$5M? $10M? ?
$5M? $10M? ?
"Too much money ain't enough money."
- Lil Wayne
$$r wrote:
$5M? $10M? ?
Enough to know I could take care of my family for the rest of my life, leave some behind, help others who need it, and, perhaps have a decent lifestyle (nothing extravagant at all). To me, this is a moving target. I think enough to give myself an annual interest income of about $75k a year. So, what is that...$1.5m ± in the bank at 5%?
I would never be satisfied with the amount of money I had. If I had a million dollars, I'd shoot for 10 million. If I had ten million then my next goal would be 20 million. I see wealth as a goal like running is about getting faster. Plus if I had a billion dollars, the interest alone could help so many worthy organizations.
I agree with your last sentence. If I had $1b in the bank I'd give it away like candy, except, to people who really need it. Did you know Bill Gates has given away something like 53% of his net worth in the past couple of years?
$$r wrote:
$5M? $10M? ?
$5 million would do it for me. Take 4% of that the first year, and that's $200,000. Assuming I'd be debt free then (retirement time), that's enough. If I got the money TODAY I'd want $3 million...that would give me $120,000 income (4%)...I still have a mortgage, but that would enable me to live the life I want and get rid of that mortgage.
Honestly? Probably a couple billion--one for my family and me, and one for my alma mater, to (among other things) make it Title IX-proof.
I would be perfectly happy with $1 million today. Making 4% interest a year would give me about 10k more than I make now, and I have no debt (done with all my education, and own a car). Since I figure I'd still work, I'd probably give away half of what I would make working, save the other half, and just live on 40k (assuming I'd contribute 15k/year to the 1 mil it would increase about 1.5k/year). I'd keep that up until I felt like retiring. I live a very frugal life, and the only thing I would do with extra money would be travel.
However, if someone wanted to give me a billion dollars I probably wouldn't say no...
No amount of money is too much, but if I had enough to generate $200,000 in passive income, I wouldn't have any motivation to work for more.
Owning three chase the perfect weather houses outright and 8.75 million in the grouch bag is my current retirement goal.
Living in eternal spring is my goal but if pressed early fall would work too.
http://hayhill.com/docs/rodin/full/r13_2g.jpg
I assume the 'don't wany any more money' part does not exclude investment income or compoundsavings interest from the target amount.
I'd say a trillion bucks would be pretty solid. I'd be extremely rich and would not have to worry too much about inflation taking away my status. I'd want it in assets, not USD, so that the Fed couldn't take away all my money with their printing press.
I'd say more than that, but if I had too much there might be a liquidity crisis in the world, the economy would go south and all that money wouldn't do me any good.
