$10M in the bank is very different for a family of 4 staying in VHCOL (Bay Area/ Manhattan) vs single person staying in Bangkok. The answer to this question depends on a lot on that versus job satisfaction etc.
Not sure why people like the bay area so much. Move someplace else and retire. Most anywhere in the US is going to be dramatically cheaper.
Buy a summer place on a lake in the Midwest for under 200k. Get a winter place somewhere warmer, since the weather must be what people like about CA. We have tons of retirees doing this with well under $10M.
The weather here is flawless, the culture is adequate (it's not top-tier, but it beats most low cost of living areas), the food is fantastic thanks to immediate access to most of the country's fresh produce. There's deserts, mountains, and the ocean all immediately available for day trips, and most of all, jobs here pay twice as much as they do anywhere else. Sure, the CoL is twice as high, but unless you're living paycheck to paycheck and spend 100% of your income locally, that means more money in our pockets.
Yep. It also depends on types of goals you have and stage of life.
I can safely say as someone who FIRE’d in his early 30’s that it doesn’t matter how much money you have because women are very adverse to a man who isn’t working. Mind you, I am quite physically ugly and so my experience is not that of everyone’s. It might be that for men who are of average and above looks that it doesn’t matter as much but for the women I encountered it mattered a lot that I wasn’t working. It didn’t matter how much money I had made. I was spending on a lavish lifestyle in manhattan as well. I gave up on pursuing a family life due to poor genetic basis, chose to be single back in the Bay Area, and go back to work since there’s nothing else to do. All my goals were revolved around family and building a life for a family. No point in those goals if you’re alone.
phkahler|1 month ago
Buy a summer place on a lake in the Midwest for under 200k. Get a winter place somewhere warmer, since the weather must be what people like about CA. We have tons of retirees doing this with well under $10M.
OkayPhysicist|1 month ago
bradlys|1 month ago
I can safely say as someone who FIRE’d in his early 30’s that it doesn’t matter how much money you have because women are very adverse to a man who isn’t working. Mind you, I am quite physically ugly and so my experience is not that of everyone’s. It might be that for men who are of average and above looks that it doesn’t matter as much but for the women I encountered it mattered a lot that I wasn’t working. It didn’t matter how much money I had made. I was spending on a lavish lifestyle in manhattan as well. I gave up on pursuing a family life due to poor genetic basis, chose to be single back in the Bay Area, and go back to work since there’s nothing else to do. All my goals were revolved around family and building a life for a family. No point in those goals if you’re alone.
raw_anon_1111|1 month ago
But even so, just going by the 4% rule, that’s still $400K a year. The median household income in SF Bay is $130J