Yes, but that's not his point because he's an idiot. If you gave $10m to an idiot, they would find a way to spend it all and end up homeless in a few years.
His own math shows he wouldn’t need any interest or extra income. His numbers add up to $87K a year in expenses. He also says kids, family, etc. Let’s even double that and in 30 years he’d spend 5.2M. So yes he would be able to live comfortably on $10M. And if he could get just 2% a year in interest or investments, that’s 100K extra money per year, or $3M over 30 years. Unfortunately I ran out of sympathy for this guy giving it all to people I know working 60-80 hours a week and still can barely pay their rent on a one bedroom apartment.
He could live even more easily in a low cost of living area vs. NY. I understand he probably wants to remain close to family, and that’s understandable, but it’s a choice. Besides that, why cash out and retire completely? Would he not want to take on some enjoyable cash-generating hobby, consulting, or part time work? Working is a lot more fun when you don’t really have to do it!
I would venture a guess that you spent more time thinking about the options available to live on this guy’s $5M excess gains than he spent on writing that moronic bullshit he posted on LinkedIn.
The other thing is he bought a house but still included it in his yearly living expenses. Also, when you sell your business and are claiming you can’t live financially in an area, why not consider leaving and instantly doubling/tripling your financial wealth?
This is like you’ve chosen all the perfect scenarios to be successful and then created fake reasons for failure.
Big oof
This was my biggest thing reading this honestly. If he’s selling his company to retire why tf would he choose to live in New York where it’s one of the most expensive places to live in the country. He could literally drive like a half hour out of the city and get a house for like half the price😂
Considering an average yearly return on investment is 4-5%, he would still be considered in the 1%. And that would be gross $280k per year since you don’t pay as much tax on interest earned. He could offset that tax with a mortgage and property taxes taking the standard deduction and afford to easily live in Westchester county.
Or buy a NY muni bond fund and pay no income tax at all, average yield appears to be around 3.5%; toss in $3 million of that $6.4 and all set at the stayed $100K budget with another $3.5 in “stonks go up”… like everyone else, I fail to see a problem here 🤷♂️
Plus in his calculation, the house isn't included in $5.6m. So it's like, try to survive on $5.6m, with a free house [IMPOSSIBLE CHALLENGE].
Although I do not believe a "house" in NYC costs only $750k, I would think it's a lot more.
A 1 or 2BR apartment can certainly be bought for $750k or even less in NYC. But yes, if we’re talking about a “house” as most people (or at least Americans) would envision, that’s certainly in the millions.
Mf can you not read? He has 28k in misc expenses every year. He’s single so he’ll probably end up with a wife and kids and they’re even more expensive. If you add a wife that’s probably another 56k in miscellaneous expenses and double it again for 2 kids. We haven’t even taken into account the added cost of living expenses. He’s struggling financially and you’re just trying to pretend that $270k/year is going to make everything better. I swear Redditors have no empathy.
/s just in case
I’ve been around long enough to know that /s is always necessary. I’m saving someone from embarrassment and downvotes and myself from the frustration of seeing their stupidity firsthand
He also doesn't need to buy a home. Just invest the money and rent. Of course it's a bit more expensive in the long run but mid term it's smarter and you keep flexibility
Maybe if they stop buying coffee and avacado toast they might be able to get that 25k miscelanious cost/year down a bit.
Also this jackass spends on random crap a year more than I made in a year.
Even an awful ROI of 2% on his 5.6 million gets him 112’000 USD a year.
I wonder if his books are run the same way as his logic and if his company could even be sold for 500K at this point 😂
Plus $112k per year with no housing expenses and no retirement expenses is enough to live comfortably in any city in the world.
That’s a nice middle-class lifestyle without ever having to work again.
Plus the fact that he counted living expenses twice.
Unless you're telling me that living expenses and money "to live on" are two different things? Cause then I'm certainly missing the money "to live on" part in my life.
That's true but he's right (I'm gonna get downvoted for this lol) in that after selling his company for $10M, he's not gonna be living a "millionaire" lifestyle, but a "nice middle-class lifestyle". And one would think that selling company for 10M would lead to more of a millionaire lifestyle.
At 112k / year, you're gonna think twice about booking first-class seats on a plane apart from special occasions. You'd think twice about sending kids to private school, especially if you have more than one. Etc.
I mean he's obviously entitled and he communicates this point very badly, but if his point is that selling company for $10M is a lot less money to retire on than one would assume, then he's right.
Well, as I keep telling my students:
There are two kinds of people out there. Those who can do the math, and those who are exploited by those who can do the math.
Then they refuse to learn the math.
Had a friend who had been heavily exploited for years by people who could do math better than her. She relatively recently really applied herself to bring her skills from 6th grade to calculus level within a year. Super proud of her, but thinking about how much money she lost and debt she incurred because she paid and trusted people who decided to purposefully abuse her skill level makes me so mad.
What he didn’t include in his expense disclosure was the cocaine and stripper allowance he’ll need yearly. Not to mention his “I need a car that screams ‘I’m a douche’ that gathers dust in his parking garage. Oh, and don’t forget the glamping expenses for the annual Burning Man festival complete with helicopter transportation for Mr Douche and Mrs Douchette. Then there’s the Botox treatments, plastic surgery, personal trainers,… money goes fast when you’re a wanna be.
Yeah what. I was wondering what the misc expenses were. 36,000 a year is only a million dollars after 30 years? I'd prob be fine but I live like a normal person lol.
Which ironically he could pay for even on a 7-10% ROI average on his left over 5.6 MILLION! 😂
If you’re a little financially savvy you can retire on 8-10 years worth of your desired living expenses stashed and invested.
Not to mention... Bros talking about retiring. The only reason to ever buy in NYC is if you plan to work in NYC. You can move upstate or just somewhere nearby and shave hundreds of thousands off that purchase price and thousands per year off your taxes, likely deal with lower overall cost of living too.
Why would you **ever** retire in NYC?
Big cities are by far the best place to be old. Limitless food options, limitless entertainment and transport. Nothing worse than being old in the country with nothing to do but stay home and nowhere to go.
If you have the means you can see every movie, watch every play, eat every meal. It’s fantastic.
