General Question

crunchaweezy's avatar

How much money would set you for life?

Asked by crunchaweezy (1733points) July 1st, 2008

The bare minimum that would set you for the rest of your life. Keep in mind your age and approximate life span.

I’d say at 15 years, I would need $6,350,000 after some rough calculations.

Observing members: 0 Composing members: 0

22 Answers

delirium's avatar

I don’t think i’d be happy just living off of a mass amount of money. I’d need to be at least educating myself. That’d up the cost significantly.

So this question, for me, really depends on what kind of life you’re talking about. I can live in a cardboard box, or a cabin, or anything… I would hate for my situation not to change throughout my life, though. That seems a boring existence indeed.

crunchaweezy's avatar

Well you need money to get there, no? It helps every step of the way.

jrpowell's avatar

If I could sit on a beach in a thatch hut drinking drinks with miniature umbrellas in them for the rest of my life I would die a young and happy man. I don’t know how much that would cost, but I would like to find out.

I lack ambition.

xxporkxsodaxx's avatar

I would say if I rode a bike to work, had basic cable, rarely traveled, and didn’t buy to many things, I bet I could live on 700–800K if I lived to be 100.

@crunchweezy, what all would you have? Why would you need so much as a bare minimum? Now as I am going right now I will be living on(if things continue as they are with no ups or downs) I will be living off of $8,200,000 as a maximum.

richardhenry's avatar

How about inflation? Your $6m is mere pennies towards the end of your life.

xxporkxsodaxx's avatar

Well I guess he is meaning at today’s current values, like if inflation didn’t happen. I am probably not thinking clearly but if the economy would start to go back up, wouldn’t inflation stop or even reverse itself?

damien's avatar

@richardhenry – I imagine the interest earned on that amount of cash would outweigh inflation, if you just took from it slowly (but I’m no banker)

I reckon if I had a big wad of dough like that, I could live off the interest alone!

cage's avatar

A recent survey in the UK suggested you needed £2.5million for the whole of your life, house, and 2 children.

wildflower's avatar

You’ve actually planned out your life around money? I am so sad for you!!

flameboi's avatar

i guess like $15 millon

dragonflyfaith's avatar

@crunchweezy That’s your bare minimum? I’d be extremely pleased with half that much. I just can’t imagine ever needing that much money.

sccrowell's avatar

Can I just say, one hundred and eighty million, or is that asking too much?

ben's avatar

You all are forgetting to take into account interest. With just 2 million, you get an extra 100k a year in interest (at 5%). That means you’d have a pretty high income without ever touching your capital.

I’ve thought about this before, and I think 2 million sets you up for a modest but comfortable life. 5 million should really set you up not to worry about anything.

osullivanbr's avatar

So are we to take that as when you make your 5 million, you’ll be leaving us to lounge on a beach somewhere. It’s a sad a day for fluther. sob.

flameboi's avatar

Good answer, but I’ll stick to my $15 millon plan :P

xxporkxsodaxx's avatar

@flame, that sounds pretty selfish, haven’t you heard that you should live simply so people can simply live?

iriemuffin's avatar

I heard many years ago that you could live quite nicely off the yearly interest that accrues off of $1 million dollars and never touch your principal. So that would be my number.

richardhenry's avatar

Yes, thinking about it, interest would massively outweigh inflation (assuming you don’t keep your millions under your bed). I guess £2m would set most people up.

sccrowell's avatar

Oh! Alright Ben… Two million it is! Ben? You wouldn’t mind setting this thing up for me, would you! I trust your instincts. Look at Fluther! <giggle>

boffin's avatar

250k a quarter mil
I’m good
Actually, really good….

PupnTaco's avatar

$50 million should do it, I can sustain growth through smart investments.

CWOTUS's avatar

If I had $100,000,000 I could turn that into a fortune!

Answer this question




to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
Knowledge Networking @ Fluther