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Author Topic: I need to retire already  (Read 4944 times)
bornil267645
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April 03, 2015, 01:31:12 AM
 #61

let's just hope it does, but my question is what if it doesn't reach that  mark. What will you do then? Do you have a backup plan.? If not then you are in for one heck of a retirement.

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April 03, 2015, 07:18:50 PM
 #62

Bitcoin will never get above $500 again.

You have an awful lot of trust in the dollar Wink

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April 03, 2015, 07:28:27 PM
 #63

Well, retiring is something you can do if you *really, really, really* can live off of your interest you gain from your holdings. Otherwise I'd just go and keep my current day-to-day job and earn as much as possible and be financially safe and sound. Also you may end up being depressed and feel worthless if you retire too early... happens to a lot of people, actually!

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April 03, 2015, 08:06:40 PM
 #64

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

I reckon you've done ok, dont worry about selling out too early but ont make the same mistake again, hold out for the big money!

In the mean time i'd try and find some work you really enjoy doing, start a business or something, you have to work until you die even if its managing your investments.
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April 03, 2015, 08:26:05 PM
 #65

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

I reckon you've done ok, dont worry about selling out too early but ont make the same mistake again, hold out for the big money!

In the mean time i'd try and find some work you really enjoy doing, start a business or something, you have to work until you die even if its managing your investments.

You should always have a backup plan. Just relying on BTC holdings isn't a very smart thing to be honest. Sure, BTC can go through the roof and make us all rich (if we don't both it somehow), but it sure isn't a safe bet!

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April 03, 2015, 08:58:34 PM
 #66

How much your earn with interests/dividents/etc with your 80 BTC?

I guess nothing, right?

Then you have as many reasons to retire than someone with no savings.


You consider a retirement when what you get from your money is enough for you to survive without you losing the money you saved
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April 03, 2015, 09:54:11 PM
 #67

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

80 Bitcoins

Now $450
You want $15k to retire

That's $1.2M profit on your current $36k (to put it into perspective 3333% gain needed)

And you are sick because you have waited a full year and already managed to buy a house (partially) using BTC.

LOL!!!!  Roll Eyes

I would be prepared to wait 5 years for 1M. Greed is a killer Smiley

In 5 to 10 years OP will be a millonaire, but chances are he will panic along the way and sell way before that day arrives. Sadly people aren't wired to hold long term.
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April 03, 2015, 11:17:05 PM
 #68

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

my guess is you will need to wait at least 10 years to see bitcoin above $10,000
just continue with what you were doing or do something else and think about your coins getting more value every year.
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April 03, 2015, 11:30:20 PM
 #69

I don't know where do you live but I don't think 1.2m$ is enough for retirement in anywhere. I would wait for at least 10 millions.

1M is enough to retire in Medellin, Colombia
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April 04, 2015, 12:09:37 AM
 #70

I don't know where do you live but I don't think 1.2m$ is enough for retirement in anywhere. I would wait for at least 10 millions.

1M is enough to retire in Medellin, Colombia

1mil is enough in most of US, providing a few simple conditions:

1. Your children are independent and DONT leach off of you.
2. ~50% of your expenses are covered by Social Sec-very reasonable to expect $1250-1400/mo for each (H+W)=$30000-34000/year for husband and wife nuclear family (kids would probably leave the nest by then). Therefore, you would need to provide just 18K-22K/year from that 1mil to match average family income in US, which is 52K. It is not a life of super abundance, but with mortage gone, it may be better than most expect. $18-22k is quite possible considering that SAFE withdrawal is supposed to be 4% or 25K for 1mil in savings
3. your home is paid off
4. your RE taxes are small or subsidized-true for many states (for 65 and above).

As a sad comment to above, the average 401K (typical retirement account) in US is 14 thou and average 401K of those 55-64 is 104K, so almost nobody will have that million.
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April 04, 2015, 12:21:24 AM
 #71

I don't know where do you live but I don't think 1.2m$ is enough for retirement in anywhere. I would wait for at least 10 millions.

1M is enough to retire in Medellin, Colombia

1mil is enough in most of US, providing a few simple conditions:

1. Your children are independent and DONT leach off of you.
2. ~50% of your expenses are covered by Social Sec-very reasonable to expect $1250-1400/mo for each (H+W)=$30000-34000/year for husband and wife nuclear family (kids would probably leave the nest by then)
Therefore, you would need to provide just 18K-22K/year from that 1mil to match average family income in US, which is 52K. It is not a life of super abundance, but with mortage gone, it may be better than most expect.
18-22k is quite possible considering that SAFE withdrawal is supposed to be 4% or 25K for 1mil in savings
3. your home is paid off
4. your RE taxes are small or subsidized-true for many states (for 65 and above).

As a sad comment to above, the average 401K (typical retirement account) in US is 14 thou and average 401K of those 55-64 is 104K, so almost nobody will have that million.

Good plan, but I would probably invest a part of it and not use it just to do your groceries and whatnot. Probably buy a nice small property and rent it (asuming you already a paid home as you said in point 3).

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April 04, 2015, 12:45:43 AM
 #72

Oh come on, even if there's a windfall of money enough for retirement, one could still use it earn back even more. Look at some of the richest billionaires, you haven't really seen any of them retiring just yet. What I'm trying to say here is that using you retirement fund you could travel around the world in a first class airline seat but given the choice, would you rather take a private jet, going around the world which would be even more better?

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April 04, 2015, 12:54:47 AM
 #73

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

Well then, you better get a job.
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April 04, 2015, 01:50:40 AM
 #74

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

On thursday. 

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April 04, 2015, 09:34:50 AM
 #75

OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?

On thursday. 

I think you toked too much of that weed tokeweed  Grin
WhatTheGox
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April 04, 2015, 03:28:11 PM
 #76

I don't know where do you live but I don't think 1.2m$ is enough for retirement in anywhere. I would wait for at least 10 millions.

1M is enough to retire in Medellin, Colombia

1 million is enough, i dont know what kinda lives you guys live, its only not enough if you become completely unproductive and sit a on a beach, i guess that could be the definition of retire but i'll never do nothing, being productive is too much fun, even if that means growing your own food.
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April 04, 2015, 07:19:17 PM
 #77

I don't know where do you live but I don't think 1.2m$ is enough for retirement in anywhere. I would wait for at least 10 millions.

1M is enough to retire in Medellin, Colombia

1 million is enough, i dont know what kinda lives you guys live, its only not enough if you become completely unproductive and sit a on a beach, i guess that could be the definition of retire but i'll never do nothing, being productive is too much fun, even if that means growing your own food.

Being productive is usually working in something you don't like. Leissure time is fun and is not "doing nothing" by definition.

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