So how much do you need to be 'set'?

Reply #12

DeeSpence — Sat, 21 Mar 2009 19:40:43 GMT

Is this a trick question? I think you answered your own question with your first sentence. Just as one million dollars today isn't enough, ten million dollars a day in ten years won't amount to much either. Essentially, enough is never enough. We should all continue to strive for not only our benefits but the benefit of our families. The economy standards are only increasing.

Just my two cents anyway

Reply #11

psykomo — Sat, 21 Mar 2009 19:32:51 GMT

PSYKO NO WORRY $$$

killed a few POSSUM's from

my trash can friday nite!!!

gona buy sum sweet poteter's

saturday cook-um g@@D

play D-JackPot lottery and

watch D NASCAR on sunday!!

aunnt living in D USA G@@D?

Don't TAX my POSSUM

Reply #10

ambelamba — Sat, 21 Mar 2009 05:42:11 GMT

Inflation is not a huge issue if you own the properties for less than a decade.

And there are a lot of property-rich people whose most incomes come from rents.

Reply #9

Think — Fri, 20 Mar 2009 01:57:09 GMT

ambelamba,

You ignore inflation and all kinds of other factors

Reply #8

ambelamba — Thu, 19 Mar 2009 05:41:38 GMT

REITs got hit real hard. I'd rather own actual properties.

Reply #7

diamondpalace — Wed, 18 Mar 2009 22:26:12 GMT

Enough will never be enough, there's always things to buy, people to give money to, etc...

Reply #6

Coin Toss — Wed, 18 Mar 2009 21:38:06 GMT

ambelamba,

To each their own, but I just couldn't see coming into a score like a multi-million dollar jackpot and doing something like being a landlord and tying myself down to properties (other than the one I'd live in, maybe that and one more somewhere), etc...

Why not invest in REITs rather than tie yourself down to something

Reply #5

The Hitman — Wed, 18 Mar 2009 05:59:51 GMT

I totALLY AGREE with u

Reply #4

BobP — Wed, 18 Mar 2009 05:45:09 GMT

I could make do ok with a clean million after taxes. Though I would like to buy one of these and for that I'd like to win at least twenty million.

http://www.missilebases.com/

No kidding they're forsale at reasonable prices for lottery jackpot winners or anyone else with that much surplus cash.

BobP

Reply #3

savagegoose — Tue, 17 Mar 2009 11:31:29 GMT

you could always rent a place, owning a house sure does make needing more a certainty to be set but id say 1 mill should do , 2 mill if u want to own a house. to , thats not a win thats total in the bank.

Reply #2

ambelamba — Tue, 17 Mar 2009 06:48:03 GMT

Well, that's average. I bet there are whole bunch of people who move around deadbeat jobs and never save money.

And even well-to-do people still have a hard time having a million-dollar cash in their bank account.

Reply #1

SmoothJuice — Tue, 17 Mar 2009 06:34:29 GMT

The average American make $2,000,000 during their lifetime.

So how much do you need to be 'set'?

ambelamba — Tue, 17 Mar 2009 06:29:00 GMT

It's certainly not 1 million dollars nowdays. You can buy a nice house in LA county for that amount of money. But that's it.

You need something that can generate incomes. CDs? (interest rate too low to generate incomes) bonds? (you need a few million dollars worth of bond fund to generate comfortable income) Mutual funds? (not in these days) Real Estates? (you need to set up your own LLC and/or get a dedicated management company)

I think it's nice to have decent chuncks of everything.... [ More ]