What's your number?

[sfer]

At my job, everyone talks about their "number." That is, the amount of money they would need to quit and do whatever it is they would like to do with their life. This, of course, presumes that you're not doing it now, which says a lot about what I do, I guess.

So, what's yours?

[Shajen]

realistically, I'd have to say $5million.

Enough to live comfortably off the interest and be able to splurge as needed.

what's yours?

[Zoltri]

$200,000 more baby.
Sigh.....easy to say, hard to do.

[zokbarjazz]

$10,000. My last day of work is February 4. Then I start spending my life doing things that are important and meaningful to me. Poker will support me financially. sfer, I'm 22 and I couldn't wait any longer. If there are things you'd rather be doing, do them.

[jakethebake]

[ QUOTE ]
realistically, I'd have to say $5million.

[/ QUOTE ]

[LALDAAS]

[ QUOTE ]
[ QUOTE ]
realistically, I'd have to say $5million.

[/ QUOTE ]

[/ QUOTE ]

YUP

[on_thg]

I'd say $2.5 million, net of taxes and debt payoff. Invest that conservatively, draw $75,000 +/- per year from income and do whatever I feel like. d-mn that would be sweet.

[Wake up CALL]

You could invest your 2.5 mil in 30 year T-Bills and have $120K income forever while at the same time preserving the principal with almost zero risk.

This is the same amount I would like however I am about 7 years away from having half that so it will have to do.

[Patrick del Poker Grande]

Are we talking a one-time payoff here? If so, it'd have to be enough after taxes to pay of my mortgage and school loans and then give me a minimum of $150k per year in interest/returns.

[2planka]

Interesting point. If this is a one time payout, I'd want to be sure that my income wouldn't stagnate relative to inflation. 150K/year gross in 2005 is quite comfortable. Then again, 50K/year gross in 1985 was quite comfortable. Can't get too far on 1985's salary these days.

So my number is arbitrarily set at $10M

[jakethebake]

[ QUOTE ]
You could invest your 2.5 mil in 30 year T-Bills and have $120K income forever while at the same time preserving the principal with almost zero risk.

This is the same amount I would like however I am about 7 years away from having half that so it will have to do.

[/ QUOTE ]
1. $120K in somewhat reasonable, but I make more now and would like more.
2. $120 k NOW is reasonable, but it won't be in 10 years, much less 20 after inflation.

[on_thg]

[ QUOTE ]
You could invest your 2.5 mil in 30 year T-Bills and have $120K income forever while at the same time preserving the principal with almost zero risk.

[/ QUOTE ]

True, although I'd want to invest a piece of the pie for growth (since $120k/yr 30 years from now might not be worth a whole lot), which is why I'd go with only taking $75k/yr.

I'm not saying I wouldn't like more $$$, but I'd never work another day at anything I didn't totally enjoy if I had the $75k/yr.

[Patrick del Poker Grande]

Yeah, $150k/year isn't going to be enough to make up for inflation for me by the time I'm old, but I decided to partially ignore that for simplicity's sake in this thread. Then again, how much would I actually need to pay off $150k a year? Maybe by the time $150k isn't enough anymore, then I'll be old enough that it won't be a problem to dip into the fund a bit. Hopefully there'll be enough to still pass on to my kids.

[Shajen]

[ QUOTE ]
Yeah, $150k/year isn't going to be enough to make up for inflation for me by the time I'm old, but I decided to partially ignore that for simplicity's sake in this thread. Then again, how much would I actually need to pay off $150k a year? Maybe by the time $150k isn't enough anymore, then I'll be old enough that it won't be a problem to dip into the fund a bit. Hopefully there'll be enough to still pass on to my kids.

[/ QUOTE ]

Don't worry about your kids, by the time you get old they'll already have control of the funds and you'll be shut away in a home somewhere.

/images/graemlins/grin.gif

[Patrick del Poker Grande]

[ QUOTE ]
[ QUOTE ]
Yeah, $150k/year isn't going to be enough to make up for inflation for me by the time I'm old, but I decided to partially ignore that for simplicity's sake in this thread. Then again, how much would I actually need to pay off $150k a year? Maybe by the time $150k isn't enough anymore, then I'll be old enough that it won't be a problem to dip into the fund a bit. Hopefully there'll be enough to still pass on to my kids.

