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How many Millions would set you for life?

Topic closed. 97 replies. Last post 2 years ago by TheGameGrl.

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Posted: February 19, 2015, 4:21 pm - IP Logged

Which was split by three people. So you have to worry about that, and also the jackpot doesn't get that high often. Usually someone wins it before. Mega Millions only had one time where it went over 400 million last year. And one time for PB.

LOL ahhh splitting 564 million 3 ways, what a problem I and you too would love to have....It doesnt matter how often it gets that high, it just matters that its you who hits it

    Artist77's avatar - batman14

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    Posted: February 19, 2015, 6:48 pm - IP Logged

    $2 million net for me or $15 million net if I buy that apartment in Paris.

    J'aime La France.

      Theox-'s avatar - DAylUYw

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      Posted: February 19, 2015, 10:14 pm - IP Logged

      $25 million would tie me over pretty nicely. But $200 thousand would turn my life around fairly well too.

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
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        Posted: February 19, 2015, 10:16 pm - IP Logged

        You said "living comfortably" and the median yearly income in San Francisco is $75,604 and per capita income is $48,486 and both well below the $100K a year I suggested. Did you miss were I said it depends on how much a person feels they need to live comfortably?

        That is according to the US Census- however those folks earning those numbers are living with Parents who bought their Homes decades ago or  with Friends. They certainly are Not buying homes Stack unless they " Pooling" their Money with other friends. According to HSH.com, one has to earn at the very least $142K to purchase a home in San Francisco.. thus my point of " not being able to buy an outhouse in the Bay Area.

        Get a Load of this....

        1. The median price of homes currently listed in San Francisco is $929,000 while the median price of homes that sold is $996,785. The median rent price in San Francisco is $4,000, which is higher than the San Francisco Metro median of $2,795.
        2. San Francisco Home Prices and Home Values - Zillow

          And Yes l did say " living comfortably" which l did not envision in " Bel Air " or the Hollywood Hills.

          Peace!!

        People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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          Posted: February 19, 2015, 10:23 pm - IP Logged

          $25 million would tie me over pretty nicely. But $200 thousand would turn my life around fairly well too.

          Mine Too...Big Smile.. but $200 mil sounds better..

          People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

            noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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            Posted: February 19, 2015, 10:27 pm - IP Logged

            That's not my amount. It's Shelby Mustang.

            Yeah l know- but if you Won $200 Mil, l bet you wouldn't say " That's Shelby's amount"

            People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

              Raven62's avatar - binary
              New Jersey
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              Posted: February 19, 2015, 10:45 pm - IP Logged

              Another good comment Smiley

              Thanks!

              As a Lottery Player: One has to Ask Themself:

              Am I Responsible Enough to be Wealthy?

              A mind once stretched by a new idea never returns to its original dimensions!

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                Posted: February 19, 2015, 11:38 pm - IP Logged

                Thanks!

                As a Lottery Player: One has to Ask Themself:

                Am I Responsible Enough to be Wealthy?

                If only financially responsible people played the lotteries, the jackpots and top prizes would be substantially smaller! So I say more power to the financially irresponsible playing as much as they can. Lots more money for financially responsible people like myself, if I get lucky. Smiley

                Scratchers ~ Cash 5 ~ Powerball ~ Mega Millions

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                  NY
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                  Posted: February 20, 2015, 2:43 am - IP Logged

                  Some of the people around here must be pretty miserable right now, considering how much they say they'd need to be comfortable.

                  Based on life expectancy calculations I've got a 25% chance of living at least another 33 years, so I'd figure I want a comfortable income that will last at least 35 years. Assuming that a safe investment will yield a 3% return, each million dollars invested will provide an income starting at $28,500 and increasing 3% per year  for 35 years, at which point the principal would be reduced to well under a year's income. I'd still own a home that could be sold to provide at least another few year's of income. Reducing the starting income to $15,000 would make it last 70 years. Assuming life expectancy increases, somebody who's 30 today might need more than 70 years of income. Starting with $13,000 it would last for 80 years.

                  Based on my age and work history I can expect to collect a reasonable income from social security. If somebody wins and retires at 30 they would collect very little, if anything. Those of us who are older may also have other retirement funds, as well as accumulated wealth that reduces how much more we'd need to produce any particular income. Somebody who's 30 is probably starting  with fairly close to zero. We all may inherit something from parents, and possibly other relatives.