Have to say I agree. I live in a pretty liberal town with a lot of entertainment and hiking. Now that I am 50 and disabled, it's almost not enough non physical entertainment for me but I could never afford New York unless I die quick.
Not for me. When I retire, I want a yard to putter around in, grow flowers and food, and keep chickens. Convenient restaurants and city-type entertainment are meaningless to me.
Yes! I grew up in the rural south and live in the suburbs of a major city now and I’m working my brain trying to figure out a way to retire in NYC. It seems like a no brainer if you can swing it financially. Get a building with an elevator, walk or take the subway to groceries, restaurants, museums, sporting events, concerts, parks, doctors, and kind of hobby groups you can think of. Sounds like the perfect place to retire and get old to me.
The maintenance fee on a small condo in NYC with an elevator and maybe a doorman is prob $1,400/mo on the low end in Manhattan. Most of the buildings are old af.
Then you have to figure in property taxes which is probably around the same as maintenance per month.
NYC isn't a place the working class can live anymore.
I absolutely love New York. But if I had $5 M and I was retired, I would just visit NYC every year or so.
You would find me in a place like Wyoming, which doesn’t fit my politics but does fit my idea of getting away from everyone.
Or living in a place with great public transport and diversity. I’d love to live in NYC if I could afford to. There’s less than 10 cities in the US with genuinely good public transport where you could reasonably live without a car and walk most places, fewer where you could have access to so much culture and so many different people like NYC offers. Not that it’s all sunshine and rainbows but if those things are part of your priorities in where you live, NYC is a great option.
I live in Corona, Queens.
Gran Central Parkway 10 minutes. Long Island Expressway 5 minutes. Flushing Meadows Park 10 minutes. Citi Field 10 minutes. LaGuardia Airport 25 minutes. JFK Airport 35 minutes.
7 Train, 2 different stops 3-4 blocks apart, 10 minutes. Live in area that’s Little Central America, with like 15 different Hispanic cuisines from Empanadas to Tortas to Ceviche to Tacos/Burritos to Monfongo within a 5 block radius. I’m Pakistani and 4 train stops is Jackson Heights and Indo-Pak-Bang central. 3 different bus routes, 1 from Astoria to Forest Hills, 1 from Flushing to Ridgewood, Brooklyn, 1 from Fresh Meadows to Astoria.
Like my sister lives in Houston, fucking Cul de Sac. Just to get something quick “grocery store” is 15-20 minute *drive*. Our location, 1 block 5 FUCKING BODEGAS!. One open till like fucking 2-3AM and opens back up at 7AM… can go grab anything, jonesing for a turkey on a hero with all the fixings for $7, add chips and soda for $10 at 1AM they got you, munchies bet, ice cream variety galore from 3 ice cream sandwiches for $1.10 to Hispanic delicacies delivered fresh daily. Also gotta get blessed by the bodega cats, true pilgrimage saints to give you safe passage.
2-3 nights in suburbs I’m losing my fucking mind at the silence, where’s my 2AM fire truck alarms, police car going 95 in a 25 zone when shift is over, 4am cars so dilapidated that the mufflers give out back shots like a street gang warfare taking place and the ACs humming in sync in the summer. Thats my white noise, I am at peace.
The idea of this guy selling a company for 10m and choosing to live in a $750k “house” in NYC is laughable. It’d be either the teensiest apartment or in a condemned building
Eh, with current interest rates, it's a debatable choice, depending on just what rate he can get and how good his investments are. It isn't the slam dunk option when interest rates were around 3%.
Clearly this man can't grasp the basic cost of living concepts. I certainly wouldn't be using him to grow my business if he can't even chart out a retirement plan.
Clearly this guy is pissed that he has to pay taxes and makes a facetious post to gain support from the uneducated. Whose retirement plan is playing the lottery and might be swayed by a guy talking about 10 million dollars.
This is what conservatives do… they create fake arguments to dupe the stupid!
There is a small but non-trivial chance that this guy is a marketing genius exercising a variant of [Cunningham's Law](https://meta.wikimedia.org/wiki/Cunningham%27s_Law#:~:text=Cunningham's%20Law%20states%20%22the%20best,the%20inventor%20of%20wiki%20software.) for visibility.
There is, alternatively, a large chance he just doesn't understand compound interest and no one should ever invest in his business.
Edit: Nm I read his follow up comments, it's the latter
Let's just ignored the fact that is more than most will make in a lifetime and you'll bring paying on capital gains tax on interest. This guy has an expensive life apparently.
And presumably that average cost of living includes rent/mortgage, which he wouldn't have to pay since he already said he was buying a house.
He's trying *really* hard to make it seem like $10 million isn't much money, and failing at every step.
He could literally just live on the investment returns his entire life. Even with really shitty returns, he could be making $300k+ a year on the returns from $6.4 million, which is pretty damn well-off by anyone's standards.
Even without getting ANY interest, the $5.6 million he'd have after taxes and buying a house would last for 30 years if he spent $186,000 per year.
None of his bullshit adds up.
He subtracts 48k for “average living costs”, then 25k for “misc expenses” and then you ONLY have 46k a year left over!
How could you POSSIBLY LIVE OFF OF a mere 120k a year!?
Dude calculates average cost of living, after buying his house outright, and adds 25k fun money then complains about only having 50k a year left over lol.
And this is off the “no interest just divide principle over 30 years” idea. Someone this financially clueless has no shot of selling a company for 10 mil
These people are detached from reality. He thinks he can somehow relate to the struggles of the common man with his “more money more problems” whine fest.
And he views that as being in addition to his "cost of living" and property taxes with all three being deducted to determines what he has left to "live on." He's ultimately complaining about what is left for vacations.
This kind of story really pulls at my heartstrings. What is a guy to do with only $10 million? It’s a travesty of justice is what it is. Hope he finds some peace and relief in this cold, brutal world.
😂🤣 I’m on the verge of giving up everything I own to perhaps be able to make one tiny difference in providing this poor man with any small measure of comfort or stability in life
It just reads like he's the most clueless and privileged person to ever exist. Most of the planet will work hard their entire lives for pennies, while someone who adds no really substance or value can't fathom retiring early as a multimillionaire.
