Comments on: What Is Your Magic Number? http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/ Your Money. Your Career. Your Life. Thu, 20 Nov 2008 18:53:15 +0000 http://wordpress.org/?v=abc By: Carnival of Money Stories #32 — True Financial Horror Stories — The Baglady http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2172 Carnival of Money Stories #32 — True Financial Horror Stories — The Baglady Tue, 30 Oct 2007 06:06:04 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2172 [...] presents What Is Your Magic Number? posted at Cash Money Life. This story made me feel warm and fuzzy. It wasn’t scary, but it [...] [...] presents What Is Your Magic Number? posted at Cash Money Life. This story made me feel warm and fuzzy. It wasn’t scary, but it [...]

]]> By: Patrick http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2070 Patrick Mon, 22 Oct 2007 22:33:47 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2070 I haven't read <i>The Number</i> yet. Defining a goal is the first step toward achieving it, so it sounds like the book is on to something. I will have to check my library to see if they have it. Thanks for the recommendation! I haven’t read The Number yet. Defining a goal is the first step toward achieving it, so it sounds like the book is on to something. I will have to check my library to see if they have it. Thanks for the recommendation!

]]> By: Swim Upstream to Wealth http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2065 Swim Upstream to Wealth Mon, 22 Oct 2007 16:08:18 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2065 Has anyone read Lee Eisenberg's great book, "The Number". It defines that magic number that everyone needs to have true financial freedom. It looks as if Alex has done this with his 1.67 Million - nice job Alex - but most Americans haven't. What is particularly useful about doing this is it simplifies the process for folks and it creates a concrete goal. Rather than worrying about various rates of returns or dealing with complex retirement tools, you can focus on one item. It makes it much easier and simple to do so. Has anyone read Lee Eisenberg’s great book, “The Number”. It defines that magic number that everyone needs to have true financial freedom. It looks as if Alex has done this with his 1.67 Million - nice job Alex - but most Americans haven’t. What is particularly useful about doing this is it simplifies the process for folks and it creates a concrete goal. Rather than worrying about various rates of returns or dealing with complex retirement tools, you can focus on one item. It makes it much easier and simple to do so.

]]> By: Patrick http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2055 Patrick Mon, 22 Oct 2007 10:12:27 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2055 Great goal, Alex. :) Just make sure your calculations are correct! ;) Great goal, Alex. :)

Just make sure your calculations are correct! ;)

]]> By: Alex http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2047 Alex Mon, 22 Oct 2007 04:07:28 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2047 Mine is 1.67 million. An odd number, but one that I calculate I could retire on no matter what my age (I'm 27 now). Its a long way off but it represents the number after which I never have to work. Mine is 1.67 million. An odd number, but one that I calculate I could retire on no matter what my age (I’m 27 now). Its a long way off but it represents the number after which I never have to work.

]]> By: Patrick http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2045 Patrick Mon, 22 Oct 2007 02:03:03 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2045 Shadox, I like how your magic number = absolute financial freedom. $10M is a lofty goal, but one that is achievable for many people in this lifetime. For now, I'm going to stick with $1M as my personal number. I have a lot of benchmarks in between here and there, but the million dollar mark, and the term "millionaire" just have a special place in my mind. My magic number is just a signpost on the way to absolute financial freedom. But I know that when I pass my signpost, I'm well on my way. :) Shadox,

I like how your magic number = absolute financial freedom. $10M is a lofty goal, but one that is achievable for many people in this lifetime.

For now, I’m going to stick with $1M as my personal number. I have a lot of benchmarks in between here and there, but the million dollar mark, and the term “millionaire” just have a special place in my mind.

My magic number is just a signpost on the way to absolute financial freedom. But I know that when I pass my signpost, I’m well on my way. :)

]]> By: shadox http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2042 shadox Mon, 22 Oct 2007 01:16:16 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2042 For me, it's gotta be $10,000,000. We are not even close it. In fact, we are soooo far we cannot even see it with a good sized telescope. However, that number is like a beacon that is attainable with a lifetime of planning and savings. What it means to me is: absolute financial freedom (even in California). Now that's a goal worth going after - even if it's decades in the future. For me, it’s gotta be $10,000,000. We are not even close it. In fact, we are soooo far we cannot even see it with a good sized telescope. However, that number is like a beacon that is attainable with a lifetime of planning and savings. What it means to me is: absolute financial freedom (even in California). Now that’s a goal worth going after - even if it’s decades in the future.

]]> By: Patrick http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2034 Patrick Sun, 21 Oct 2007 19:11:52 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2034 KCLau, As long as you've got your goal in sight, you're doing the right thing! Dividend Guy, I agree, smaller chunks are much better for setting goals because they are more attainable. It will be a looooong time before I have a net worth of a million dollars. I guess right now, that is the number that excites me to think about it. In between $10,000 and $1,000,000 I would set benchmarks of $50k, $100k, $250k, $500k, $750, then $1M. But I promised my wife I wouldn't disclose our net worth, so I will just say $1,000,000! ;) KCLau,

As long as you’ve got your goal in sight, you’re doing the right thing!

Dividend Guy,

I agree, smaller chunks are much better for setting goals because they are more attainable. It will be a looooong time before I have a net worth of a million dollars. I guess right now, that is the number that excites me to think about it.

In between $10,000 and $1,000,000 I would set benchmarks of $50k, $100k, $250k, $500k, $750, then $1M. But I promised my wife I wouldn’t disclose our net worth, so I will just say $1,000,000! ;)

]]> By: The Dividend Guy http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2031 The Dividend Guy Sun, 21 Oct 2007 18:45:39 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2031 I like to think of it in terms of smaller chunks - seems more attainable that way. Right now at this stage my magic number is $300,000 in dividend paying stocks. Once I hit that I will move it up to $700,000 and so on and so forth. The Dividend Guy I like to think of it in terms of smaller chunks - seems more attainable that way. Right now at this stage my magic number is $300,000 in dividend paying stocks. Once I hit that I will move it up to $700,000 and so on and so forth.

The Dividend Guy

]]> By: KCLau http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2030 KCLau Sun, 21 Oct 2007 18:16:39 +0000 http://cashmoneylife.com/2007/10/21/what-is-your-magic-number/#comment-2030 I would like a million too. But a million ringgit, not dollars. I would like a million too.
But a million ringgit, not dollars.

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