As the Title Suggest... if you were to win the Lottery... what would be the Minimal amount you would want/need to win to be all set for life? This means all expenses taken into account... food, travel, utility bills, taxes, misc expenses.... I got curious looking at my portfolio put together by my Bank of all my Expenses and pondered how much would I need to be set... so: I think if I had 7 Million (USD), I could not have to work another day in my life and buy everything I would need, start a family and raise that family through their college life.... Basic Calculations thinking that I would spend 80k a year: 7,000,000 / 80,000 = 87.5 Years after the initial spending on the house cars, friends, parties i may be down 1.5 million (most of it on the house in the best neighborhood) 7,000,000 - 1,500,000 = 5,500,000/80,000 = 68.75yrs! A few million invested in gold/silver/uranium... and other potential investments I think that is pretty much set for life!
a car or two, and a nice house would already be like 5M =( i guess this depends on which city/country you are in a basic 4 bedroom house with yard in a good (not the best areas) area will already set u back 3-4M on average... tho i guess if u had 3-4M in the bank, you'd get decent interest to spend each year - be smart and invest in some of that, you'd be set really depends on how "lavish" u want to live
^ i don't need a crazy mansion.... a nice suburban home with a nice front and back yard is all i need
all you need is enough to buy commercial properties or other real estate property and taken rent for the rest of your life
I asked my bf this and he said a couple of million GBP. So I thought about £3mil coz we can buy a decent family home and some runnable cars that we like and are average cost to fuel and pay for tax and insurance. £1 mil for investments and savings so we can live off the interests and the other mil can be spunked but i doubt i can spunk 500k on my own.
If you are thinking about "... food, travel, utility bills, taxes, misc expenses ... "; it would probably be a little expensive especially when you include TRAVEL. USD80k doesn't allow you to do much. I'm making more than that now and frankly, after taxes and mortgages; it doesn't leave one with much. Of course, if you win the lottery, you don't have to worry about mortgages. Like the other poster had said, it depends on where you live too. And where do you plan to travel and how often. Once a quarter? Once every 6 months? Once a year?
^ Well... where the hell do you work.. cause i would like to be spending that much annually.... i don't even make that much
It depends where u are from. In Vancouver, Canada, a nice house is about 2-3 Millions USD in the west side of the city. Property taxes is anywhere from $8000-$10000 a yr. House insurance is another $3000 per yr. $13,000*40yrs=520,000. Don't forget monthly utility bills, tv, cell phone, hydro, etc.. Also don't forget monthly spending out. I'll likely buy a couple of nice cars, BMW/Mercedez Benz so that's another $300,000 USD. Car insurance is anywhere in the $6000 range. I'm an audioholic/videoholic/computer nerd so I'll likely spend $1,000,000 usd, maybe more, on my ht/computer room. I'll also be travelling like 10 months of the yr if I'm retired. So all in all at least $10M USD to live comfortably. Not in the main city but a house I'm looking to buy: http://www.realtylink.org/prop_sear...TYTID=5&MNPRC=1000000&MXPRC=900000000&SCTP=RA
I see that u are in the Boston area? You can spend a lot if u wanted to. I know I'll be eating out a lot if I had the money. Dinner and lunch will cost you about $100/day. Like I mention earlier in my previous post, I have a lot of hobbies and they arn't cheap.
I honestly don't know how ppl do it... I hear ppl making over $120k salaries and say it's not enuff... I've never had anywhere near that much money and my family and I got by just fine... to say $80k is not alot of money and doesn't allow for travel is BS... that's about how much my family made in a year and we did ok...
You make more you automatically spend more you live a different lifestyle. Right now I don't drive a BMW or MB and of course I want one.
just take that to vegas and you could keep doubling up =D fyi akki, the 3-4M isn't even a mansion... no where near it just ur average house in a some "better areas" =/
Not in the Boston Suburbs. You can have a extremely nice hour in a extremely nice suburb near Boston for 1.5 M
I understand that, and that's great if you can afford it... but to complain about not having enuff when you're clearly already making about 4 times that of the average American makes you sound like a complete d-bag...
^ Indeed.... I supposedly spend and average of 20k a year... -shock! and to think i would be spending 60k more a year is amazing....
