Streaming issues? Report here
volume_up
volume_mute

Home
arrow_forward
Business
arrow_forward
Lifestyle

How to calculate how much money you need to never have to work again

6 August 2019 6:34 PM
Tags:
Warren Ingram
Money
The Money Show
Retirement
Bruce Whitfield
Personal finance
Galileo Capital
Retire
lifestyle
costs
financial freedom
rich
wealthy
goals
how much is enough
stop working
financially free
expenses
goal
How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.
South African rand notes (pixabay.com)

How much is enough?

Many of those reading this article are working hard to earn enough money so they can invest and reach financial freedom.

Do you know how much money you need to be financially free?

Is there a simple calculation to work out how much you need?

Everyone will have a different answer because our lifestyle costs and goals are different.

The Money Show’s Bruce Whitfield interviewed Warren Ingram, a personal financial advisor at Galileo Capital.

Ingram told the story of an acquaintance of his who must work to cover his costs.

The acquaintance has a net worth of R50 million, but he's not financially free.

Another person he knows has assets worth R11 million; he’s decided never to work again.

Being rich is not the same as being financially free, explained Ingram.

For more detail listen to the interview in the audio below (and scroll down for quotes from it).

‘Enough’ is possible for every single one of us…

Warren Ingram, Personal Financial Advisor - Galileo Capital

If you spend R10 000 a month… the capital you need is R2.4 million…

Warren Ingram, Personal Financial Advisor - Galileo Capital

We become slaves to debt… We work for banks!

Warren Ingram, Personal Financial Advisor - Galileo Capital

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : How to calculate how much money you need to never have to work again


6 August 2019 6:34 PM
Tags:
Warren Ingram
Money
The Money Show
Retirement
Bruce Whitfield
Personal finance
Galileo Capital
Retire
lifestyle
costs
financial freedom
rich
wealthy
goals
how much is enough
stop working
financially free
expenses
goal

More from MyMoney Online

Standard Bank building in Cape Town

Kruger International is buying Standard Bank, Visa and owner of Johnnie Walker

5 November 2019 10:47 AM

Kruger International Asset & Wealth Management Director Mia Kruger shares her stock picks of the week on The Money Show.

Share this:
Read More arrow_forward

No yes maybe

Why you should ignore (conventional) personal finance advice before retirement

1 November 2019 3:09 PM

Most personal finance advisors suggest reducing “risk” a year or two before retirement. Ignore them, reckons Warren Ingram.

Share this:
Read More arrow_forward

Statue of Liberty New York

Take as much as you can out of South Africa, now! – wealth manager

1 November 2019 1:24 PM

After a "calamitous” mini-budget, Austen Morris Associates does not see a single reason to invest any discretionary funds in SA.

Share this:
Read More arrow_forward

Ferrari

3 hottest shares to buy, right now (according to Nitrogen Fund Managers)

29 October 2019 1:32 PM

Rowan Williams shares his stock picks of the week with Bruce Whitfield on The Money Show.

Share this:
Read More arrow_forward

freedom breaking free

Formula for calculating how much you need to never have to earn a salary again

25 October 2019 2:13 PM

Personal finance expert Warren Ingram on how to determine your “financial freedom number”. There's a simple formula.

Share this:
Read More arrow_forward

Discovery, Sandton

Why Vestact is buying Discovery (JSE), Long4Life (JSE) and Booking.com

22 October 2019 8:31 AM

Portfolio Manager Byron Lotter shares his stock picks of the week with Bruce Whitfield on The Money Show.

Share this:
Read More arrow_forward

Divorce

Considering divorce? How to avoid getting poorer in the process

17 October 2019 2:43 PM

Personal finance expert Warren Ingram warns that divorce almost always destroys wealth. Here’s how to not lose your money.

Share this:
Read More arrow_forward

islandjpeg

How to save and buy an island (you need only R2000 per month)

15 October 2019 3:36 PM

Saving money on boring stuff such as a car can allow you to do really outrageous and courageous stuff, says Sam Beckbessinger.

Share this:
Read More arrow_forward

standard-bank-bjpg

Why Mergence Investment Managers is buying Standard Bank and Mr Price

15 October 2019 11:46 AM

The Money Show’s Bruce Whitfield asks investment analyst Nolwandle Mthombeni to share her stock picks of the week.

