James Altucher's Retirement Guide: Why You "Only" Need $2 Million

Can't predict inflation. But for today, this amount is what I need for retirement for my wife and I per month.

Apartment: $1500 for a 2 bedroom/2 bath room. My town is nice on the east coast. Right now $1200 can get a luxury 2 bed room/2bath room with utility.

Cable, phone, internet: $400

Food: $1500, that including dinning out every weekend and buying food from Whole food markets.

Cars: paid off

Travel: $1000. We don't spend more than $12000 a year on vacation.

Medical: $1000

Mis: $500

So, about $6000 a month, we can live pretty comfortably in most part of the country.
 
Quote from Butterball:

That's a common misconception. The average car of today is 10x better than the average car of the 70s. Hence the bigger pricetag.
More...

Ahhhh.. I remember my first car. A Chrysler, had transmission problems, you know. Fast forward to 1995, bought Dodge P/u, had transmission problems. Then next up was a Chevy with the infamous engine "tic" I guess that was a rod knocking (no clue when this problem began but it was around in the 70's also). Fast forward bought a 2004 Gmc, after a year I noticed the notorious "tic". Oh well, ten times better other than the same shit being wrong years later.

At any rate, maybe cars are 10x better than the 70's, you need a zero interest loan and 7 years to pay one off. I think back in the 70's a 3 year loan for a new vehicle was the max. I suppose the disconnect is in income and is going to be a huge problem in the future.
 
Quote from nutmeg:

I think back in the 70's a 3 year loan for a new vehicle was the max. I suppose the disconnect is in income and is going to be a huge problem in the future.
More...
As I said, just buy a Chinese or Indian tomato can for $5,000. As "good" technology and safety-wise as those from the 70s.
 
Quote from freewilly:

Can't predict inflation. But for today, this amount is what I need for retirement for my wife and I per month.

Apartment: $1500 for a 2 bedroom/2 bath room. My town is nice on the east coast. Right now $1200 can get a luxury 2 bed room/2bath room with utility.

Cable, phone, internet: $400

Food: $1500, that including dinning out every weekend and buying food from Whole food markets.

Cars: paid off

Travel: $1000. We don't spend more than $12000 a year on vacation.

Medical: $1000

Mis: $500

So, about $6000 a month, we can live pretty comfortably in most part of the country.
More...

$1200 for a "luxury 2 bed 2 bath" on the east coast? No shot. Maybe about an hour outside of a major city or from the ocean, but who wants to live in the boonies?

$1500 a month for two people "dining out every weekend and buying from Whole Foods"???? No freaking way. Only if you're eating fast food with no booze on the weekends and eat like a bird during the week. A dinner for two with a few cocktails at even an average restaurant will be minimum $150-$200 with tip. That leaves you with roughly $800 for two people buying from Whole Foods! Be lucky if you're not starving by week 3 every month.

Lastly, your car is paid off now, but eventually you need repairs and a new car. Need to expense at least $500 a month for gas, repairs, and the eventual new purchase.
 
Clubber Lang said:
http://finance.yahoo.com/tech-ticker/article/535525/James-Altuchers-Retirement-Guide:-Why-You-"Only"-Need-$2-Million

"How much money do you need to retire?

James Altucher, founder of Formula Capital, sets “the number” at $4 million.

Here’s his equation:

$3000 a month for rent (he doesn’t recommend owning a home)
$2000 for utilities, car payment
$3000 a month for food
$5000 a month for fun
$4000 a month for vacations
That’s a grand total of $17,000 per month or $204,000 per year.



---------------------------------------------------

Eagerly awaiting ET's thoughts on this article.

:)
More...

Yeah, he is about right.

Thanks,

surf
 
You must log in or register to reply here.
Back
Top