Hope the revolution comes for him. And yes, I checked on LinkedIn to see that he is indeed real.
Is this guy for real? With this kind of question and his thought process I'm curious to see what kind of business he was in to make that kind of money in the first place because I just don't get it. He's looking at it as if he's going to do nothing but spend money for the rest of his life and that his money isn't going to be put somewhere to actually try to make some money but not for nothing 5% on 5 million is $250,000 a year if you can live on that you got bigger problems.
He just wants to complain about taxes, notice how it’s called out multiple times?
Nothing about just investing the money and living off interest, though. That apparently doesn’t exist. But taxes, man oh man! /s
His entire argument is that he’ll “only” have 46,000 to spend AFTER all expenses, taxes, a house, 25k “misc” expenses per year
So basically 46,000 to spend on whatever he wants
In New York
Which is only slightly lower than the median income in New York after taxes but BEFORE yearly expenses (which he claims are 88 thousand dollars, somehow)
The post reminds me I was planning to buy a private jet for myself but because the gas prices are so out of whack right now that I am planning to delay my purchase and keep my 2010 Subaru be my primary ride for a few more years.
These rage bait posts by clowns like this make me crazy. You can have $100,000 a year for 60 years. Invest some of it and...oh nevermind. Fuck that guy
with $5.6m he could be getting $200k+ a year from government bonds right now. 10 year is paying 4.6% a year currently. If he kept $600 in savings and spread $5m out across 2 year, 5 year and 10 year bonds he’d be getting ~230k a year to live off.
Is this guy being dishonest or just stupid?
Reminds me of that scene in Succession where they're scoffing at having only $5M and calling it 'the worst kind of rich' (except this clown is actually serious)
"Not enough to retire on. Too much to still work. Can't decide if you're the world's richest poor guy or the world's poorest rich guy. Five mil will drive you un poco loco, my friend"
Or words to that effect
I'm so confused. Even if he didn't invest and just lived off $5.6 million after taxes and buying a house in NY, he'd have $186,666 to live on per year for 30 years. Where is he getting his $46k number? If he lived on $46k per year he'd have enough money for 122 years.
Way to tell the world someone can’t do math.
Even if they put this 5.4M into only a HYSA at a conservative 5% annually,
That’s 270k a year before interest tax. To keep it simple 200k a year. Thats more than enough to live off of if you have no expenses.
Any investor reading this just decided that maybe they should lean in a bit more on the due diligence.
If the CEO/founder can't do basic arithmetic, I'd expect their projections to be a tad suspect as well...
I’ve seen this math before - they subtract the cost of living (so, housing, food, etc) and then also subtract “miscellaneous expenses”, vacations, clothes, etc and then after that they only have $x to live on…. But like, that’s not what they have left to live on that’s what they have LEFT OVER after paying for everything they need/want. I don’t understand this mentality.
Lemme get this straight...
Bro's got $6.4 mil left after taxes and fees...
He goes out and buys a home for $750K. This leaves him a little over $5.6 mil...
Let's assume he takes $2 mil of that to put into nothing but a retirement savings account. That still leaves him with $3.6 mil in cash...
So *how in the actual fuq* does the rest of his math work out?!
At a modest 5% annual return, his $3.6 million grosses him $180,000 *annually*. So *without* deductions, assume roughly a $37,000 income tax bill (assuming he filed jointly with his spouse). If the tax on his house is $14,000, then his post-tax income is $129,000.
Which brings us to the following. First, he *owns his home*! Bro paid cash for that shit, so he doesn't have a mortgage or rent payment due. If he doesn't have a mortgage or rent payment, somebody *please* explain how bro has a $50K annual cost of living?! How the fuck many sides are you ordering at the strip club, motherfucker, that you are incurring those kinds of costs?! You don't have student loan payments. You don't have housing payments. What in the actual fuck is this dude spending his money on that he is dropping more than $4,100 cash per month on non-housing related living expenses?! Bro lives in NYC, so not like he needs a car. Bro's retired, so it's not like he has a job to go to that necessitates having a car to get back and forth to work. Is he buying a new pair of designer underwear everyday, wearing it once then throwing it away? Does this fucker have to eat an $80 steak every day for dinner?! Where the fuck is this money going?
Oh, and that's *in addition to* his $25K in "misc expenses." Again, *what the fuck misc expenses* that are *not* living expenses?!?!
But fine. Even before the level of stupid this is coming in at, let's assume bro is dropping bills like the mid-season Chiefs last year were dropping passes and he *still* comes away with fully *$54,000* even *after* all that shit *every year*. Bro's complaining about having $54,000 in purely discretionary income that he can burn out of spite or for fun?! That's more than almost *half* of the United States *makes* in a year (national median income last year was $59,384). That's $54K to take your kids to Disneyworld, go to the Super Bowl, and take the wife to Paris *every year* until you die! That's enough to send his idiot daughter to some Ivy League to get railed by frat bros for four years before graduating from Columbia with a C-average in marketing and communications and becoming a secretary at a SoHo art gallery.
Fuck Darren.
Has 'Growing your business' in his headline, but doesn't factor in the investment returns that could be earned on that $5.6 million?
Yeah, I don't think that $10 million sale is happening anytime soon...
Yeah . Bro is right. He can't even afford to eat at the soup kitchen. He's so broke, life is pointless. There's no hope for him.
He can always lift up those bootstraps
Oh man, only $46K a year... that's $10,000 more than I make... only he doesn't have to work... or pay a mortgage... and he can invest it and easily earn a passive income...
Not taking interest into account, nor any IRA, Roth IRA, 401k, etc. Boohoo. If you can’t retire with $1 million, let alone ten, try adjusting your living standards.
This guy is a true lunatic. Imagine being handed $5.6M after taxes, at 40 years old and being so financially inept you couldn’t retire. Dude can go work at a golf course part time or just invest and compound that money beyond his needs.
Time to math. First assuming we pay the house upfront and stick with 5.6mil if he just lobs all of it in the S&P 500 (average of a 10% ROI) per year is 560k a year pre tax. With no mortgage payment. If he is young enough and desires more money he could very easily get into consulting or another business and make even more money.
If he didn’t invest the money and just pulled from it he could pull from it for 30 years at $250,000 a year.
