So a friend of mine is going to be getting $50,000 and about

>retiring on $90k.

Maybe if he's a hermit.

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> legally grey means
wat
> wants to tired with 90k
double wat

Would need at the very least $1mil to retire in a frugal manner.

If you are older, are really careful, in good health for all of your life, you can probably retire on about 350k. But that's super-tight. One bit of bad luck, and the damage is irrecoverable.

Check out the ERE site or the "leanFIRE" reddit to see how things break down. (I just found the latter a few days ago)

But, 90k, even if it's not taxed (which, let's face it, it probably will be), is just too little.

>>1831377
are you the friend
you retard

>>1831473
Even that's not very possible, if we assume he lives to 70 years old he would need to get by with 23k a year. Good fucking luck with that

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>>1832146
I'm not friend, I partially made this thread to talk him into doing something wise with the money. He wants to buy some land (in a Californian desert,) get some solar panels, and start a pot farm. I think this is a bad idea (maybe the pot farm could do alright) but would love some suggestions for better investments for the guy. He says retire but I think it's more accurate to say he doesn't want to work for anyone and he wants his work to be minimum.

>>1831448
He's giving a body part to a family friend and, through pure coincidence, a family member is giving him the money and property as a gift.

>>1831817
Yeah I was trying convince him to throw it into an account so he could subsidize himself on interest while keeping savings for a real retirement but he didn't sound interested.

>>1831377

>Also he's 27 and wants to retire on the money, is that doable?

If he can buy a place to live outright be can probably get by working part-time or seasonal jobs. Probably can't retire outright and never work again. IMO best to get a part time job and start a part time business and just save for awhile which will be easy with a paid off house.

>>1832378
First off, if it's a gift situation, he can probably convince the relative to gift him the the max nontaxable gift of 14k per year per person for a few years so he wouldn't have to go through any potential trouble.

But, a pot farm? I'm not sure about that. It could be very lucrative, but I've done some business in that area and the whole industry is still the wild west and you can't really trust many people. So, unless he's got solid connections, he could easily get fucked.

Basically, though, in his case, the whole 3-4% swr is out the window, ain't gonna happen. The best he could probably do is buy a multifamily, live in one unit and rent out the others.

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>>1832542
The max amount per year is a good idea and ill bring it up, not sure he'll go for it though. He trusts the gift giver but he wants the money in his account before he goes under, just in case.

That multifamily idea is a pretty solid idea though. Thanks.

>>1831473
I think you could retire quite comfortably on a small amount if your land had a house and room for its own power generation.

Say a stream for a water wheel

>>1832542
>max nontaxable gift of 14k per year per person
You could do this, but even if the whole $90k were gifted at once, there would be no gift tax liability unless the person who is making the gift has already gifted up to their $5 million lifetime exemption. They'd have to file a gift tax return since it was over $14k, but there would be no tax due.