How Much Money Do You Need to Be Free? (FIRE is Wrong)
Unlock all features
FREE: Get instant access to 10 AI summaries, chats, or transcripts per day.
Unlock all features
FREE: Get instant access to 10 AI summaries, chats, or transcripts per day.
Unlock all features
FREE: Get instant access to 10 AI summaries, chats, or transcripts per day.
Unlock all features
FREE: Get instant access to 10 AI summaries, chats, or transcripts per day.
Unlock all features
FREE: Get instant access to 10 AI summaries, chats, or transcripts per day.
Related videos
Don’t Move to Dubai, Move Here Instead
Nomad Capitalist
119.8k views
Visa Free Travel is DEAD (Nomads Are Worried)
Nomad Capitalist
84.2k views
How to Pick the Best Passport for Your Plan B
Nomad Capitalist
48.6k views
14 Tax Free Islands to Move to And Pay 0%
Nomad Capitalist
217.2k views
How to Get Europe’s Best Passport for Free
Nomad Capitalist
421.4k views
Where to Move When You Don’t Belong
Nomad Capitalist
125.6k views
The WRONG Way to Escape the USA
Nomad Capitalist
102.5k views
I'm Done With This...
Nomad Capitalist
213.8k views
How to Live Tax-Free as an American
Nomad Capitalist
106.8k views
Doug Casey: Flee the USA to Freedom in Argentina
Nomad Capitalist
268.5k views
Top Comments (10)
You can be free on very little but you must free your mind first.
I retired at 54 from my aluminum manufacturing company in Florida. I have a networth of $4.1M and have no need to be that serial entrepreneur because you only think that way because you're subconsciously chasing money. When you have financial freedom, all this goes away amd you literally want to take the time to smell the coffee. No stress, no worries and not a care in the world while I type this sitting by my pool at my paid off home in Florida.
I remember Patrick Bet David said that $10 million would cover a lawsuit and allow you to start over if you lived in the US and had the misfortune of being sued for basic things that insurance could cover (car accident etc.). Pretty good reason to secure yourself, your family and your money outside the US.
Watching this with $110 in the bank.
All depends of your lifestyle and the country you want to live. 1 million is low for countries like US because of taxes, real estate, healthcare. But there are many countries where 1 million is good retirement.
There's a Charlie Munger quote that I have to remind myself of whenever I feel the need to take risk: "It's foolish to risk what you need in order to gain something you don't need" Risking and gaining can be addictive but it's important to know when to stop, to change mindset from growth to conservation.
If you're frugal, 1M is enough.
You don’t need 5 million to live comfortable. The key is not to have any debt and have money coming in every month. I retired at 58 and I’m very comfortable with what I have coming in without touching my principal. Of course not everyone can do it, I happen to be frugal without being a penny pincher. Take care
I think the $500k number is actually pretty good for the point he was making, which is that the number is always going to vary based on the lifestyle you want. If you're 50, in good health, and aren't interested in lots of material goods - if you own a small home in a low COL place and are content to pinch pennies and eat simply in exchange for going fishing everyday, you can probably do it on $25k/year. I don't think many of the folks subscribed to NC are looking for that, but there's nothing objectively wrong with it. It was just an extreme example of why it's hard to name a single number.
as the Swiss say, "it's your wallet that needs to sparkle, not your car or your home". You need good amenities and nice surroundings for a low-stess, quiet, free life. Some so-called FU money helps, too. But beyond that, $1 mill should really do in most places. (No, that does not include Switzerland...)
Unlock the Data Inside
Turn Videos into Knowledge
- Get FREE 10/day: transcripts, summaries, chats
- Chat with videos, export text & PDF
- $1 free API credit for RAG, chatbots & research
Free forever plan • All features unlocked
Top Comments (10)
You can be free on very little but you must free your mind first.
I retired at 54 from my aluminum manufacturing company in Florida. I have a networth of $4.1M and have no need to be that serial entrepreneur because you only think that way because you're subconsciously chasing money. When you have financial freedom, all this goes away amd you literally want to take the time to smell the coffee. No stress, no worries and not a care in the world while I type this sitting by my pool at my paid off home in Florida.
I remember Patrick Bet David said that $10 million would cover a lawsuit and allow you to start over if you lived in the US and had the misfortune of being sued for basic things that insurance could cover (car accident etc.). Pretty good reason to secure yourself, your family and your money outside the US.
Watching this with $110 in the bank.
All depends of your lifestyle and the country you want to live. 1 million is low for countries like US because of taxes, real estate, healthcare. But there are many countries where 1 million is good retirement.
There's a Charlie Munger quote that I have to remind myself of whenever I feel the need to take risk: "It's foolish to risk what you need in order to gain something you don't need" Risking and gaining can be addictive but it's important to know when to stop, to change mindset from growth to conservation.
If you're frugal, 1M is enough.
You don’t need 5 million to live comfortable. The key is not to have any debt and have money coming in every month. I retired at 58 and I’m very comfortable with what I have coming in without touching my principal. Of course not everyone can do it, I happen to be frugal without being a penny pincher. Take care
I think the $500k number is actually pretty good for the point he was making, which is that the number is always going to vary based on the lifestyle you want. If you're 50, in good health, and aren't interested in lots of material goods - if you own a small home in a low COL place and are content to pinch pennies and eat simply in exchange for going fishing everyday, you can probably do it on $25k/year. I don't think many of the folks subscribed to NC are looking for that, but there's nothing objectively wrong with it. It was just an extreme example of why it's hard to name a single number.
as the Swiss say, "it's your wallet that needs to sparkle, not your car or your home". You need good amenities and nice surroundings for a low-stess, quiet, free life. Some so-called FU money helps, too. But beyond that, $1 mill should really do in most places. (No, that does not include Switzerland...)