How much money do you need?

[newfant]

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.

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

[cokehead]

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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.

[Bobby Cannoli]

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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

[RowdyZ]

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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

[MicroBob]

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.

[MagnoliasFM]

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.

[SumZero]

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.

[cadillac1234]

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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'

[grandgnu]

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.