FU! Money Poll (3 Viewers)

[Copper44]

Let’s start at a hypothetical age of 50 at 2024 “USD value.” What do you consider quit everything with a family of four and say F*ck you.

 

[B.C.]

For some people, the FU amount will come down to current financial health. If you own a home, have a good 401k, some investments, kids are older etc, 5m is probably fine. If not, 10m is going to be a minimum for many.

At +15m, you start to get to "rubbing it in your face" money!

 

[drdr]

The amount above the bare minimum needed for the base living standard you would be enjoying if you didn't have any FU money.
?

 

[DirtyTIVA]

FU money is 50-100M minimum. Even meager annual returns for doing absolutely nothing is in the 2.5-5M range. FU money for me means you can set 1M on fire and not care because you’ll have it again in a few months for nothing.

5-10M people generally had to earn. And money people have had to earn they’re not going to piss away just to make a point.

 

[DrStrange]

FU means to me that I can comfortably quit my job, spend all my time and focus on my family and what makes me happy. Doesn't mean I have my own private plane. I don't have holiday houses all over the world. I don't need to be "stupid" rich. It means we can live comfortably on our money and not need to worry about making retiring at 50 work out well.

Let's assume your house and cars are paid for. No other long term debt. Still have to pay for college though. Really really roughly, a million dollar annuity pays 50K year pre-tax with an inflation adjustment annually (don't do this, annuities are often a bad idea)

So how much money do you need to get each year pretax? Pick a number, divide by $50,000 and that is how many millions you need to as FU. I picked $10,000,000. That's $500,000 per year pretax or about $360,000 post tax or $30,000 per month. I could do that just fine.

 

[DirtyTIVA]

FU means to me that I can comfortably quit my job, spend all my time and focus on my family and what makes me happy. Doesn't mean I have my own private plane. I don't have holiday houses all over the world. I don't need to be "stupid" rich. It means we can live comfortably on our money and not need to worry about making retiring at 50 work out well.

Let's assume your house and cars are paid for. No other long term debt. Still have to pay for college though. Really really roughly, a million dollar annuity pays 50K year pre-tax with an inflation adjustment annually (don't do this, annuities are often a bad idea)

So how much money do you need to get each year pretax? Pick a number, divide by $50,000 and that is how many millions you need to as FU. I picked $10,000,000. That's $500,000 per year pretax or about $360,000 post tax or $30,000 per month. I could do that just fine.

This to me feels like financial security. There's nothing blatantly unnecessary about it that commands the FU part. Buying a Bugatti Chiron, buying a different color Rolex/Ferrari for every day of the week, or buying every seat for a flight or performance/sporting event would be FU territory. "Tres commas" or 8 digit territory.

 

[DirtyTIVA]

Let’s start at a hypothetical age of 50 at 2024 “USD value.” What do you consider quit everything with a family of four and say F*ck you.

Actually, re-reading the original post I think Strange's post is more along the lines of what the op probably intended- early retirement. I'm talking about something else.

 

[Gorbash]

Actually, re-reading the original post I think Strange's post is more along the lines of what the op probably intended- early retirement. I'm talking about something else.

My takeaways are:
(1) DrStrange understood the assignment and was pretty much spot on; and
(2) DirtyTIVA likely has a watch problem.

 

[BarrieJ3]

Family of 4 at 50. My kids who I do have now would be 21/23 plus another 2 kids.

Colleges, cars, weddings, etc. Lol I don’t even know what normal expenditures would be.

Normal spring break vacation with 2 young kids runs about $20k. Add in 2 more plus potential spouses/relationships, vacations are probably approaching a $40k+ mark.

Household manager is prob around a $60-80k mark location dependent.

And lastly even if “retired” our household would still be working, likely in volunteer/non profit arenas. As a round number, I’d guess that our “job” would likely cost upwards of $100k a year if we’re passionate about it.

So before we even approach ongoing bills, surprise large purchases/investments/weddings, without anything extravagant, just on a couple of items we’re approaching a quarter mill.

Going the Dr S route, I’d like to have about 6-700k on hand per year, so 12-13 million. To be cautious, I’d say 20 mill in case certain returns fall short.

 

[bergs]

Let’s start at a hypothetical age of 50 at 2024 “USD value.” What do you consider quit everything with a family of four and say F*ck you.

Quit everything, 15M (52 yrs old)

True fuck you money, do whatever I want when I want it in crazy style and literally tell everyone to fuck off? $500-750M.

 

[DirtyTIVA]

Going the Dr S route, I’d like to have about 6-700k on hand per year, so 12-13 million. To be cautious, I’d say 20 mill in case certain returns fall short.

That number feels high. I give a financial planning talk to my juniors every year. I point out things like the median American household assets at retirement is only 250-300k ish these days. Average assets is 1-1.2M, clearly showing the distribution is very top heavy (a few people have a lot, most have not much). Financial planning calculators online suggest you have 12x your annual income in assets by the time you’re age 60. So 20x annual income earlier in life may not be a bad benchmark.

 

[mike32]

Let’s start at a hypothetical age of 50 at 2024 “USD value.” What do you consider quit everything with a family of four and say F*ck you.

How old are the kids? I’ll guess college age or close and answer based on that. Also I’m assuming you are burning your bridges because it’s FU money not iI’m easing myself out and will help train a replacement money.

 

[Copper44]

How old are the kids? I’ll guess college age or close and answer based on that. Also I’m assuming you are burning your bridges because it’s FU money not iI’m easing myself out and will help train a replacement money.

