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How much money per week would you consider Set for Life?

Topic closed. 35 replies. Last post 3 years ago by Stack47.

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Posted: August 18, 2013, 7:57 pm - IP Logged

Well, first you have to define what "set for life" means for you. I think one would be hard pressed to say they are set for life on $500 a week in California! Set for life means I never have to work for a living. So 5k per week would qualify but 10k per week would be even better. 20k per week would be outstanding, but I cannot see myself dropping $20 on a scratch off. If I spend $20 on a scratch off, I would be pissed if I won Nothing. I would only play if such game at least offered $10 as a minimum prize even on loser tickets. I would then be able to play $100 in my quest to hit the jackpot...otherwise, that Benjamin would only net me 5 tickets if all I was buying were no prize losers.

One other thing I take issue with is it says set for life, but put time limit of 25 years on payout period. So a 20 year old winner would not be set for life.

I dont know...the "set for life" term limit of 25 years could last alot of 20 yr old the rest of their life,I think it depends on the person....we all know Dave Edwards was set for life and he was no 20 year old...So it is not really how much you have....it is what you do with it and/or take care of it

    Jon D's avatar - calotterylogo
    Los Angeles, California
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    Posted: August 18, 2013, 8:13 pm - IP Logged

    There was a study a while back that said $75,000 per year was what a person need to be happy. That's at about the $1,500/week level. So with the Set for Life amounts $500, $1000, $2500 or $5000 per week, the small amounts $500 or $1000 probably won't cut it, maybe just a little "less stressed for life" if anything. The larger two $2500 and $5000 per week are probably what is needed to quit your day job. But that all depends on where you live and what your expenses and obligations are.

    But with any of those amounts, let's be honest, it's not life changing like a hundred million, so why not keep your day job, and use the extra to build your wealth? Or if your day job sucks, you can find something you enjoy doing instead, even if it pays a penance.

      four4me's avatar - gate1
      MD
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      Posted: August 18, 2013, 8:28 pm - IP Logged

      There was a study a while back that said $75,000 per year was what a person need to be happy. That's at about the $1,500/week level. So with the Set for Life amounts $500, $1000, $2500 or $5000 per week, the small amounts $500 or $1000 probably won't cut it, maybe just a little "less stressed for life" if anything. The larger two $2500 and $5000 per week are probably what is needed to quit your day job. But that all depends on where you live and what your expenses and obligations are.

      But with any of those amounts, let's be honest, it's not life changing like a hundred million, so why not keep your day job, and use the extra to build your wealth? Or if your day job sucks, you can find something you enjoy doing instead, even if it pays a penance.

      I don't know who did that study... back in 2000 a married couple with 2 children needed 80 grand take home to have a great year. Since everything has doubled since 2000 then that figure would be 160 grand now.

      Big John says. You don't hit the number. The number hits you!!!!

                     I'm not Big John, I'm Four4me, Big John's a friend.
        Jon D's avatar - calotterylogo
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        Posted: August 18, 2013, 8:35 pm - IP Logged

        I don't know who did that study... back in 2000 a married couple with 2 children needed 80 grand take home to have a great year. Since everything has doubled since 2000 then that figure would be 160 grand now.

        It's in the link. And I believe that was single income. Sure, you can have all kinds of circumstances. I bet Octomom would not be happy with just $75,000. And if all the middle class familes out there today with less that $160,000 take home are miserable and unhappy, well, that is up for debate.

          ThemBonez's avatar - 16314 s.jpg
          Phoenix, AZ
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          Posted: August 18, 2013, 9:04 pm - IP Logged

          $5,000 a week is ample.  I'd be happy with that amount.

          "JACKPOT BABY!" ...those elusive words still elude me! LOL

            MADDOG10's avatar - smoke
            Beautiful Florida
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            Posted: August 18, 2013, 9:17 pm - IP Logged

            I'd go for the $ 5,000 a week..

                                                         

                                                           " You can not control the Wind, but you can direct the Sail "

              dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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              Posted: August 18, 2013, 9:28 pm - IP Logged

              $5,000 a week sounds good to me.....Banana

              I Love Pink & Green 1908

                mikeintexas's avatar - tx avatar-1.gif
                Texas Panhandle
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                Posted: August 18, 2013, 10:27 pm - IP Logged

                $5,000 a week sounds good to me.....Banana

                Yep, that sounds good to me, too, although I could probably get by and live comfortably on half that or less.  I don't play a lot of scratchers, but one I do like to play here in Texas is "Weekly Grand", a thousand a week for 20 yrs.  Most people prob. couldn't retire on that, but it would be a nice supplement to their regular income, sure make things a lot easier.  Being single w/ no children, I could get by on it pretty good.

