How much money do you need?
 

With these big payout up to $7.5 Million is the WSOP I was wondering how much money would you need to never work again.

How much money do you need to never work again, live a life where money is not as issue (within reason, as in not buying massive yachts for example), as in you would never worry about money again.

I personally would work on some projects regardless of any money I had, but it would be more of a hobby.

How much cash do you need to live comfortably for the rest of you life.

Lets say you are in the mid 20's

What do you reckon?

Re: How much money do you need?
 

3 Million or a bit more for inflation. $100,000 a year for the next thirty years or so should be good.

Re: How much money do you need?
 

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3 Million or a bit more for inflation. $100,000 a year for the next thirty years or so should be good.

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That's roughly been my number. Invest that 3 million in a safe vehicle that pays 5% and you make $150,000 per year without touching the principal.

Re: How much money do you need?
 

How much money you need is vastly different depending on who you ask and what they enjoy in life.

Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars.

But then again my interests aint overly expensive, compared to many others.

M

Re: How much money do you need?
 

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Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars.


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I don't think that's as realistic as you think. The average American is going to make 2-3 million in a lifetime. After inflation, who knows.

Re: How much money do you need?
 

5% interest after inflation sucks. after the real estate bubble your american dollars are going to crap.

Re: How much money do you need?
 

3 mill is all I need for lifetime of freedom, I figured this out for myself a while back.

Mind you, I am not Capt. Extravagent and definitely would invest wisely after a thorough search.

No bling bling BS, 1.5 million $ crib and no 250G sports cars, etc etc.

>TW<

Re: How much money do you need?
 

"I don't think that's as realistic as you think. The average American is going to make 2-3 million in a lifetime. After inflation, who knows. "

Well, I wouldnt live in america so that dont apply to me, nor am I american. If the question was "If you live in america etc etc " then surely the amount I would want would be alot higher.

M

Re: How much money do you need?
 

Yes, but I'm talking lump sum 3 mill, HUGE difference versus spread out $.

I am in the US.

>TW<

Re: How much money do you need?
 

If you only plan to live 30 years, you could make that equation work. But the lifespan of a 20-something (which is the original age range he mentioned) is easily another 50-60 years. With medical advances, that might wind up being another 70-80 years.

$3M isn't nearly enough to up and quit. Unless you do a good job investing.

During a discussion with some friends on this same topic, I figured I'd need $10M to quit my job. And I'm in my late 30s, not my mid-20s.

Re: How much money do you need?
 

I could do with $500,000 but that's AFTER taxes are taken out.

Re: How much money do you need?
 

What's 5 % of 500,000 ?

25,000

You couldn't live on $25,000 / year ?

Re: How much money do you need?
 

No, I couldn't quit my job and live on $25k per year.

My in-laws own a business and are self-employed. They pay around $1,300 per month for health insurance. That's nearly $16,000 per year you'll be paying for health insurance.

Re: How much money do you need?
 

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My in-laws own a business and are self-employed. They pay around $1,300 per month for health insurance. That's nearly $16,000 per year you'll be paying for health insurance.


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Quotes like that make me happy, that I live in Canada.

Re: How much money do you need?
 

2 mil if you're frugal, 5 mil if you less frugal. I'd side to 5 mil. If i'm relaxing, kight as well do it comfortably.

Re: How much money do you need?
 

$10 million, not a penny less, but I live in Manhattan. If I had $9,900,000, I'd keep working.

And that's after tax.

Re: How much money do you need?
 

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$10 million, not a penny less, but I live in Manhattan. If I had $9,900,000, I'd keep working.

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$5 million to buy a decent apartment, the other $5 million for maintenance...

Re: How much money do you need?
 

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$10 million, not a penny less, but I live in Manhattan. If I had $9,900,000, I'd keep working.

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$5 million to buy a decent apartment, the other $5 million for maintenance...

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nh.

Re: How much money do you need?
 