[/ QUOTE ]

Don't worry about your kids, by the time you get old they'll already have control of the funds and you'll be shut away in a home somewhere.

/images/graemlins/grin.gif

[/ QUOTE ]
Oh yeah - good point.

[sfer]

[ QUOTE ]
$10,000. My last day of work is February 4. Then I start spending my life doing things that are important and meaningful to me. Poker will support me financially. sfer, I'm 22 and I couldn't wait any longer. If there are things you'd rather be doing, do them.

[/ QUOTE ]

So what you want to do with your life is play poker?

[zokbarjazz]

[ QUOTE ]
So what you want to do with your life is play poker?

[/ QUOTE ]

Definitely not. But for now, it allows me the financial independence and, most importantly, time, to pursue the educational/athletic/musical/charitable things that I care about.

[Diplomat]

7-8 million. Maybe.

-Diplomat

[Wake up CALL]

[ QUOTE ]
[ QUOTE ]
You could invest your 2.5 mil in 30 year T-Bills and have $120K income forever while at the same time preserving the principal with almost zero risk.

This is the same amount I would like however I am about 7 years away from having half that so it will have to do.

[/ QUOTE ]
1. $120K in somewhat reasonable, but I make more now and would like more.
2. $120 k NOW is reasonable, but it won't be in 10 years, much less 20 after inflation.

[/ QUOTE ]

Keep in mind that this is a net $120k, no State or Federal taxes apply. Plus you still have 100% of your principal. If you make $120K/year now you must net a great deal less.

For those of you who are unable to live on a net $120K per year must live in the Hamptons.

[jakethebake]

[ QUOTE ]
Keep in mind that this is a net $120k, no State or Federal taxes apply. Plus you still have 100% of your principal. If you make $120K/year now you must net a great deal less.

[/ QUOTE ]
o.k. and why don't federal income taxes apply? And why won't inflation whittle this down? You realize that $120k will only be worth like $75k in 20 years right?

[jakethebake]

[ QUOTE ]
30 year T-Bills

[/ QUOTE ]
oh and by the way, there's no such thing as a 30-year T-Bill.

[Rick Diesel]

Apparently my number is lowet than most people, but I would need to clear about $1.2 million net, so I would say my onetime payout amount would be somewhere between $1.8 and 2.0 million. $200k to satisfy my mortgage and school loans, and $1 million to place in T-bills and live off of the $50k in interest per year.

I know that $50k isn't that much, but when you remove all of your debt, it is plenty of money to live comfortably.

I would rather live comfortably and not work, then live lavishly and work.

[IndieMatty]

[censored], I forgot to check my Mega Millions tickets.

I'd quit my current job for like 1 million and try something cool. Open a bar/club or soemthing.

To have a life of non-working it's gotta be about 8-10Million.


Edit: Didn't win. Viva la working man!

[Wake up CALL]

[ QUOTE ]
[ QUOTE ]
30 year T-Bills

[/ QUOTE ]
oh and by the way, there's no such thing as a 30-year T-Bill.

[/ QUOTE ]

Perhaps I should have said 30 year TBond but they are commonly called TBills.

30Year TBond (http://finance.yahoo.com/q?s=^TYX&d=1b)

[Wake up CALL]

[ QUOTE ]
[ QUOTE ]
Keep in mind that this is a net $120k, no State or Federal taxes apply. Plus you still have 100% of your principal. If you make $120K/year now you must net a great deal less.

[/ QUOTE ]
o.k. and why don't federal income taxes apply? And why won't inflation whittle this down? You realize that $120k will only be worth like $75k in 20 years right?

[/ QUOTE ]

Jake if you must ask that question I doubt you currently earn $120k per year.

[jakethebake]

[ QUOTE ]
Perhaps I should have said 30 year TBond but they are commonly called TBills.

[/ QUOTE ]
No. Actually they;re not. T-Bills are short-term bonds. No one calls 30-year notes T-Bills.

[jakethebake]

[ QUOTE ]
o.k. and why don't federal income taxes apply? And why won't inflation whittle this down? You realize that $120k will only be worth like $75k in 20 years right?

[/ QUOTE ]
Jake if you must ask that question I doubt you currently earn $120k per year.

[/ QUOTE ]
Actually I do, and you clearly have no idea what you're talking about. Interest on treasury notes is only exempt from state & local taxes, not federal.

