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How much $ is enough. ?

 
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Aske
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How much $ is enough. ?
« on: February 08, 2008, 02:51:51 PM »

say you could be given either :

1 lump sum today
or
a high fixed yearly salary (say you actually love your job and want to keep doing it)


At what point would MORE not matter to you ? (you could buy the house you want, the college fund for your kids, the retirement fund is locked up nicely, etC)

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Spanky
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Re: How much $ is enough. ?
« Reply #1 on: February 08, 2008, 03:00:36 PM »

Interesting question. I have always thought $4 mil would be enough but I would prefer $10. I figure with 10 after purchasing a comfortable house (maybe $300,000) and 3 college funds we could life off the interest on what is left and would still allow us to have some fun (trips, golf, movies, etc.)

If I could stop working I would.
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stroh
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Re: How much $ is enough. ?
« Reply #2 on: February 08, 2008, 03:00:54 PM »

money.now.work.done.party   over

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Uisce Beatha
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Re: How much $ is enough. ?
« Reply #3 on: February 08, 2008, 03:01:25 PM »

I can't answer that.  Who knows what medical crisis awaits.  So forth.

But if I had guaranteed "more than enough" I'd be one generous SOB with both my time and my money.  Golf in the mornings; charity work in the afternoons; wine, women and song in the evenings.

Lump sum for sure if that's on offer.  *fudge* work.
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Clive
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Re: How much $ is enough. ?
« Reply #4 on: February 08, 2008, 03:02:39 PM »

say you could be given either :

1 lump sum today
or
a high fixed yearly salary (say you actually love your job and want to keep doing it)
Be more specific.  What is the relationship between the lump-sum amount and the sum of the annual salary over the years I'd work?  (I'll assume that no health issues or disbarring event keeps me from working to when I decide to retire.)
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spacey
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Re: How much $ is enough. ?
« Reply #5 on: February 08, 2008, 03:03:08 PM »

I can't answer that.  Who knows what medical crisis awaits.  So forth.

But if I had guaranteed "more than enough" I'd be one generous SOB with both my time and my money.  Golf in the mornings; charity work in the afternoons; wine, women and song in the evenings.

Lump sum for sure if that's on offer.  *fudge* work.

Werd.
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Aske
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Re: How much $ is enough. ?
« Reply #6 on: February 08, 2008, 03:05:18 PM »

say you could be given either :

1 lump sum today
or
a high fixed yearly salary (say you actually love your job and want to keep doing it)
Be more specific.  What is the relationship between the lump-sum amount and the sum of the annual salary over the years I'd work?  (I'll assume that no health issues or disbarring event keeps me from working to when I decide to retire.)

well, that's kind of my point.  i'm not talking  $200 Billion or something preposterously above and beyond your current/feasible life/future.     Just if someone (say bill gates maybe )  offered the 'lucky citizen charity'  or something.   Enough to make all your current needs met for the future with room to spare for luxuries/emergencies,.  There's no way to know what happens ahead.   Just you choose on the spur of the moment something realistic to your life.    How much would sway you either way?
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Clive
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Re: How much $ is enough. ?
« Reply #7 on: February 08, 2008, 03:07:30 PM »

Without waiting for the answer ...

Lump sum would have to be large.  Very large.

Annual salary would have to be large.  Very large.  (Even assuming good health, etc., 'til retirement.)


Honestly, I can't see a number that I'd call "enough".  The more I make, the more I can do with it.  Be more secure about my retirement.  Fund a scholarship at my alma mater.  Assure my elderly, fixed-income parents are taken care of.  Same for my wife's parents.  Same for my siblings and their spawn.  Same for my wife's sibling and spawn.  Donate to worthwhile charities and organizations.  Start a soup kitchen.  Buy a ratty building in a city and convert it to a shelter and help center for the homeless.  Give $32 million to the Virginia ICIC.  Fund some promising research into alternative energy sources.  The list is endless.
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birdymaker
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Re: How much $ is enough. ?
« Reply #8 on: February 08, 2008, 03:14:13 PM »

Without waiting for the answer ...

Lump sum would have to be large.  Very large.

Annual salary would have to be large.  Very large.  (Even assuming good health, etc., 'til retirement.)


