How to calculate how much money you need to never have to work again
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.
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:
Tips and tricks to fight dampness and mould without breaking the bank, by remedial building consultant Angelo d’Ambrosio.Read More
Car rental firms may soon start flooding the second-hand car market at a time when demand is non-existent, says Lance Branquinho.Read More
Depressions do not spell the end for investors, says Dr Adrian Saville of Cannon Asset Managers.Read More
The Council for Medical Schemes has directed medical aids to view Covid-19 testing as a Prescribed Minimum Benefit.Read More
Craig Rocher on the criteria you must meet to claim for “home offices expenses” and which expenses are deductible (NOT the phone).Read More
Google services such as Gmail and YouTube don't work on Huawei devices, but there are workarounds, says Jan Vermeulen.Read More
Kieno Kammies interviews Chris Ormrod, owner of Paper Moon Bookshop (there’s one in Muizenberg and Woodstock).Read More
You can now deliver the stuff you advertised on Gumtree, says its General Manger Claire Cobbledick.Read More
"We deal with non-perishable food that is good for many, many years after the 'best before' date," says Dave Bester of Foodeez.Read More
Personal finance experts agree - RSA Retail Savings Bonds is having more than a moment, right now. Your bank simply can't compete.Read More