[Wake up CALL]

[ QUOTE ]
[ QUOTE ]
Perhaps I should have said 30 year TBond but they are commonly called TBills.

[/ QUOTE ]
No. Actually they;re not. T-Bills are short-term bonds. No one calls 30-year notes T-Bills.

[/ QUOTE ]

So what you are telling me is that you knew what I was talking about and were just being an ass right?

[Alobar]

heh, I'm already doing it /images/graemlins/smile.gif

[Wake up CALL]

[ QUOTE ]
[ QUOTE ]
o.k. and why don't federal income taxes apply? And why won't inflation whittle this down? You realize that $120k will only be worth like $75k in 20 years right?

[/ QUOTE ]
Jake if you must ask that question I doubt you currently earn $120k per year.

[/ QUOTE ]
Actually I do, and you clearly have no idea what you're talking about. Interest on treasury notes is only exempt from state & local taxes, not federal.

[/ QUOTE ]

Absolutely incorrect.

[ThaSaltCracka]

sfer,

You work?

-TSC, avid worker.

[jakethebake]

[ QUOTE ]
[ QUOTE ]
Actually I do, and you clearly have no idea what you're talking about. Interest on treasury notes is only exempt from state & local taxes, not federal.

[/ QUOTE ]
Absolutely incorrect.

[/ QUOTE ]
Well tell it to the Treasury Dept.

TreasuryDirect (http://www.treasurydirect.gov/indiv/research/indepth/tbonds/res_tbond_tax.htm)

TreasuryDirect (http://www.treasurydirect.gov/indiv/research/indepth/tnotes/res_tnote_tax.htm)

[Shajen]

is there a longer clip of your avatar?

I still laugh when I see a post by you.

I love it.

[cardcounter0]

I do what I want now, and live comfortably. So I guess at some point I must have reached my number.
/images/graemlins/confused.gif

[ilya]

$100 Mil, after taxes of course

[sfer]

[ QUOTE ]
sfer,

You work?

-TSC, avid worker.

[/ QUOTE ]

I multitask.

[sfer]

[ QUOTE ]
I'd quit my current job for like 1 million and try something cool. Open a bar/club or soemthing.

[/ QUOTE ]

I'm surprised you're the only person to think this--it's about what I had in mind.

[mmcd]

15-25 million.

[ThaSaltCracka]

sfer,
[ QUOTE ]
[ QUOTE ]
I'd quit my current job for like 1 million and try something cool. Open a bar/club or soemthing.

[/ QUOTE ]

I'm surprised you're the only person to think this--it's about what I had in mind.

[/ QUOTE ]
me too.

-TSC, avid multitasker and dreamer.

[Rick Diesel]

I did think of this, but I thought that you meant the amount needed to not work at all. If you could still work, just doing something that you like, I would probably only need $300-$400k.

[sfer]

[ QUOTE ]
At my job, everyone talks about their "number." That is, the amount of money they would need to quit and do whatever it is they would like to do with their life.

[/ QUOTE ]

[fnord_too]

Good question. I would probably like to do what you do, but have been too lazy to get on that (or too busy if you want to be kind). (You're a quant, no? I really love that type of work, but I hear the hours tend towards insanity, and I am not monomaniacle.)

At any rate, I am not sure about my number. I always plan on doing some sort of work, so I expect to generating income of some sort regardless. Also, I have a lot to fall back on should I fail to produce enough.

I pretty much do what I want, just not always as fast as I want. I plan on going back for a PhD in the next few years, and I have some thoughts for a housing development (not that I have done any real estate development in my life, but I have been thinking about it lately). I am pretty sure I will get back for my PhD before 40 (35 now). If I had say $1M I would probably accelerate that some.

My real concern with quitting isn't money as much as guranteed health insurance. My wife is a cancer survivor (Hodgkins, most beatable form of cancer, but cancer nonetheless. Also, she has a very strong history of breast cancer in her family. To ramble a bit more (see caffeine thread for why I am rambling), I really really hope they have that beat before my two daughters (one to be born still) are in their 30's. I think they will). At any rate, I like the idea of being part of a large group so I can get health insurance, and I think if/when I quit I will be forming one, either secondary to a company I start (or already have), or just as a company. (I always thought a poker players guild would be a good idea. Sort of like a union, collect dues and provide health insurance, leagle and tax advice/services, etc. Kind of like the screen writers guild. Has some merit I think, but I am not sure if the illusion of collusion it would offer non members would make it detrimental overall.)

