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I would be happy with 10 million dollars, what about you?

Topic closed. 56 replies. Last post 3 years ago by jrosina.

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United States
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July 25, 2012
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Posted: December 7, 2013, 6:24 pm - IP Logged

I hear alot of people talking about a 1 billion dollar mega millions pot.  But, what would make you happy, how much money would make you happy?  Me, after giving my family money, I would be happy with 10 millions dollars to retire on.

10,000,000 - 3,000,000 dollar house = 7,000,000

cars, house stuff ($300,000), house taxes per/year ($1,230,000) - 7,000,000 = 5,470,000 

$5,470,000 / 41 years = $133,415.00 a year budget with hardly no bills.  Would this make you happy or would you need more?

Im just assuming that it's 10 million after taxes...so yeah I'd say 1.5 on two houses one here which would be about 350,000 tops and the rest on a house in Miami. 500,000 on cars 300,000 on furniture and household goods for both houses....and just live off the rest...Now would I take more? Oh yeah LOL

    Think's avatar - lightbulb
    Marquette, MI
    United States
    Member #20541
    August 20, 2005
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    Posted: December 7, 2013, 6:41 pm - IP Logged

    ??? I will run around naked in the street for 50 thousand Big SmileWink

    But the fine for running around naked in the street is 51 thousand!


      United States
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      March 14, 2012
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      Posted: December 7, 2013, 6:47 pm - IP Logged

      ??? I will run around naked in the street for 50 thousand Big SmileWink

      I dont think many people are going to pay 50K to see that.Roll EyesJester

        Think's avatar - lightbulb
        Marquette, MI
        United States
        Member #20541
        August 20, 2005
        710 Posts
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        Posted: December 7, 2013, 6:51 pm - IP Logged

        I hear alot of people talking about a 1 billion dollar mega millions pot.  But, what would make you happy, how much money would make you happy?  Me, after giving my family money, I would be happy with 10 millions dollars to retire on.

        10,000,000 - 3,000,000 dollar house = 7,000,000

        cars, house stuff ($300,000), house taxes per/year ($1,230,000) - 7,000,000 = 5,470,000 

        $5,470,000 / 41 years = $133,415.00 a year budget with hardly no bills.  Would this make you happy or would you need more?

        Lets see...using historic inflation figures...

        133,415 after

        5   years = 67,597
        10 years = 62,364
        15 years = 48,157
        20 years = 39,130
        25 years = 32,212
        30 years = 27,618
        35 years = 24,443
        40 years = 15,696

        That's with historic worst case.  It could always be better or worse.

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          United States
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          August 1, 2013
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          Posted: December 7, 2013, 7:24 pm - IP Logged

          Good point Think, but hopefully I can stay under the $133,415 a year ($2585.56 a week) and carry over what is left to the next year.  I would like to stay an average person, so  not eating at 5 star restaurants every week, no $100,000.00 cars, and just stay on budget or below.

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            United States
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            Posted: December 7, 2013, 7:25 pm - IP Logged

            Yes, 10 million after taxes.  Nice plan, summer house in Miami.

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              NY
              United States
              Member #23835
              October 16, 2005
              3501 Posts
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              Posted: December 7, 2013, 8:07 pm - IP Logged

              Lets see...using historic inflation figures...

              133,415 after

              5   years = 67,597
              10 years = 62,364
              15 years = 48,157
              20 years = 39,130
              25 years = 32,212
              30 years = 27,618
              35 years = 24,443
              40 years = 15,696

              That's with historic worst case.  It could always be better or worse.

              Where did you get those numbers? they suggest an average rate of inflation of about 5.5% over 40 years, but the first 5 years is 14.5% and the next 5 years is 1.6%.  Regardless, how much do you think you could earn by investing $5.47 million when inflation is at  14% or 5.5%?

              The figures that BigBear posted don't account for any investment income at all, but a rate of 2.44% would yield a gross income of slighty more than $133,415. Let's figure 3.5% is required to result in that much after taxes. As a long term average I'd expect that's reasonable if inflation is running 5% or so.

              I would suggest that it would be extremely stupid to spend $3 million on a house when you've only got $10 million unless you plan to continue earning a substantial income. The house might be  a decent investment, but that's not nearly as certain as some people think. If I  was going to retire based on netting $10 million I wouldn't even consider spending  more than $1 million for  a residence, because  it isn't as liquid as you might like if it looks like values are going to tank.

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                Posted: December 7, 2013, 8:23 pm - IP Logged

                I think it depends on where you buy that house and 3 million would be my max.

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                  Milwaukee, WI
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                  December 27, 2003
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                  Posted: December 8, 2013, 1:19 am - IP Logged

                  Let me see.  My SS check pays my reoccuring bills, apartment is warm, the city bus pas is $64 an takes me wherever I want to go, the cupboards are full, the freezer is full, I have no other bills, nice computer, nice tv, nice camera, took a nice western vaction last summer, lots of nice events in the city. Since GWB took my life savings, my house and car forced me to downsize, I learned to live cheap, ANY extra cash is nice. I'm happier now then when I had money. No shoveling, no worrying whether the car will start, no cutting the grass. All that I have to do is check on what is on sale at the grocery store. Cermak had chicken legs on sale .59/lb. Elrey has potatoes for 1.29 for 8 lbs and apples for .48 and sliced ham for 2.39. I have Aldis close always cheap. Dollar Tree next to Aldi. Piggly Wiggly has stuff on sale.  Why worry?  I don't NEED more. But more would be nice though. :-) A nice tomato sounds good right now.

