How Much Money Is Enough Money?

[Flushgarden 0]

10 million is a start, but its not enough. If you're happy living off the interest of 1 or 2, or even 10 million then you're weak. Its like checking down a great hand when you can win a lot more by betting. People forget about extended family, taxes, inflation, and possible future world events that could change our situation. 10 million just wont cut it if you want to live in semi-luxury and not work for the rest of your life. But with some money like that you could start a business or make some more investments that could end up making you a lot more...but you're going have to work at making your money work for you.Personally I have a huge family to take care of if I combine mine and my wifes. Of course we're not obligated to take care of anybody but our parents, but I would want to help everybody I can. First, I want to have both her and my parents (I have 2 sets of parents) enjoy their retirements (new houses, vacations, toys), pay for any medical care they will need (this will of course be a ton of $$ to have it done right), and have them not have to worry about money for the rest of their lives. Second, I would help our siblings. I have 3 sisters who all have their own famlies, my wife has a brother and a sister. Of course we wouldnt give them everything like we would our parents, but we would give them each a good leg up so they can make something for themselves. Then we both have huge extended famlies, and we would help who we could based on who we're closest to and also based on need.Also for my wife and our future children we're going to need like 4 houses. One in Maine where my family is, one in Southern California where her family is, one in the Philippines where she grew up as a child that would be a vacation house for not only us but her parents and siblings, and I want to have one with a lot of land in Colorado or Montana for a nice getaway and also for a place to go in case something crazy happens like WWIII taking place on American soil or some huge natural disaster. To do what I want...I think I need at least 100 million, maybe more, to be comfortable for the rest of our lives. No matter how much I had I'd never stop looking for good investments. Also, no matter how much money I had I would never tell my boss to **** off and leave in an ugly way. Why burn bridges? You never know what the future will bring and its always good to have contacts.

[Flushgarden 0]

hittingreplyinsteadofeditaments

[powerpoker 0]

10 million is a start, but its not enough. If you're happy living off the interest of 1 or 2, or even 10 million then you're weak. People forget about extended family, taxes, inflation, and possible future world events that could change our situation. 10 million just wont cut it if you want to live in semi-luxury and not work for the rest of your life. But with some money like that you could start a business or make some more investments that could end up making you a lot more...but you're going have to work at making your money work for you.Personally I have a huge family to take care of if I combine mine and my wifes. Of course we're not obligated to take care of anybody but our parents, but I would want to help everybody I can. First, I want to have both her and my parents (I have 2 sets of parents) enjoy their retirements (new houses, vacations, toys), pay for any medical care they will need (this will of course be a ton of $$ to have it done right), and have them not have to worry about money for the rest of their lives. Second, I would help our siblings. I have 3 sisters who all have their own famlies, my wife has a brother and a sister. Of course we wouldnt give them everything like we would our parents, but we would give them each a good leg up so they can make something for themselves. Then we both have huge extended famlies, and we would help who we could based on who we're closest to and also based on need.Also for my wife and our future children we're going to need like 4 houses. One in Maine where my family is, one in Southern California where her family is, one in the Philippines where she grew up as a child that would be a vacation house for not only us but her parents and siblings, and I want to have one with a lot of land in Colorado or Montana for a nice getaway and also for a place to go in case something crazy happens like WWIII taking place on American soil or some huge natural disaster. To do what I want...I think I need at least 100 million, maybe more, to be comfortable for the rest of our lives. No matter how much I had I'd never stop looking for good investments. Also, no matter how much money I had I would never tell my boss to **** off and leave in an ugly way. Why burn bridges? You never know what the future will bring and its always good to have contacts.

i like the way you think...i may have underestimated on how much i would need at 30 million cause i didnt take into account friends and family i would take care of, so maybe around 50 million may be more realistic since im single and so forth

[timwakefield 68]

Hey balloon guy, can I borrow $600,000? I'll pay it back like pretty soon, probably.

[bull62 0]

$743,268,138.46My household income has been $15K per year and I had no extra money. And it's been $150K and I had no extra money. Go figure.

[Al Smooth 0]

I've posted/asked this question of a lot of different people in the past couple of days, and I've been very interested by what I've gotten back...Basically...The younger people are the less they think they'll need, many people I've talked to under 24 have answered that they could live on 1-2 million for the rest of their lives. Naivity is cute. Some people have taken the conservative 5% estimation too seriously. Of course people will want more, and of course you wouldn't invest ALL of your principle in tax free bonds, it's just a ballpark to help the question make more sense.Jets are expensive (approx 500k for a 1/16th share, which equals about 50 flying hours a year), yes I've looked it up. Having your own jet is one of the luxuries of all luxuries and will obv drive up the FU number if that's what you would NEED to "live the rest of your life comfortably". If it's on the list of NEED things please proceed directly to the high maintenance line for processing.Hoosier...FU. lol... This wasn't a brag post...but I could make it one if you want.

[gmanshade 0]

for people that are saying stuff like $10 million is not enough...:I don't have the figure handy (you can google it) but something like 75% of lottery jackpot winners wish they had never won because once they have the $$$ it causes problems with their current friends, everyone--from family members to acquiantances--is asking to borrow/have money, and they basically have a hard time being the same person. I'm not positive if the number is 75% but I'm sure it is over 50%.Of course money is very important when you can't get the things you need--food, shelter, medical aid, education, leisure time, etc--but it is as bad to have too much money as it is to have too much free time (no job) without a good idea of how to use the time. just sayin

[jmkiser 0]

for people that are saying stuff like $10 million is not enough...:I don't have the figure handy (you can google it) but something like 75% of lottery jackpot winners wish they had never won because once they have the $$$ it causes problems with their current friends, everyone--from family members to acquiantances--is asking to borrow/have money, and they basically have a hard time being the same person. I'm not positive if the number is 75% but I'm sure it is over 50%.Of course money is very important when you can't get the things you need--food, shelter, medical aid, education, leisure time, etc--but it is as bad to have too much money as it is to have too much free time (no job) without a good idea of how to use the time. just sayin

these people have ****ed up relationships with their friends and family when money becomes an issue...