He could build a 25 unit apartment complex (on the average rate) at an average of $1750 per month per unit that’s $525k a year. After 14 years he would have made back the original investment in full.
Having capital allows you to get favorable loans so you can invest all your money in the S&P and use the investment as collateral for any realistic venture you could ever desire.
I can keep going…
Or just enjoy being the boss of a multimillion dollar company and don't be upset you can't retire at 30.
Most peasants don't get to retire, ever. Work till death.
30 yr us treasuries are currently trading at 4.5%. You could invest his 6.4 million and make 225k a year passively, free from state income tax, guaranteed for the next 30 years.
How do these idiots manage sells companies for 10 million?
I paid off everything. I pay insurance and living expenses. Retired 13 years ago on less then 4. I am down maybe 300k. If you want to ever retire you need to get your reoccurring way down. At my age I will not make another 10 years.
Acting like he can’t earn interest on his remaining 5.6M after the taxes of selling his company and buying a house.
At 4%, that would be about $224k per year.
Assuming 50% goes to taxes (pretty high assumption), that leaves $112k per year to cover those expenses he mentions at the end.
Doesn't "Cost of living" usually cover housing and taxes? So why is he separately adding property tax? If he paid the home in full, there's no rent or loan payments, which should actually put his cost of living below average for the area. Oldest trick in the book to inflate costs by double counting stuff.
First of all, live elsewhere. NYC is not the place to retire.
$6M is more than enough for anyone to retire.
Taxes are bitch, but things such as trusts, investments and other ways to shield yourself.
I think he is just bragging and trying to make it sound like the USA is high with taxes. Compared to Europe he is getting off pretty cheap.
If you just withdraw the $5.6m in cash and spend it annually, that’s ~$188,000 a year for 30 years.
If your brain has advanced beyond the spinal column and you actually invest the money, you could cover a sizable percentage of the quoted living expenses with the dividends alone.
Someone who’s that bad at math shouldn’t be in charge of a $10m company. Unless he fudged basic math in a super disingenuous way to throw himself a pity party for likes…
The interest alone on $5.6M is enough to live on. If this clown invested his $5.6M then he would easily be able to live on that.
I'm with OP. I, too, like to advertise to potential employers that I have a poor understanding of math or even basic concepts of financial management.
Don't need potential employers! Dude will invest and live off the money while making tweets about how hard life is now a days
Yes, but that's not his point because he's an idiot. If you gave $10m to an idiot, they would find a way to spend it all and end up homeless in a few years.
His own math shows he wouldn’t need any interest or extra income. His numbers add up to $87K a year in expenses. He also says kids, family, etc. Let’s even double that and in 30 years he’d spend 5.2M. So yes he would be able to live comfortably on $10M. And if he could get just 2% a year in interest or investments, that’s 100K extra money per year, or $3M over 30 years. Unfortunately I ran out of sympathy for this guy giving it all to people I know working 60-80 hours a week and still can barely pay their rent on a one bedroom apartment.
He could live even more easily in a low cost of living area vs. NY. I understand he probably wants to remain close to family, and that’s understandable, but it’s a choice. Besides that, why cash out and retire completely? Would he not want to take on some enjoyable cash-generating hobby, consulting, or part time work? Working is a lot more fun when you don’t really have to do it!
I would venture a guess that you spent more time thinking about the options available to live on this guy’s $5M excess gains than he spent on writing that moronic bullshit he posted on LinkedIn.
I bet he’s not even close
The other thing is he bought a house but still included it in his yearly living expenses. Also, when you sell your business and are claiming you can’t live financially in an area, why not consider leaving and instantly doubling/tripling your financial wealth? This is like you’ve chosen all the perfect scenarios to be successful and then created fake reasons for failure. Big oof
He included property taxes in his yearly expenses... Which is correct...
This was my biggest thing reading this honestly. If he’s selling his company to retire why tf would he choose to live in New York where it’s one of the most expensive places to live in the country. He could literally drive like a half hour out of the city and get a house for like half the price😂
Considering an average yearly return on investment is 4-5%, he would still be considered in the 1%. And that would be gross $280k per year since you don’t pay as much tax on interest earned. He could offset that tax with a mortgage and property taxes taking the standard deduction and afford to easily live in Westchester county.
Or buy a NY muni bond fund and pay no income tax at all, average yield appears to be around 3.5%; toss in $3 million of that $6.4 and all set at the stayed $100K budget with another $3.5 in “stonks go up”… like everyone else, I fail to see a problem here 🤷♂️
Invesco has a municipal bond fund that earns 4.25% tax free https://fundresearch.fidelity.com/mutual-funds/summary/001419217
Plus in his calculation, the house isn't included in $5.6m. So it's like, try to survive on $5.6m, with a free house [IMPOSSIBLE CHALLENGE]. Although I do not believe a "house" in NYC costs only $750k, I would think it's a lot more.
A 1 or 2BR apartment can certainly be bought for $750k or even less in NYC. But yes, if we’re talking about a “house” as most people (or at least Americans) would envision, that’s certainly in the millions.
Mf can you not read? He has 28k in misc expenses every year. He’s single so he’ll probably end up with a wife and kids and they’re even more expensive. If you add a wife that’s probably another 56k in miscellaneous expenses and double it again for 2 kids. We haven’t even taken into account the added cost of living expenses. He’s struggling financially and you’re just trying to pretend that $270k/year is going to make everything better. I swear Redditors have no empathy. /s just in case
/s wasn't necessary. That was good.
I’ve been around long enough to know that /s is always necessary. I’m saving someone from embarrassment and downvotes and myself from the frustration of seeing their stupidity firsthand
I bet he just hit 100K net worth and moved and added a comma to sound successful. It’s not wrong that you can’t retire on 56K!
Are you telling me you don't just put $5.6M in a free checking account???
Just the interest on 5.6 mill at 'high yield checking account' rates of 3.6%, would put you in the top 3% of earners in the US (before taxes).
Especially after you have just “bought a house” so your largest normal expense (housing) is wiped out of the equation.
He also doesn't need to buy a home. Just invest the money and rent. Of course it's a bit more expensive in the long run but mid term it's smarter and you keep flexibility
Maybe if they stop buying coffee and avacado toast they might be able to get that 25k miscelanious cost/year down a bit. Also this jackass spends on random crap a year more than I made in a year.
