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re: How much money would it take for you to get today for you to never work again?
Posted on 3/22/16 at 9:05 am to slackster
Posted on 3/22/16 at 9:05 am to slackster
what would you do 365 days a year?
golf?
fish?
vacation?
all costs money you wouldn't spend if you were employed
Original question
It would take 10 million dollars for me never to work again. Anything less and I'm keeping my job
golf?
fish?
vacation?
all costs money you wouldn't spend if you were employed
Original question
quote:
How much money would it take for you to get today for you to never work again?
It would take 10 million dollars for me never to work again. Anything less and I'm keeping my job
2
Posted on 3/22/16 at 9:05 am to WG_Dawg
I'm 28, single.
$2 million is all I would need.
I'd pay cash for a house, and keep the car I have now.
$2 million is all I would need.
I'd pay cash for a house, and keep the car I have now.
Posted on 3/22/16 at 9:05 am to WG_Dawg
$4,363,503 as of last summer according to the Life of Riley index.
Posted on 3/22/16 at 9:07 am to REB BEER
quote:
I don't think the majority of OT'ers have a realistic view of money and wealth.
They have no clue, and this thread is exhibit 1A. Anyone saying north of $5MM has some explaining to do as to why $150K per year in tax-free income would be an issue for them - that is equivalent to a take home paycheck of $5770 every two weeks.
Posted on 3/22/16 at 9:08 am to Havoc
quote:
$5M. But the caveat is I'd still "work" I'd just do what I wanted to do instead of having to. Who knows, may even make more money in the long run.
This would be my answer too. It's not in me to sit around and do nothing for the rest of my life. I love to cook so I'll dab in that and probably attend culinary school and study abroad for a while. I also love the game of basketball so I'll likely venture into coaching at some point in my life as well.
This post was edited on 3/22/16 at 9:10 am
Posted on 3/22/16 at 9:08 am to Pelfan8104
quote:
$2 million is all I would need.
Okay, tell me more...
quote:
I'd pay cash for a house,
You know how I know you wouldn't make it?
Posted on 3/22/16 at 9:09 am to WG_Dawg
$2 mil. My father has a farm in Alabama. I would buy more land and $200k of cattle. I would never miss a day of deer season, and I would do a lot more fishing and playing golf.
Posted on 3/22/16 at 9:09 am to yellowfin
Right, I'd probably get a job doing something I'd really enjoy to kill time while the rest of society worked. With all that free time it would be super tempting to travel or waste money on toys.
Posted on 3/22/16 at 9:09 am to yellowfin
quote:
It would take 10 million dollars for me never to work again. Anything less and I'm keeping my job
Fair enough.
Posted on 3/22/16 at 9:10 am to WG_Dawg
I dunno,
But I don't need all that...
But I don't need all that...
Posted on 3/22/16 at 9:11 am to slackster
quote:
Anyone saying north of $5MM has some explaining to do as to why $150K per year in tax-free income would be an issue for them
As I said my lifestyle is pretty low maintenance. If I kept the EXACT SAME lifestyle, then obviously it would take probably half of the $6 or 7M I said.
But currently, I'm not really comfortable dropping thousands to travel around the world and do a bunch of fun stuff like that. That's why I added the extra, to allow me to do so. Throw in a lot more free time (which is currently taken up with work), buying a nice but modest home in a good neighborhodo (currently live in a 1BR apartment), etc...and that's why I came up with that number.
Posted on 3/22/16 at 9:11 am to slackster
quote:believe what you want
but we do not have 15 people on this board with that much in liquid assets. No way.
some with trusts, some via inheritance, and others through work/investment ventures
Posted on 3/22/16 at 9:12 am to WG_Dawg
38, married w/ 2 kids
$3,000,000
$3,000,000
Posted on 3/22/16 at 9:12 am to slackster
$5 mil sounds about right.
Gotta remember though, if I'm not working I'll need something to do to pass the time, so I assume my expenses would go up by a good bit.
Gotta remember though, if I'm not working I'll need something to do to pass the time, so I assume my expenses would go up by a good bit.
Posted on 3/22/16 at 9:12 am to WG_Dawg
Dude your specs mimic mine and all i need is a mill.
Posted on 3/22/16 at 9:14 am to WG_Dawg
bout three fiddy
Posted on 3/22/16 at 9:15 am to Rouge
quote:
believe what you want
some with trusts, some via inheritance, and others through work/investment ventures
Maybe so if you consider the entire membership, but that many people that you know of for sure just seems a bit far fetched - particularly if we're discussing liquid assets.
Posted on 3/22/16 at 9:17 am to slutiger5
quote:
all i need is a mill
enjoy your life of not traveling and not doing much
Posted on 3/22/16 at 9:17 am to WG_Dawg
1.76 million
Posted on 3/22/16 at 9:17 am to WG_Dawg
$10 mil should be fine for most. Bank $3 mil and invest the other $7 mil.
A 5% return on $7 mil is $350,000 per year.
A 5% return on $7 mil is $350,000 per year.
This post was edited on 3/22/16 at 9:21 am
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