How much money would you need to make to quit your day job?
Obviously, it depends on what you are going to do after you quit your day job. If you are not going to work for the rest of your life then it is a no-brainer that you need to have lot of money saved !!!
If you are going to work part-time or going to start a business/consultancy and are not sure of your initial earnings then it depends on your risk taking ability to have a "safety net" of your earnings. It varies based on the various factors - your expected earnings, expected period, your type of business, your age, your family size etc.
A good thumb rule would be to have a "safety net" earnings anywhere in the region of three months to two years. This can ensure your that you can focus on what you have planned to do.
Best of Luck !
In the US today, a single person retiring at 65 or 70 needs $1.5 million US to live for the rest of her life above the poverty level and cover medical costs related to aging. A couple who's children do not need help would need $3 million US. That is enough that one could rely on secure, guaranteed investmetns to cover all one's expenses. So few people have this much, that, in fact, if things don't change, 90% of people in the US will go banrkupt before they die.
Twice as I'm earning now in monthly instalments of course for rest of my life
That would allow me to live life a the same level as I do now plus finance activities I would do in newly gained spare time.
Well If I think about it a bit more it looks like I would need several times more so my family could enjoy the same benefits...
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