$5M

Re: How much money do you need?
 

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You couldn't live on $25,000 / year ?

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When I was 25 I made $25K and thought I was the richest person alive. Last year at 39 I made $110K and seemed to have less money then I did at 25 - ex-wives, kids and mortgages are alot more expensive than you would think.

Re: How much money do you need?
 

I think I would quit my job if I had $800K in the bank. The general rule is that you can withdraw 4% of your portfolio per year and have it survive over any 30-year period if you are 25% invested in bonds and 75% in a stock market fund. 4% of 800K is 32K and I think I could make 20K a year playing poker.

50K a year would be plenty for me to live on, but I live in a cheap, small town and have no mortgage, no ex-wives, and no alimony or palimony. Also, I would just buy catastrophic health insurance, so that should be fairly cheap.

Re: How much money do you need?
 

exactly $5.2 million. If i can take home 5% after taxes that makes me 260k a year, or exactly 5k a week.

Re: How much money do you need?
 

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Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars.


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I don't think that's as realistic as you think. The average American is going to make 2-3 million in a lifetime. After inflation, who knows.

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The average american does not make that much over a life time and its not even close.

Re: How much money do you need?
 

[ QUOTE ]
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Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars.


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I don't think that's as realistic as you think. The average American is going to make 2-3 million in a lifetime. After inflation, who knows.

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The average american does not make that much over a life time and its not even close.

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40K/yr for 47 years (20 to 67) is $1.88M. So even ignoring inflation, and 2-3 million is probably about right.

For me, $2M after tax would do it, but $3M would be preferable [img]/images/graemlins/smile.gif[/img]

Bobby

Re: How much money do you need?
 

[ QUOTE ]
[ QUOTE ]
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Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars.


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I don't think that's as realistic as you think. The average American is going to make 2-3 million in a lifetime. After inflation, who knows.

[/ QUOTE ]

The average american does not make that much over a life time and its not even close.

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40K/yr for 47 years (20 to 67) is $1.88M. So even ignoring inflation, and 2-3 million is probably about right.

For me, $2M after tax would do it, but $3M would be preferable [img]/images/graemlins/smile.gif[/img]

Bobby

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That 40K a year is probably pretty close. Last figures I saw were from the fourth quarter of 2002 and the average weekly wage of workers covered by federal or state unemployment insurane was $739 a week which is $38428 a year

RZ

Re: How much money do you need?
 

I have a hunch that Chris Moneymaker has learned first-hand that a million dollars doesn't go as far as he thought it would.

(note - since he was staked in the tourney he did not take home all $2.5-million of his first prize...I don't know if he got $1-million after taxes or not....just guessing).


I'm in roughly the $2-million camp I think.

Cheap place in my residence of choice. Some cheap travel.
Keeping poker as a mostly-profitable hobby too while also earning investment money on my $2-million.
I think I could get by just dandy and be quite happy in life.

I don't have to fly first-class everywhere sipping champagne.

Re: How much money do you need?
 

Some people would be satisfied with a few million, while it would take others billions of dollars to be satisfied. I guess the real answer is, however much you can be content with.

Re: How much money do you need?
 

About $10 million.

I want enough that after inflation, interest, and taxes (including taxes on the interest!) that I can get $100K/year (adjusted up each year for inflation) with enough principle to last 60+ years. If you imagine that you get a nominal rate of return of 6% per year, that you lose 1/4 of that return to taxes, and that inflation averages 3% per year then $10 million and that you want to be able to spend $100K [2005 dollars] / year then the money runs out after 62 years.

Re: How much money do you need?
 

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When I was 25 I made $25K and thought I was the richest person alive. Last year at 39 I made $110K and seemed to have less money then I did at 25 - ex-wives, kids and mortgages are alot more expensive than you would think.

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'sup bro'

Re: How much money do you need?
 

To never work again (including not playing poker) I would probably need 2 million. I'd purchase a home outright and not have to worry about payments each month.

