If you have investments, let’s treat those as liquid cash for the sake of argument. Otherwise, the assumption is that you’re not selling property or possessions, but continuing to live as you do now.
I just ran the numbers for the first time ever, and it adds up to 34 months - which I realize is a pretty privileged place to be. However, I’m by no means rich; I just live well below my means and invest all my savings.
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Depends on who I compare myself to and how one defines “rich.” To me, it means someone whose passive income exceeds their spending - and I’m nowhere even close to that… yet.
This exact question from this thread is how rich are you and 34 months is quite wealthy.
It’s an important distinction where I’m a potential counter example. I admit it. I earn what ought to be a comfortable living but poor choices in the past (and probably still) mean that I’m only a couple months from financial disaster. And since it would affect my kids education and my old age, the affects would be major. I am clearly not wealthy, mostly due to my own choices
He’s rich in spirit.
In reality, he’s about seven orders of magnitude from rich, and your perspective needs a good tinkering.
I’m still recovering from the mistakes I made 8 years ago, for another 3 years maximum, so no savings,
The rest of this month.
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What do you do about housing/rent?
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Without cutting back at all, even my frivolous spending and holidays, about six months.
If i cut holidays and frivolous stuff, about twelve months.
If i cut back essentials, sold some stuff, eighteen to twenty four months. If on top i downsized the house, probably five years.
If i could make it to seven years then my private pension would kick in and I can retire. If the government hasn’t already moved the age you can draw a private pension i could be retired already.
Cash only, about 6 months. Selling assets, 20 years.
13 years ago I had to walk 2 hours after work to get home because I didn’t have a pounds to rent a bike (it was a bank holiday and salary was delayed for a day). My family helped me expanding my education and since things skyrocketed.
A couple months, but
Basically I’ve been saving up for years to redo a leaky moldy bathroom. That wouldn’t get done. Maybe ever
I’ve saved what I could to pay for my kids college. I could ruin their entire future to stay alive
I’m coming up in retirement age with way too little savings. I’ve finally able to put aside enough to catch up a little bit I guess that would go pretty quickly too
About a year.
I could probably make it 6 months maybe slightly more, I don’t spend a lot as it is and where I live has a relatively low cost of living.
If I’m frugal, about a year. But I own a small business and this would only occur if my business is bankrupt. In which case debtors might chase my personal assets.
Is it not a limited company?
We had to wager our houses to get the initial loans during startup. Loans are almost finished.
Maybe one year
A month, maybe. I’d probably get arrested for squatting at work sooner, tbh. If I cut and run to the woods tonight, I could probably make it further, but I’ll run out of food money faster than I could get a reliable food source going before winter hits
Many years technically, but I doubt the stability of… well, everything, too much to say that with much conviction.
3 years for my wife and I.
Probably 6-7 if we take money out of retirement accounts.
We have been very fortunate in circumstances. Spend about 2.5k a month. In mid twenties.