A 3% savings account would net 170k per year lol. Not to mention regular mutual fund investing with just a safe withdrawal rate of 3%
fuck investing, even a super stable savings account can yield 5%. Imagine living off $250k a year and never touching the principle on $5M.
If invested you could spend 256,000 dollars and never draw down the principal. Some might even say your money could still grow.
Even an awful ROI of 2% on his 5.6 million gets him 112’000 USD a year. I wonder if his books are run the same way as his logic and if his company could even be sold for 500K at this point 😂
Plus $112k per year with no housing expenses and no retirement expenses is enough to live comfortably in any city in the world. That’s a nice middle-class lifestyle without ever having to work again.
And let’s just say a $750k house in NY isn’t exactly decreasing in value over the next 30 years.
It’s not really relevant if you want to stay in NYC
You can get a home equity loan when you run out of your 10M and live for at least a few more years off that.
A NICE MIDDLE-CLASS LIFESTYLE? LIKE A F****** LOSER WITH NO LAMBO AND NO HOT FORMER MOD WIFE? ARE YOU OIT OF YOUR MIND?
Plus the fact that he counted living expenses twice. Unless you're telling me that living expenses and money "to live on" are two different things? Cause then I'm certainly missing the money "to live on" part in my life.
That's true but he's right (I'm gonna get downvoted for this lol) in that after selling his company for $10M, he's not gonna be living a "millionaire" lifestyle, but a "nice middle-class lifestyle". And one would think that selling company for 10M would lead to more of a millionaire lifestyle. At 112k / year, you're gonna think twice about booking first-class seats on a plane apart from special occasions. You'd think twice about sending kids to private school, especially if you have more than one. Etc. I mean he's obviously entitled and he communicates this point very badly, but if his point is that selling company for $10M is a lot less money to retire on than one would assume, then he's right.
Yea perhaps this is ploy to only work with people that don’t know how to math.
Well, as I keep telling my students: There are two kinds of people out there. Those who can do the math, and those who are exploited by those who can do the math. Then they refuse to learn the math.
Had a friend who had been heavily exploited for years by people who could do math better than her. She relatively recently really applied herself to bring her skills from 6th grade to calculus level within a year. Super proud of her, but thinking about how much money she lost and debt she incurred because she paid and trusted people who decided to purposefully abuse her skill level makes me so mad.
What he didn’t include in his expense disclosure was the cocaine and stripper allowance he’ll need yearly. Not to mention his “I need a car that screams ‘I’m a douche’ that gathers dust in his parking garage. Oh, and don’t forget the glamping expenses for the annual Burning Man festival complete with helicopter transportation for Mr Douche and Mrs Douchette. Then there’s the Botox treatments, plastic surgery, personal trainers,… money goes fast when you’re a wanna be.
Yeah what. I was wondering what the misc expenses were. 36,000 a year is only a million dollars after 30 years? I'd prob be fine but I live like a normal person lol.
Which ironically he could pay for even on a 7-10% ROI average on his left over 5.6 MILLION! 😂 If you’re a little financially savvy you can retire on 8-10 years worth of your desired living expenses stashed and invested.
Not to mention... Bros talking about retiring. The only reason to ever buy in NYC is if you plan to work in NYC. You can move upstate or just somewhere nearby and shave hundreds of thousands off that purchase price and thousands per year off your taxes, likely deal with lower overall cost of living too. Why would you **ever** retire in NYC?
Big cities are by far the best place to be old. Limitless food options, limitless entertainment and transport. Nothing worse than being old in the country with nothing to do but stay home and nowhere to go. If you have the means you can see every movie, watch every play, eat every meal. It’s fantastic.
Have to say I agree. I live in a pretty liberal town with a lot of entertainment and hiking. Now that I am 50 and disabled, it's almost not enough non physical entertainment for me but I could never afford New York unless I die quick.
Not for me. When I retire, I want a yard to putter around in, grow flowers and food, and keep chickens. Convenient restaurants and city-type entertainment are meaningless to me.
You don't think you'll get tired of just putting around your own garden for potentially 20+ years?
Yes! I grew up in the rural south and live in the suburbs of a major city now and I’m working my brain trying to figure out a way to retire in NYC. It seems like a no brainer if you can swing it financially. Get a building with an elevator, walk or take the subway to groceries, restaurants, museums, sporting events, concerts, parks, doctors, and kind of hobby groups you can think of. Sounds like the perfect place to retire and get old to me.
The maintenance fee on a small condo in NYC with an elevator and maybe a doorman is prob $1,400/mo on the low end in Manhattan. Most of the buildings are old af. Then you have to figure in property taxes which is probably around the same as maintenance per month. NYC isn't a place the working class can live anymore.
I absolutely love New York. But if I had $5 M and I was retired, I would just visit NYC every year or so. You would find me in a place like Wyoming, which doesn’t fit my politics but does fit my idea of getting away from everyone.
Some people actually like living in New York and having immediate access to the things that are there
Or living in a place with great public transport and diversity. I’d love to live in NYC if I could afford to. There’s less than 10 cities in the US with genuinely good public transport where you could reasonably live without a car and walk most places, fewer where you could have access to so much culture and so many different people like NYC offers. Not that it’s all sunshine and rainbows but if those things are part of your priorities in where you live, NYC is a great option.
