What's your number?

Relax and chat about anything not covered elsewhere.
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Euler
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If this thread is still going later in the week I'll give you a detailed view. But in my experience, most of the successful people I've met end up doing stuff because they really enjoy it and the money becomes very secondary. They are driven by other things.

When I discovered trading I knew this was my chance to go it on my own and set a ridiculously low target of £100k to feel happy that I had cracked it. I more or less did that in my first year and I never expected that I'd still be doing this for 18 years. But it taught me a lot about the markets, myself and others. I relentlessly pursue knowledge and insight now just for the sense of achievement of discovering something new and really enjoy that challenge. I'd do it even if there was no monetary reward at the end.
arbitrage16
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Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
Like it. How does Brexit factor into your plan?
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ShaunWhite
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Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

CS
Dispite some obvious differences we have similarities too CS, you've described my plan perfectly. But mine is to slowly turn into a wrinkly leathery little old man in the countryside around Barcelona somewhere; so we probably won't end up sat on a bench in the town square together, arguing about life and admiring the señoritas !

Fingers crossed Brexit doesn't put too many obstacles in our way (I'd like to be hearing more about the effect on ex-pats, and especially those that spent all their working life hoping to be one!). But I DONT want to take this thread off topic.
Good luck getting what you want CS.
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Crazyskier
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arbitrage16 wrote:
Tue Dec 04, 2018 10:37 am
Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

That's the plan anyway!

CS
Like it. How does Brexit factor into your plan?
ShaunWhite wrote:
Tue Dec 04, 2018 3:00 pm
Crazyskier wrote:
Sun Dec 02, 2018 7:23 pm
Lotto wins notwithstanding, I'll cease being a wage slave in just over 10 years. Essentially when the mortgage is paid off and I will be able to realise enough to retire on a modest income in a warm climate mortgage-free. That place is Caleta de Fuste in Fuerteventura, currently, though I wished I'd purchased there when the Euro was at 1.4 and they had their property crash.

So for me, it's not a particular number, but rather 20 x my annual costs which will be very low in a land with very little heating or lighting bills.

CS
Dispite some obvious differences we have similarities too CS, you've described my plan perfectly. But mine is to slowly turn into a wrinkly leathery little old man in the countryside around Barcelona somewhere; so we probably won't end up sat on a bench in the town square together, arguing about life and admiring the señoritas !

Fingers crossed Brexit doesn't put too many obstacles in our way (I'd like to be hearing more about the effect on ex-pats, and especially those that spent all their working life hoping to be one!). But I DONT want to take this thread off topic.
Good luck getting what you want CS.
Brexit... Hmm..

I honestly don't know how it will impact on my plans is the truth. I won't need work rights and do speak a little Spanglish, so am hoping for the best.

...And you too, Shaun. 8-)

CS
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gazuty
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Thanks all.

Some really good thoughts in here.

I particularly like the part on enjoyment that has come up in a few ways.

I’ve always liked the song lyric - freedoms just another word for nothing left to lose. I do sometimes wish I’d taken some bigger risks earlier on in my career when I had less to lose.
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marksmeets302
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There's actually a scale for this:
£1m - £2m ($1.53 million - $3 million) The comfortable poor
£3m - £4m The comfortably off
£5m - £15m The comfortably wealthy
£16m - £39m The lesser rich
£40m - £74m The comfortably rich
£75m - £99m The rich
£100m - £199m The seriously rich
£200m - £399m The truly rich
£400m - £999m The filthy rich
Over £1bn The super rich
(https://blogs.wsj.com/wealth/2010/03/17 ... 3-million/)
When I heard about this I asked how can you be described 'poor' at 2 million? Simple, you still need to work. If you love doing what you do then you might not describe it as work and you will feel rich. Then again if you sit home all day with your luxury cars and 10 million plus in the bank, bored out your mind, then you might be very poor in a sense.

I think there's a sweet spot in this scale. Not necessarily having to work is great, but if you go further up you'll get more problems instead of less. Think of security and personnel.
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PDC
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It is important to remember this as well:

https://youtu.be/gUhRKVIjJtw?t=132
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Euler
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Must be relative as well? If you live in the West End of London you need to be very wealthy but if you are somewhere more remote then relatively speaking you are much better off.

I know a successful trader who isn't the biggest but has defended his niche for a long time and he moved to a lovely location which is dirt cheap and is having the time of his life. So relatively speaking he is probably better off than all of us!
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gazuty
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Euler wrote:
Fri Dec 07, 2018 10:36 am
Must be relative as well? If you live in the West End of London you need to be very wealthy but if you are somewhere more remote then relatively speaking you are much better off.

I know a successful trader who isn't the biggest but has defended his niche for a long time and he moved to a lovely location which is dirt cheap and is having the time of his life. So relatively speaking he is probably better off than all of us!
This resonates. I have often thought of selling up in Sydney, moving to somewhere like Bowral or Berry (2 - 3) hours out of Sydney - but close enough for health care etc when older.

But a bit like the U2 song - I still haven’t found what I’m looking for. And I’m not talking house wise I’m talking in part the meaning of life.
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gazuty
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marksmeets302 wrote:
Thu Dec 06, 2018 2:15 pm
There's actually a scale for this:
£1m - £2m ($1.53 million - $3 million) The comfortable poor
£3m - £4m The comfortably off
£5m - £15m The comfortably wealthy
£16m - £39m The lesser rich
£40m - £74m The comfortably rich
£75m - £99m The rich
£100m - £199m The seriously rich
£200m - £399m The truly rich
£400m - £999m The filthy rich
Over £1bn The super rich
(https://blogs.wsj.com/wealth/2010/03/17 ... 3-million/)
When I heard about this I asked how can you be described 'poor' at 2 million? Simple, you still need to work. If you love doing what you do then you might not describe it as work and you will feel rich. Then again if you sit home all day with your luxury cars and 10 million plus in the bank, bored out your mind, then you might be very poor in a sense.

I think there's a sweet spot in this scale. Not necessarily having to work is great, but if you go further up you'll get more problems instead of less. Think of security and personnel.
Brilliant and well put.
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