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#1
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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? |
#2
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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.
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#3
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Re: How much money do you need?
[ QUOTE ]
3 Million or a bit more for inflation. $100,000 a year for the next thirty years or so should be good. [/ QUOTE ] 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. |
#4
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Re: How much money do you need?
5% interest after inflation sucks. after the real estate bubble your american dollars are going to crap.
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#5
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Re: How much money do you need?
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5% interest after inflation sucks. after the real estate bubble your american dollars are going to crap. [/ QUOTE ] Not in Texas. Real Estate here is cheap as hell. |
#6
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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 |
#7
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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. [/ QUOTE ] 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. |
#8
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Re: How much money do you need?
[ QUOTE ]
[ QUOTE ] Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars. [/ QUOTE ] 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. |
#9
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Re: How much money do you need?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Person above me here said 3 million us dollars, myself I would be well sorted with around 1 million dollars. [/ QUOTE ] 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. [/ QUOTE ] 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 |
#10
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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. |
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