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
                    United States
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                    April 28, 2009
                    14903 Posts
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                    Posted: December 8, 2013, 11:36 am - IP Logged

                    Let me see.  My SS check pays my reoccuring bills, apartment is warm, the city bus pas is $64 an takes me wherever I want to go, the cupboards are full, the freezer is full, I have no other bills, nice computer, nice tv, nice camera, took a nice western vaction last summer, lots of nice events in the city. Since GWB took my life savings, my house and car forced me to downsize, I learned to live cheap, ANY extra cash is nice. I'm happier now then when I had money. No shoveling, no worrying whether the car will start, no cutting the grass. All that I have to do is check on what is on sale at the grocery store. Cermak had chicken legs on sale .59/lb. Elrey has potatoes for 1.29 for 8 lbs and apples for .48 and sliced ham for 2.39. I have Aldis close always cheap. Dollar Tree next to Aldi. Piggly Wiggly has stuff on sale.  Why worry?  I don't NEED more. But more would be nice though. :-) A nice tomato sounds good right now.

                    "Since GWB took my life savings, my house and car forced me to downsize, I learned to live cheap"

                    I'm sorry to hear what President Bush did to you.

                    But if you think that's bad, look at what he did to Obama.

                    He made his whole 1st Term a total disaster and he's currently making his whole 2nd Term a total disaster too.

                    That's one powerful ex-President.

                    And now he's making Barry destroy the whole country!

                    That dirty rotten rat!

                    Bad Bushie!  Bad! No No

                      rcbbuckeye's avatar - Lottery-043.jpg
                      Texas
                      United States
                      Member #55889
                      October 23, 2007
                      5763 Posts
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                      Posted: December 8, 2013, 11:39 am - IP Logged

                      I'm happy when I win more than I bet.

                      Anything on top of that is gravy.

                      And I like gravy.

                      I consider it a beverage.

                      I like gravy too!!!

                      Except when you refer it as a beverage, then it's sounds really gross!

                      LOL.

                      CAN'T WIN IF YOU'RE NOT IN

                      A DOLLAR AND A DREAM (OR $2)

                        helpmewin's avatar - dandy
                        u$a
                        United States
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                        February 22, 2011
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                        Posted: December 8, 2013, 11:48 am - IP Logged

                        I like gravy too!!!

                        Except when you refer it as a beverage, then it's sounds really gross!

                        LOL.

                        Puke

                         

                        Green laugh

                        Let it Snow Snowman

                          Think's avatar - lightbulb
                          Marquette, MI
                          United States
                          Member #20541
                          August 20, 2005
                          710 Posts
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                          Posted: December 8, 2013, 5:53 pm - IP Logged

                          Where did you get those numbers? they suggest an average rate of inflation of about 5.5% over 40 years, but the first 5 years is 14.5% and the next 5 years is 1.6%.  Regardless, how much do you think you could earn by investing $5.47 million when inflation is at  14% or 5.5%?

                          The figures that BigBear posted don't account for any investment income at all, but a rate of 2.44% would yield a gross income of slighty more than $133,415. Let's figure 3.5% is required to result in that much after taxes. As a long term average I'd expect that's reasonable if inflation is running 5% or so.

                          I would suggest that it would be extremely stupid to spend $3 million on a house when you've only got $10 million unless you plan to continue earning a substantial income. The house might be  a decent investment, but that's not nearly as certain as some people think. If I  was going to retire based on netting $10 million I wouldn't even consider spending  more than $1 million for  a residence, because  it isn't as liquid as you might like if it looks like values are going to tank.

                          Looks like you missed the HISTORIC part.

                          That was actual inflation between 1915 and 1920.  When attempting to plan, why not  use historic worst case?

                          Unless of course you can tell me the exact figures.   Repeating, the future numbers will always be better or worse.  You do have to start somewhere and, for me, historic worst case is where I start.

                          Oh and you may ask why inflation was so high back then.  Remember that the federal income tax started during that period in 1913.

                            lejardin's avatar - Lottery-014.jpg

                            United States
                            Member #118609
                            November 4, 2011
                            1075 Posts
                            Offline
                            Posted: December 8, 2013, 6:14 pm - IP Logged

                            "Since GWB took my life savings, my house and car forced me to downsize, I learned to live cheap"

                            I'm sorry to hear what President Bush did to you.

                            But if you think that's bad, look at what he did to Obama.

                            He made his whole 1st Term a total disaster and he's currently making his whole 2nd Term a total disaster too.

                            That's one powerful ex-President.

                            And now he's making Barry destroy the whole country!

                            That dirty rotten rat!

                            Bad Bushie!  Bad! No No

                            Well said RDGRNR.

                            Obama to this day will never take responsibilty for anything.

                              Artist77's avatar - batman14

                              United States
                              Member #121745
                              January 16, 2012
                              4985 Posts
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                              Posted: December 8, 2013, 6:37 pm - IP Logged

                              Let me see.  My SS check pays my reoccuring bills, apartment is warm, the city bus pas is $64 an takes me wherever I want to go, the cupboards are full, the freezer is full, I have no other bills, nice computer, nice tv, nice camera, took a nice western vaction last summer, lots of nice events in the city. Since GWB took my life savings, my house and car forced me to downsize, I learned to live cheap, ANY extra cash is nice. I'm happier now then when I had money. No shoveling, no worrying whether the car will start, no cutting the grass. All that I have to do is check on what is on sale at the grocery store. Cermak had chicken legs on sale .59/lb. Elrey has potatoes for 1.29 for 8 lbs and apples for .48 and sliced ham for 2.39. I have Aldis close always cheap. Dollar Tree next to Aldi. Piggly Wiggly has stuff on sale.  Why worry?  I don't NEED more. But more would be nice though. :-) A nice tomato sounds good right now.

                              Well we all have to pay our mortgages and car payments on time.  If you do not pay, those items are repossessed. You can't expect things for free. Blaming GWB is rather silly.

                              J'aime La France.