How much money is enough for you?

[Chhatrapati]

6 Crore and I'll comfortably retire now. And that's the amount I require lump sum when I turn 60 considering the average inflation.

 

[Meengla]

If I could consistently passively earn my present income ~100k I'd quit my job immediately no questions asked. I wonder what some members want 500k for. It's all about your standard of living I guess. The dream would be quitting everything go to the middle of nowhere in the North, a comfy cabin with solar power supply, satellite internet, a hunting dog, a shot gun to hunt and not a soul in sight.

You meant Rs. 100,000/month in Pakistan, right? If it is $100,00/YEAR then that's a lot of money even for America!
I think people should try to compare in USD or specify which country.

PS. If it were Rs. 300,000/month in Pakistan then I believe I can already have it and retire. And I'd like your kind of life: In northern Pakistan in the hills. I just HATE cities regardless of their location. Anything over 50,000 is a city to me! Hahahah!

 

[El Sidd]

Very good! We Gen X have been supporting the Boomers by working and we need to have the Millennials and later to support OUR retirement!

How is that fair?

 

[Meengla]

How is that fair?

Why not fair? Working people support the US Social Security. Me and other Gen X-ers worked all our lives to support the Boomers. The next generations need to EARN their living as we did!

 

[crankthatskunk]

London's real estate is extremely expensive. Even absolutely pathetic houses with even more pathetic roads are being sold at crazy rates. I think at this point one can hardly find a house for sale. Am I wrong?
@Indus Pakistan @waz @PAKISTANFOREVER @313ghazi @doorstar

I have been in the market for an investment property and also wants to move to a bigger house. Houses are going like hot cakes in London. It is gone in couple of days after placed on the market.

Slightly bigger houses with decent garden and off street parking for few cars/ garage are all over £1 million.
And I am talking about ordinary houses not extra ordinary one.

 

[cloud4000]

I want to have enough money that I will never have to work a 9-5 job, report to a boss, and commute two hours a day.

Long as I live simply, no big house, car, or expenses, it's possible.

 

[crankthatskunk]

Well sir... 'wants' are hard to meet! I don't know how many Pakistanis remember the old days Urdu text book story titled 'Insaan Kisi Haal mey khush nahi rehta'? (Humans Beings are never happy in any circumstance). But one has to curb them--keep trying to.

Anyway, here is my breakdown as to how wife/I could live off $2000/month total household income:

1) Property Taxes to the Govt: $100/month
2) Power+Water utilities: $150/month
3) Home Hazard Insurance: $55/month
5) Vehicle Insurance Total for the two vehicles: $80/month
6) Amazon/Netflix subscriptions: $35/month
7) Home internet: $50/month
8) Petrol/Gasoline for the two vehicles: $40/month
9) Groceries/Food: $150/month
10) Garbage Pickup: $25/month
Subtotal (1-10): $685 / month. (These are average numbers but I'd say over 95% accurate!)

So the above was 'the basics' of life: Roti, Kapra aur Makan (Food, shelter, and clothes). We don't have any kids or have home mortgage and live in rural area and our work places are very close/work from home.

So that leaves about $1315/month for any home repairs and maintenance,, occasional nights out, clothes...

BUT the biggest challenge would be health insurance costs! Even then, if one falls in some 'sweet spot' of income for Obama Care then that can also be pretty much managed.

I will add to the 1-10 expenses as things come to mind.

Edit #1: Added Item #10 for $25/month for garbage pickup.

Man you live in bliss.
I have no mortgage, but I spend over £4000 a month on regular basis.
I don't buy anything on credit or monthly instalments.
Just to tell you the motor running costs in the UK for a year. Even though I own both our cars outright, i.e. no HP.
Just for the cars, £2000 a year for insurance. £110 AA Roadside assistance. I have not called them in over 10 years, because I always have new cars, which have far less chance of breaking down. Car servicing £800. Road Tax £660 Plus petrol of almost £50 to £60 a week for two cars.
UK is far more expensive compared to USA. The only thing is that you don't have to pay for health insurance per say, you just pay National Insurance Contribution, health services free for everyone, but those who work, pay for those who don't work, simple , isn't it!

I want to have enough money that I will never have to work a 9-5 job, report to a boss, and commute two hours a day.

Long as I live simply, no big house, car, or expenses, it's possible.

You got it right, 2 years ago I left my lucrative job and started a small business. During the Covid-19 business wasn't good, paid from the pocket all expenses for almost 2 years. Didn't get any help from the Government, because not been registered as self-employed 3 years before Covid-19 hit , I didn't qualify for the support.
My wife keep insisting that I should go and find a job, but I refused, despite pressure. Job is the worst thing one can do.

 

[Khan_patriot]

You meant Rs. 100,000/month in Pakistan, right? If it is $100,00/YEAR then that's a lot of money even for America!
I think people should try to compare in USD or specify which country.

PS. If it were Rs. 300,000/month in Pakistan then I believe I can already have it and retire. And I'd like your kind of life: In northern Pakistan in the hills. I just HATE cities regardless of their location. Anything over 50,000 is a city to me! Hahahah!

Yes Rs 100,000 /-
I hate cities in general and am getting more and more skeptical of people the older I get. Retiring to a cabin in the middle of nowhere like I mentioned earlier is like my ultimate fantasy.