So (come on blood, get that caffeine to my brain faster) I think my number is on the order of $1M right now, but only because my life of leisure involves generating income, too.

[sfer]

[ QUOTE ]
Definitely not. But for now, it allows me the financial independence and, most importantly, time, to pursue the educational/athletic/musical/charitable things that I care about.

[/ QUOTE ]

Then you misunderstood my question.

[IndieMatty]

I think it's because we both know, that if we failed with the Million on the "fun" job...we could always go back to NYC's financial industry in a heartbeat. I don't need 10 million. Give me some start up loot, no debt, and a chance to drink all day...errr doing something cool.

To note, this is the reason I play poker, saving up for something of my own.

[zokbarjazz]

[ QUOTE ]
the amount of money they would need to quit and do whatever it is they would like to do with their life.

[/ QUOTE ]

My current job is not what I want to be doing with my life. I decided that I needed a $10K cushion (~6 months) to be able to leave this job and do what I want to do with my life.

I think I see what you're getting at. But dude, if your job is meaningless to you and you want to open a restuarant (for example), do it. Take out a loan (before you quit your job) and give it a shot. Why does it take a couple million dollars to be able to do what you want to be doing? What's the worst that can happen? You fail. See Matty's post: the NYC financial district isn't going anywhere. Poker isn't going anywhere. And you obviously have mad post-flop skillz.

So, since you have yet to answer, what's your number? And, more importantly, why?

[IndieMatty]

You've inspired me..

On that note, I need an affiliate and someone to give me a $1,000,000 loan. My collateral is some vintage record albums, and roughly 50k in a 401k/offshore gambling accounts.

Thanks,

Matt


(That's about what it would take to get a place up and running in NYC)

[DMBFan23]

if I had a million bucks I'd quit my job as a systems engineer and go teach high school advanced math. but hs teachers just don't make enough to comfortably raise a family on, and I like what I do plenty.

[mmcd]

Why does it take a couple million dollars to be able to do what you want to be doing?

I think it takes significantly more than that.

Right now, I want to be sitting on my yacht down in the Carribean or maybe the Gulf of Mexico, smoking a Cuban cigar and sipping on some Louis XIII. I'd like to do this (or at least have the option to) every day.

[jakethebake]

[ QUOTE ]
Why does it take a couple million dollars to be able to do what you want to be doing?

I think it takes significantly more than that.

Right now, I want to be sitting on my yacht down in the Carribean or maybe the Gulf of Mexico, smoking a Cuban cigar and sipping on some Louis XIII. I'd like to do this (or at least have the option to) every day.

[/ QUOTE ]
That doesn't take a lot. My mom did it for like 15 years. She sold her house, bought a boat and just did it. Worked regular jobs occasionally, chartered the boat sometimes. Picked up money here and there. Lots of people do it w/o a lot of money.

[sfer]

I don't hate my job. And I don't know what I want to do over the long term.

[IndieMatty]

[ QUOTE ]
And I don't know what I want to do over the long term.

[/ QUOTE ]

Be a silent partner in my RockClub/Bar underground poker club?

[sfer]

Done. I can get a couple more investors.

[IndieMatty]

I'm thinking a place like Siberia in Hells Kitchen, with a Gaf like poker room downstairs. Bands that play Pianos would also play there. Wednesday Night, is guest DJ night.
Sundays is bring your ipod playlist night. Etc etc.

Sigh..someday, whats the age limit I have on this endeavor? Can I be 30 and still open a bar for 20 somethings?

[bdk3clash]

[ QUOTE ]
Done. I can get a couple more investors.

[/ QUOTE ]
If by "investor" you mean "guy that sits in the corner and drinks by himself every night," then count me in.

[sfer]

Awesome. The place will be called Moe.

[sfer]

I was thinking more like the old Brownies. And around the same neighborhood.

[jakethebake]

[ QUOTE ]
I'm thinking a place like Siberia in Hells Kitchen, with a Gaf like poker room downstairs. Bands that play Pianos would also play there. Wednesday Night, is guest DJ night.
Sundays is bring your ipod playlist night. Etc etc.

Sigh..someday, whats the age limit I have on this endeavor? Can I be 30 and still open a bar for 20 somethings?

