I've always thought, that if I retired, I'd probably need to maintain at least double my salary coming in just to pay for all the things I'd need to do to stop me getting bored out of my mind.
That being the case, I'm not going to retire anytime soon, even if MoonTM.
my retirement goal required three times what i figured was the "normal" amount i needed. took longer but i do like huge safety margins.
and boredom? i have never been bored in my entire life. i have far too many interests and hobbies. i love learning and trying new things (and have the scars and broken bones to attest to that).
ive never understand how someone can get bored.
Yes I am sorry to report that I met with my financial advisor today and I would have to take out of Bitcoin 3 times my current target in order to retire in 2021. Looks like I’m gonna be here until 2025 guys !
Are you referring to something in the ballpark of the current BTC price $15,500 to $16,400 -ish or some other BTC reference price.. like a potential correction or a BTC price rise?
So for example, if you were referring to current BTC prices, then wouldn't a 3x price increase assist you in accelerating your goals.... that would be in the $45k to $50k price arena?
No sadly that’s based off my projected trading profits in 2021. They will be short what I need by a factor of 3.
It turns out that retiring is much more expensive than anyone would have imagined.
you want to retire solely on trading profits? when I try to decide if I could retire I just naively count my net worth and figure out if this could last for some decades. and the family. and the kids. and the kids of relatives. which feels I would never get there. and also: since selling 100% of stash is out of the question, (never more than 50% is the plan), the whole game needs to be played with half the sum to begin with.
then again, making a plan that requires to lose 50% of the best money ever created, is kind of stupid. it would be much better to retire on a plan like getting dividends from stocks or interest (like it used to be) from saved capital.
I hope some secure and reliable financial infrastructure will develop soon enough around bitcoin, that is letting bitcoiners keep their coins, earning interest in lending them out. or, even better, use part of btc stash as collateral to get a loan, and pay back the loan with bitcoin price rising over the long run. I heard that is what rich people do/did with big/valuable real estate: they never sell it, all they do is using it as collateral for cheap loans, and then use the price appreciation of the real estate to pay back the loan. the family stays rich forever.