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How much money would you have to win to be able to quit your job and retire?

Topic closed. 95 replies. Last post 4 years ago by Ronnie316.

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RedStang's avatar - tallman zps6gf4inoc.jpg
NY
United States
Member #121961
January 21, 2012
3157 Posts
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Posted: September 30, 2012, 10:41 pm - IP Logged

I know a guy like that and he runs 3 miles a day for exercise.

He must be 10000 miles from home by now


    United States
    Member #116268
    September 7, 2011
    20244 Posts
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    Posted: September 30, 2012, 10:44 pm - IP Logged

    He must be 10000 miles from home by now

    A regular Forrest Grump running from coast to coast buying lottery tickets all along the way.


      United States
      Member #111442
      May 25, 2011
      6323 Posts
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      Posted: September 30, 2012, 10:48 pm - IP Logged

      A regular Forrest Grump running from coast to coast buying lottery tickets all along the way.

      I think that's Forrest Gump. But he may well be grumpy as well.  LOL


        United States
        Member #116268
        September 7, 2011
        20244 Posts
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        Posted: September 30, 2012, 10:50 pm - IP Logged

        I think that's Forrest Gump. But he may well be grumpy as well.  LOL

        After a 10000 mile run he is one Grumppy Gummpy......


          United States
          Member #111442
          May 25, 2011
          6323 Posts
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          Posted: September 30, 2012, 10:51 pm - IP Logged

          After a 10000 mile run he is one Grumppy Gummpy......

          I Agree!


            United States
            Member #116268
            September 7, 2011
            20244 Posts
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            Posted: September 30, 2012, 10:52 pm - IP Logged

            I Agree!

            Cheers


              United States
              Member #111442
              May 25, 2011
              6323 Posts
              Offline
              Posted: September 30, 2012, 10:53 pm - IP Logged

              Bed  See Ya!


                United States
                Member #116268
                September 7, 2011
                20244 Posts
                Offline
                Posted: September 30, 2012, 10:54 pm - IP Logged

                Bed  See Ya!

                Bed

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                  NEW YORK
                  United States
                  Member #90535
                  April 29, 2010
                  11976 Posts
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                  Posted: September 30, 2012, 11:26 pm - IP Logged

                  Hi everyone,

                  Just wanted to know how much would people have to win before they could quit their job and retire permanently. I've often wondered about this.  For me to be able to quit my job I'm not sure of the exact number but I would have to win a comfortable amount before that could ever happen. I have a job and not a career so it would be fantastic to be able to quit my job since I have a low salary and dislike my job.  I know that in my state if a person wins a million on a scratch ticket it's never a million payout if you take the lump sum (usually 650,000 before takes). I would need to win a whole lot of money after takes are paid in order to ever retire, just not sure of the exact dollar amount.  I realize for many people being able to retire can vary from person to person. If someone is near retirement age and they win a million it might mean they are able to retire for others a million would still be wonderful but most likely mean that you would still be working (as I would have to if I won a million).

                  You can retire to space by winning $1 on the lottery.lol

                  US Flag

                  PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!

                    Avatar
                    New Member
                    Little Rock, Arkansas
                    United States
                    Member #133425
                    September 29, 2012
                    3 Posts
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                    Posted: October 1, 2012, 1:03 am - IP Logged

                    I would  not retire but it could be the start of a way to self employment.

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
                      Member #37136
                      April 11, 2006
                      3300 Posts
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                      Posted: October 1, 2012, 1:48 am - IP Logged

                      i worked out a formula for how much based on what you think and the avail interest rates.

                       

                      x / 0.yyy

                       

                      where x is the sum you would need to spend ea year. an 0.yy is the interest rate

                      if interest is %10 you would put 0.10

                      if interest rate is %2 you would put 0.02

                       

                      so say you needed $50k a year and get 1.5% interest would need to win

                      50 000 / 0.015 

                      = $3.333m

                      2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                      keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                        Colt45ML's avatar - 4eyes
                        Jawja
                        United States
                        Member #87469
                        February 25, 2010
                        109 Posts
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                        Posted: October 1, 2012, 3:40 am - IP Logged

                        Hi everyone,

                        Just wanted to know how much would people have to win before they could quit their job and retire permanently. I've often wondered about this.  For me to be able to quit my job I'm not sure of the exact number but I would have to win a comfortable amount before that could ever happen. I have a job and not a career so it would be fantastic to be able to quit my job since I have a low salary and dislike my job.  I know that in my state if a person wins a million on a scratch ticket it's never a million payout if you take the lump sum (usually 650,000 before takes). I would need to win a whole lot of money after takes are paid in order to ever retire, just not sure of the exact dollar amount.  I realize for many people being able to retire can vary from person to person. If someone is near retirement age and they win a million it might mean they are able to retire for others a million would still be wonderful but most likely mean that you would still be working (as I would have to if I won a million).

                        It would probably take around what the 40 mil Powerball would be with the cash option and minus the taxes.  But the more pertinent objective is not the amount of money it would take, but the little matter of getting the cash and myself out of this country and to someplace that I can protect myself against the terrible inflationary hit that the US dollar is soon to take because of the Fed's "quantitative easing" that never seems to stop.  The US and the EU countries are the last places I want to be when the bill comes due.

                        Be sassy and be happy.

                          LottoGuyBC's avatar - Lottery-050.jpg
                          British Columbia
                          Canada
                          Member #116101
                          September 4, 2011
                          4033 Posts
                          Offline
                          Posted: October 1, 2012, 9:47 am - IP Logged

                          Hi everyone,

                          Just wanted to know how much would people have to win before they could quit their job and retire permanently. I've often wondered about this.  For me to be able to quit my job I'm not sure of the exact number but I would have to win a comfortable amount before that could ever happen. I have a job and not a career so it would be fantastic to be able to quit my job since I have a low salary and dislike my job.  I know that in my state if a person wins a million on a scratch ticket it's never a million payout if you take the lump sum (usually 650,000 before takes). I would need to win a whole lot of money after takes are paid in order to ever retire, just not sure of the exact dollar amount.  I realize for many people being able to retire can vary from person to person. If someone is near retirement age and they win a million it might mean they are able to retire for others a million would still be wonderful but most likely mean that you would still be working (as I would have to if I won a million).

                          I Agree!

                          "You have to be in it to win it!"

                            LottoGuyBC's avatar - Lottery-050.jpg
                            British Columbia
                            Canada
                            Member #116101
                            September 4, 2011
                            4033 Posts
                            Offline
                            Posted: October 1, 2012, 9:48 am - IP Logged

                            $2 million good...... $7 million BETTER.........

                            ditto Thumbs Up

                            "You have to be in it to win it!"

                              LottoGuyBC's avatar - Lottery-050.jpg
                              British Columbia
                              Canada
                              Member #116101
                              September 4, 2011
                              4033 Posts
                              Offline
                              Posted: October 1, 2012, 9:49 am - IP Logged

                              With careful planning and very shrew investing, I could probably retire on $500.

                              really? Poke

                              "You have to be in it to win it!"