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At what jackpot will you continue or quit working?

Topic closed. 68 replies. Last post 8 years ago by psykomo.

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What jackpot win is your cutoff to quit working all together?

$1,000,000 [ 16 ]  [16.33%]
$5,000,000 [ 21 ]  [21.43%]
$10,000,000 [ 9 ]  [9.18%]
$15,000,000 [ 4 ]  [4.08%]
$25,000,000 [ 5 ]  [5.10%]
$50,000,000 [ 6 ]  [6.12%]
$100,000,000 [ 6 ]  [6.12%]
Never! I will always work! [ 14 ]  [14.29%]
Never! Managing my investments is my new job! [ 10 ]  [10.20%]
Any amount because I never want to work again! [ 7 ]  [7.14%]
Total Valid Votes [ 98 ]  
Discarded Votes [ 3 ]  
dingo's avatar - lottery of-birth.jpg
San Jose, California
United States
Member #42003
June 26, 2006
206 Posts
Offline
Posted: April 13, 2008, 2:14 pm - IP Logged

$100 Milllion.

I don't know why. I just feel that $100 Million equivalent to $100. May be, most the time I never read the 6 zeros behind it. They biggest amount I ever have is $3500. When you talk to me $100 thousands or $1 Million, I just don't have the experience handling that kind of money.

$1000 is very much for me. I am happy with that.

 

I probably will continue to work. Stay home is boring to death.

    justxploring's avatar - villiarna
    Wandering Aimlessly
    United States
    Member #25360
    November 5, 2005
    4461 Posts
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    Posted: April 13, 2008, 2:38 pm - IP Logged

    At my age, a million would be great.  If you had $2M as a choice (for a jackpot) that would be ideal.

     

    Note to emarosa:  If you've worked for the type of people you refer to as "jerk-offs" (I have) then why would you ever want to be one? 

    Wink

      Pogo's avatar - wfl
      NC
      United States
      Member #29378
      January 1, 2006
      552 Posts
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      Posted: April 13, 2008, 2:48 pm - IP Logged

      At my age, a million would be great.  If you had $2M as a choice (for a jackpot) that would be ideal.

       

      Note to emarosa:  If you've worked for the type of people you refer to as "jerk-offs" (I have) then why would you ever want to be one? 

      Wink

      Yep, $2 million would be just about right... Enough after taxes to invest & even with a mild 5% grow, interest, or dividend we'd be talking $50k income per a year and after taxes that would net you about $38k - I'd say that's comfortable... Work a while elonger to get the current retirement fully vested, do a few fun things, then do your own little business thing from there on out... $2 million works - Pogo

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        Honduras
        Member #20982
        August 29, 2005
        4715 Posts
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        Posted: April 13, 2008, 4:39 pm - IP Logged

        i forgot to mention that i will work out a lot...

          CaliWinner's avatar - aeonflux
          New Member
          Orange County, CA
          United States
          Member #59371
          March 14, 2008
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          Posted: April 13, 2008, 7:45 pm - IP Logged

          I marked $50 million (although, really, I have determined my personal cut off point as being $40 million). Since I live in Southern California, which is one of the most expensive areas to live in the country, and I would want to stay here, that would require a certain amount of money each year to continue living at the current style that I'm accustomed to. My husband and I make fairly good money as programmers, and retiring on only a million or $5 million jackpot really isn't an option (although it would certainly be nice money to have!) If we got that kind of jackpot, we would invest it for our future retirement...and then retire early someday down the line, maybe, once it's significantly grown.

          At a $40 million jackpot, that would cash out at about $25 million. After taxes (which I estimate at about 35% for federal -- CA doesn't take out taxes for lottery winnings), that would leave me with $16,250,000. I'd take the first million and change to buy a new house (I currently live in a not so great area, to be honest, and to buy a "decent" house would probably cost around $700k, at least), pay off our debt, and have fun with.

          The other $15 million would be invested, and I would live on the interest. If you figure on even a relatively conservative rate of return (4%), that would yield $600,000 a year, which even after taxes would leave my husband and I relatively comfortable for the area that we live in, although not super rich. No yachts or super expensive sports cars Smile Not that we're the kind of people to do that kind of thing anyway. I personally would just be ecstatically happy not to have to work anymore, and to have the money to travel and just do the things I want to do.

