Eff You Money

[james22]

 

What's your number?

[TwoCitiesCapital]

$3-5 million in taxable savings

 

[Milu]

$5m CAD or €3m EUR depending on where I end up living.

[Saluki]

I told my better half that it would be $3-4 million.  At $3 million it's just enough that I would quit my job if I hated my boss.  At $4mm, it would be hard to justify going into the office unless I really enjoyed it, so I would quit even if it was just okay.  And at $5-6 million, I think it would be hard to justify going in because even without working I can probably compound that to $20mm or more before I die, so why keep going to the office?  So that I can leave $25 or $30 million when I die instead of $20mm?  I won't be spending the extra money anyway, so why keep coming in? 

[LC]

The luxury of not have a job as an adult can make life incredibly boring. Especially without kids.
 

Speaking personally I need something to work on, I need some deadlines, I need other people to depend on me…otherwise I am just skiing and surfing and partying and frankly it can become incredibly boring and kind of lonely- even with my girlfriend.
 

I’ll have a job until I’m 60 - otherwise I have to say I’d probably die in a skiing accident off a cliff, taking too many risks out of boredom!

 

Money does reduce stress- if management or company culture or my colleagues piss me off I can tell them to screw off and go work elsewhere. But I don’t think I would ever quit working. 

[Paarslaars]

3M: 1.5m to build my mansion and 1.5m to keep investing and live off.

[73 Reds]

3 hours ago, james22 said:

 

What's your number?

No universal number.  Depends on where you live, lifestyle, obligations (personal, moral, legal) etc... At the end of the day when you take in far more than you need and you have all the time you want, you've reached the end-goal 

[Gamecock-YT]

Are you guys confusing retirement money with fuck you money? Isn't the concept of fuck you money that you can tell your boss 'no' and you are ok getting fired. I'm not watching the video to see what these dudes have as their 'take' on what it is to them. Having a few mil in the bank seems pretty overkill, plus in my experience getting to the point where you are telling your boss 'no' can suddenly supercharge your career once you quit giving a damn. Give me ~2 years expenses as my number. 

[TwoCitiesCapital]

26 minutes ago, Gamecock-YT said:

Are you guys confusing retirement money with fuck you money? Isn't the concept of fuck you money that you can tell your boss 'no' and you are ok getting fired. I'm not watching the video to see what these dudes have as their 'take' on what it is to them. Having a few mil in the bank seems pretty overkill, plus in my experience getting to the point where you are telling your boss 'no' can suddenly supercharge your career once you quit giving a damn. Give me ~2 years expenses as my number. 

 

For me - its an amount where I could tell my boss  to "fuck off", get fired, and not have to worry about finding another job. Already have enough that I could take a year or two off - but that isn't the goal and ultimately may actually hinder my ability to return to the workforce as gaps aren't viewed kindly. 

 

My retirement is already set - now its workings towards having enough to quit permanently or quit for long enough to find something more fulfilling to take its place. 

Edited Friday at 08:13 PM by TwoCitiesCapital

[Eldad]

I would always have a job. It might just be making cheese or taking care of 20 sheep or whatever the heck I want to do as efficiently as I want to do it. 

[Eldad]

Number is probably 4 to 5 MM. Probably have to have at least 3 MM to 3.5 in fixed income to quit current job and would want another good chunk to be able to grow in equities and real estate. 

[james22]

Anyone's number lower than what they have or had?

 

Anyone expect they'll reset their number higher once they've hit it?

 

 

Do you expect you'll quit the game once you've won?

 

Or be willing to take more risks because you can?

[Eldad]

1 minute ago, james22 said:

Anyone's number lower than what they have or had?

 

Anyone expect they'll reset their number higher once they've hit it?

 

 

Do you expect you'll quit the game once you've won?

 

Or be willing to take more risks because you can?

I would like to completely turn off that part of my mind that schemes about money. I think that is a better way to live. May not be possible. 

[DooDiligence]

I thought FU money was the kind of money that meant you could do just about anything with a high likelihood of zero consequences.

 

 

[james22]

49 minutes ago, Eldad said:

I would like to completely turn off that part of my mind that schemes about money. I think that is a better way to live. May not be possible. 

 

It's the most entertaining thing I do.

[Gregmal]

Yea fuck you money ain’t a few million. Even if you’re independent financially, you’re one lawsuit or bad break away from reconsidering that stance. Best example of fuck you money is Musk willingly overpaying for Twitter to troll a bunch of nutjobs.

[Eldad]

9 minutes ago, Gregmal said:

Yea fuck you money ain’t a few million. Even if you’re independent financially, you’re one lawsuit or bad break away from reconsidering that stance. Best example of fuck you money is Musk willingly overpaying for Twitter to troll a bunch of nutjobs.

Yeah and to save the country. He has most to lose if America turns into socialist craphole.

[brobro777]

1 hour ago, DooDiligence said:

I thought FU money was the kind of money that meant you could do just about anything with a high likelihood of zero consequences.

 

 

 

Haha I thought of this right away

 

This and Nasty Nate in prison, me and my buddies still joke about it to this day

 

 

[nwoodman]

This scene from Succession always struck a chord.  Agree with the posters above, work is super important.  However, having the choice on what to work is the real gift.  I get a kick out of community service ( Scouts, SAR etc) but I know it’s not everyone’s bag.

 

 

 

 

 

[DooDiligence]

I don't often catch CNBC but I just saw Jim Cramer basically calling out his advertisers for promoting day trading and options vs an ownership mentality.

[RichardGibbons]

3 hours ago, james22 said:

Anyone's number lower than what they have or had?

 

Anyone expect they'll reset their number higher once they've hit it?

 

 

Do you expect you'll quit the game once you've won?

 

Or be willing to take more risks because you can?

 

I retired about a decade ago, at about 20% over my minimum number.  Since then, my net worth has increased at a faster rate than inflation, so the margin of safety has increased.

 

I have more of a barbell risk strategy than I would have if I were still trying to get to the number--more conservative and more risky.

[Eldad]

2 hours ago, brobro777 said:

 

Haha I thought of this right away

 

This and Nasty Nate in prison, me and my buddies still joke about it to this day

 

 

“Cocktail….Fruit!”

 

anyone I meet named Nate or Nathan immediately becomes Nasty Nate everytime I see them. 

[backtothebeach]

4 hours ago, Eldad said:

I would like to completely turn off that part of my mind that schemes about money. I think that is a better way to live. May not be possible. 

 

Amen to that!

[CorpRaider]

https://www.youtube.com/watch?v=XamC7-Pt8N0

 

Any asshole knows what you do if you get up $2.5 million.

[ICUMD]

F u money is replacing your working income with passive cash flow.  Every million can generate 30-60k cash flow via dividends.  If you add valuation discipline to quality companies and some leverage, not hard to achieve that goal.