That's not a valid excuse to be a d-bag... or simply to live outside of your means... just cuz you can spend big doesn't mean you should... again I have no problem with people living it up if they can afford it, but don't bitch and moan about not making enuff when you're doing much better than 95% of the rest of the world...
Sounds like someones jealous/hating. It's not uncommon for people who have higher incomes also live in places that have greater expenses. Ex. Toronto, the rent there is pretty high. It doesn't mean the persons being a d-bag. The cost of living varies, especially with the type of occupation. People who make more than you and complain about not having enough aren't necessarily blowing cash on luxuries then bitching about it.
hmmmm....there is no definite answer.....the place you live is an important factor (given the cost of living at such area is much more than others), forget about giving you a figure....most would say $1M, but if you have no income and constantly shelling out the cash...u will run dry within ten years....
^ That is the point of the thread...... how much would you need to have while you keep shelling out to be set for life..... not rocket science....
Think about the occupation you have to have to make a good income and think about their living style. Example, if you're a lawyer who makes over 6 figures a year. You almost HAVE to have nice clothes, a nice car and live somewhere nice. Who wants to see a lawyer driving a 1995 Toyota clunker, wearing Gap sweaters and khakis? Imagine the clients and the people that person is surrounded by and imagine their living styles that influence by the people you work around with. It's kind of hard to get away from a higher cost of living when you're making more money. Granted it's gotta be much easier with a high income. In terms of how much I would need to be set for life. I don't ask for much. Just enough to pay the bills and have some fun every now and then. I am perfectly content with 60K a year.
^But then this thread put forth the scenario that you win the money and don't work for the rest of your life right? So you don't really have to be flashy but even then if you live in a rich neighborhood you won't be able to resist and drive a better car for the sake of "fittin in," this might seem like grade school but peer pressure's gonna get to you no matter what. Its hard to maintain an satisfactory way of life when your rich unless you can live like a recluse.
i don't think people are understanding the point of the thread This set for life amount is suppose to mean you never ever having any more working income (investments are something else). You are unemployed and off the main stream 9-5 work days.... no boss to report to, ever.
if u had 5M in the bank, thats good enough spend off the interest u earn... =D but then again, there's no such thing as "enough" ur human... u naturally want more and more
with safe investments like GIC's (or CD's for Americans) where your principal is assured you're looking at an average interest rate of about 3.5%. For $100,000 that is only $3500 a year in interest. For a million its $35,000. With a million dollars you can leverage things a little more though and still be safe, you also have access to higher performing investment portfolios like hedge funds... so lets say with a million dollars you could potentially have $50,000/yr in interest, and that is still within very safe margins. Personally I would be able to live off of $50,000/yr, however it would be a rather frugal lifestyle and I would still work. I think doubling it to $2 million dollars and $100,000/yr in interest would be enough to give me a pretty solid lifestyle, but I would probably still want to work a little. If I wanted to be completely set for life and never have to work again. I think $5 million is the sweet spot. However, this is all under the impression that I would never touch the principle itself, and live entirely off the interest.
I'm not saying you're being d-bag for living a luxurious life style... if you can afford it, more power to you... I'm saying anyone that's complaining about not having enuff, as in if you make $80k as a single guy and you consider yourself as struggling... that's when you're a d-bag... if you blow all ur cash on something and putting yourself in a shit hole that's ur fault for being a complete moron...
What's wrong with me still driving my Prelude? I already own a 1.5M house in East Vancouver. I just want a newer house. East Vancouver houses are boring.
nothing is wrong with it. It just seems a little odd that you have millions of dollars to spend on a home and yet you drive a car worth under 5 grand. Assuming you are just trolling the shit out of this thread, of course.
Of course I can buy another car but I choose not to right now. I have a house mortgage to pay off by myself. A nice big house is more important to me, I don`t know about u. Every month, I have a $6000cdn mortgage (opted to double my payments monthly) and ultility bills ie, tv, internet, hydro, cell phone, gas, food, cd`s, etc.. I also have to save up for property taxes, $4500cdn a yr. Car insurance and house insurance. I have to pay this all by myself. I do rent out my basement to help out my monthly bills. PS: not trolling I`m simply asnswering the OP question.
