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submitted 1 year ago by derelict@lemmy.world to c/asklemmy@lemmy.ml
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[-] Mothra@mander.xyz 7 points 1 year ago

...

  • cries in unemployed *

124,594 hours (14 years) would be enough to retire right now, anything less than that wouldn't be immediately "life changing" since I'd still have to hold down a job.

[-] agarorn@feddit.de 3 points 1 year ago

Do you mean the income of 14 years, or the income you would get working 14 while years (which with a 40hour work week is more like 60 years of work)?

[-] TheOneCurly@lemmy.theonecurly.page 3 points 1 year ago* (last edited 1 year ago)

I took the amount I estimate I would need to retire right now at my current age and divided that by my current hourly rate. So it's 124,594 working "man-hours", as you say like 60 years of working. But that value goes down every year I do actually work and as my retirement investments grow.

I assume OP asked it that way to normalize and anonymize it a little.

[-] agarorn@feddit.de 4 points 1 year ago

Well good luck reaching that goal. However 60 years of work seems way to high.

[-] kersploosh@sh.itjust.works 5 points 1 year ago

$3M. I could retire immediately with a comfortable stream of investment income. Anything less would be helpful, but I would still have to work.

[-] Seytoux@lemmy.one 4 points 1 year ago

Two-three years, to quit job, buy materials and needed machinery, little cushion and make the same work I do for other people and make money for myself instead as others.

[-] thejevans@lemmy.ml 4 points 1 year ago

Lots of student loans and no money saved, so unless it's enough money to pay off all the student loans, buy a house, and have a self sustaining retirement fund, my life wouldn't change today. Any amount would certainly help in the future, but if it doesn't reach all those goals, I'll still have to a similar day-to-day for the time being.

[-] HobbitFoot@thelemmy.club 3 points 1 year ago

I'm probably going to need a year's worth of my time, in part because I would use that to take a year off.

[-] _finger_@lemmy.world 3 points 1 year ago

I’m turning 36 this year and it’s already happened in a way. In 2019 I was making $14 an hour working at a head shop, and now I’m making just shy of $100k and it finally feels like I can take care of myself (barely)

If you live in any major metro area, I really feel like you can’t break the true comfort level unless your household income is $200k. $100k just doesn’t cut it anymore if you want to own a decent house, pay crazy prices for healthcare, have saving/retirement.

[-] lemmy@lemmy.quad442.com 3 points 1 year ago

$500 would get all my bills caught back up

[-] CanadaPlus@lemmy.sdf.org 3 points 1 year ago

Maybe a quarter of a million. Enough to retire in the third world.

[-] makingStuffForFun@lemmy.ml 2 points 1 year ago

20 years. Mortgage + interest paid off. I'd still have to work of course, but to be mortgage free would be a game changer.

Including not needing to work, maybe another 20 years on top of that.

Kinda depressing huh

[-] SacredHeartAttack@lemmy.world 2 points 1 year ago

24/7 for a decade would be dope.

[-] haych@lemmy.one 2 points 1 year ago

Depends how life changing we're talking. $1k could do up my garden and furnish my house. $10k would mean I wouldn't need to worry about mortgage repayments for a year.

[-] Sinnamon@sh.itjust.works 2 points 1 year ago

Two years worth would be enough down payment for the mortgage on a nice, non-starter home in my area affordable. Anything less would just go towards that future goal.

[-] Moghul@lemmy.world 1 points 1 year ago
[-] goldarkrai@feddit.it 1 points 1 year ago

Anything more than $30 000 I guess

[-] Lamy@lemmy.fmhy.ml 1 points 1 year ago
[-] pieceofcrazy@feddit.it 1 points 1 year ago

As of now, 2 years would be enough. I would have enough money to get out of my parents house without them giving me money for a year so that I could study without working before I (hopefully) get my scholarship next year.

[-] Karlos_Cantana@sopuli.xyz 1 points 1 year ago

I don't think money would change my life. I make enough to pay my bills and eat. I have plenty of friends, and that doesn't cost money.

[-] r_ffer23@sh.itjust.works 1 points 1 year ago

2 years. That would be enough to pay debts and try a different lifestyle in another city.

[-] zerbey@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

I'm in my mid 40s, married with three kids (teenagers and one in his twenties) and we're right in the middle of middle class.

$100K I could pay off both our cars, and put a nice down payment on a house and enjoy a lower cost mortgage.

$500K I could buy and furnish a house, no more rent or mortgage (but still taxes, which are pretty reasonable where I live).

$1 Million same, but a nice nest egg for the future and help my kids get set up.

$2 Million or more I could seriously consider retirement.

$5 Million or more, I'm definitely retiring.

[-] Subversive@lemmy.ml 1 points 1 year ago

I'm impressed that would be only a year. I have so many debt I thought it would be 3 to 5 years.

[-] kalipike@lemmy.one 0 points 1 year ago

1 year of salary extra would be unbelievably life-changing. Like.....every single stress in life would be eliminated. Shoot, even $10k extra would be HUGELY beneficial.

Been thinking about starting to drive Door dash or another side gig to supplement income.

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this post was submitted on 28 Jun 2023
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