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After the Big Win

Topic closed. 30 replies. Last post 8 years ago by s5thomps.

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How much money would it take (after taxes) would it take for you to quit your job?

250,000.00 [ 6 ]  [6.38%]
500,000.00 [ 4 ]  [4.26%]
1 million [ 17 ]  [18.09%]
5 million [ 33 ]  [35.11%]
10 million [ 7 ]  [7.45%]
15 million or more [ 22 ]  [23.40%]
other/explain [ 5 ]  [5.32%]
Total Valid Votes [ 94 ]  
Discarded Votes [ 1 ]  
s5thomps's avatar - Lottery-033.jpg
Hard Luck, Ak
United States
Member #23472
October 13, 2005
275 Posts
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Posted: December 20, 2008, 10:45 am - IP Logged

I figure the average person over the course of a lifetime is lucky to make a million dollars, so for me it would be 10 million, but I would just be as happy with 5 million. I feel that anything less than a million is definetly not enough to retire on, but any win is better than nothing.

Sun Smiley GOT MY SHADES ON WATING FOR THE SUN TO SHINE MY WAY!

"We make a living by what you get, You make a LIFE by what you give!"

                                                               Sir Winston ChurchillSun Smiley

    ThatScaryChick's avatar - x1MqPuM
    Idaho
    United States
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    November 21, 2007
    6537 Posts
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    Posted: December 20, 2008, 12:09 pm - IP Logged

    I choose a minimum of 5 million. Maybe even something between 2-5 million at least. Of course more would be better. But I wouldn't be picky.

    "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

      Shawn67's avatar - Lottery-061.jpg

      United States
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      September 1, 2006
      4763 Posts
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      Posted: December 20, 2008, 3:55 pm - IP Logged

      I think 5 million should do the trick!!

        DC81's avatar - batman39
        MI
        United States
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        August 31, 2007
        985 Posts
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        Posted: December 20, 2008, 9:06 pm - IP Logged

        I picked 10M since at that point one could be able to live comfortably just by making a measly 5% return. Sure with 5M you could do well also with the same rate with still having a regular six figure income but you'd probably want to do something more to help supplement it, at least if you're somewhat young still because if you expect to live for another 50 or so years that probably won't cut it in 2058 if we make it that far. Then again the 10M might not cut it either with that low rate of return though you'd still have more room to pad the principal...

        I don't start playing MM until after it reaches 15M+ after taxes though and the bigger the jackpot the better!

        You can't predict random.

          Grovel's avatar - f800e6a39fbfea795d1dcbb09f2244
          Little Rock, AR
          United States
          Member #68365
          December 19, 2008
          241 Posts
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          Posted: December 21, 2008, 9:23 pm - IP Logged

          I would have to be at least 10 mil for me to quit my job. 5 million would not last me the rest of my life I think.

            Guru101's avatar - rw6jhh
            Indiana
            United States
            Member #48725
            January 7, 2007
            1955 Posts
            Online
            Posted: December 22, 2008, 1:46 am - IP Logged

            I picked 5 million. Of course, that's quitting a job working for someone else. I would still start my own business.

            Gonna win.Big Smile

              cosmotravis's avatar - f ssr.jpg

              United States
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              September 25, 2008
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              Posted: December 22, 2008, 8:50 am - IP Logged

              after doing some serious cyphering one night. I figured a 30 y/o person could live off 3.3 million for the rest of their life in the rural midwest.  probably less if you wanna be tight with money.  105k a year is a nice chunk.

              give the rest to friends and family.

                mymonthlypicks's avatar - spider
                Virginia Beach,Va
                United States
                Member #65378
                September 25, 2008
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                Posted: December 22, 2008, 9:02 am - IP Logged

                I figure the average person over the course of a lifetime is lucky to make a million dollars, so for me it would be 10 million, but I would just be as happy with 5 million. I feel that anything less than a million is definetly not enough to retire on, but any win is better than nothing.

                Sun Smiley GOT MY SHADES ON WATING FOR THE SUN TO SHINE MY WAY!

                I figure the average person over the course of a lifetime is lucky to make a million dollars;

                 

                This may be correct for people Born in the 50s but after that I don't believe thats true since to make a Million its only 50k for 20 years or you can break it down even farther buy its only 25k for 40years and with C.O.L. your need a lot more in the future. For me 2 million will be more then enough,

                If OBAMA'S The ANSWER

                How STUPID was the QUESTION?

                  GamerMom's avatar - tails

                  United States
                  Member #60535
                  April 21, 2008
                  460 Posts
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                  Posted: December 22, 2008, 9:44 am - IP Logged

                  I think you have to consider exactly what you are giving up when you quit your job.  Yes you may not be happy with your salary but most people get "extras" that are actually quite invaluable.  For example, most people have some sort of health care plan, dental, vision, 401K, life insurance, AD&D, etc.  If you purchase all of that on your own you will have one heck of a monthly bill.  That's why it would take at least $15 million for me because I would not only be buying insurance for me but my children and spouse as well.  God forbid something happens to one of us....even with insurance the costs can be crippling.  God love the good old US of A *sigh* 

                    grengrad's avatar - nw rogue.jpg
                    Raleigh
                    United States
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                    January 17, 2007
                    172 Posts
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                    Posted: December 22, 2008, 10:03 am - IP Logged

                    For me to quit my current job, I would want $1.6 million, and then I would move.

