“Fuck You” Money • Hacker News Board

Re: “Fuck You” Money

#31

Post by MichaelRazum » Wed, Apr 27, 2022, 6:04 PM UTC

gowld wrote: post #23

MichaelRazum wrote: post #17

Earlier quoted context omitted.

I don’t think it is greed. And I don’t think retirement early is a good idea. Especially seems kind of bad for society. I think the point is more. A lot of Money needs a lot of effort to manage it. Alone if you realize that optimizing taxes could have a huge impact, which kind of pushes people to choose tax friendly jurisdictions. I mean its like why should I pay billions of taxes if it is possible to avoid them. So…

Boomers refusing to retire is why Millenials can't earn money. Retired people can contribute to their communities, in ways that return psycho-emotional rewards, supporting the real economy and themselves, and reducing waste from consumerist materialism.

Im pretty sure you would decrease wealth, if you force people to retire. The ones who earn a lot also bring the experience on the table. A good example would be a world class physics professor. Should he really be just replaced with some Millennials? Maybe they first should prove themselves…

Re: “Fuck You” Money

#32

Post by jleyank » Wed, Apr 27, 2022, 6:22 PM UTC

mukwenhac wrote: post #25

toomuchtodo wrote: post #19

Earlier quoted context omitted.

Consider this: Rent out the house, move somewhere where you can continue to work remote and have universal healthcare or similar systems where your healthcare risk is limited. Quality western european countries will accept folks with as little as ~EUR25k/year in passive/rental/remote work income. Personally, healthcare costs keep me up at night regardless of NW. I've seen high net worth individuals get obliterated by…

Out of wanting to research more, which countries accept folks at that income level?

I think it easy for techies to get a job in Canada. Once there, they can start the clock for permanent resident, which takes 3-5 years. Once that’s obtained, only have to be here 2 years out of 5, or working for a Canadian company or married to a Canadian to keep it. It’s not bad living here, and I suspect the aggregate taxes are comparable to high tax states and you have a diversity from Texas like to France like.

They’re not into health tourism, however, so you have to lay the groundwork earlier in your career.

Re: “Fuck You” Money

#33

Post by jleyank » Wed, Apr 27, 2022, 6:29 PM UTC

Sohcahtoa82 wrote: post #14

jleyank wrote: post #5

Earlier quoted context omitted.

By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…

> and a house will take 1-2m Remember, I'm operating under the assumption that the house is already paid off. Right now, I've got about $250K left in my mortgage. Property taxes aren't too bad, about $4K/year. That $2M is also assumed to be after taxes from selling my options, but I acknowledge that any gains from the index fund will be taxed. > But take a pro tip: health care costs add up. Yeah, this is likely the e…

As a pure swag, assume 2k/month outside the us and 5k/month inside the us as insurance for old farts is $$ and things like dental, glasses, meds, … might not be covered under typical insurance. Once you’re not on work provided insurance, things like travel insurance becomes a concern. If a partner wants to work, use that as a source of insurance in the us as long as possible. Not needed outside, really.

Re: “Fuck You” Money

#34

Post by throw8383833jj » Wed, Apr 27, 2022, 7:44 PM UTC

jjice wrote: post #22

throw8383833jj wrote: post #16

And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require th…

> The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain True, but there are plenty of safe investment options if you're willing to have lower yields (CDs, bonds, the S&P, given time). Of course anything can fail, but that applies to everything and everyone. > you certainly can't leave it in cash otherwise,…

10% inflation over 7 years will 1/2 it's worth.

Rule of 70: the formula goes like this 70/percent = # of years.

So if you assume inflation is 7% over the long term then 70/7= 10 years to loose half and 20 years to keep 1/2*1/2=1/4 (lose 75%)

Re: “Fuck You” Money

#35

Post by h-w » Wed, Apr 27, 2022, 9:37 PM UTC

im3w1l wrote: post #9

jleyank wrote: post #5

Earlier quoted context omitted.

By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…

I've recently heard some criticism of the 4% rule. It's designed with two assumptions: that you are old, and that when you die there may be basically nothing left. So it only needs to last around 30 years give or take. But if you retire at 30 with a strategy that runs out in 30 years that could be an issue. But on the other hand I do believe you can prevent blowing up if you are willing to live lean when the economy…

The 4% rule is pretty generic. But if 2.5-3% will cover your expenses, statistically that will never run out no matter how long you live.