Comments on: Five bucks a day ain’t enough, my friend! http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/ Helping readers to use bargains wisely since 2005 Sun, 12 Feb 2012 16:24:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Scotts http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-223072 Scotts Fri, 30 Apr 2010 03:34:41 +0000 http://www.mightybargainhunter.com/?p=2190#comment-223072 If we are talking about 20years ago, 1 million would be enough for retirement, but this amount is never enough for the present time, I am thinking of at least 2 to 3 million to be worry free. If we are talking about 20years ago, 1 million would be enough for retirement, but this amount is never enough for the present time, I am thinking of at least 2 to 3 million to be worry free.

]]> By: Stephan http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-221679 Stephan Wed, 21 Apr 2010 15:40:30 +0000 http://www.mightybargainhunter.com/?p=2190#comment-221679 Great article, but sadly it is not as easy as just stocking away 5$ a day. Dont we all wish it was that easy. But the second point about building up a second side business that can be profitable through your retirement years is a great idea. Simple businesses or investments like a rental property are profitable and not to time or labor intensive which makes them ideal for recently retired adults. Great article, but sadly it is not as easy as just stocking away 5$ a day. Dont we all wish it was that easy. But the second point about building up a second side business that can be profitable through your retirement years is a great idea. Simple businesses or investments like a rental property are profitable and not to time or labor intensive which makes them ideal for recently retired adults.

]]> By: Financial Samurai http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-219405 Financial Samurai Sun, 11 Apr 2010 00:33:04 +0000 http://www.mightybargainhunter.com/?p=2190#comment-219405 $1mil is enough if you have ZERO debt. $3-5 million is probably a more reasonable amount for retirement. The stock market is an illusion, so don't count on anything more than a 4% return! Best, Sam $1mil is enough if you have ZERO debt. $3-5 million is probably a more reasonable amount for retirement.

The stock market is an illusion, so don’t count on anything more than a 4% return!

Best,

Sam

]]> By: cm http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-218965 cm Sat, 10 Apr 2010 00:35:20 +0000 http://www.mightybargainhunter.com/?p=2190#comment-218965 As I commented on J. Money's blog, I prefer realism over the "excitement" he recommends. Excitement doesn't guide strategic behaviors; realism does. The original blog post is completely unrealistic, because 10% average returns for 40 years is unlikely, but even worse, it is not taking into account capital gains taxes. As I commented on J. Money’s blog, I prefer realism over the “excitement” he recommends. Excitement doesn’t guide strategic behaviors; realism does.

The original blog post is completely unrealistic, because 10% average returns for 40 years is unlikely, but even worse, it is not taking into account capital gains taxes.

]]> By: Non Profit Gal http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-218926 Non Profit Gal Fri, 09 Apr 2010 19:00:11 +0000 http://www.mightybargainhunter.com/?p=2190#comment-218926 Have you ever looked in to immediate annuities? I don't sell them, and I am not pushing them either, but try out one of those calculators. When you plug in your number (1 million) and your age and state, you can see what they would pay. Most seem to pay out around 4k a month. I could live on that. Have you ever looked in to immediate annuities? I don’t sell them, and I am not pushing them either, but try out one of those calculators. When you plug in your number (1 million) and your age and state, you can see what they would pay. Most seem to pay out around 4k a month. I could live on that.

]]> By: J. Money http://www.mightybargainhunter.com/2010/04/08/five-bucks-a-day-aint-enough-my-friend/comment-page-1/#comment-218684 J. Money Thu, 08 Apr 2010 15:50:44 +0000 http://www.mightybargainhunter.com/?p=2190#comment-218684 Haha, why hello there good sir ;) True indeed - $1 Mil now won't be as sexy as $1 Mil in 40 years. But the real point of the $5/day project is to get people to START saving and to let them know that it pretty much is *that* simple to become a "millionaire." Which, let's face it, most get excited at the very thought of being in that club – no matter what it's worth now or 100 years from now. The sad part about it all is that the odds of people acting on it are slim, and even more so taking it to another level and saving/investing even MORE. So yeah, $1 Mil may or may not be enough to retire on down the road, but if it gets you to stop and think about it while you’re young, it'll hopefully spark enough excitement to propel you savings strategy going forward. Haha, why hello there good sir ;) True indeed – $1 Mil now won’t be as sexy as $1 Mil in 40 years. But the real point of the $5/day project is to get people to START saving and to let them know that it pretty much is *that* simple to become a “millionaire.” Which, let’s face it, most get excited at the very thought of being in that club – no matter what it’s worth now or 100 years from now. The sad part about it all is that the odds of people acting on it are slim, and even more so taking it to another level and saving/investing even MORE.

So yeah, $1 Mil may or may not be enough to retire on down the road, but if it gets you to stop and think about it while you’re young, it’ll hopefully spark enough excitement to propel you savings strategy going forward.

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