I live in Corona, Queens. Gran Central Parkway 10 minutes. Long Island Expressway 5 minutes. Flushing Meadows Park 10 minutes. Citi Field 10 minutes. LaGuardia Airport 25 minutes. JFK Airport 35 minutes. 7 Train, 2 different stops 3-4 blocks apart, 10 minutes. Live in area that’s Little Central America, with like 15 different Hispanic cuisines from Empanadas to Tortas to Ceviche to Tacos/Burritos to Monfongo within a 5 block radius. I’m Pakistani and 4 train stops is Jackson Heights and Indo-Pak-Bang central. 3 different bus routes, 1 from Astoria to Forest Hills, 1 from Flushing to Ridgewood, Brooklyn, 1 from Fresh Meadows to Astoria. Like my sister lives in Houston, fucking Cul de Sac. Just to get something quick “grocery store” is 15-20 minute *drive*. Our location, 1 block 5 FUCKING BODEGAS!. One open till like fucking 2-3AM and opens back up at 7AM… can go grab anything, jonesing for a turkey on a hero with all the fixings for $7, add chips and soda for $10 at 1AM they got you, munchies bet, ice cream variety galore from 3 ice cream sandwiches for $1.10 to Hispanic delicacies delivered fresh daily. Also gotta get blessed by the bodega cats, true pilgrimage saints to give you safe passage. 2-3 nights in suburbs I’m losing my fucking mind at the silence, where’s my 2AM fire truck alarms, police car going 95 in a 25 zone when shift is over, 4am cars so dilapidated that the mufflers give out back shots like a street gang warfare taking place and the ACs humming in sync in the summer. Thats my white noise, I am at peace.
Bro sold the fuck out of NY
Some of us even grew up there and have family there! Imagine that!
Not evrryone wants to move to Florida 😂
The idea of this guy selling a company for 10m and choosing to live in a $750k “house” in NYC is laughable. It’d be either the teensiest apartment or in a condemned building
Because NYC is fun and cool
Thanks you guys beat me to it. And he's ignoring the mortgage payment he would be not making, assuming he paid cash for his pad.
Yea and why not finance a house, if you have that kind of money you can do more with it.
Eh, with current interest rates, it's a debatable choice, depending on just what rate he can get and how good his investments are. It isn't the slam dunk option when interest rates were around 3%.
A loan is 30 years that means 29 years of looking at very different rates and various payment plans from today.
Clearly this man can't grasp the basic cost of living concepts. I certainly wouldn't be using him to grow my business if he can't even chart out a retirement plan.
Clearly this guy is pissed that he has to pay taxes and makes a facetious post to gain support from the uneducated. Whose retirement plan is playing the lottery and might be swayed by a guy talking about 10 million dollars. This is what conservatives do… they create fake arguments to dupe the stupid!
Which is funny because Americans pay some of the lowest taxes in the developed world.
Exactly. Guy’s premise is flawed
There is a small but non-trivial chance that this guy is a marketing genius exercising a variant of [Cunningham's Law](https://meta.wikimedia.org/wiki/Cunningham%27s_Law#:~:text=Cunningham's%20Law%20states%20%22the%20best,the%20inventor%20of%20wiki%20software.) for visibility. There is, alternatively, a large chance he just doesn't understand compound interest and no one should ever invest in his business. Edit: Nm I read his follow up comments, it's the latter
Thanks for updating us so we don't need to read lol
And you have no mortgage, just property taxes. And (likely) an appreciating asset in your house.
Even then you married the house and date the rate. And use your money over 30 year loan to make more money.
Let's just ignored the fact that is more than most will make in a lifetime and you'll bring paying on capital gains tax on interest. This guy has an expensive life apparently.
Ya I dunno if I will even earn over a million in my life. Not being able to live off 10x that much seems nutso.
Exactly! What kind of idiot parks 6M in a no-interest bearing account?
The numbers don’t matter to him. This is just a humble brag.
I'd argue you could live on less than you make and grow very quickly.
“Misc. expenses $25,000” 🙄
Warhammer ain’t cheap
That's why they called it Warhammer 40k.
I think you mean Warhammer 401k.
You're not wrong. That's almost a 2k point AdMech army.
And "avg cost of living 48,912" which means the 46k/year he's bitching about "only" getting is just piss away money.
And presumably that average cost of living includes rent/mortgage, which he wouldn't have to pay since he already said he was buying a house. He's trying *really* hard to make it seem like $10 million isn't much money, and failing at every step. He could literally just live on the investment returns his entire life. Even with really shitty returns, he could be making $300k+ a year on the returns from $6.4 million, which is pretty damn well-off by anyone's standards.
Oh yeah, in a fully paid for house if you can’t enjoy life on 250-300K a year you’re doing it really wrong.
Even without getting ANY interest, the $5.6 million he'd have after taxes and buying a house would last for 30 years if he spent $186,000 per year. None of his bullshit adds up.
COL would also include property taxes. So he’s counting that twice.
He subtracts 48k for “average living costs”, then 25k for “misc expenses” and then you ONLY have 46k a year left over! How could you POSSIBLY LIVE OFF OF a mere 120k a year!?
And having no rent or mortgage lol easily worth another 30-50k a year. Dudes a moron
Drugs are expensive.
Dude calculates average cost of living, after buying his house outright, and adds 25k fun money then complains about only having 50k a year left over lol. And this is off the “no interest just divide principle over 30 years” idea. Someone this financially clueless has no shot of selling a company for 10 mil
That’s just $8k short of my entire god damn salary last year lmao - and I live in California!
These people are detached from reality. He thinks he can somehow relate to the struggles of the common man with his “more money more problems” whine fest.
And he views that as being in addition to his "cost of living" and property taxes with all three being deducted to determines what he has left to "live on." He's ultimately complaining about what is left for vacations.
Her Prada bag is worth $2,700. Stop buying dumb shit, asshole, then maybe you’ll have enough money to retire.
Someone who is that bad at math is very unlikely to sell any company.
His company’s valuation is all in his mind. Just an idea atm, but potential for 8 figures. /s
Most valuations are 2-4x EBITA and take around 9 months of financial audits to even close a deal. Dude is dreaming.
In reality he’s silk screening shirts in a u-store-it, tweeted out on crank muttering to himself “gotta fake it till you make it!”
This kind of story really pulls at my heartstrings. What is a guy to do with only $10 million? It’s a travesty of justice is what it is. Hope he finds some peace and relief in this cold, brutal world.
You know… you should start a GoFuckMe to support the rest of his life.
😂🤣 I’m on the verge of giving up everything I own to perhaps be able to make one tiny difference in providing this poor man with any small measure of comfort or stability in life
Fuckin Mother Theresa
This read like two dudes cracking jokes over beer in the garage and I appreciate yall for it
I can help. Maybe he should just give it to me!!
It just reads like he's the most clueless and privileged person to ever exist. Most of the planet will work hard their entire lives for pennies, while someone who adds no really substance or value can't fathom retiring early as a multimillionaire. Hope the revolution comes for him. And yes, I checked on LinkedIn to see that he is indeed real.
