HOW TO CALCULATE YOUR RICH RATIO | You Can Retire Sooner Than You Think
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- Опубликовано: 9 сен 2024
- The Rich Ratio is the amount of money you HAVE in relation to the amount of money you NEED. Learn how to calculate and make sure your Rich Ratio is above 1 so you're setting yourself up to be a happy retiree.
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Us pensionless folks need some good advice. Thanks
Bill and Ted’s Excellent Rich Ratio Adventure.
Dang! You beat me to it.
Can Bill or Ted front you the cash for a white board?
IKR? So much paper!
I think I have much to be thankful for, and I think my circumstances are much closer to reality for more, than either of the examples. I define my "need" as that amount that can fully fund my "survival". I'm about to become debt free in 3-4 months. My home, cars, etc are paid for, so my "need" is food, utilities, gas and maint/insurance of home and cars, property taxes, etc. I'm retired and only consider S.S. & pension as income, my savings is not income producing. My income is $42K after taxes and I can survive on $12K. I'm single and have modest wants, so my "number" is 3.5
Currently, I project savings at $2K monthly and I am "rich & blessed", praise God.
That's an impressive Rich Ratio! Congratulations!
Bill and Ted... ha ha...what an adventure!
Excellent video, very helpful putting it all in perspective.
Pensions, LOL.......How many Americans have a pension? This Vid is not connected to reality for the vast majority of Americans............................USELESS!!
The good thing is the "need" is something you can control. IE. If mortgage paid, kids college paid, CC paid, you could also drop your need by 30%+ by simply moving to a cheaper state, or overseas, and make your $$ work harder for you, cheaper cost of living
I basically did the same thing that you mentioned at the 6:00 mark. I sat down with a spreadsheet and did some calculations. Seemed to me that we had enough without ever worrying about running out. I got a free consultation from Personal Capital and he verified the same conclusion. Went into work next day and gave my notice at 57. Wife still running her consulting business for next 3 years, but our ratio is just over 3. Cool information. PS: I love that you don’t draw on a big marker board. 🤗
Can you please define "need"? Is that your budget? Does it include discretionary spending? I m retiring in a few months, I have a 1.43 rich ratio based solely on upon my monthly budget. That leaves 30% of my monthly income for discretionary spending, which is mostly going to be traveling.
You're wrong about people hating it if they have a bad rich ratio. This information us invaluable and gives people something realistic aim for. It's discouraging when you keep hearing the media claim you need $1 million, 2 million or even 5 million to retire (Suzie what's her name's estimate) some people give up and just say well I'll save what I can and get social security. If you have a personalized number it helps psychologically. Great video.
Good book!
I plan to work part time until age 70. Two days per week
You need a dry erase board. Nobody can see what you are doing.
Agreed, why write stuff down and not allow for visualization by viewer?
Follow along at home
Thanks again.
stopped watching 2 mins in, most people do not have 500k or 1.5 million. if I had that kind of money I would not be worried about anything or watching videos on retirement. I suspect most people might have about 1k extra money and that's pushing it.
I know for a fact that a lot of people have a lot more money than these examples and they still worry about it every day. I also know a lot of people that have next to nothing and don’t worry about anything at all.
Thanks to being a diligent investor and having a frugal lifestyle our number is greater than 2. We'll keep growing our assets with the difference since we've got another 20 years until FRA.
That's fantastic!
Who the heck needs $10k a month !
Someone with an extravagant lifestyle and lots of bills - my sister-in-law’s house of cards would come crashing down if they only brought in $10k per month!
nice vid
Thanks!
@@WesMossMoneyMatters Hi Wes, I thought the book was free? How do I get a free copy of your book?
Still none the wiser as to wht the "need" consists of.
It's not what you have from a balance perspective. It's what you "own" that pays you monthly. 1.5 million dollars is worthless sitting in the bank. Invest it in an all time high stock market...and you are looking to be wiped out soon.
Bogus adventures, I don't believe bill or Ted could have that much retirement savings