[/ QUOTE ]

And you should walk around asking guys if they just grabbed your ass?
http://www.campfire.org/a_i_kid_day/graphics/celebs/chazz.gif

[IndieMatty]

[ QUOTE ]
I was thinking more like the old Brownies. And around the same neighborhood.

[/ QUOTE ]

Well Played.

[turnipmonster]

do you guys know mike stuto? talk to him, ask him what he thinks /images/graemlins/smile.gif.

--turnipmonster

[sfer]

[ QUOTE ]
do you guys know mike stuto? talk to him, ask him what he thinks

[/ QUOTE ]

Is that Reno?

[IndieMatty]

Yeah, I know he failed miserably..but theres so many other crappy venues that make money. Something was amiss there.

[jakethebake]

[ QUOTE ]
I'm thinking a place like Siberia in Hells Kitchen, with a Gaf like poker room downstairs. Bands that play Pianos would also play there. Wednesday Night, is guest DJ night.
Sundays is bring your ipod playlist night. Etc etc.

Sigh..someday, whats the age limit I have on this endeavor? Can I be 30 and still open a bar for 20 somethings?

[/ QUOTE ]

I'll now be picturing sfer and IndyMattie as the Butabi brothers from now on.

[IndieMatty]

What that analogy makes no sense? Like lambchops and tunafish?

[jakethebake]

[ QUOTE ]
What that analogy makes no sense? Like lambchops and tunafish?

[/ QUOTE ]
Wannabe club moguls.

[IndieMatty]

Different types of clubs old man. Isn't it happy hour yet?

[jakethebake]

[ QUOTE ]
Different types of clubs old man.

[/ QUOTE ]
Doesn't mean there aren't similarities. Now if you could just make the inside look like the outside, and the outside look like the inside...

[[censored]]

[ QUOTE ]
Apparently my number is lowet than most people, but I would need to clear about $1.2 million net, so I would say my onetime payout amount would be somewhere between $1.8 and 2.0 million. $200k to satisfy my mortgage and school loans, and $1 million to place in T-bills and live off of the $50k in interest per year.

I know that $50k isn't that much, but when you remove all of your debt, it is plenty of money to live comfortably.

I would rather live comfortably and not work, then live lavishly and work.

[/ QUOTE ]

Wait so you're saying public accounting isn't what you want to do with your life? That can't be right.

[Rick Diesel]

[ QUOTE ]
[ QUOTE ]
Apparently my number is lowet than most people, but I would need to clear about $1.2 million net, so I would say my onetime payout amount would be somewhere between $1.8 and 2.0 million. $200k to satisfy my mortgage and school loans, and $1 million to place in T-bills and live off of the $50k in interest per year.

I know that $50k isn't that much, but when you remove all of your debt, it is plenty of money to live comfortably.

I would rather live comfortably and not work, then live lavishly and work.

[/ QUOTE ]

Wait so you're saying public accounting isn't what you want to do with your life? That can't be right.

[/ QUOTE ]

For work, I actually don't mind it too much. My problem is that I just hate work in general, particularly when somebody else (partners) is benefitting from my work more than I am.

[sfer]

The instant the clientele changes to include velvet ropes, private tables, carbonated drinks that don't include hops and people who looked in the mirror before they walked out of their apartments I would sell my interest in this nonexistent club.

[IndieMatty]

[ QUOTE ]
The instant the clientele changes to include velvet ropes, private tables, carbonated drinks that don't include hops and people who looked in the mirror before they walked out of their apartments I would sell my interest in this nonexistent club.

[/ QUOTE ]


I can't believe you just backed out.

[sfer]

I want to be able to get in. And I want Brad able to get in. So he can drink, alone, every night.

[goofball]

$5M

[AviD]

I would like...100 billion dollars!

[peachy]

depending on where u live.... half a mil to a mil should be fine to entirely quit work and live off of IF invested properly and wisely, if u r worried about "future" inflation...invest in land...BUT research it first!! /images/graemlins/shocked.gif

[jakethebake]

[ QUOTE ]
depending on where u live.... half a mil to a mil should be fine to entirely quit work and live off of IF invested properly and wisely, if u r worried about "future" inflation...invest in land...BUT research it first!! /images/graemlins/shocked.gif

[/ QUOTE ]
Yea. Good luck with that. /images/graemlins/tongue.gif

[peachy]

its true its true!!