Our goal is every time we go out and eat is to pick a table at random and buy their dinner as well. We do that at least monthly and sometimes a little more often but not every time yet. For us it's not about a number, it's about what we can impact with our position.
I have 2 numbers - one with and one without some form of health insurance. With, it is about $10k a month. Without... 35-40k.
For those of you that have hit your goals and left your w2, how have you managed to pay for healthcare? My wife takes medication 1-2 times a month (avg about 1.2) that is $22k if I use a freaking coupon.. And we’re not even over 40 yet, so it will only get more expensive
Would you consider moving abroad to mitigate those medical costs? Or at least to a border town? I live in Yuma, AZ, and there's a tiny town across the border (Algodones, in Baja California, MX) that caters to the elderly with medical tourism. Tens of thousands of folks flock here during the winter to escape the harsh northern winters, but also to stock up on medication. It's so affordable that I often speak with some who fly here 2 to 4 times a year just to buy meds (you can legally only bring a 3 month supply across the border) or to get dental work. Anecdotally, the savings seem to range from 75 - 90% of US prices.
It may be something to consider when you get closer to retirement.
I see some really huge numbers here and it makes me feel like maybe I am so used to growing up in poverty that it confuses me.
My wife and I have two children and I like to consider myself a master at creating a home budget. We tally up every single monthly expense that we can possibly think of including an extra $200 for general purposes and an extra $100 per child. It also includes $700 a month for groceries and $190 per month for gasoline. Like I said, every little aspect of spending it is included in this equation. I take that final monthly number and I multiply it by 12 and then I divided by 52 so that I can have a weekly amount of what I need to hit.  
Right now my families weekly core budget amount is $525. Monthly budget aren’t accurate the way I do it because some months have a fifth week. If you try to do a monthly budget you will get confused and think that you have a extra paycheck when you are paying yourself weekly. That is why I constructed a 52 week budget. When I started the budget I gave myself a one month cushion to absorb any fluctuation.
$525 a week is my entire family financial freedom #. As long as I hit that number with my seven rental properties, I don’t really have to worry about anything. I use the Mint app by intuit to tack my budget, and all categories roll over month to month.
If I ever had $5000 or $10,000 a month like some of you guys, I’d consider myself rich as heck and I’d lift my closest most loyal people around me up out of there holes.
Thank you for presenting a question that sparked my imagination, and sorry for any miss spells. I am using speech to text on my earbuds
I'm late to the game on this thread, but I'm seeking out information on how to actually operate in a post-financial freedom life.
Goal: $20k / month in passive income
Today: $10k / month in passive income
I have the cash to buy rentals and reach my goal, just waiting on foreclosures / looking for deals / trying to create deals.
Questions for those living primarily on passive income:
1. How do you handle health insurance? We have two kids (3 and 8) and that eliminates us from concierge healthcare, or atleast those available in our town.
2. What tax games are you playing? I will be spending <500 hrs per year on real estate to avoid self-employment taxes. We'll have one company car and expense appropriate items. I play by the rules, so minimizing taxes, no shady stuff. Thanks.
3. How do you structure your entities? We currently have 2 LLC's (one for residential properties and one for commercial properties). Will have a holding company with these LLC's in order to further insulate our personal wealth.
I am 53 weeks from becoming work optional, so I have time, but this information seems VERY scarce. Easy to find information on how to become financially free, difficult to find how to solve the issues above.