Congrats, Richmond, on new job. Interesting & worthwhile question.
Here’s my 5 cents worth. Now that I’m not working, I’ve had alot more time to think about it. I’ve earned from $0 to over $200k pa, and this is some of the things I’ve learnt about having money and how much do I need to live on:
1. It’s true that “There is no such thing as a free lunch”, ie to earn more money requires more effort and/or time spent (and it really helps if you enjoy what you’re doing because then you don’t notice how much time / effort you’ve expended). Personally, I do not like the term “passive income” because it implies “doing nothing” which is not true. The only forms of “passive income” are inheritance, winning the lottery….get the picture….
2. It’s all about tradeoffs…spend it now and do without later or save some now, invest and enjoy later…work vs leisure time (when I was earning 6 figure income, there was no time to enjoy nor invest. I was spending all my money on support services, eg cleaning, and eating out or takeaways, massages and health farms for stress management !!!).
I think it’s more about working out how much time and effort you are prepared to expand, where to focus your efforts, how do you duplicate the efforts (without personally doing it all yourselves) to get more money, how much realistically will you get for your efforts and most importantly, living within your means.
My aim is 4 days per week of effort for around 100k pa, but i’m still working on how those 4 days are best utilised to earn the 100k pa (PI will be one of the vehicles)…Hope this rambling helps someone.
Good Luck, QB[
]Hi Richmond
You are in a better position to increase your number of IPs. Give your new job the best shot & enjoy the results. Congratulations.
I spend nearly as much as I earn from the Uni days till retirement, ranging from $30/wk to $2,000/wk. Could earn heaps more but preferred to spend time with the family. Always happy with what I’m doing & never feel poor. Always keeps few thousands $ in the bank for rainy days.
Regards
Grandma Huey
Hi,
I’m on a package of $140K and agree completely with AussieRogue’s comment…..it is not about what you earn but how you invest. There are some really inspiring people on this site who have several IPs and are earning a third of what I do. Boy do I have lots to learn!
I’ve paid off my mortgage but only now starting to look at investing. Becoming very clear to me that you need to invest to get a head – not just save or try to attain a higher salary.
Good to read everyone’s comments!
Cheers,
Seeking Wisdom.Now you’ve got the right mindset wisdom, anything is possible!
With that earning capacity you might even give Steve a run for his money?
Hope to see you at a few ‘opens’
Wisetwo
Hiya All [
]I am rich ! , INSIDE. [
]I feel a good income would be 120 – 150 K pa, but then again I have 5 children, loving partner, 2 cats, 7 children that we all sponsor, beautiful home & a wonderful little holiday shack down the coast line. Ow yaeh & a few IP’s that give me the income I feel I need.[
]Do what you can, with what you have, where you are. (Theodore Roosevelt)
Take Care & Be Good
Michael
” just be “I plan to retire when I can earn 120,000 a year in passive income. I currently earn $38k a year (gross). 100K sounds like a lot of money to me. But as prevously meantioned its not what you earn its what you spend. I have simple tastes and 12,000 a month spending money will do my fine. But thats me, every person has different standards, so its really what you want to do with the money you earn that will decide for you.
Congratulations on your new position. have fun with it
Cheers[
]barb 120k sounds alot except
10k per month
taxman takes abt 4kleft with 6k
then yr mortgage costs you 3k
kids private scholls 1.5kleft with 1.5 k per month for food/car saving etc etc
its hardly living the life of riley
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