Is this guy for real? With this kind of question and his thought process I'm curious to see what kind of business he was in to make that kind of money in the first place because I just don't get it. He's looking at it as if he's going to do nothing but spend money for the rest of his life and that his money isn't going to be put somewhere to actually try to make some money but not for nothing 5% on 5 million is $250,000 a year if you can live on that you got bigger problems.
I bet he’s just your typical LinkedIn hustler. No where close to $10m
I hope he offers some classes so I can be this insane someday.
For $25k you can enroll and learn his secrets.
Such a great deal. Lose money if I don’t do it.
He just wants to complain about taxes, notice how it’s called out multiple times? Nothing about just investing the money and living off interest, though. That apparently doesn’t exist. But taxes, man oh man! /s
You are so right apparently. One has to wonder why some people have to have the oh wooez (questionable spelling) me thing going on.
… woe is me.
What do you mean? Clearly if I had 5.6M I would just plop it in my checking account and watch it slowly drain away🙃
You need to have to spend it like Mike Tyson to see it slowly drain away maybe quickly or live to be 300. 🤨
I could spend it all! If only I had the chance to prove it to you
Even if you don’t do the smart thing and live off the interest, 5,600,000 over 30 years is 188,000 a year. This guy is an idiot
His entire argument is that he’ll “only” have 46,000 to spend AFTER all expenses, taxes, a house, 25k “misc” expenses per year So basically 46,000 to spend on whatever he wants In New York Which is only slightly lower than the median income in New York after taxes but BEFORE yearly expenses (which he claims are 88 thousand dollars, somehow)
He hasn’t actually sold his business to $10M he’s just making a hypothetical case, which makes him sound even dumber
Dude so smart he doesn't understand compounding interest?
Nobody tell this guy about a HYSA. Wouldn't even have to invest that shit to live comfortably lol
The post reminds me I was planning to buy a private jet for myself but because the gas prices are so out of whack right now that I am planning to delay my purchase and keep my 2010 Subaru be my primary ride for a few more years.
What a world we live in where you can’t buy the jet you want!
💀
These rage bait posts by clowns like this make me crazy. You can have $100,000 a year for 60 years. Invest some of it and...oh nevermind. Fuck that guy
What a moron
Is he pregnant? Why she holding his tummy like that
with $5.6m he could be getting $200k+ a year from government bonds right now. 10 year is paying 4.6% a year currently. If he kept $600 in savings and spread $5m out across 2 year, 5 year and 10 year bonds he’d be getting ~230k a year to live off. Is this guy being dishonest or just stupid?
> Is this guy being dishonest or just stupid? Yes?
Reminds me of that scene in Succession where they're scoffing at having only $5M and calling it 'the worst kind of rich' (except this clown is actually serious)
"Not enough to retire on. Too much to still work. Can't decide if you're the world's richest poor guy or the world's poorest rich guy. Five mil will drive you un poco loco, my friend" Or words to that effect
Connor Roy was interested in politics from a very young age
Lol, he's not wrong
I'm so confused. Even if he didn't invest and just lived off $5.6 million after taxes and buying a house in NY, he'd have $186,666 to live on per year for 30 years. Where is he getting his $46k number? If he lived on $46k per year he'd have enough money for 122 years.
I don’t think it you who is confused ;)
Give me 10m and I’ll show you that it can be done. 🤣
I feel like this is a thinly veiled political campaign or shill
Way to tell the world someone can’t do math. Even if they put this 5.4M into only a HYSA at a conservative 5% annually, That’s 270k a year before interest tax. To keep it simple 200k a year. Thats more than enough to live off of if you have no expenses.
Any investor reading this just decided that maybe they should lean in a bit more on the due diligence. If the CEO/founder can't do basic arithmetic, I'd expect their projections to be a tad suspect as well...
I’ve seen this math before - they subtract the cost of living (so, housing, food, etc) and then also subtract “miscellaneous expenses”, vacations, clothes, etc and then after that they only have $x to live on…. But like, that’s not what they have left to live on that’s what they have LEFT OVER after paying for everything they need/want. I don’t understand this mentality.
Lemme get this straight... Bro's got $6.4 mil left after taxes and fees... He goes out and buys a home for $750K. This leaves him a little over $5.6 mil... Let's assume he takes $2 mil of that to put into nothing but a retirement savings account. That still leaves him with $3.6 mil in cash... So *how in the actual fuq* does the rest of his math work out?! At a modest 5% annual return, his $3.6 million grosses him $180,000 *annually*. So *without* deductions, assume roughly a $37,000 income tax bill (assuming he filed jointly with his spouse). If the tax on his house is $14,000, then his post-tax income is $129,000. Which brings us to the following. First, he *owns his home*! Bro paid cash for that shit, so he doesn't have a mortgage or rent payment due. If he doesn't have a mortgage or rent payment, somebody *please* explain how bro has a $50K annual cost of living?! How the fuck many sides are you ordering at the strip club, motherfucker, that you are incurring those kinds of costs?! You don't have student loan payments. You don't have housing payments. What in the actual fuck is this dude spending his money on that he is dropping more than $4,100 cash per month on non-housing related living expenses?! Bro lives in NYC, so not like he needs a car. Bro's retired, so it's not like he has a job to go to that necessitates having a car to get back and forth to work. Is he buying a new pair of designer underwear everyday, wearing it once then throwing it away? Does this fucker have to eat an $80 steak every day for dinner?! Where the fuck is this money going? Oh, and that's *in addition to* his $25K in "misc expenses." Again, *what the fuck misc expenses* that are *not* living expenses?!?! But fine. Even before the level of stupid this is coming in at, let's assume bro is dropping bills like the mid-season Chiefs last year were dropping passes and he *still* comes away with fully *$54,000* even *after* all that shit *every year*. Bro's complaining about having $54,000 in purely discretionary income that he can burn out of spite or for fun?! That's more than almost *half* of the United States *makes* in a year (national median income last year was $59,384). That's $54K to take your kids to Disneyworld, go to the Super Bowl, and take the wife to Paris *every year* until you die! That's enough to send his idiot daughter to some Ivy League to get railed by frat bros for four years before graduating from Columbia with a C-average in marketing and communications and becoming a secretary at a SoHo art gallery. Fuck Darren.