          Not a winner yet. But I will be!

            dingo's avatar - lottery of-birth.jpg
            San Jose, California
            United States
            Member #42003
            June 26, 2006
            206 Posts
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            Posted: April 13, 2008, 8:41 pm - IP Logged

            I marked $50 million (although, really, I have determined my personal cut off point as being $40 million). Since I live in Southern California, which is one of the most expensive areas to live in the country, and I would want to stay here, that would require a certain amount of money each year to continue living at the current style that I'm accustomed to. My husband and I make fairly good money as programmers, and retiring on only a million or $5 million jackpot really isn't an option (although it would certainly be nice money to have!) If we got that kind of jackpot, we would invest it for our future retirement...and then retire early someday down the line, maybe, once it's significantly grown.

            At a $40 million jackpot, that would cash out at about $25 million. After taxes (which I estimate at about 35% for federal -- CA doesn't take out taxes for lottery winnings), that would leave me with $16,250,000. I'd take the first million and change to buy a new house (I currently live in a not so great area, to be honest, and to buy a "decent" house would probably cost around $700k, at least), pay off our debt, and have fun with.

            The other $15 million would be invested, and I would live on the interest. If you figure on even a relatively conservative rate of return (4%), that would yield $600,000 a year, which even after taxes would leave my husband and I relatively comfortable for the area that we live in, although not super rich. No yachts or super expensive sports cars Smile Not that we're the kind of people to do that kind of thing anyway. I personally would just be ecstatically happy not to have to work anymore, and to have the money to travel and just do the things I want to do.

            Lucky for you, you only need to share the jackpot within your family.

            I have so many relatives. Almost all of them need help in one way or another.

            Winning a lottery is very much like I am asking for trouble. It's better for me to cotinue to dream and work hard to earn more money after I graduate. It's better this way; no one is going to say that they have their shares in my hard-earned money.

              CaliWinner's avatar - aeonflux
              New Member
              Orange County, CA
              United States
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              March 14, 2008
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              Posted: April 13, 2008, 9:54 pm - IP Logged

              Lucky for you, you only need to share the jackpot within your family.

              I have so many relatives. Almost all of them need help in one way or another.

              Winning a lottery is very much like I am asking for trouble. It's better for me to cotinue to dream and work hard to earn more money after I graduate. It's better this way; no one is going to say that they have their shares in my hard-earned money.

              Actually, I have 8 siblings, and my husband has two. Add in our parents as well, plus about 20 nieces and nephews, and we have a pretty sizeable family. And a significant number of them are dirt poor, just barely getting by (I love my family, but some of them have made very poor choices in their lives).

              But...if we only won $40 million, the amount that we would give out to them would be very limited. Because there are SOOO many of them, there's no way we could give them much of anything without being totally sucked dry or without being unfair to some of them (and trust me -- in my family, if someone else get's something that another person feels they should, you NEVER hear the end of it). I wouldn't want to be part of the 1/3 percentage that is bankrupt within 5 years of winning the lottery, so I'd have to be pretty heartless. Maybe give them a few thousand at Christmas or something (which seriously -- if you multiply that times siblings + parents, that's $42,000), but that's ALL I would do. And I'm sure I'd hear no end of it, too, so we'd probably have to do some hiding from our own family.

              Now, if I won a very large lottery, like $100 million+, it would be a different matter.

              Not a winner yet. But I will be!

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                New Member
                Orlando
                United States
                Member #60307
                April 13, 2008
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                Posted: April 13, 2008, 11:30 pm - IP Logged

                just a Joke !!! I'd never want to be like thatBig Smile

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                  Honduras
                  Member #20982
                  August 29, 2005
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                  Posted: April 14, 2008, 12:45 am - IP Logged

                  i also forgot to say that i would not nor did i plan to go to college full time..2 classes a semester will be the maximum...AgainLOL what a happy life....

