How much $ would it take to you quit working permanently?

[BoomerD]

Surprisingly, MUCH less than I had ever wanted.

It's amazing how much you can learn to do without when you don't have the option.

If this question had been asked 10 years ago when I was still working...I'd have been in the $5 Million + group.

Once you no longer have the option of choosing...and you lose the physical ability to work...you can learn to live on MUCH less than you would like to have.

For those who think, "It will never happen to me," all it takes is one bad step on a flight of stairs, an auto accident caused by someone else, (or yourself) or even a random act of nature to remove your ability to work...Yes, you MIGHT be able to sue for millions of dollars...but most car accident claims are limited to the amount of liability the person carries...if any...and in many states, you're also limited to workman's comp limits if it happens at work.

 

[DAGTA]

WTF, why can't I make my money work for me? That said, 10mil if I can't grow it, and 5mil if I can.

And WTF is up with the projects crap? You stopped working, that's the first rule.

There are things I want to see done just to see them done, not for the sole goal of making money. I believe they can also make money, but I'd still like to see them done regardless.

 

[SSSnail]

There are things I want to see done just to see them done, not for the sole goal of making money. I believe they can also make money, but I'd still like to see them done regardless.

Awesome!

Hey guise, how much would it cost to build a Death Star? One hundred billions enough? It's just a project...

 

[SMOGZINN]

S=E((1-r^n)/(1-r))

S= Savings needed
E= expenses expected
r= Inflation rate / interest rate
n= number of years you expect to survive.

My number is actually only around 2.5 million dollars, which if I can sell my investment real estate I would be very close to.

EDIT: No interest allowed? Then inflation is going to eat you up. The number grows to more like 14 million in order to have the same amount of yearly allowance. A number I doubt I'll ever reach.

 

[Dirigible]

$106,390,659.54

I'm being somewhat conservative since I won't be able to earn more money or use my money to make money for me. Used a nice "budgeted spending" amount per year, since I earn good money and don't want to take a hit there and also wanted to build in a cushion for higher expenses (healthcare and the like that rise faster than inflation). I assumed higher inflation than has been historically present in this country. I also took account of the fact I just might live a long time.

So... yeah. Excel spit out that number. It's a lot of money.

 

[BoomerD]

$106,390,659.54

I'm being somewhat conservative since I won't be able to earn more money or use my money to make money for me. Used a nice income amount per year, since I earn good money and don't want to take a hit there and also wanted to build in a cushion for higher expenses (healthcare and the like that rise faster than inflation). I assumed higher inflation than has been historically present in this country. I also took account of the fact I just might live a long time.

So... yeah. Excel spit out that number. It's a lot of money.

That might work if you switch to drinking shit beer like Coors Light...but with your taste in beer...it'd be gone in a month.

 

[Dirigible]

That might work if you switch to drinking shit beer like Coors Light...but with your taste in beer...it'd be gone in a month.

Shit! I left out the beer factorial! Please triple my previous number.

Thanks Boomer! :boomerd:

 

[SSSnail]

Shit! I left out the beer factorial! Please triple my previous number.

Thanks Boomer! :boomerd:

You also forgot the H&B factor...

 

[amdhunter]

$3.50

 

[dougp]

Considering my goal is to start a brewery or brewpub if I win the lottery, I'm not sure I could agree to the terms.

hah

 

[Dirigible]

You also forgot the H&B factor...

Psshh. Like I'd forget that. Give me some credit here.

 

[brianmanahan]

1.5$ million

actually, i probably wouldnt even quit working. at the core of it, i love software development. i love to just sit down with specs/stories/use cases, and design and write tests and code, and fix defects. but for years i have gotten to do that maybe %5 of the time. most of my time is spent on doing stuff i dont like - managing people, planning what they are going to do for the next 6 months, a buttload of estimation, 20 hours of meetings per week, paperwork and tickets and trying to appease management when we cant get everything done before an unrealistic deadline.

so i would just quit and take contract software development jobs now and then. 3 months here, 3 months there. then 3 months doing whatever the heck i want. then back to work.

man, i want to do that someday.

 

[brianmanahan]

$3.50

son, i believe you mean

tree fiddy

 

[brianmanahan]

Keep in mind - you can't go back to earning money in any way. This means you can't take your payout and make it earn money and etc. If you run out of money, you're done for.

that's stupid, no way im going to keep my money in a jar

 

[SSSnail]

Psshh. Like I'd forget that. Give me some credit here.

Then you need to up the quality of your H&B and revise your numbers, it's a bit low.

 

[Smoblikat]

Realistically I could do it off of 2.25m. But I LOVE my job. If I had the choice to stay at my job forever and make about 40$/hr I would chose that over the lump sum but never working again.

 

[GagHalfrunt]

Powerball is $208 million tonight. That would do it.

 

[brianmanahan]

Realistically I could do it off of 2.25m. But I LOVE my job. If I had the choice to stay at my job forever and make about 40$/hr I would chose that over the lump sum but never working again.

love your job? this is impossible!

actually i loved my job 3-4 years ago, even though it paid %20 less i would have wanted to do it forever. it sucks that companies always want you to move up, instead of just doing the thing that you love.

 

[Dr. Detroit]

Less than $5M -

$4M I could easily do and would call it a day. That's $100,000 a year.

 

[Imp]

Assuming that I stick it all into preferred stocks, I can get about 6% gross reliably. With "just" $5 million, I could live comfortably at $300k/year. Two or three million might work too.

 

[CptObvious]

$3M easily. That's $75K for the next 40 years.

I'm easy to please though, if someone offered to cancel all my student loan debt in exchange for my professional license, I'd do it.

 

[BrunoPuntzJones]

Surprisingly, MUCH less than I had ever wanted.

It's amazing how much you can learn to do without when you don't have the option.

If this question had been asked 10 years ago when I was still working...I'd have been in the $5 Million + group.

Once you no longer have the option of choosing...and you lose the physical ability to work...you can learn to live on MUCH less than you would like to have.

For those who think, "It will never happen to me," all it takes is one bad step on a flight of stairs, an auto accident caused by someone else, (or yourself) or even a random act of nature to remove your ability to work...Yes, you MIGHT be able to sue for millions of dollars...but most car accident claims are limited to the amount of liability the person carries...if any...and in many states, you're also limited to workman's comp limits if it happens at work.

Agreed. If I never had to work again? I could do $30k a year at most and be happy. Not that I hate my job, but if I didn't have to work, could do so much more for others and just live life and explore.

 

[MagnusTheBrewer]

As long as my bills are covered, I'll keep doing my job as long as I'm physically able.

 

[dr150]

 

[shortylickens]

Millions, tax free. Or several million, with tax.

Serious. If I wanna have a nice little summer home in the north and a nice little summer home in the south, thats what it will take.