 

[HttpError]

6 Crore and I'll comfortably retire now. And that's the amount I require lump sum when I turn 60 considering the average inflation.

6 Crore with or without your House? what would you do with those 6 crores I mean invest for passive income or just spend for day-to-day activities?

You meant Rs. 100,000/month in Pakistan, right? If it is $100,00/YEAR then that's a lot of money even for America!
I think people should try to compare in USD or specify which country.

PS. If it were Rs. 300,000/month in Pakistan then I believe I can already have it and retire. And I'd like your kind of life: In northern Pakistan in the hills. I just HATE cities regardless of their location. Anything over 50,000 is a city to me! Hahahah!

I'd like to go to the North and also would like to have a satellite internet connection (Starlink) so I can read comments on PDF.

 

[Meengla]

Man you live in bliss.
I have no mortgage, but I spend over £4000 a month on regular basis.
I don't buy anything on credit or monthly instalments.
Just to tell you the motor running costs in the UK for a year. Even though I own both our cars outright, i.e. no HP.
Just for the cars, £2000 a year for insurance. £110 AA Roadside assistance. I have not called them in over 10 years, because I always have new cars, which have far less chance of breaking down. Car servicing £800. Road Tax £660 Plus petrol of almost £50 to £60 a week for two cars.
UK is far more expensive compared to USA. The only thing is that you don't have to pay for health insurance per say, you just pay National Insurance Contribution, health services free for everyone, but those who work, pay for those who don't work, simple , isn't it!


You got it right, 2 years ago I left my lucrative job and started a small business. During the Covid-19 business wasn't good, paid from the pocket all expenses for almost 2 years. Didn't get any help from the Government, because not been registered as self-employed 3 years before Covid-19 hit , I didn't qualify for the support.
My wife keep insisting that I should go and find a job, but I refused, despite pressure. Job is the worst thing one can do.

I don't think I could ever have your 'quality' of life. Not being critical of you, btw. Just that the stress to come up with such a large amount of money every month would be too much for me. I have a friend who has been making good money and is generally fit/healthy had to have a heart surgery some months ago, and a mini-stroke happened after that. He attributes that to job stress and realizes forever he will have to live with the debilitating affects of the stroke. NO SIR! Not for me! But you do have the Universal Health Insurance which we Americans don't unless we fudge the numbers and get the Obama Care--and I personally know some who are living off MY tax dollars taking undue advantage of Obama Care.

I will also say America is not just 'could be' but it IS a very cheap country to live in! There are so many quality options in this country for climates and cost of living. And opportunities too.

 

[HttpError]

Which area of Pakistan!!
In Karachi's decent areas, a 500 sq yards house is as high as 10-15 Crores.
That is close to $605 K to 907K.
If you want I can show you plenty of houses in that range in Defence and Clifton in Karachi.

I had a 400 sq yard house in North Nazimabad Block H ages ago. I left my documents in Pakistan with someone. It was sold without my permission.

I cannot buy a house in Karachi now, it is too expensive.
I can buy a house in suburb of London easier than in Pakistan.
Not to say, I am already $ or £ millionaire. I own properties roughly worth more than £ 1.7 million.
I have also build a small but beautiful house near Jehlum in Pakistan, which I have not seen yet. lolz

It alone costed me more than $125 K to build.

True, One Kanal plot in DHA Islamabad is up north of 3-4 Crores

 

[Meengla]

Yes Rs 100,000 /-
I hate cities in general and am getting more and more skeptical of people the older I get. Retiring to a cabin in the middle of nowhere like I mentioned earlier is like my ultimate fantasy.

You think a Rs. 100,000 per month reliably could get a life that you desire?? I am really curious! The last time I went to Pakistan in Dec. 2019, I was told by a cousin in Karachi that I could have a decent life for Rs. 200,000-300,000 thousand a month? But I have not a good idea. Everytime I speak with family and friends in Karachi they also moan about inflation and how things so unaffordable.

I want to have enough money that I will never have to work a 9-5 job, report to a boss, and commute two hours a day.

Long as I live simply, no big house, car, or expenses, it's possible.

Yeah, bad managers/supervisors are the number one reason for people to flee their jobs. Imagine toxicity from 9-5 DAILY! Makes you almost like the two-hour commute instead!

 

[VCheng]

they also moan about inflation

That is the key word in all of this discussion.

 

[SuperStar20]

For me the number is 3million USD. If I return to India then that number will be 1.5Million USD.

 

[PakFactor]

Yeah, bad managers/supervisors are the number one reason for people to flee their jobs. Imagine toxicity from 9-5 DAILY! Makes you almost like the two-hour commute instead!

I quite working for anyone around 2010 and never once regretted it even with my degree I'm making almost 4x as much someone with a 9 to 5 be making. My personality doesn't allow me to take orders from anyone regardless of the number of years he/she on me, I look down on others as beneath me.

During University day's took a job as a sales person at Circuit City while they were around, the store manager comes up to me while I'm at the register and puts the formula and cloth on the counter in front of me, I ask him what for, he tells me to start cleaning the racks and stuff. Took the cloth and threw it back at him and told him you clean your damn store your more than welcome to be a house b1tch but not me, walked out before he said he said he's going to fire me. That job lasted no more than 3 weeks at most I'd say.

Having my own business and schedule has allowed me the flexibility to do my own thing and attend to the family as needed.