$2.1M in crypto $600k in 401k$100k cash Don't want to legally marryBeen working since 22 in US. I don't want to slog in tech or work for a toxic manager. Is this enough to not work or do something else part time ? What are some things that I can do to give long term happiness?
>>60932625It's definitely enough to live on. It's up to you though if you feel comfortable enough to retire.
>>60932625Ehhh I think it’s okay if you live in LCOL area and live conservatively (eat ramen use public transport etc.)I’m 33 and only have $5M and feel like I’m barely scraping by.
>>60932625You're single? Yes you can retire today no problem and never work again. If you work part time you'll ensure massive wealth within 10 years.You should be able to drive minimally 7% annually in the stock market, so that's $196k before taxes. Don't cash anything out until you have long term gains, so then you are at about $160k/year post taxes. If you can't live off of that as a single man you have a serious fucking spending problem. You could pay off a $5k/mo mortgage which is like a $1M home and still have plenty of money left over after utilities and food to do things like indulge in hobbies, travel, etc while STILL putting some of that money to work and growing the pie further.
>>60932625also if it helps you that is the amount I get by on as a sole provider for a family of 4. I am paycheck to paycheck sending my kids to private school but if I had $2.8M in stocks I'd quit my full time job and do something part time for like 20 hrs/week
>>60932625fyi, there is a thing called a 72t where you can set up penalty free early distributions from your 401k. The catch is for your age you have to do it until youre 59.5...you'd be taking out 5%. For 600k you'd have to pull out like 30k/year, but even with the standard deduction, you'd only be paying 10% taxes on like half of it. If your crypto portfolio was spitting out qualified divs instead, you could be getting another 30ishk with no taxes at all.
>>60932659>>60932625Humble bragging. Kys.
>>60932625fuck yes that's enough. I have little over a million and I'm thinking of just quitting my job this year and fucking off to Thailand
It should be pretty doable as long as you commit to living a lowish middle class lifestyle. Used cars, modest home, limited vacations, etc. I would look into a low stress part time job to slow the need to withdraw your savings to give you more breathing room, at least while you are young.
