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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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ttech10's avatar - blobdude
Texas
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Posted: February 20, 2015, 10:13 pm - IP Logged

After any and all taxes, $3 million is the safe amount for how much I could live the rest of my life on and never have to work or worry about money. Ideally, I would have the take home amount of at least $10 million. With that amount I could move to any city I wanted and still have enough left to not just live without money issues, but be able to take vacations and splurge on the occasional gift for myself.


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    Posted: February 21, 2015, 3:09 pm - IP Logged

    I'd need $100 million after taxes...seriously, I'm only 39 here & want to retire now.

      savagegoose's avatar - ProfilePho
      adelaide sa
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      Posted: February 23, 2015, 7:49 am - IP Logged

      if i had $100k a year for life in todays purchase power, i would live comfortably. and still have to be smart and frugal. i would  prob need tto  re invest another $25k a year, just to maintain  my purchase power, over time. so what ever  means producing a  safe income of $125k a year. in todays money.

      maybe $5M after taxes.

      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

        Karate-1's avatar - Lottery-029.jpg
        Masachussetts
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        Posted: February 23, 2015, 4:20 pm - IP Logged

        I think I could live comfortably with 2 million after taxes. Enough to invest, buy a house, and take care of the family. Also I would still work atleast part time to keep myself busy.

          Think's avatar - lightbulb
          Marquette, MI
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          Posted: February 23, 2015, 11:17 pm - IP Logged

          I'd need $100 million after taxes...seriously, I'm only 39 here & want to retire now.

          Why $100 million?

          Using historical data I come up with $92 Million cash after taxes for someone who is 18 and assuming they live til 90.

          What was your method for arriving at $100 million at age 39?

            ThatScaryChick's avatar - x1MqPuM
            Idaho
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            Posted: February 23, 2015, 11:19 pm - IP Logged

            One million would be nice.

            Me too. I would love more, but I wouldn't turn my nose up at that amount. That might not make me set for life, but it would help me be more comfortable.

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

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              wisconsin
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              Posted: February 23, 2015, 11:32 pm - IP Logged

              If I really wanted to, I believe that at 40, I could retire, ok semi-retire with around 3 million.Move away, buy a small house, get a job I love, and after a few years slowly transition into a nice retirement. Or live frugal with the 3 million for a few years and let the money grow.

                noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                Bay Area - California
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                Posted: February 23, 2015, 11:55 pm - IP Logged

                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?

                I Agree!...my calculations align somewhat with yours Think..

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

                  CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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                  Posted: February 24, 2015, 7:56 am - IP Logged

                  $6.5 Million(after taxes).....$1-1.5 Million to pay off the house with all new furnishings, by new vehicles,some toys,gold/silver,spending cash and acreage in the mountains.
                  $5 Million to invest at 3-5% returns...$150-250 K a year to live off  minus taxes ??? ..yeah, that should do it !

                  Patriot

                  Stay Positive, Believe and good things will come your way

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: February 24, 2015, 8:53 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.

                    Before I respond, and after reading the first page of replies, I need a little clarification... how much do I need for me, myself and I after taxes, or how much after I factor in family and friends?

                    I notice people saying they want a large sum because they'd plan on splitting it among various loved ones, so should we give pre-pre-split or post-split amounts? I don't plan on splitting a win with anyone, but there are some people I want to help in significant ways. So my "MINE...ALL MINE" money is a very different number to the "ALL MINE + I'm loving, giving, altruistic" money. 

                      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                      Bay Area - California
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                      Posted: February 24, 2015, 9:38 pm - IP Logged

                      Before I respond, and after reading the first page of replies, I need a little clarification... how much do I need for me, myself and I after taxes, or how much after I factor in family and friends?

                      I notice people saying they want a large sum because they'd plan on splitting it among various loved ones, so should we give pre-pre-split or post-split amounts? I don't plan on splitting a win with anyone, but there are some people I want to help in significant ways. So my "MINE...ALL MINE" money is a very different number to the "ALL MINE + I'm loving, giving, altruistic" money. 

                      That's a decision you have to make Teddi,  don't concern yourself with what others are saying or doing. 

                      Think of it as similar to going into the voting booth- it's just you, your decisions and what you expect to happen. As that Mean character in" No Country for Old Men" said. ..Call it!

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

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                        New Member

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                        Posted: February 24, 2015, 11:08 pm - IP Logged

                        375K - 117 Acres of land with a man made lake.

                        300K - An average house with 4 beds and 3 baths.

                        100k - Solar panel system with battery backup.

                        1 mil - Money in the bank for last resort situation.

                         

                        About 2 millions is all to live my dream life.

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                          Posted: February 26, 2015, 6:31 am - IP Logged

                          I would love to win 10 million after taxes but would still be happy with far less. That's why the PB amount has no effect on whether I play or not as I could easily retire on the jackpot for PB. Though when the matrix chanes for PB will play far less.

                            Goteki54's avatar - Lottery-007.jpg
                            Baltimore, MD
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                            Posted: February 26, 2015, 10:18 am - IP Logged

                            $10 Million would be more then enough for me, because I would put it in a good quality bond fund that is yielding around 5 to 6 percent.  That would give me $500 to $600 thousand a year to live off of. I would of course spend less then that per year and reinvest the rest.

                            Following the trends and patterns means following the money!Banana

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                              Illinois
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                              Posted: February 26, 2015, 10:22 am - IP Logged

                              5 MILLION