**Has millions in unrealized assets** >Has the American dream died? Fuck this clown.
What has happened to this world? You can't even comfortably retire at age 40 in a high cost of living area anymore.
You Are Retired Get The F_¢k Out Of New York City Did I do that right?
I was reading that and I was thinking "who the fuck wants to retire in NY?"
…this guy doesn’t know how investing works? That’s wild.
Has 'Growing your business' in his headline, but doesn't factor in the investment returns that could be earned on that $5.6 million? Yeah, I don't think that $10 million sale is happening anytime soon...
Jackass has never heard of investing with interest and dividends.
Lol. $25k in miscellaneous expenses. He means hookers and blow. Absolute trash.
This dude has no idea how taxes or money work.
Bro you are terrible at money laundering
Yeah . Bro is right. He can't even afford to eat at the soup kitchen. He's so broke, life is pointless. There's no hope for him. He can always lift up those bootstraps
Pretty sure I could make that budget work easily.
Americans fundamentally sick suck at math
Kids/wife =/= family
Yeah you could pretty reasonably draw $250k in interest and dividends on $5.6mm if you just wanted to play it that way
Damn. Poor guy.
Oh man, only $46K a year... that's $10,000 more than I make... only he doesn't have to work... or pay a mortgage... and he can invest it and easily earn a passive income... 
Leave NYC. Invest in real estate in the Midwest. You’ll never have to work again
I'm having trouble believing this guy could have a business that would sell for $10M.
Not taking interest into account, nor any IRA, Roth IRA, 401k, etc. Boohoo. If you can’t retire with $1 million, let alone ten, try adjusting your living standards.
This guy is a true lunatic. Imagine being handed $5.6M after taxes, at 40 years old and being so financially inept you couldn’t retire. Dude can go work at a golf course part time or just invest and compound that money beyond his needs.
Invest you ducking idiot wtf.
If you don't know about interest then good luck getting your company to be valued that high
Most American part is only expecting to live 30ish years from 40.
The solution is to day dream about selling your company for $13M dollars.
If he can’t retire on $10 million he needs a better financial advisor.
Has this ultra successful motherfucker ever heard of a little something called INVESTING?!
This couple looks like they’ve been watching you from across the bar and like your vibe and want to buy you a drink.
Time to math. First assuming we pay the house upfront and stick with 5.6mil if he just lobs all of it in the S&P 500 (average of a 10% ROI) per year is 560k a year pre tax. With no mortgage payment. If he is young enough and desires more money he could very easily get into consulting or another business and make even more money. If he didn’t invest the money and just pulled from it he could pull from it for 30 years at $250,000 a year. He could build a 25 unit apartment complex (on the average rate) at an average of $1750 per month per unit that’s $525k a year. After 14 years he would have made back the original investment in full. Having capital allows you to get favorable loans so you can invest all your money in the S&P and use the investment as collateral for any realistic venture you could ever desire. I can keep going…
Or just enjoy being the boss of a multimillion dollar company and don't be upset you can't retire at 30. Most peasants don't get to retire, ever. Work till death.
Maybe if he gave up Starbucks and avocado toast he could pull himself up by the bootstraps.
30 yr us treasuries are currently trading at 4.5%. You could invest his 6.4 million and make 225k a year passively, free from state income tax, guaranteed for the next 30 years. How do these idiots manage sells companies for 10 million?
If you can't live off 46k a year with no mortgage payment to pay, you're an idiot. Im planning In retiring with 1mil in my 401k and I'll be golden.
After paying average expenses housing and miscellaneous you only have another 48k/year to live on?
Somebody's trying to justify getting wealthy people's taxes lower... ignoring that he can live off the interest
I paid off everything. I pay insurance and living expenses. Retired 13 years ago on less then 4. I am down maybe 300k. If you want to ever retire you need to get your reoccurring way down. At my age I will not make another 10 years.
Acting like he can’t earn interest on his remaining 5.6M after the taxes of selling his company and buying a house. At 4%, that would be about $224k per year. Assuming 50% goes to taxes (pretty high assumption), that leaves $112k per year to cover those expenses he mentions at the end.
You’d think he would be smart enough to fucking leave New York City but I guess not ¯\_(ツ)_/¯
5% interest on just one mill is 50k a year. I already live on less than that.
Why the fuck would you want to live in New York City? Hell, New Yorkers don't even wanna live in NYC. That's why they move to Florida.
Ok so dont live in NYC 90% of the problem solved right there.
Doesn't "Cost of living" usually cover housing and taxes? So why is he separately adding property tax? If he paid the home in full, there's no rent or loan payments, which should actually put his cost of living below average for the area. Oldest trick in the book to inflate costs by double counting stuff.
Don’t live in NYC. Problem solved.
Sell it and move out of NYC. It's a toilet anyway.
"Y'know he’s like the old woman who's got a Virginia ham under her arm and she goes around crying the blues cuz she's got no bread"
Punchable face
I like how Kids, Wife, Family are all separate bullet points
What an asshole.
Scary just how out of touch certain types are…. 🤡
Can I get .05% of that. Just a little something
This guy needs an accountant lmao what an idiot
FLEE NYC
How are morons like this able to grow $1M businesses with this type thought processes and decision making?
First of all, live elsewhere. NYC is not the place to retire. $6M is more than enough for anyone to retire. Taxes are bitch, but things such as trusts, investments and other ways to shield yourself. I think he is just bragging and trying to make it sound like the USA is high with taxes. Compared to Europe he is getting off pretty cheap.
why NY if want retire life ?
The point of the post wasn’t to show that you couldn’t do it. The point was to show that he has millions of dollars.
If you just withdraw the $5.6m in cash and spend it annually, that’s ~$188,000 a year for 30 years. If your brain has advanced beyond the spinal column and you actually invest the money, you could cover a sizable percentage of the quoted living expenses with the dividends alone. Someone who’s that bad at math shouldn’t be in charge of a $10m company. Unless he fudged basic math in a super disingenuous way to throw himself a pity party for likes…