> Prince Vallient wrote: > Can you still make a certain amount of money and then just live off > of the interest?
Sure, you need about $1M in savings which sounds like a lot but should be fairly easy for a medium income person. Given you keep your expenses down it'll take about 20-30 years. A developer who watches his expenses could do it by 40 no problem. With 8% interest you're making $80,000 per year, with a measly 5%/yr you're making $50,000 per year. The problem with most US people is that they spend all of their money. They get a raise and spend it. They buy bigger cars, more stuff, go on expensive vacations, etc. Their lives aren't focused on saving, but on spending. (I do it too, but I'm still on my plan. Which means I have a plan!) A great example is my barber who's income just dropped from a career high of $38k/yr to $26k/yr. He owns a house on a pond worth $200,000 plus and just built a brand new "cabin" 1 mile from a nice lake in Wisconsin. He also just bought $10,000 in CDs to add to his collection. He's a saver and penny pincher who lives well but not on credit. He's paid cash for every house! He has 2 businesses: a one chair barber shop and he's a picture framer. Both small businesses with incredibly low overhead. He drives a tiny beat up used car and doesn't spend much on clothes or other things. If he made a developer's salary he'd have been a millionaire a long time ago. Speaking of which ... to be a "millionaire" these days with the same connotation that it had 30 years ago you need about $10,000,000 in savings. That'll easily give you $500,000/yr to blow on crap. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Introducing the Fusion Authority Quarterly Update. 80 pages of hard-hitting, up-to-date ColdFusion information by your peers, delivered to your door four times a year. http://www.fusionauthority.com/quarterly Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:217190 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