                  Even if I had nothing at this point and couldn't count on social security, a $4 million investment would start me with an annual income of $114,000. Considering that's more than twice the median household income it's clearly enough to be comfortable unless you've got some unusual circumstances. Somebody who wants the income to last for 80 years would need just under $8.8 million to start with the same $114k. Even if that's less than somebody's current income, it's enough to be comfortable. You'd just need to decide if you want to keep on working. Of course those who are making more than that should already have something put away, which adds to the principal they'd have to invest.

                  It's worth noting that the income from investments is worth more than the same income from wages. You won't be losing any to social security, and you may pay capital gains rates on some of it. As time goes on, a greater portion of the annual income will come from principal, and your taxable income would be less than  your annual income. That would result in an effective increase in annual income of a bit more than 3%. OTOH, those who are young would  generate a bit more taxable income than they would withdraw for a fair number of years. You can also expect other costs to go down, such as no more commuting expenses or life insurance premiums.

                    Think's avatar - lightbulb
                    Marquette, MI
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                    Posted: February 20, 2015, 5:33 pm - IP Logged

                    Where if you never had to hit it again, you could walk away and say at least l am comfortable for the rest of my life?

                    Personally : $ 35 Mil and above* after both taxes. How about you?

                    *** Be realistic, dispense of the Bull by saying $200 mil..   Thanks in advance.

                    I have been doing this over and over for years and years and believe $35 million is ok.  That is about what I try to shoot for with maybe another Million for legal and other advice. 

                    That said, you can't predict inflation or other things so you may want to tack on another 33%.

                    For not investing any of it I also considered this formula 90-current age * $1,000,000 which would give you a million a year for the rest of your life if you didn't get tired of spending it after 4 or 5 years.  Sure inflation would eat into it but the longer  you have it the less you may care assuming you don't live past 90.

                    If you had $10,000,000 you could invest it in index ETFs with 1.5% dividends and let it go up and down with the economy and you would have $150,000 per year before taxes at the start and that amount would grow or shrink with the economy(index you invested in).

                    The next problem is when you are done who/where do you leave it to?

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                      Kentucky
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                      Posted: February 20, 2015, 6:00 pm - IP Logged

                      That is according to the US Census- however those folks earning those numbers are living with Parents who bought their Homes decades ago or  with Friends. They certainly are Not buying homes Stack unless they " Pooling" their Money with other friends. According to HSH.com, one has to earn at the very least $142K to purchase a home in San Francisco.. thus my point of " not being able to buy an outhouse in the Bay Area.

                      Get a Load of this....

                      1. The median price of homes currently listed in San Francisco is $929,000 while the median price of homes that sold is $996,785. The median rent price in San Francisco is $4,000, which is higher than the San Francisco Metro median of $2,795.
                      2. San Francisco Home Prices and Home Values - Zillow

                        And Yes l did say " living comfortably" which l did not envision in " Bel Air " or the Hollywood Hills.

                        Peace!!

                      I was using San Francisco as a model when I suggested $100,000 a year as a comfortable living income because the average price per home there is the highest in the country. It requires an income of $115,000 a year income to afford the payments on a $1 million home.

                      If someone needs to win $35 million or more to live comfortable, they must be living very uncomfortable now.

                        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                        Bay Area - California
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                        Posted: February 20, 2015, 6:25 pm - IP Logged

                        I was using San Francisco as a model when I suggested $100,000 a year as a comfortable living income because the average price per home there is the highest in the country. It requires an income of $115,000 a year income to afford the payments on a $1 million home.

                        If someone needs to win $35 million or more to live comfortable, they must be living very uncomfortable now.

                        $35 Mil which would " include Benefiting family & friends" abroad Stack....as for living very comfortably right now? I won't answer that.

                        Peace.

                        People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

                          sully16's avatar - sharan
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                          Posted: February 20, 2015, 7:41 pm - IP Logged

                          One million would be nice.

                          Did you exchange a walk on part in the war ?

                          For a lead role in a cage?

                           

                                                                      From Pink Floyd's " Wish you were here"

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                            Zeta Reticuli Star System
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                            Posted: February 20, 2015, 8:43 pm - IP Logged

                            noise-gate,

                            I remember UPS drivers talking about all the 'house poor' people in San Francisco, meaning after they had bought a house they didn't have one piece of furniture in it.........and this was in the late 1980s.

                            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.

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                              Posted: February 20, 2015, 9:53 pm - IP Logged

                              One million would be nice.

                              me too.  One million would be nice.