How much money do you need?

[FMMonty]

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?

[jeffraider]

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

[chucksim]

[ 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.

[Malagant]

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

[TheMainEvent]

[ 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.

[TStoneMBD]

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

[Trainwreck]

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<

[Malagant]

"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

[Trainwreck]

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

I am in the US.

>TW<

[InkyWretch]

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.