast cars and watches, I just want some quiet place somewhere where I can work on something fulfilling, keep in shape, enjoy nature and maybe grow some food. My first hurdle is earning enough to leave my employer of 15 years.

I earn 23k per year. Rich men have never paid me what I am worth but I escaped the totalitarian USA and violent Baltimore. I've been married for 21 years and I have a wonderful child that is homeschooled. The money will not make your dreams possible. Only through faith are your dreams possible.

All depends of your lifestyle and the country you want to live. 1 million is low for countries like US because of taxes, real estate, healthcare. But there are many countries where 1 million is good retirement.

I have $5.5M (75% stock), plus my house (~$800K net). Retiring at the end of this year.

5 MILLION sounds great. Not many people will ever be able to save that amount.

What he said about Malaysia is true except 1 thing, if you hate florida weather, you will also hate Malaysian weather because it's a tropical country. I'm Malaysian living in US currently who visits home once a year. Foreigners, especially Americans, can retire like a king due to the 1:4.6 exchange rate. I estimate you can literally rent a luxury condo in Kuala Lumpur for USD$600(RM2,700)/month. Malaysian food is one of the best in the world. Western food can be pricy but you can easily find it if you miss home cuisine. NC needs to clarify whether the 5M is for singles or for a family. For me, 2.5-3M is a comfortable goal to reach.

I need about 2m, that's enough to live pretty much comfortably anywhere in the world, drawing down 4%/80,000$ with stocks/bonds.

I remember Patrick Bet David said that $10 million would cover a lawsuit and allow you to start over if you lived in the US and had the misfortune of being sued for basic things that insurance could cover (car accident etc.). Pretty good reason to secure yourself, your family and your money outside the US.

5% of 2,400,000 annually is my ultimate life goal.

You can live on $25k/year if your home is paid for & is modest enough to have low RE taxes & are content to never go anywhere. So, like you said, the amount you “need” is determined by the lifestyle you want. Even at my lower middle class income level, you have to figure that out. And as much as AT turns my stomach, he’s right, there’s only so much “stuff” you can buy.