Life changing money is the correct term because for me 3 million is what I need to retire based on the FIRE method at my current age. I'm hoping this network will help me gain my independence.
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Life changing money is the correct term because for me 3 million is what I need to retire based on the FIRE method at my current age. I'm hoping this network will help me gain my independence.
3 million usd?
We need $ 5-10 million here in Canada … staked, earning at least 10%
It all depends on how good you want to live though xD
I live in Denmark and I need like 1.5 million usd invested at 4% and that would let me live off the dividends.
Denmark is quite expensive, but I also don't need to live with a lot of money :D
Me too. I think the 130% APR on my Splinterlands SPS will get me through my retirement years.
My min Fire number is $60,000.
From there, calculate how much savings you'll need to generate that much income without having a paycheck. I use the 4% rule, which says that retirees can safely withdraw about 4% of their savings a year without running out of money.
To generate my $60k I’ll need to save $1.5 million.
If you want to find your number it’s as easy as calculating 25 times your current annual expenses. That number could last indefinitely with regular 4% yearly withdrawals)
If I want to retire closer to what I really want I will want $120,000 which is $3 million.
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Ye I know how it works :p
Thats why I need 1.5million usd, I dont need more than 60k a year even with a tax procentage of 37% :p
Going to 60K would be less than I make now so that's my min.
Ah, makes sense hehe.
Well its way less than I make now xD
I make 22k usd after taxes. And the taxes are 37% ish
Yea, that would do the trick for me as well. But perhaps even less than that considering that on DeFi you can have substantially better yields
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