How much cash do you need to never wake up by 6 am to prepare for work? I know you have thought about it. Everyone has. But have you ever done the math? Have you sat down to figure out how much cash you’ll need to quit your current job and never work again?
You’ll need an investment portfolio valued at $1,575,900 to never work again (for Americans). If you are a Canadian, you’ll need an investment portfolio valued at around $1,722,500.
The idea of not working again seems nice, not until you implement it and become broke eventually. To prevent this from happening, you need to figure out how much you’ll need to sustain yourself and your loved ones during the period you aren’t working. In this article, I’ll provide you with what you need to prepare for life without work.
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How Much Money Do You Need to Never Work Again?
Is it time to quit your job and say bye-bye to work forever? If yes, here are a few things to note.
How to Never Work Again?
Many individuals dream of working for a few years and retiring without having to work again. That seems like a pretty nice goal. But, the truth is achieving such a goal isn’t a walk in the park. It comes at a huge price.
Here are a few ways to never work again:
- Earn via the lending club
- Invest in dividend stocks
- Passive real Estate investing
- Open a high-interest savings account
- Real Estate: you can rent out an idle room
- Rent your car
- Establish a blog and run display adverts
- Learn to flip products on eBay
These are a few ideas to leverage if you wish to be like TikTok CEO, who retired with a whopping $44 billion. Super-cool right? Wait till you hear what he said he wants to spend his time doing.
After retiring, TikTok’s CEO said he wants to spend his time reading books and daydreaming. You too can be like Zhang Yiming, but first, you need to figure out how much $ you need to never work again.
Next up, let’s consider a very crucial question.
Never Work Again, or Find a Job You Love?
Why don’t you want to work again? Because you are simply tired of working and want to retire to pursue a passion, or you don’t like your current job?
You see, there is a contradiction ingrained in the concept of stashing enough cash to never go to the office again. Anyone who ends up achieving this wouldn’t want to stay at home and stare at the celling all day for the rest of his life.
One way to think about having adequate money to never work again is that you are “retired.’ Another way to think about it is that you are financially independent. You have gained freedom and autonomy because no one can ever make you do something because you are in dire need of the money. You might still engage in things that bring in cash. This is a massive win because any amount of active income greatly reduces the chances of your portfolio crumbling.
Keeping Your Focus on the Prize:
It takes work to kiss work goodbye. But, in the end, the work pays for itself. Remember, it all boils down to working smarter, not harder. And if you are one of the many individuals who drive to and from work, just imagine how free you’ll be without having to do that anymore. Imagine the added life value you’d get from not spending the money, time, effort just to drag yourself to work.
- You get to focus your energy on a stay-at-home job
- Save to work less
- Or you can invest in a different career
Because when you smash those set goals of a work-free life, you can spend quality time relaxing, traveling, building hobbies, or spending time with your loved ones. Investing in yourself, spending wisely, and spending your time effectively solving problems will earn you what you deserve. Just ensure that you keep moving forward, chasing your work-free life because, in the end, nothing is more important than knowing and having the option to never work again.
How Much is Enough to Never Work Again?
Nothing beats sitting on your couch sipping a glass of wine without having to worry about “work.” Such a feeling is priceless, especially when you have enough money to cater to your needs while not working.
But, how much do you need to make to enjoy such a life?
If you don’t wish to work again, you’ll need to own an investment portfolio valued at $1,575,900. What if you reside in Canada? If that is the case, you’ll need investments totalling $1,722,500 to never work again.
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How to Protect the Money You’ve Saved?
Wise people save less and invest more. Saving helps you prepare for retirement. It helps for an emergency, limits debts, etc. Of course, it is one thing to save and another thing to protect what you have saved. The money you saved is not secured until you adopt measures to protect it. And how do you go about that?
One of the most common ways to protect the money you saved is by securing your banking details such as your pin, social security number, etc. Also, ensure you report any unauthorized transaction to the necessary authority.
Make efforts to guard your banking information judiciously, as leaving them exposed or giving them to strangers could also leave your savings exposed.
