Wealth Finesse: 6 Different ways to plan if you have $1 million and you HATE your job

Very good podcast that talks about what are the different scenarios a couple can reach financial freedom if they have 1 million and hates their job. The takeaway is to be agile in your wealth planning. Gain enough knowledge, reflect, execute and pivot accordingly. This is a distilled version of the larger podcast. You can listen to the full one here > http://radicalpersonalfinance.com/55/ Scenario 1: Wife does not hate her job, you hate. You guys spend 50k a year. Your wife earns 95k a year at 5 day work week. You have 640k. Keep 75k in reserve. You spend your wife 50k for expenses, your wife uses 17.5k to fund her 401k program and the rest is lost as taxes. Almost 29% tax rate. Using the 4% withdrawal rule to see how long you can achieve 5 mil dollar. Using a financial calculator, PV=640k, I/R = 7%, > 26 years to get 5 million. This will be when both are 61 years old to carry on for the second part of the life. Their real estate and rental properties are ignored in this scenario Scenario 2: Both quit working. Both replaced with part time work. Make enough to cover living expenses of 50k. Can bartender make 50k? Perhaps you make 2k/mth and wif 2k/mth Growth of 815k in investing assets.7% rate of return. 30 years old. 0 PMT. 6.29 million at age 65 years old. Scenario 3: Don't work for both, very bad at investing. 815k spend 50k/year. with 0% investment return you have 16 years to spend your money. You have 16 years of buffer, to build up a second job. Scenario 4: Wife and you would like to go travel. You work for 1 more year, but focus on saving and manage to save 100k more. That together with 75k existing cash. Refurbish the existing home so that it is ready to be rented out. House valued at 140k now rents for 1.2k per month after expenses. Existing rental complex can rent for $800/mth. Spend 75k of the cash on an RV. You then have 2k of income per month, 100k of cash on hand, a vehicle and you have not touch your existing 640k in retirement accounts. The 640k at age 65 years old of 5 million dollars. You have 8.33 years to earn the 1k shortfall you need to make up for your expenses. in the mean time you will spend down the 100k. Scenario 5: You like real estate. Take all of your assets to buy rental houses. You don't take leverage just to be safe. Take your 1 mil in retirement IRA to buy 10 houses. Each houses $800 per month for each house after expenses (this is conservative) You will have 96,000 income per year. Scenario 6: Withdrawal 4% of your mutual fund portfolio. Put real estate money in mutual fund. You will live off 4% of your 815k portfolio annually. This is 32.6k per year. You reduce your expenses by removing the nanny, sell 2 out of 3 cars, get rid of $10 of daily working expenses. Move to another part of the country. Your expenses can match the 32.6k