In a survey over 85% of Americans don’t consider themselves as financially successful.
If you’re one of the few, at what age did you achieve this and when did you know?
What would make you consider yourself financially successful?
(choose up to 3)
The proper mindset is more important than any of this stuff. So is living within your means— which is really connected.
Sooooo, some of the answers are ambiguous enough that I don’t know what you take away from them in a poll. For example, some people living paycheck to paycheck don’t worry about money, while others with 10s of millions worry a while lot. Same with quit working, being comfortable, etc.
For me, never being forced into a financial decision and being able to say fuck this job (and not necessarily having to get another - ever) seems pretty successful. I suppose the second really falls under the first.
This probably happened for me in my early 40s, when my investments could be expected to regularly beat what most would consider a really good salary, even if being pretty conservative. If relaxing the returns a bit to something in the 1-1.5xx US family income range , maybe early 30s; while that’s good, it doesn’t leave much room to be comfortable in downturns.
That’s pretty impressive. How did you achieve this at such a young age? Unfortunately, I was a financial moron until my mid 30’s.
start saving money with every paycheck as soon as you have a job. put it in the market. don’t take it out, no matter what. not for emergencies, not for anything*. don’t get spooked and stop when the market is scary - put in more. keep doing it. don’t not take free money.
*exceptions can be made once you have a pile stocked away
I too voted for “have enough money to quit working”. I don’t think I would actually quit but it would be nice to know I wouldn’t need a job ever again. I think that amount is a combined 90 million between me and my SO.
This is great advice and something I wish I knew when I was younger. I’m trying hard to explain this to my kids, but for whatever reason they’re just not interested. Well, hopefully when they get out of college and start working it will begin to click for them.
I started late, but I’ve been blessed and things kind of worked out for the good. Now I go around trying to share what I learn as well as learn from others.
It seems like society defines financially successful in two - not necessarily mutually inclusive or exclusive groups:
So, I guess we’d need to first define what you mean with financial success.
That’s exactly how I feel. To have enough money to be financially independent and not have to worry about not having enough money to do what you want or buy what you need is such a huge burden to be lifted off one’s back.
I think NT$90 million should throw off quite a bit of income. According to the 4% rule of thumb you should be able to “safely” live off about NT$300,000 a month.
The funny thing is I was just talking to an older man and his son the other day. He was saying how he could definitely live off NT$50,000 a month. His son on the other hand was saying he would need a minimum of NT$80,000 a month. For me as far as I can tell, I’m probably gonna need something towards the NT$80-$100,000 a month range.
Need and want are 2 vastly different things. If one owns heir own home and land, fee simple style, 10k a month is very comfy for some. Others like to fly around and play, go to bars, eat fancy etc.
For me, comfy is 40k, that’s paying rent in Taiwan. 30k if I own the house. 20k if I own land and raise organic healthy food. But that depends if thungs like energy costs (electricity and fossil fuels) sky rockets here due to bubbles, war etc.
My estimated budget is for two people and assumes rent of about NT$25-35k a month. I’m basing my rent on what a friend was paying in Taipei for two bedroom apartment. We are heading into our retirement years so we hope to do quite a bit of traveling while we still can.
Where do you live? Is your budget for one person?
2 adults 1 kid. I do spend more, hut I live comfortably on those numbers wen need be. Obviously more is better. We pay 5k rent for a 2 building house with land and gardens. South Taiwan. Living in the most expensive city in a country will certainly cause more $ going to landlords than necessarily comfort. Just depends on what someone wants. Taipei makes sense if say MRT is important. But for the same price as a shoe box in downtown Taipei, one can have a car and actually own a house just outside the city. Just upto ones preferences.
For me, Taipei only advantages are public transit, sidewalks (especially for the elderly and/or disabled), restaraunt variety and job opportunities for select few. Outside of that we can make more, save more and have a less stressful life outside a city and just driving in (or take train etc) when we want something 
I would spend triple if I lived in Taipei for a similar quality of life I would guess. Maybe more.
I knew rent was cheaper outside of the major cities but I never imagined it could be that much cheaper. $5k, $10k and even $15k is quite a bit less than what we have been seeing in Hsinchu and Taipei. With the exception of housing I’m assuming the prices for food and other necessities aren’t that big of a difference, is that right?
I guess what we will probably do is rent in Taipei or Hsinchu since these are the places we are more familiar with and have friends and family there. Maybe after a while as we get more used to Taiwan we will look for other options.
My son who was in Taiwan during the summer went back to school in NY. He was saying the thing he missed the most about Taiwan was how reasonable eating out was. He met up with a friend and was shocked at how expensive things were. US$18 for a sandwich in Manhattan…he opted for a couple of slices of pizza instead. 
Gas, electricity, food etc ifind more or less the same. Availability of loads of restaraunt options varies wildly though. For me and my family, it makes more sense to have a scooter and a car and save loads of money living outside the city. But we are also raising children and don’t want them growing up in that type of environment that the city has (traffic safety and pollution being the top concerns), so it’s not even about the money savings, though it’s a nice perk
I hear you…I’d probably do the same if I was in your shoes with kids to raise. 
For me being financially successful is to not have to do anything I don’t like such as house work.
And to be able to have time to do the things I do like such as play video games, hang out with family and friends, go on vacation when I want.
By that definition I’ll never be financial successful…my wife would never allow it. 
Get her a maid and helper at the house 
…funny you used that word…that’s exactly what the calls me…her helper!
Enough money so I could buy/build my own house without the need for mortgage, maybe a little more to put some nice cars and motorcycles in the garage and be able to change them every few years.
I don’t expect much, just some basic stuff