Honestly, I can't see a number that I'd call "enough".  The more I make, the more I can do with it.  Be more secure about my retirement.  Fund a scholarship at my alma mater.  Assure my elderly, fixed-income parents are taken care of.  Same for my wife's parents.  Same for my siblings and their spawn.  Same for my wife's sibling and spawn.  Donate to worthwhile charities and organizations.  Start a soup kitchen.  Buy a ratty building in a city and convert it to a shelter and help center for the homeless.  Give $32 million to the Virginia ICIC.  Fund some promising research into alternative energy sources.  The list is endless.

 Laugh at you Rolling Asshat
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Spanky
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Re: How much $ is enough. ?
« Reply #9 on: February 08, 2008, 03:16:33 PM »

I look at it as what would get you and your immediate family by. Forget charity or alma mater or inner city kids.

I'm greedy, it's my money. Everyone else can *fudge* off. Besides it's completely hypothetical anyway.
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birdymaker
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Re: How much $ is enough. ?
« Reply #10 on: February 08, 2008, 03:23:32 PM »

hard to say. i "made" 65,000 a year. at that rate given another 20 years to work, i would earn 1.3 mil and continue to eek out my meager existence. so, i'm thinkin the lump sum would have to be in the 4,000,000 range. the salary in the 200k range.  Wink
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Re: How much $ is enough. ?
« Reply #11 on: February 08, 2008, 03:25:44 PM »

In that case, Mr. Gekko:

I can't think of a number that I'd call "enough".  I can't predict the market for the next thirty years, so anything I invest isn't secure.  I want to be comfortable, now and in retirement, and I want my offspring to be comfortable.
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dystopia
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Re: How much $ is enough. ?
« Reply #12 on: February 08, 2008, 04:11:23 PM »


At what point would MORE not matter to you ? (you could buy the house you want, the college fund for your kids, the retirement fund is locked up nicely, etC)



I agree with Clive.  It would have to be very large.

I'd estimate $5M for the stuff you mentioned (nice house, retirement, immediate family is taken care of).  But once I'd reached that level, my goal would probably shift toward something like $10M to take care of extended family.  After that, the next goal would be $+++M for things already mentioned (funding research, charities, etc.)


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Uisce Beatha
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Re: How much $ is enough. ?
« Reply #13 on: February 08, 2008, 04:20:22 PM »

I think birdymaker's logic makes sense. 

Take your max income potential and multiple by number of years expected to work.  Since you can't really expect more than that then why not take it?  Obviously, insurance and market volatility are concerns so perhaps you might bump it a notch or two.

I can't make more than I'm making right now working for someone.  And I'm not inclined to start over with the entrepreneurship thing. 

I'm assuming the rules don't preclude me taking the lump sum and working to some extent anyway?  I'd probably keep my hand in the game just to keep my mind from seizing up and maybe keep the insurance rolling.  Golf and beer money really though; that's about it.  Purely optional.

Keep in mind the offer allows me to cut 20 years off my working life.  That's worth something (a lot!!!) and I'd give it some serious weight.

Let's call it $2.5-3 million.  To be honest though, if you were to show up with $1.5 million tomorrow I'd jump at it.   Wink
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Aske
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Re: How much $ is enough. ?
« Reply #14 on: February 08, 2008, 04:21:47 PM »

I think birdymaker's logic makes sense. 

Take your max income potential and multiple by number of years expected to work.  Since you can't really expect more than that then why not take it?  Obviously, insurance and market volatility are concerns so perhaps you might bump it a notch or two.

I can't make more than I'm making right now working for someone.  And I'm not inclined to start over with the entrepreneurship thing. 

I'm assuming the rules don't preclude me taking the lump sum and working to some extent anyway?  I'd probably keep my hand in the game just to keep my mind from seizing up and maybe keep the insurance rolling.  Golf and beer money really though; that's about it.  Purely optional.

Keep in mind the offer allows me to cut 20 years off my working life.  That's worth something (a lot!!!) and I'd give it some serious weight.

Let's call it $2.5-3 million.  To be honest though, if you were to show up with $1.5 million tomorrow I'd jump at it.   Wink


yup, birdymaker and spanky got more at what I was  hoping for with this thread
« Last Edit: February 08, 2008, 04:24:08 PM by Aske » Logged Return to Top

Quote
Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
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