Chhatrapati
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6 Crore and I'll comfortably retire now. And that's the amount I require lump sum when I turn 60 considering the average inflation.
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If I could consistently passively earn my present income ~100k I'd quit my job immediately no questions asked. I wonder what some members want 500k for. It's all about your standard of living I guess. The dream would be quitting everything go to the middle of nowhere in the North, a comfy cabin with solar power supply, satellite internet, a hunting dog, a shot gun to hunt and not a soul in sight.
How is that fair?Very good! We Gen X have been supporting the Boomers by working and we need to have the Millennials and later to support OUR retirement!
How is that fair?
London's real estate is extremely expensive. Even absolutely pathetic houses with even more pathetic roads are being sold at crazy rates. I think at this point one can hardly find a house for sale. Am I wrong?
@Indus Pakistan @waz @PAKISTANFOREVER @313ghazi @doorstar
Well sir... 'wants' are hard to meet! I don't know how many Pakistanis remember the old days Urdu text book story titled 'Insaan Kisi Haal mey khush nahi rehta'? (Humans Beings are never happy in any circumstance). But one has to curb them--keep trying to.
Anyway, here is my breakdown as to how wife/I could live off $2000/month total household income:
1) Property Taxes to the Govt: $100/month
2) Power+Water utilities: $150/month
3) Home Hazard Insurance: $55/month
5) Vehicle Insurance Total for the two vehicles: $80/month
6) Amazon/Netflix subscriptions: $35/month
7) Home internet: $50/month
8) Petrol/Gasoline for the two vehicles: $40/month
9) Groceries/Food: $150/month
10) Garbage Pickup: $25/month
Subtotal (1-10): $685 / month. (These are average numbers but I'd say over 95% accurate!)
So the above was 'the basics' of life: Roti, Kapra aur Makan (Food, shelter, and clothes). We don't have any kids or have home mortgage and live in rural area and our work places are very close/work from home.
So that leaves about $1315/month for any home repairs and maintenance,, occasional nights out, clothes...
BUT the biggest challenge would be health insurance costs! Even then, if one falls in some 'sweet spot' of income for Obama Care then that can also be pretty much managed.
I will add to the 1-10 expenses as things come to mind.
Edit #1: Added Item #10 for $25/month for garbage pickup.
I want to have enough money that I will never have to work a 9-5 job, report to a boss, and commute two hours a day.
Long as I live simply, no big house, car, or expenses, it's possible.
Yes Rs 100,000 /-You meant Rs. 100,000/month in Pakistan, right? If it is $100,00/YEAR then that's a lot of money even for America!
I think people should try to compare in USD or specify which country.
PS. If it were Rs. 300,000/month in Pakistan then I believe I can already have it and retire. And I'd like your kind of life: In northern Pakistan in the hills. I just HATE cities regardless of their location. Anything over 50,000 is a city to me! Hahahah!
6 Crore and I'll comfortably retire now. And that's the amount I require lump sum when I turn 60 considering the average inflation.
You meant Rs. 100,000/month in Pakistan, right? If it is $100,00/YEAR then that's a lot of money even for America!
I think people should try to compare in USD or specify which country.
PS. If it were Rs. 300,000/month in Pakistan then I believe I can already have it and retire. And I'd like your kind of life: In northern Pakistan in the hills. I just HATE cities regardless of their location. Anything over 50,000 is a city to me! Hahahah!
Man you live in bliss.
I have no mortgage, but I spend over £4000 a month on regular basis.
I don't buy anything on credit or monthly instalments.
Just to tell you the motor running costs in the UK for a year. Even though I own both our cars outright, i.e. no HP.
Just for the cars, £2000 a year for insurance. £110 AA Roadside assistance. I have not called them in over 10 years, because I always have new cars, which have far less chance of breaking down. Car servicing £800. Road Tax £660 Plus petrol of almost £50 to £60 a week for two cars.
UK is far more expensive compared to USA. The only thing is that you don't have to pay for health insurance per say, you just pay National Insurance Contribution, health services free for everyone, but those who work, pay for those who don't work, simple , isn't it!
You got it right, 2 years ago I left my lucrative job and started a small business. During the Covid-19 business wasn't good, paid from the pocket all expenses for almost 2 years. Didn't get any help from the Government, because not been registered as self-employed 3 years before Covid-19 hit , I didn't qualify for the support.
My wife keep insisting that I should go and find a job, but I refused, despite pressure. Job is the worst thing one can do.
Which area of Pakistan!!
In Karachi's decent areas, a 500 sq yards house is as high as 10-15 Crores.
That is close to $605 K to 907K.
If you want I can show you plenty of houses in that range in Defence and Clifton in Karachi.
I had a 400 sq yard house in North Nazimabad Block H ages ago. I left my documents in Pakistan with someone. It was sold without my permission.
I cannot buy a house in Karachi now, it is too expensive.
I can buy a house in suburb of London easier than in Pakistan.
Not to say, I am already $ or £ millionaire. I own properties roughly worth more than £ 1.7 million.
I have also build a small but beautiful house near Jehlum in Pakistan, which I have not seen yet. lolz
It alone costed me more than $125 K to build.
Yes Rs 100,000 /-
I hate cities in general and am getting more and more skeptical of people the older I get. Retiring to a cabin in the middle of nowhere like I mentioned earlier is like my ultimate fantasy.
I want to have enough money that I will never have to work a 9-5 job, report to a boss, and commute two hours a day.
Long as I live simply, no big house, car, or expenses, it's possible.
they also moan about inflation
Yeah, bad managers/supervisors are the number one reason for people to flee their jobs. Imagine toxicity from 9-5 DAILY! Makes you almost like the two-hour commute instead!