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How much money...?
  • elephant
    Posts: 11Member
    Would you need to live comfortably the rest of your days. Some one asked me this and I said a million dollars. I figured I could invest wisely and live of the interest. Then it was explained to me that 5 million was a more accurate number, I still think I could make do for a few decades on just one million. What are your thoughts?

    Also, what annual income do you think makes someone rich? We are somewhere in the 6 figures and are comfortable but not extravagant. What annual income do you consider poor?
  • AnonUser26
    Posts: 1,144Guest
    Money is relative. It depends on where you live, how extravagantly you want to live, what resources are available in your area. Someone in the "country" could live quite well on $40,000 a year, in a major metropolitan area, 40g could leave you going without food, because after taxes, that's about $2500 a month. A one bedroom in the city can run you that much in rent a month.

    Really, when I was a single mom in the city, I made less than 20g in 2010. I didn't eat many a day when I had my daughter. The days I didn't have her, I mooched off friends and family. I know families in the country that live just fine on that amount with four people because they inherited their family home, have gardens, hunt, etc.

    But how much is enough? I'll take the liberty to answer for everyone: you could have all the money in the world, but it still wouldn't be enough, because money doesn't buy happiness.
  • AnonUser32AnonUser32
    Posts: 816Guest
    I'd say be realistic. How much do you make now? Are you planning on making the same or more in the future. Do you have the necessities? After that I'd go based on what you make annually times how many years after you retire, add some for inflation. Also plan for major expenses, wedding/ college etc. Of course you won't know how many years you'll be alive after retire(65?) but I'd say do a good 35. Some people can live off less than others so it all depends on what YOU consider rich or poor.
    Without reason you have Rhythm and Rhyme the type of girl who knows how to have a good time... You take what you want except no for an answer... And I know first hand you're one hell of a dancer... So calling all cars and low and behold you're a real livewire with a heart of gold
  • AnonUser33
    Posts: 743Guest
    A million dollars isn't very much anymore. By the time you pay taxes on it you would only have enough left for a nice house and nice car. (where I live, near Seattle)
  • irishlassirishlass
    Posts: 6,734Member
    For me, if I won a million it wouldn't last that long. I would buy a nice house. One I could stay in for the rest of my life. I would furnish it with good quality furniture. Stuff that's built to last. I would learn to drive and buy a car that will last. I would buy a new wardrobe for myself and my son, and put some away for him going to university. It would be nearly gone then!
    For someone who already has a good income, owns their house and has furnished it nicely, has a nice car and some savings, 1million is going to be totally fun! Holidays and helicopter rides galore!
    "Be who you are and say what you feel. Because those who matter don't mind and those who mind don't matter." - Dr. Seuss
  • Katescrazymom
    Posts: 1,849Member
    $1,000,000? I have it all planned. No tax on winnings here. $300,000 to be debt free, which would make my income play money. A newish mini van, a newish truck for dh, finishing the basement, some new furniture, decorating, and landscaping (nothing extravagant), gifts to family, and invest $500,000. I think we could be very comfortable, but I wouldn't call that rich. Dh would still have to work.
    I think $5 million would make us rich, we could have a very nice house, some property, vacations etc.
    Sigh. Lotto max is still $50,000,000. Now that's rich. I'd settle for a Max million prize and be comfortable.
    It depends on where you are and what stage of life you're in. Housing costs, food cost,....
  • KellynnKellynn
    Posts: 1,993Member
    Where I am in MI we live very comfortably, but we do make good money. Now, if we were in Manhattan, I doubt we could live in the city, we'd have to live in one of the boroughs, and even then it would be tight. So, I guess it depends on where you live. No, money can't buy happiness, but it sure as hell makes life a lot easier!
  • PurpleFlowersPurpleFlowers
    Posts: 5,650Member
    I could live comfortably on a million. I barely get by now living paycheck to paycheck with no savings. I make a decent living but with 2 kids, no child support and the bills, I barely make it.
    Stay away from my chocolate and nobody gets hurt!

    I think I like who I am becoming...
  • LA_PygmyHerderLA_PygmyHerder
    Posts: 1,239Member
    If I could buy a house with land, somewhere we wanted to live and could find jobs, then a million would be good. We can live easily on what dh alone would make if we had no mortgage, car payments, medical bills, or credit card bills.
  • BlessieBlessie
    Posts: 1,496Member
    I would be a okay with a million
  • PigeonPigeon
    Posts: 681Guest
    Doing the math, a million would do me just fine.
  • CrashCrash
    Posts: 8,218Member
    You can bank the money, and live off the interest alone. As long as you don't touch the principal, you could get by quite nicely. I'd be quite happy with $3300 a month, if you put the million dollars in an account with 4% interest.
    See ya in another life, sister!
  • SerendipitySerendipity
    Posts: 636Member
    Curious said:

    You can bank the money, and live off the interest alone. As long as you don't touch the principal, you could get by quite nicely. I'd be quite happy with $3300 a month, if you put the million dollars in an account with 4% interest.



