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Anna Morris 🎩🍿
@klusya
Do you know how much $$$ you need to never work again? I started tracking my expenses at the end of 2021, so finally I have 3-year statistics. This is how much I've spent each year, not including travel: - 2022 - $8400 - 2023 - $6612 - 2024 - $5876 My lifestyle has gotten more conscious and sustainable throughout the years, explaining the downward trend that contradicts inflation. Travel cost me either $900 or $2500 a year - depending on the number and intensity of trips. So basically if I had $10k a year I would feel very comfortable, with a bit to spare 💜 To get that much in passive income I would need to invest from $100k (10% APY) to $200k (5% APY). Which is what some people earn from a couple of shitcoin trades 😆 And if I want to have kids someday, that amount would probably have to be doubled. My wish for this year is to start receiving that passive income, hopefully I'll be able to amass enough capital 🙏 How big is that number for you? Or maybe you already live on passive income?
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Geisha
@geisha
10% APY implies a pretty high level of risk to take on vs trad fi interest rates . Never underestimate risk if you need to preserve your capital. I think a lot of expenses in last couple of years have multiplied because of super high interest rates on mortgages and gas/elec/oil utility bills have soared. Don’t know how you have escaped that! But yeh in general one can live sustainably and frugally on a lot of things.
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Anna Morris 🎩🍿
@klusya
I was waiting for a reply like that 😁 Yeah, I know, crypto has definitely skewed my risk perception - after seeing a couple hundred dollars turn into dust in clankers/memecoins getting yield on stables & fiat seems perfectly fine 😅 Diversification is key though! I'm thankful to have no mortgages/debt, I've also never rented & I live in a region that's known for low utility costs (compared to others, it's still quite a large % of my salary)
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Geisha
@geisha
Diversification is key 💯. Achievable on platforms for yield definitely through the likes of a crypto deposit spreader?. I’m old school trained fund manager and you underestimate risk at your peril. Long run it holds true though u may escape in short term. I lost a lot in ftx. That will happen again no doubt. You sound like you are sensible and have your lifestyle sorted though. Congratulations 👏
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