Share this:
Read More arrow_forward

Hourglass cash money

5 retirement saving tips for those who left it late

14 October 2019 2:48 PM

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.

Share this:
Read More arrow_forward

More from Personal Finance with Warren Ingram

No yes maybe

Why you should ignore (conventional) personal finance advice before retirement

1 November 2019 3:09 PM

Most personal finance advisors suggest reducing “risk” a year or two before retirement. Ignore them, reckons Warren Ingram.

Share this:
Read More arrow_forward

freedom breaking free

Formula for calculating how much you need to never have to earn a salary again

25 October 2019 2:13 PM

Personal finance expert Warren Ingram on how to determine your “financial freedom number”. There's a simple formula.

Share this:
Read More arrow_forward

Divorce

Considering divorce? How to avoid getting poorer in the process

17 October 2019 2:43 PM

Personal finance expert Warren Ingram warns that divorce almost always destroys wealth. Here’s how to not lose your money.

Share this:
Read More arrow_forward

Piggy bank

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

14 October 2019 10:30 AM

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

Share this:
Read More arrow_forward

Growth

How to start saving and investing money

11 October 2019 12:08 PM

Unless you're über-rich, saving money is a must. But it’s not easy. Arabile Gumede talks to personal finance expert Warren Ingram.

Share this:
Read More arrow_forward

Loan lending

Lending money to family – what to do, and what not to do

11 October 2019 10:07 AM

Don’t do it! But if you must, you may want to consider personal finance expert Warren Ingram’s advice.

Share this:
Read More arrow_forward

Medical doctor checking blood pressure

How to live off a dread disease benefit

9 October 2019 1:58 PM

Personal finance advisor Warren Ingram discusses "dread disease benefits", typically paid out as a lump sum.

Share this:
Read More arrow_forward

financial-advisorjpg

Is your financial advisor any good?

8 October 2019 12:31 PM

Personal finance expert Warren Ingram says the answers to these five questions should give you a good idea.

Share this:
Read More arrow_forward

johannesburg-stock-exchange-jsejpg

SA investments haven’t grown in 5 years. Should you rather put it in the bank?

7 October 2019 10:03 AM

Bank deposits outperformed other far riskier investments over 5 years. Personal finance expert Warren Ingram says to hang tight.

Share this:
Read More arrow_forward

Woman hammock Hong Kong

How to retire before you’re old

3 October 2019 11:57 AM

Exhausted? Do things differently and retire while you’re still relatively young, says personal finance expert Warren Ingram.

Share this:
Read More arrow_forward

More from The Money Show with Bruce Whitfield

180323 Cape Town International Jazz Festival 2018 5

'I’m very conscious about how I spend. I don’t buy fancy cars. I buy bargains'

14 October 2019 11:07 AM

Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

Piggy bank

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

14 October 2019 10:30 AM

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

Share this:
Read More arrow_forward

South African passport

'Emigration is draining skills, destroying the future of South Africa’s economy'

10 October 2019 3:37 PM

Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.

Share this:
Read More arrow_forward

Income tax

How to get a nice, fat tax refund from Sars (a guide for business owners)

9 October 2019 2:57 PM

The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".

Share this:
Read More arrow_forward

jeremy-mansfieldjpg

Jeremy Mansfield gets real about his money and beliefs about it

13 September 2019 1:03 PM

Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

Albie-Sachs.jpg

'We had a disdain for money. Material possessions counted for so little'

12 September 2019 3:20 PM

Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

riky-watch-ricky-rick-live-as-we-prepare-for-huawei-joburg-day-2018

My daughter (10) and son (5) must start working early - Riky Rick

30 August 2019 2:06 PM

Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

used-car-salesmanjpg

Buying a used car? New app sends mechanic to inspect it before you decide

28 August 2019 8:16 PM

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

Share this:
Read More arrow_forward

Craig Gradidge Gradidge-Mahura

I come from having very little, to having a lot - Craig Gradidge

28 August 2019 6:31 PM

The Money Show’s Bruce Whitfield interviews Gradidge about his attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

tracy-goingjpg

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

22 August 2019 6:04 PM

Former Morning Live co-anchor Tracy Going opens up about her attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward