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multiple6-Aug-1998opinionLawDog by votes57550.9%


How much money would you need to be set for life?

193 or more million
14At least a million
9not too much, maybe a couple hundred thousand
62 million
3none, prefer to earn my way
1I wouldn't need any money, I already have what I need
1not very much, i don't plan to live very long
0I'm too old it doesn't matter

posted 6-Aug-1998 10:54pm  
It would have to be in the millions so that I could invest and then live (in the manner to which I'd like to become accustomed) off the interest/dividends, etc.
posted 7-Aug-1998 12:02am  
It's been 37 years since my college math days, but 10% of $3m would give me $300,000. I'll take the $270,000 you didn't find, romkey, & I just might be able to be comfortable on that.
posted 7-Aug-1998 2:26am  
In order to cover the expenses of my entire family and all of the needy creatures of the world, I would need much more than 3 mil.
posted 7-Aug-1998 7:29am  
I occasionally want to have things I can't afford, but long-term, I think I'd be happier using only what I earn. At this point that's enough since I'm not responsible for anyone else (kids, etc.)
posted 7-Aug-1998 8:05am  
I think the number is 3 million - that would allow me to live the way I do now (plus having a good level of fun, travel, gadgets, etc...), but I wouldn't have to work. I could just stay home and improve Survey Central (on my Pentium III, 1Ghz).
* Mimi, forgive Romkey - he's got so many extra zeros in his life he forgets some sometimes. smile
posted 7-Aug-1998 8:32am  
I would not feel safe in declaring myself "set for life" with under $10M
posted 7-Aug-1998 8:51am  
I think a better wording would be "What annual income would you need..."
posted 7-Aug-1998 9:39am  
I'd prefer to have extra money than not enough money. Hand me those millions...
posted 7-Aug-1998 10:26am  
What does "set for life" mean?
romkey Survey Central Gold Subscriber
posted 7-Aug-1998 10:42am  
Enough so that I can earn what I need to live off of from investment income from it. Supposing you can easily get 10% return on it then $3M would get you about $30,000 a year income; to live in the style I've become accustomed to I'd want to crank it up a bit more than that.

*** Mimi - oh damn. It was late. I was tired. There's a reason I have an accountant who does money stuff for me :)
posted 7-Aug-1998 10:55am  
Depends a lot on what you mean by "set for life" - in the lifestyle I am accustomed to now, in a lifestyle that would be acceptable to me if I didn't have to work, or in the lifestyle I aspire to? Some of my major aspirations involve a fair chunk of change up front to get them rolling, but might very well pay back more than that in the long run... would that count as positive or negative money in this context?
posted 7-Aug-1998 11:35am  
If being set for life means never having to work again, I could live pretty cheaply if I had to. I'd rather not have to. $3M would do it but not with a lot left over. That's some $300,000 a year if invested which is around $150,000 after taxes. That's a reasonable income for now but there's not enough excess capital there to fund various interesting ventures that are not likely to succeed.
posted 7-Aug-1998 11:38am  
Not very much at all, and I'm rather happy with what I have now.
posted 7-Aug-1998 3:32pm  
$3M would just about do it, if I invested it well. I think I could probably live pretty happily off of $2M, actually, but if this really is set for life, I'd pump it to three. More than that would be great because I'd love to be able to really play with it - fund some startup companies doing cool stuff, give LOTS of money to various charities + research institutions, and be able to think about setting a few other people up for life as well.... but that's all pretty much gravy.
posted 7-Aug-1998 4:58pm  
About $600,000 - $800,000. Include currency units in your question, as not everyone who uses this site is of the United States.
posted 7-Aug-1998 8:16pm  
That would entirely depend on whether I wanted to comfortably....or be able to buy or do anything that came to mind. Whether I was healthy or an invalid would make a difference. Am I living alone or are there other peoples' needs to consider? uh...I'm sorry...what was the question?
posted 8-Aug-1998 1:38am  
Set for life? What kind of life? A good life? For a decent life, "not too much- couple hundred thousand". That's what I checked. If I wanted to live in the lap of luxury, a million, maybe two. See, this is all saying that I have a job with some kind of steady income. If I don't, if you mean retirement, then a couple hundred thousand, who is going to live long after retirement anyway? If you mean from now, hey! I'm 14! All in all, I'll spend around a million or two, I estimate, before I die. Hardly all at once. But over the years...the long years...surely it'll be around that.
posted 9-Aug-1998 3:21pm  
Set for life? Hmmm. I'm not the least bit interested in investing and watching the cashflow. So, let's see, $20,000 over twenty years is a million dollars. You need to stretch that for sixty which is how much longer I may live. I make considerably more than that a year. Say six millions right now and I could quit my job and not change my lifestyle.
posted 10-Aug-1998 7:05am  
umm, i don't really know. it would be nice to be able to live off the interest from a huge wad of money and then invest said huge wad into Meaningful Pursuits (food not bombs, resist!, gnu, eff, diabetes and epilepsy reserach, etc).
posted 10-Aug-1998 4:21pm  
It would vary, depending on how I invested it, but however much it would take to earn about $50,000 in interest to live off of.
posted 10-Aug-1998 8:19pm  
I would probably keep working (on my terms, though) as I think what I do for a living is *fun*. But if not, 2 million would do it.
posted 11-Aug-1998 11:31am  
if it was dumped (tax free initially) as a lump sum, then I think 3 million or so is more than plenty. basically, between 75 and 100k annually, which would equate to around 50k -60k or so after taxes.. I would like to get married and have kids at some point, so I would need more than I would if I were single. I could live quite comfortably on that. 25k annually (after taxes) I could easily get by on. It is basiaclly a question of how long I expect to live, which is why I would say $X annually. actually, I 'get by' on less than that, and still consider myself to be living comfortably (but I am in debt and the climbing out of debt is slow).
posted 12-Aug-1998 3:29pm  
who knows what the future holds? i couldn't calculate what i need for LIFE ... but I'm sure the MAJOR thing is not money. What happens with inflation/deflation greatly affects whatever estimate you make today. the only answer I can give: enough.
posted 13-Aug-1998 8:21pm  
400,000. I'd invest it in state and federal tax free municipal bonds, live off the interest, and practice my music, do yoga, bake bread, and visit friends in the evening. Some day I hope to do it!
LindaH Silver Star Survey Creator
posted 29-Jul-2008 12:37am  
Probably near a million, but I'm not sure. I haven't done the math.

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