                    $600,000 housing.

                    $1,000,000 investment income to provide a stable revenue stream.

                     

                    That said, I would still go get another job immediately after I moved, so I am not sure if that is what you mean.

                    For me to quit my job, and not get a serious one to replace it, I would need $3.3 million, so I voted for $5 million

                    $80,000 car

                    $120,000 travel.

                    $600,000 housing.

                    $2,500,000 investment income.

                    I only play Powerball, and it has a minimum prize greater than $3.3 million.

                     

                    I think people underestimate how much their job is a part of their social life. Additionally, a lot of the bad aspects of a job come from needing the money and being concerned about layoffs, etc. If you don't need money, working is not nearly as stressful. I know there is a huge difference just from living paycheck to paycheck to having 6 months pay saved. I suspect that after a year I would get bored and want to do something with my daytime.

                    I would probably do volunteer charity work 2 days a week to be part of the community.

                    I would then also probably work a part time computer geek job 2 days a week.

                      GamerMom's avatar - tails

                      United States
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                      April 21, 2008
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                      Posted: December 22, 2008, 10:09 am - IP Logged

                      For me to quit my current job, I would want $1.6 million, and then I would move.

                      $600,000 housing.

                      $1,000,000 investment income to provide a stable revenue stream.

                       

                      That said, I would still go get another job immediately after I moved, so I am not sure if that is what you mean.

                      For me to quit my job, and not get a serious one to replace it, I would need $3.3 million, so I voted for $5 million

                      $80,000 car

                      $120,000 travel.

                      $600,000 housing.

                      $2,500,000 investment income.

                      I only play Powerball, and it has a minimum prize greater than $3.3 million.

                       

                      I think people underestimate how much their job is a part of their social life. Additionally, a lot of the bad aspects of a job come from needing the money and being concerned about layoffs, etc. If you don't need money, working is not nearly as stressful. I know there is a huge difference just from living paycheck to paycheck to having 6 months pay saved. I suspect that after a year I would get bored and want to do something with my daytime.

                      I would probably do volunteer charity work 2 days a week to be part of the community.

                      I would then also probably work a part time computer geek job 2 days a week.

                      I'm assuming that's 1.6 after federal witholding taxes are taken out, right?  Don't forget to save $$$ for additional taxes come April 15 ;)

                        grengrad's avatar - nw rogue.jpg
                        Raleigh
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                        January 17, 2007
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                        Posted: December 22, 2008, 10:21 am - IP Logged

                        I'm assuming that's 1.6 after federal witholding taxes are taken out, right?  Don't forget to save $$$ for additional taxes come April 15 ;)

                        Yes, your assumption is correct.

                        The poll asks "How much money would it take (after taxes) for you to quit your job?"

                         

                        I always calculate taxes at full federal and state, not just what they take out up front.  :)

                          lottocalgal's avatar - Lottery-043.jpg
                          CA
                          United States
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                          December 23, 2007
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                          Posted: December 23, 2008, 9:39 pm - IP Logged

                          Looks lis $5,000,000 is the current winner.   If we are talking about take home  after fees and taxes, then $5,000,000  would set me up something great.  Of course Anything will help me right now.

                            DC81's avatar - batman39
                            MI
                            United States
                            Member #54830
                            August 31, 2007
                            985 Posts
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                            Posted: December 26, 2008, 8:52 pm - IP Logged

                            Yes, your assumption is correct.

                            The poll asks "How much money would it take (after taxes) for you to quit your job?"

                             

                            I always calculate taxes at full federal and state, not just what they take out up front.  :)

                            Me too, a lot of people don't seem to realize that you may owe an additional 10% in April and a lot of winners have gotten in trouble because of it.

                            You can't predict random.

                              dphillips's avatar - littleuns
                              Albuquerque, New Mexico
                              United States
                              Member #5128
                              June 18, 2004
                              377 Posts
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                              Posted: December 27, 2008, 11:41 am - IP Logged

                              These are some mitigating factors a person should consider:

                              1. Age: are you younger or are you older?

                              2. His or her standard of living at the time of the windfall, and the continuance of that present standard of living or the progression toward a higher standard of living.

                              3. Life expectancy based on actuarial data and genetic influences. Remember, death is an equal opportunity employer.

                              4. Investing conservatively (based on age) or risk-takers (for the young winners).

                              5. Family expectations (financial bailouts) for those winners who want to help their families, but bearing in mind, are not required to do so by law.

                              Finally, these are my opinions and they are not meant to reflect an accurate or an appropriate financial assessment for a winner. 

                              See Ya!-- Bye, bye!  When you win, may you glow as brightly as theSun Smiley