Posted on 02/03/2024 9:30:22 PM PST by Cronos
For the first time since 2012, Sam Dogen is getting a day job.
That’s the year that Dogen quit his job as an investment banker, having spent 13 years working, saving, investing and generally burning himself out.
At age 34, his portfolio and real estate investments were generating about $80,000 a year — enough for he and his wife to live on in perpetuity. So, he took his severance and left. His wife did the same in 2015.
...Over the years, Dogen built his passive income streams to about $380,000 annually — $288,000 net of taxes. That was enough to cover the family budget while living in San Francisco — until now.
In a recent post on his website, Dogen, now 46, detailed his choice to sell a portion of his stock and bond holdings to buy a multimillion-dollar house in cash.
...Between his four rental properties, distributions from his portfolio and other forms of passive income, such as book royalties, Dogen estimates he’ll bring in about $230,000 in nonworking income in 2024. That puts him about $113,000 short of his estimated expenses for the year at what he calls a “realistic and comfortable” lifestyle.
Dogen hopes to pick up a consulting job, which would see him work about 20 hours a week for a salary of about $145,000.
(Excerpt) Read more at cnbc.com ...
>> $80,000 a year — enough for he and his wife to live on in perpetuity.
Really? I’m still paying for Family health insurance, and it’s costing me upwards of $32k annually. And then there’s every other expenditure, loan, tax. Would love to be in a scenario where $80k/year was more than adequate.
He must simply like going to work, and nothing wrong with that. If you make even a fraction of what he seems to be pulling in, and still ‘can’t quite make it’, that means you need to readjust your standard of living,
OR... as in this case, increase your liquid cash sources by going back on The Market. Perhaps that imported, octogonal shaped, 3D, precious stone-mosaic inlaid, musical, Jacuzzi installation is what both of them really want.
80K passive will get eaten up by dental, medical, generic inflation and pregnancy.
The concept works at 55, not 32.
He could also move out of California. His money would go a lot further elsewhere.
.
Why on Earth would anybody publicize their financial position?
I guess this is just another manifestation of the selfie culture.
That lived good on 40,000 a year. I have my own house and a new car. I want for nothing. Maybe I’m better at managing money.
He runs a financial blog. Focused on the Financial independence retire early concept
Oh....I’m sooooo, so sorry for his shortfall in income. /s
Move out of the US. Even private (expat) med insurance is much cheaper anywhere else. That was a significant part of my breakeven analysis.
“enough for he and his wife to live on in perpetuity.”
Enough for HIM and his wife...
Good grief. How can journalists these days get by on less than fifth grade grammar skills?
Another CNBC "journalist" who should have flunked sixth-grade English grammar!
Regards,
” I’m still paying for Family health insurance, and it’s costing me upwards of $32k annually. “
There’re plenty of great hospitals a plane ride away. You could save a bunch while most likely getting better care.
Have to go out of the country to find doctors who work for the patient’s welfare. US doctors work for hospital administrators who work for insurance companies and the govt.
>>Would love to be in a scenario where $80k/year was more than adequate.
Just build a time machine and go back to 2012. No Bidenflation, before the COVID lockdowns, and Obama had only just begun to wreck the economy.
The solution is for them to move to Kansas City...or Charlotte...or a hundred other metro areas...where that income would allow them to live like royalty.
Personally, I like working. So I can’t see myself ever stopping. My plan is to work until I literally drop dead. That would be ideal to me.
As for him....you can’t live comfortably on $288,000 per year net? Really?
MOVE!
There are tons of really nice places in the country where you could live in ridiculous luxury for that kind of money.
You will eventually reach the age of 65 and become eligible for Medicare.
(Under age 65, people are health-insurance slaves as well as wage slaves, making it very difficult to quit a job and start a business. The system is dysfunctional by design.)
Imbeciles like this give greed a bad name.
If you have to deal with all that crap especially rental properties then you’re not really retired like me
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