                  More important than winnng millions and traveling is religiously working out (make it a habit) and watching what you eat....

                    guesser's avatar - Lottery-017.jpg

                    United States
                    Member #41383
                    June 16, 2006
                    1969 Posts
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                    Posted: April 14, 2008, 2:12 am - IP Logged

                    It's not 60%, it's more like 51%.  FWIW.

                      guesser's avatar - Lottery-017.jpg

                      United States
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                      June 16, 2006
                      1969 Posts
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                      Posted: April 14, 2008, 2:21 am - IP Logged

                      Actually, I have 8 siblings, and my husband has two. Add in our parents as well, plus about 20 nieces and nephews, and we have a pretty sizeable family. And a significant number of them are dirt poor, just barely getting by (I love my family, but some of them have made very poor choices in their lives).

                      But...if we only won $40 million, the amount that we would give out to them would be very limited. Because there are SOOO many of them, there's no way we could give them much of anything without being totally sucked dry or without being unfair to some of them (and trust me -- in my family, if someone else get's something that another person feels they should, you NEVER hear the end of it). I wouldn't want to be part of the 1/3 percentage that is bankrupt within 5 years of winning the lottery, so I'd have to be pretty heartless. Maybe give them a few thousand at Christmas or something (which seriously -- if you multiply that times siblings + parents, that's $42,000), but that's ALL I would do. And I'm sure I'd hear no end of it, too, so we'd probably have to do some hiding from our own family.

                      Now, if I won a very large lottery, like $100 million+, it would be a different matter.

                      It's one thing to give because you want to, as opposed to others 'expecting' it, but you got it right: you cannot give to one without another screaming for 'their equal share' even though it's not 'theirs' to begin with.

                      For that reason, I would not give cash to anybody.

                      I may consider paying off a few relatives' mortgages or cars, but that would be the extent of it - and the extent of THAT would not be very big - mainly my siblings and my kids.  Anyone else, and it's 'sorry - it's all tied up in trust accounts'.  Period.

                      You gotta draw the line somewhere, and you gotta learn effective use of the word 'NO' or you WILL get sucked dry.

                      And as far as there being a difference between 40 mill and 100 mill - there isn't. If someone you know wants money, all they care about is themselves, and nobody else. if you won $200,000 you can bet your sweet bippy you will have family looking for handouts. TRUST ME.

                      Been there/done that.

                        justxploring's avatar - villiarna
                        Wandering Aimlessly
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                        Posted: April 14, 2008, 3:14 am - IP Logged

                        It's not 60%, it's more like 51%.  FWIW.

                        The MM jackpot is $37 million and the cash value is $23.2M which is more than 62%.

                          bashley572's avatar - starwars14
                          West Side of Sunny Florida
                          United States
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                          September 8, 2007
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                          Posted: April 14, 2008, 7:32 am - IP Logged

                          I would enjoy the CHALLENGE of trying to live on 1 Mill - I think it would be more fun then what I am try to live on now..!!!

                          Thumbs Up

                          Money won is twice as good as money earned!

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                            Kentucky
                            United States
                            Member #32652
                            February 14, 2006
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                            Posted: April 14, 2008, 7:34 am - IP Logged

                            The MM jackpot is $37 million and the cash value is $23.2M which is more than 62%.

                            After Federal and State taxes it would be less than 50%. In Ohio the winner would get a check for about $16 million after taxes or around 43%.

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                              Kentucky
                              United States
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                              February 14, 2006
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                              Posted: April 14, 2008, 8:32 am - IP Logged

                              This question isn't as easy to answer as it would seem.

                              During the 1950's and 1960's the self-help and financial books used to talk about "if you could maake $12,000 a year you'd be sitting pretty good".

                              Sounds silly now, doesn't it?

                              The answer would depend largely on what your monthly "nut" is (expenses), your age, and your ability to really distinguish between wants and needs.

                              As we've seen on the lotterey documentaires, buying a nice car probably makes sense- buying 20 of them is ridiculous.

                              The question is easy to answer for somebody that is already retired but is complicated for those that are not.

                              "During the 1950's and 1960's the self-help and financial books used to talk about "if you could maake $12,000 a year you'd be sitting pretty good"."

                              That shows how important it is to factor in inflation when considering the amount necessary to live comfortably for the next 20 or 30 years. When most of the states started lotto games in the 70s, the jackpots were usually $1 million that was paid out over 20 years at $50,000 a year before taxes. That is about the same as making $24 an hour right now minus their benefits package if they considered quiting their job.

                              The question is really how much you'll need to live on in 15 or 20 years and how much you would need to make it.