                In the other thread, the one that asked how much you'd like to win, I didn't know how to answer b/c I'd like to win a billion,but would be thrilled w/ a million (or even less, actually). The Texas Lottery is at a nice level right now - $6.25 million/ $3.96 cash option.   C/O would net me $2.9+ after taxes;  take 2.1 million and invest it in a safe manner and leave me 800k+ to spend/do things with. The 2.1 million would be great to have stashed away, could always get into it if need be, but I think I could live on the interest from it, plus - while I wouldn't brag about it - I would be a multi-millionaire.

                  Romancandle's avatar - moon
                  Upacreek
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                  Posted: August 18, 2013, 10:57 pm - IP Logged

                  It's in the link. And I believe that was single income. Sure, you can have all kinds of circumstances. I bet Octomom would not be happy with just $75,000. And if all the middle class familes out there today with less that $160,000 take home are miserable and unhappy, well, that is up for debate.

                  I like that saying Jon... "Less stressed for life"... you should see if Cali will buy that slogan from you on the next set of scratchers LOL

                  I saw that article too a while back.  There were several takes on the data in that study too... for example "how do you define happiness"... hard to quantify etc.

                  Also saw a range from $75,000 up to $160,000... but $75K seemed to be the sweet spot for most.

                  Interesting to note where other nations fell in that study... think Germany was around $80,000, Singapore as high as $200-$300K. 

                  But yeah... $500 or $1000 is hardly "set for life" these days... but I'll take what I can get Thumbs Up

                  -RC

                    Coin Toss's avatar - shape barbed.jpg
                    Zeta Reticuli Star System
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                    Posted: August 18, 2013, 11:54 pm - IP Logged

                    I don't know who did that study... back in 2000 a married couple with 2 children needed 80 grand take home to have a great year. Since everything has doubled since 2000 then that figure would be 160 grand now.

                    Good point, four4me.

                    In Illinos the 'set for life' payoffs have a ceiling and the time frame is usually 20 years. What sounds like a weekly forune today may sound like a whole lot less 20 years from now.

                    Today's new car prices used to be the price of a house. Go from there.

                    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                    Lep

                    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                      weshar75's avatar - Lottery-042.jpg
                      Mcminnville, Oregon
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                      Posted: August 18, 2013, 11:56 pm - IP Logged

                      Oregon's win for life is only $1000 a week for life and it is I think 20 years.  So $52,000 a year so after taxes not that much have to keep working on that one.  But if they would up it to $5000 a week for life I would play that game.-weshar75

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                        Jon D's avatar - calotterylogo
                        Los Angeles, California
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                        Posted: August 19, 2013, 10:52 am - IP Logged

                        I like that saying Jon... "Less stressed for life"... you should see if Cali will buy that slogan from you on the next set of scratchers LOL

                        I saw that article too a while back.  There were several takes on the data in that study too... for example "how do you define happiness"... hard to quantify etc.

                        Also saw a range from $75,000 up to $160,000... but $75K seemed to be the sweet spot for most.

                        Interesting to note where other nations fell in that study... think Germany was around $80,000, Singapore as high as $200-$300K. 

                        But yeah... $500 or $1000 is hardly "set for life" these days... but I'll take what I can get Thumbs Up

                        Actually, the games are called Lucky for Life. We used to have a game called Set for Life, that was $100,000/year (about $1900/week) but that was replaced with the LFL series.

                        Maybe some people were upset about the word "Set" so they just changed it to Lucky instead. I'd be pretty happy with $1900/week additional income, but others might be half-empty mindset and want to complain about taxes and inflation, before they even won anything!? Confused (UpSet for Life)

                          helpmewin's avatar - dandy
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                          Posted: August 19, 2013, 11:42 am - IP Logged

                          I Like $7500.00 a week Dance


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                            Posted: August 19, 2013, 11:46 am - IP Logged

                            I Like $7500.00 a week Dance

                            I would be thinking more of a monthly figure and I dont mind being conservitive @ $5-10k


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                              Posted: August 19, 2013, 11:50 am - IP Logged

                              $2500 would work for my family