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How much is "life changing"?

Topic closed. 53 replies. Last post 5 months ago by TheMeatman2005.

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How large a win would it take to be life changing for you?

$50,000 [ 4 ]  [5.41%]
$100,000 [ 3 ]  [4.05%]
$500,000 [ 4 ]  [5.41%]
$1,000,000 [ 9 ]  [12.16%]
$2,000,000 [ 3 ]  [4.05%]
$3,000,000 [ 7 ]  [9.46%]
$5,000,000 [ 12 ]  [16.22%]
$10,000,000 [ 9 ]  [12.16%]
$20,000,000 [ 4 ]  [5.41%]
$50,000,000 [ 19 ]  [25.68%]
Total Valid Votes [ 74 ]  
Discarded Votes [ 7 ]  
ArizonaDream's avatar - Lottery-009.jpg

United States
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October 10, 2015
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Posted: June 7, 2016, 7:32 pm - IP Logged

I got bored and started reading some very old threads. One surprised me, in how much disagreement there was in how large a win needed to be in order to be considered "life changing".

What's your magic number? ( cash, after taxes )

For discussion, what does "life changing" mean to you?

    LiveInGreenBay's avatar - driver
    Green Bay
    United States
    Member #169391
    October 15, 2015
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    Posted: June 7, 2016, 7:41 pm - IP Logged

    I chose a million.  I guess it depends on your age, current income and debt.  A million would retire me now.  I call that life changing.

    Never give up.  Banana

      ArizonaDream's avatar - Lottery-009.jpg

      United States
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      October 10, 2015
      630 Posts
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      Posted: June 7, 2016, 8:07 pm - IP Logged

      I chose a million.  I guess it depends on your age, current income and debt.  A million would retire me now.  I call that life changing.

      Nailed it in one. I agree. 

      Although, I could see working a few more years, mostly for the cheap health insurance. But it sure would be nice to know it was by choice instead of necessity.

        TheMeatman2005's avatar - lightening
        Brooklyn, NY
        United States
        Member #169723
        October 29, 2015
        879 Posts
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        Posted: June 7, 2016, 8:11 pm - IP Logged

        I clicked $10 million.

        Since this is a cash amount, I would have to win about $39 mil before taxes. And, after splitting with my brother, the after-tax amount would be approx $10 mil

        I figure with that amount, I would have enough to do what I want and have some left over to leave in my will.

        I would be more than happy with half a mil (clear), but the more the merrier.

        The Meatman

        “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

        Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

          Candy-Lane's avatar - yocco

          United States
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          July 2, 2015
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          Posted: June 7, 2016, 10:37 pm - IP Logged

          Smile I actually clicked, or meant to click, on 5 stars.  It must have been the way I touched the screen. Sorry!

          I love the question and am very interested in the results.

            TheGameGrl's avatar - character catafly.jpg
            A long and winding road
            United States
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            Posted: June 7, 2016, 10:39 pm - IP Logged

            I tend to think along the lines of having enough to enhance the lives of others, so that is LIVES Changing.

            So 10 Million will do the job.

            ~~Is it true, Is it kind,Is it necessary. ~~~

            christmas holly jolly numbers: 255,303,6911, 474,477 silver:47,gold:79.

              Kingofearth's avatar - Kinnak
              Upstate NY
              United States
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              May 5, 2016
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              Posted: June 8, 2016, 1:54 am - IP Logged

              I got bored and started reading some very old threads. One surprised me, in how much disagreement there was in how large a win needed to be in order to be considered "life changing".

              What's your magic number? ( cash, after taxes )

              For discussion, what does "life changing" mean to you?

              $50,000,000 after taxes.

              Life changing money is an amount that is so large, even most wealthy people would envy you.

                Kingofearth's avatar - Kinnak
                Upstate NY
                United States
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                May 5, 2016
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                Posted: June 8, 2016, 1:59 am - IP Logged

                I clicked $10 million.

                Since this is a cash amount, I would have to win about $39 mil before taxes. And, after splitting with my brother, the after-tax amount would be approx $10 mil

                I figure with that amount, I would have enough to do what I want and have some left over to leave in my will.

                I would be more than happy with half a mil (clear), but the more the merrier.

                Your math is wrong. I calculated that for a NY resident living outside NYC or Yonkers, I would get roughly 41% of the advertised annuity. In order to get $20M ( thus splitting it and getting $10M) you would need at least $48M Annuity, not even taking into account the NYC withholding.

                  ArizonaDream's avatar - Lottery-009.jpg

                  United States
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                  Posted: June 8, 2016, 6:41 am - IP Logged

                  Your math is wrong. I calculated that for a NY resident living outside NYC or Yonkers, I would get roughly 41% of the advertised annuity. In order to get $20M ( thus splitting it and getting $10M) you would need at least $48M Annuity, not even taking into account the NYC withholding.

                  Cash, after taxes, is what I asked about in my opening post for this thread, hoping to leave out discussion of different tax rates and advertised annuity values.  Cash value, what you would have left to invest & spend, is what matters.

                    sully16's avatar - sharan
                    Ringleader
                    Michigan
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                    October 28, 2009
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                    Posted: June 8, 2016, 8:16 am - IP Logged

                    5 million would be sweet.

                    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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                      Kentucky
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                      Posted: June 8, 2016, 8:39 am - IP Logged

                      Any amount that gets me debt free plus a house and new car would be life changing for me.

                      I will quit playing the lottery, as soon as I break even.

                        bobby623's avatar - abstract
                        San Angelo, Texas
                        United States
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                        Posted: June 8, 2016, 10:47 am - IP Logged

                        The only multi-million dollar lottery I play is Texas Lotto 6/54.
                        The current jackpot is $11.5 million.
                        I might have trouble finding ways to spend that much, but, I'll manage!

                          Funtimz's avatar - Lottery-022.jpg

                          United States
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                          Posted: June 8, 2016, 11:08 am - IP Logged

                          I chose  $5 mill. My only debt is a mortgage and car payment.

                          Take Risks: If you win, you'll be happy.  If you lose, you will be wiser...

                            Raven62's avatar - binary
                            New Jersey
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                            June 28, 2005
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                            Posted: June 8, 2016, 11:48 am - IP Logged

                            One Hundred Million! (After Taxes!)

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

                              ArizonaDream's avatar - Lottery-009.jpg

                              United States
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                              Posted: June 8, 2016, 12:50 pm - IP Logged

                              One Hundred Million! (After Taxes!)

                              So, if I were to check back with you, say six months after you won (only) 10 million, your life would be esentially the same as it is today?  Same type of work, same day to day routine? Living in the same town?