    This!!! I have planned way too much on what I woul do if I won the lotto. I want enough so I could invest enoug so that we would not havetto work again just from interest. I do want some to put in trust to take care of my parents and in-laws and for the kids' college. Then have some play money- New car, extra bedroom on the house. Then I'd like to help se friends- pay off their houses, bank roll a friend's business. I'd love to make my friends dreams come true.
  • momofeveryonemomofeveryone
    Posts: 1,716Member

    well, we are working till we die. so i got nothing.

     

    i AM the working poor lol, but we still have fun!

    we got the house!!!!! i have worked so hard for 5 years to get us in a spot to buy! isnt it cute?!?!?!?
  • jacigirl6354
    Posts: 199Member
    I've always said money can't buy happiness but I would much rather cry while sitting next to my in ground pool, out behind my mansion...that being said, I honestly think the more you have the more likely you are to spend.
    A million would be a nice cushion, but we would still both work, I may quit one job, but not both. 
    In the past seven years DH's income has nearly tripled and we live pretty comfortably. A rural area that is fairly cheap to live in helps. We have been able to buy an acreage, a new car, a motorcycle, a few other toys and some more land to add to our acreage, which we would not have been able to do before, however, we buy more things--like the toys, go out more and take more trips, we don't save much and other than our 401K's, life insurance and some college account for the kids, we don't invest or plan well. 
    Honestly, I would lean towards the 5 mil, but then we are fairly young, too, so we have more years to plan for! (I would not, however, turn down even a $10 winning lotto!)

  • LiquidPeppermintLiquidPeppermint
    Posts: 556Member
    I don't know how long I'll live, so I'd say instead of one round number, I'd like $5000/week for life.  That's a little less than $250K per year, and to hear the politicians tell it, that's middle class.  And I'd be totally thrilled with it. 
  • SalllyWingo
    Posts: 1,572Member
    We'd be good with a million.  The only debt we have is our mortgage, and we'd pay that off, by a house on the East Coast, probably each get a brand new Prius and we'd still have $ left over.  
  • OxiMOMOxiMOM
    Posts: 3,029Member
    I would lean twords the 5 mill as well. 1 million sure we could do it and live okay but with 5 mill I could buy the land I want help the people I want to help pay for college for my kids. And save save save so when me and DH retire some day we can have a very very nice retirement. I also think about this with my mom having alshimers there is a good chance I may develop early onset alshimers as well. I don't want my kids having the financial burden of having to pay for my home care/nursing home. I'm lucky my mom has enough financial stability to afford her care with the help of her power of attorney.
  • KatieRN
    Posts: 51Member

    My family of 6 needs about 5000 a month to live comfortably(that's paying all our bills, vet care, medical, etc....So that's 60,000 a year....so in theory a million would last over 10years for me...I think 5mil would work great for me!  I would have a complete farm to live off of :)

     

  • JayAndXansMomJayAndXansMom
    Posts: 51Member
    I could definitely make a million work!!!
    *~Angie~*
  • cassie77775
    Posts: 58Member
    About 2-3 million would be good.  I could make 1 million work though.  Here, 300k could buy a super nice house with a nice yard.  The rest could be invested and could live off interest.
  • meandmy243meandmy243
    Posts: 6,365Member
    We could live our life style now on a million quite a few years paying what we do now....... I think... we live on 25-28k a year
    mom of wild children
    going to the chapel 7/5/2014
  • SaraMommySaraMommy
    Posts: 863Member
    I wouldn't complain with 1 million. It would make us "rich" but that wouldn't last long...lol. If we won the lottery, I would still work, but only part time and DH would still work too (he loves his job). I would want to save the extra money and take a nice family vacation, so we wouldn't just be able to live on the million alone...bump it up to 5...that would be different. Man, I wish I had that kind of money. A girl can dream...
  • sandy2622
    Posts: 72Member
    A million would be great!  If you are careful and live frugally, it could last the rest of my life!  What a great nest egg that would be, LOL
  • peach27
    Posts: 126Member
    I don't think 1 million would be enough to live on for the rest of my life. I still need a house, new wardrobe, food, and cars to make it through the years. If I had to I could, but I'd rather not.
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