How Much Money....

• Ironman92

  

  Would you have to win for you to change how you live day to day right now?
  
  I think for me to change it would probably take a winning of 10-15 million dollars....at that amount I'd probably change things up a little bit....but probably not a great amount.
• j_crazy

  

  
• Ironman92

  

  ccrunner609;869625 wrote:My life would change enough with about $250,000 (pay off all my debts and pay for kids colleges)

  
  But would that change how you live day to day?
• Commander of Awesome

  

  $12 so I could finally pay for JJ Huddle and get off this minor league forum.
• THE4RINGZ

  

  Probably 40 million.
• gut

  I'm sure I could make $10M work, but it would take some very careful financially planning and some astute investing. I could retire and live very, very comfortably.
• June18

  I've always thought that 5 mil would be enough for me to retire. So that would change the way I live.
• hoops23

  

  LOL.
  
  10 million SHOULD be more than enough for about 90% of americans to completely change their life...
  
  If you make 70,000 a year for 30 years, you've made 2.1 mill during that time...
  
  Getting a lump sum of 10 million dollars at once, you'd be able to pay off al debt and live worry free. As long as you didn't go out and buy 100,000 dollar cars at every turn or buy several mansion style estates, I see no reason somebody couldn't make 10 mill work in a lifetime.
• ernest_t_bass

  

  $500,000, keep my same job, be comfortable for the rest of my life.
• gut

  hoops23;869706 wrote:LOL.
  
  10 million SHOULD be more than enough for about 90% of americans to completely change their life...
  
  If you make 70,000 a year for 30 years, you've made 2.1 mill during that time...

  
  Fair point, but I think some are arguing one inevitable change is a more expensive lifestyle. I'd also argue that no one will make $70k without raises or indexed for inflation the next 30 years (i.e. in 25 years you are probably making $150-$200k). So call it $4M.
  
  But there are also taxes to consider, but with no job there are also substantially higher medical costs/insurance to absorb. But comparing with your expected remaining earnings is probably the correct way of thinking about it, I just think you undershot the multiple a bit (plus, most are spending - housing, for example - with an expectation of future increases in income). Tuition costs for children will also likely be much higher in 10-20 years. Otherwise, you're right $10M is probably more than enough, but again it depends on what your future expected earnings are. If I expect/hope to be an executive one day with stock options and high 6-figure salary, then I have several million in earnings alone just on the back-end of my working years.
  
  Problem is, if I walk away today for $5M, then with 40-50 years or so in retirement I either have to take some investment risk, or inflation risk, something that is largely mitigated by continuing to work and having earning power. So, no, probably not comfortable with $5M to live the lifestyle I'd like the next 40-50years. Although I think I'd buy some cheap foreclosures and rent them out for income and would feel pretty secure with the investment and inflation risk - a 5% yield would be $250k a year right now so that sounds very, very nice knowing the housing will be worth more in 30 years while the rents will also track inflation, more or less.
• chicago510

  

  You could pay off all debts on houses, cars, loans, school, etc with a half a million, plus some splurges. Another 1.5 million invested over time at 6-10% return (modest) is 90-120k/yr in food, utilities and play money. That would definitely change my life. Add in a modest income of doing something not too demanding that you love of say $30,000, and you are looking at a healthy lifestyle.
  
  House, Cars, College, etc all paid for. No debt whatsoever.
  
  120-150k/yr in investment income to pay for your variable costs and entertainment.
  
  So for $2 mill you'd be working a job you love, spending time with kids, doing charitable work, traveling. Idk how thats not life changing.
• Manhattan Buckeye

  ^^^
  
  A 6-10% return is modest? I'd tear out my right testicle for a 10% return right now.
• chicago510

  

  Manhattan Buckeye;869769 wrote:^^^
  
  A 6-10% return is modest? I'd tear out my right testicle for a 10% return right now.

  
  Historically. This is all hypothetical over a large portion of your life. Obviously you would have cash on hand for down periods like now.
• I Wear Pants

  $100,000.
  
  Paying off my student loans entirely and having more than enough to pay for the rest of undergrad and help pay off some of my parents debt would let me spend a lot more of my paychecks on things like bars, tvs, and video games. That'd be nice. Plus not having the "oh jesus I owe the school $1000 in two weeks" feeling would be a considerable and welcome change.
  
  If we're talking long term and assuming this is cash that I'd get right now I think it'd take at least 5-10 million for me to alter my lifestyle significantly because under that amount and I'd not get lavish for fear of being one of those "rich but broke" people who have million dollar houses getting foreclosed on and such. I'd simply live the way I would anyway with less stress (and maybe buy brand name cereal more often).
• tcarrier32

  

  $250,000. i could live off that for at least 40 years.
  
  edit: forgot about student loans, better make that $300,000
• Manhattan Buckeye

  chicago510;869773 wrote:Historically. This is all hypothetical over a large portion of your life. Obviously you would have cash on hand for down periods like now.

  
  Historically maybe from after WWII to 2000. That gravy train is over.
• O-Trap

  

  No amount. I like how I live too much as it is.
  
  Okay, I might buy a nicer car and pay off debt or something, but honestly, I'd still work. I'd still volunteer. I like my life as it is.
• BR1986FB

  June18;869705 wrote:I've always thought that 5 mil would be enough for me to retire. So that would change the way I live.

  
  About the same here. I'm working on this currently (being debt free). Within 90 days I should be down to just my mortgage, utilities & cable. I plan on paying cash for a 2011-2012 Camaro within that time too. No more car payments.
• queencitybuckeye

  100-200M. Private jet-level wealth.
• Manhattan Buckeye

  ^^^
  
  Most likely on the northern side, Bombardier's average is around $60M, and figure $40M to update, service, staff, fuel and take advantage of it.
• Belly35

  

  I have no reason to change the way I live no matter how much I would win I would live in the same house ( maybe buy a lake front property for the summer and something in Chicago) drive the same car and truck (maybe buy a 1964 GTO, and do a little more travel). However none of that is all that important. It would be nice to pay off some bills/mortage but that would be less that $100,000.00 that would give me less stress.
• Con_Alma

  O-Trap;869796 wrote:No amount. I like how I live too much as it is.
  
  Okay, I might buy a nicer car and pay off debt or something, but honestly, I'd still work. I'd still volunteer. I like my life as it is.

  
  This.
• justincredible

  

  Give me $5-10m and I'd be good to go.
• Commander of Awesome

  

  justincredible;869890 wrote:Give me $5-10m and I'd be good to go.

  
  Would that get rid of CloudFail?
• justincredible

  

  Commander of Awesome;869909 wrote:Would that get rid of CloudFail?

  
  no