Now, if I was going to quit my day job and try poker full-time, I'd need somewhere in the $20,000-$50,000 range, depending on which limits I'd play and so forth.

Re: How much money do you need?
 

Well, from 7.5 million you could live very comfortably from the interest alone. Depends on how modestly or lavishly you want to live. I think probably at around 5 million you could easily not work again for the rest of your life. As long as you're not stupid with it. I could probably do it with 3 million. Also depends on where you want to live. A modest house in Los Angeles now can cost a million dollars.

Re: How much money do you need?
 

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Quotes like that make me happy, that I live in Canada.

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Yes, because we all know how well socialized medicine works. Enjoy your $12/litre gasoline and your 15% sales tax.

Re: How much money do you need?
 

It depends where you live, if you own a house already, etc.

I would say that if it is Los Angeles(best games and quantity of games + close to Las Vegas), and you are commited to not living extravagantly and you have a seperate dedicated BR for poker and you are relying on the money as your only income, about $5 million. At 5% you get 250,000 per year before taxes. Say you purchase a reasonably modest home for $800,000 in Northridge(middle class suburb of LA). The $250K should be enough to pay your mortgage and also put a bit back into saving each year to ensure you keep ahead of inflation.

Re: How much money do you need?
 

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Quotes like that make me happy, that I live in Canada.

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Yes, because we all know how well socialized medicine works. Enjoy your $12/litre gasoline and your 15% sales tax.

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Not to mention all those annoying Canadians you have as neighbors. Canuckistan < USA.

Re: How much money do you need?
 

I'm 31, 2.5 million after tax sounds about right. That buys a large house outright, a reasonable but upscale car and probably 1.8-1.9 for interest.

Re: How much money do you need?
 

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Quotes like that make me happy, that I live in Canada.

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Yes, because we all know how well socialized medicine works. Enjoy your $12/litre gasoline and your 15% sales tax.

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nh

Re: How much money do you need?
 

I am mid 30's with 2 young children and I figured I would need 3-5 million to retire.

peace
billyb

Re: How much money do you need?
 

7 million liquid.

Re: How much money do you need?
 

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Quotes like that make me happy, that I live in Canada.

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Yes, because we all know how well socialized medicine works. Enjoy your $12/litre gasoline and your 15% sales tax you disgusting pinko fvcker.

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FYP

Re: How much money do you need?
 

[ QUOTE ]
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Quotes like that make me happy, that I live in Canada.

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Yes, because we all know how well socialized medicine works. Enjoy your $12/litre gasoline and your 15% sales tax you disgusting pinko fvcker.

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FYP

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Capitalism sucks. I could make a million dollars a day, FOR THE REST OF MY LIFE, and not have as much money as Bill Gates has right now.

In order for someone to be rich, many others must be poor. While I realize we have it quite well here in the States, there's still plenty of corruption, and room for improvement.

Our government is comprised of rich half-wits, and most of us are too apathetic to bother doing anything about it. The average Joe, who might have some great ideas on how to improve the country, can't afford to not work 40+ hours a week and run for office.

Here in Massachusetts, before Mitt Romney was elected as governer, he was asked "do you plan to balance the budget on the backs of the poor?"

His response was something to the effect of "no, of course not, that's a loaded question. There are all sorts of revenue sources we can look at, keno, lottery ticket sales...."

Keno and lottery ticket sales hurt the poor and middle class, who wind up paying for the roads and services, since you don't see many rich folk buying up handfuls of lottery tickets in hopes of "hitting the big one".

Yes, this is a voluntary system, but it prays upon peoples weaknesses, and the failures of our economy.

And don't go confusing support of socialism or communism for someone being anti-democracy, since our country isn't even a democracy, it's a republic. Communism and Socialism should be compared with Capitalism, not Democracy.

Now, where was I? Oh yeah, fight the powah! [img]/images/graemlins/grin.gif[/img]