Well mine will be 28, 21, 20 and 15 when I’m 50. So let’s say 18 and 25. Likely one going to college and one (hopefully) out on their own.

 

[DrStrange]

In my case - I quit working for the most part at age 43 with ~$5,000,000 in today's dollars. Three kids at home. No debt.

There were times when it was a little dicey in 2008/2010. I was diversified but the great recession affected almost everything one way or the other.

In hindsight, it was a perfect decision. Getting to be with my kids growing up in the almost wilderness (we lived on 160 acres in the Texas hill country) was amazing. Sure, we left millions on the table. What good would the extra money have brought? Traveling as a consultant is tougher than people think. Could go a week never seeing the family. Don't wait for the perfect moment. Grab the prize and cackle all the way home. You won at life. Celebrate - more money doesn't buy more happiness.

Don't take your family life for granted. Two of my three kids are dead, one never made it to high school. The years I got to spend focused on them is priceless -=- DrStrange

 

[BarrieJ3]

In my case - I quit working for the most part at age 43 with ~$5,000,000 in today's dollars. Three kids at home. No debt.

There were times when it was a little dicey in 2008/2010. I was diversified but the great recession affected almost everything one way or the other.

In hindsight, it was a perfect decision. Getting to be with my kids growing up in the almost wilderness (we lived on 160 acres in the Texas hill country) was amazing. Sure, we left millions on the table. What good would the extra money have brought? Traveling as a consultant is tougher than people think. Could go a week never seeing the family. Don't wait for the perfect moment. Grab the prize and cackle all the way home. You won at life. Celebrate - more money doesn't buy more happiness.

Don't take your family life for granted. Two of my three kids are dead, one never made it to high school. The years I got to spend focused on them is priceless -=- DrStrange

Literal ongoing conversation in our house.

After 5 years working on a project, I finally got to the point where I have secured my position, make exactly what I want, etc. Aaaaaaaaand I'm stepping away for at least a year to train the pets, work on the house, and coach the kids. I'm hoping that is successful enough that potentially leads to being a permanent option financially/family wise.

 

[UniLover]

That depends on who the U is to F.

Going by the definition of financial independence, I put $10M just to retire and not having to work.

 

[casinochipper22]

I think the greatest freedom is managing your money well enough to be able to say fu without millions in the bank. With no debt and reasonable expenses, you can say fu sooner than later. We started saying fu (every once in a while) after I lost my ft time during covid and it is a glorious feeling.

But per the post, I'd say 10m+ would be a good enough number to drop fu's at will.

 

[Taghkanic]

I answered $5M because at that point you could even just put it in a 5% money market fund and yield $250K in income per year.

$250K ought to be enough for most people to live off of without answering to anyone.

If however your definition of FU$ is “I want to buy a lot of fancy toys and eat caviar nightly,” then the number is higher.

 

[krafticus]

I need a tad more since our property taxes are stupid...
Once my house and such is all paid for, I'd need about 20mil pre tax and I'll be fine. My problem, I'd give a bunch away to family and friends. I'd also have one hell of a free-roll tournament with a fairly big prize.

 

[Taghkanic]

Once more, with feeling:

Note: This was 2014. Goodman’s character pegs it at $2.5M.

 

[casinochipper22]

I answered $5M because at that point you could even just put it in a 5% money market fund and yield $250K in income per year.

$250K ought to be enough for most people to live off of without answering to anyone.

If however your definition of FU$ is “I want to buy a lot of fancy toys and eat caviar nightly,” then the number is higher.

I just changed my number to $5M. you're right. haha. $250k is more than enough!

 

[Taghkanic]

I just changed my number to $5M. you're right. haha. $250k is more than enough!

And that’s with a super conservative investment approach. Invest it more normally and it may throw off 7-9% annually *on average* or around $400K/year over time.

(Don’t panic sell on days like today!)

 

[CraigT78]

I picked 5m because I took the intent of the post to be Fuck It money and Not FU money.

I'm 45. I've got 4 kids in college starting next week, and a 5th in 10th grade. We've saved for college and thankfully we should make it 4/5 from just our savings. The 5th is talking MIT level schools - not sure how we'd swing it, but if he got in, we'd figure it out.

The oldest just got engaged, so we'll be throwing money their way to pay for some of the wedding or the honeymoon, their choice.

I won't be at 5m by 50, or probably not even by 55. But if I were, it would be enough to say fuck it and quit working as I am today. Big part of our networth is our house, paid for, but not income producing. We've discussed selling and downsizing when we do decide to say fuck it. Time will tell.

I'm quickly realizing that to be able to keep assisting my kids as we'd like to, I'm going to need to put a few more years into the workforce. I think 60 is my new target.

 

[gopherblue]

“FU” or “F It”, the minimum gateway to entry for someone in the 50-55 range (where I am), imo, is $10mm, but that’s a bare minimum, and I think at least $15mm is more future-proof.

 

[dinosaur]

My logic is same as the guy above.

 

[B.C.]

True fuck you money, do whatever I want when I want it in crazy style and literally tell everyone to fuck off? $500-750M.

$500-750m!

Sounds like you're either planning on saying FU with an M1 Abrams Tank or just getting sued by a LOT of people.

 

[bergs]

$500-750m!

Sounds like you're either planning on saying FU with an M1 Abrams Tank or just getting sued by a LOT of people.

Yes, and yes. And yes to the next 8 things you think. Fuck you money means literally I don’t care who you are, fuck you.

Comfortable retirement with no worries and do whatever I want within reason (aka non rock star life), $6-$8M.