[powerpoker 0]

for people that are saying stuff like $10 million is not enough...:I don't have the figure handy (you can google it) but something like 75% of lottery jackpot winners wish they had never won because once they have the $$$ it causes problems with their current friends, everyone--from family members to acquiantances--is asking to borrow/have money, and they basically have a hard time being the same person. I'm not positive if the number is 75% but I'm sure it is over 50%.Of course money is very important when you can't get the things you need--food, shelter, medical aid, education, leisure time, etc--but it is as bad to have too much money as it is to have too much free time (no job) without a good idea of how to use the time. just sayin

ill take my chances

[Balloon guy 158]

Hey balloon guy, can I borrow $600,000? I'll pay it back like pretty soon, probably.

Sent*Edit* Accidently sent it to TOMWakefield, so can you get it from him. Pay me back when you can. Interest is 8% weekly.

[H_Factor73 2]

Sent*Edit* Accidently sent it to TOMWakefield, so can you get it from him. Pay me back when you can. Interest is 8% weekly.

I guess we all know who is running the North Jersey waste management business now that Tony got shot in the back of the head!

[Actuary 3]

I've posted/asked this question of a lot of different people in the past couple of days, and I've been very interested by what I've gotten back...Basically...The younger people are the less they think they'll need, many people I've talked to under 24 have answered that they could live on 1-2 million for the rest of their lives. Naivity is cute.

I'm not young.2 MM, I quit so fast I wouldn't even post about it first.And that's quick for me.I guess I don't like working and accumulating stuff has never mattered.

[seemorenuts 0]

Guess this thread could evolve into another topic.I'm not young either.I've already done enough traveling, about 37 countries, so there's not much to see except Africa/Antarctica.I spend most of my money on food, always make room for the best, but how much can you spend?I don't drink, don't smoke, don't do drugs.I just bought a beer for the first time in my life for a lady about 4 months ago (got nowhere).I don't like collecting things either.If I did have some dough, I'd just travel the world staying in youth hostels, because I find that's the easiest way to meet women.I don't anticipate buying another sofa or a car for the rest of my life--no desire to do so... lol.If there's a food I really like, sometimes I'll buy so much of it at one time just to see if I can get sick of it.King crab legs, $200 worth, or $50 worth of cherries, lol.So I could get by on $10-20K a year, it wouldn't make me happier or sadder... having great friends matters... a sense of humor matters... compassion matters.

[Dratj 0]

Guess this thread could evolve into another topic.I'm not young either.I've already done enough traveling, about 37 countries, so there's not much to see except Africa/Antarctica.I spend most of my money on food, always make room for the best, but how much can you spend?I don't drink, don't smoke, don't do drugs.I just bought a beer for the first time in my life for a lady about 4 months ago (got nowhere).I don't like collecting things either.If I did have some dough, I'd just travel the world staying in youth hostels, because I find that's the easiest way to meet women.I don't anticipate buying another sofa or a car for the rest of my life--no desire to do so... lol.If there's a food I really like, sometimes I'll buy so much of it at one time just to see if I can get sick of it.King crab legs, $200 worth, or $50 worth of cherries, lol.So I could get by on $10-20K a year, it wouldn't make me happier or sadder... having great friends matters... a sense of humor matters... compassion matters.

I'm curious as to how old you are. It's interesting how you could get by on 10 to 20k a year. I guess it's easy to do if you have no wife, no kids, no house, no car. How do you manage to live without a car? I mean, I could see the no wife, no kid, no house part. You could have a girlfriend and rent. But no car? That would drive me nuts. Being able to get around easily is freedom. For me, I chose the wife, kid, house thing. I guesstimate I need about 60k a year just to cover the basic stuff. What a choice I made. However, it is worth it. To each their own. Do you like lobster or raw oysters?

[Royal_Tour 0]

I always remember a commercial that used to play years ago. it went like soYou see a guy in a beach rocking back and forth with his daughter. a voice comes on and says. "I always wondered what i'd buy if i ever won the lottery. And now that I have, the most precious thing i can buy, is time."Set number isnt important.whats important is being able to afford the things you want, when you want.for example. I wake up everyday and notice a picture of a porsche 911 turbo on my wall. One day i hope to own that car. I pursue things to the fullest by being positive about the future.watch the dvd documentary The Secret. It really helps inspire.

[seemorenuts 0]

I'm curious as to how old you are. It's interesting how you could get by on 10 to 20k a year. I guess it's easy to do if you have no wife, no kids, no house, no car. How do you manage to live without a car? I mean, I could see the no wife, no kid, no house part. You could have a girlfriend and rent. But no car? That would drive me nuts. Being able to get around easily is freedom. For me, I chose the wife, kid, house thing. I guesstimate I need about 60k a year just to cover the basic stuff. What a choice I made. However, it is worth it. To each their own. Do you like lobster or raw oysters?

To be honest, I've spent the last 7 years basically discarding ideas and objects I thought I wanted--consequentially it has added a bit to my isolation--viz., women, lol.I live smack in the middle of Toronto, I can walk anywhere I need to, and I need the exercise. I despise the pollution, and taking public transport only saves 15 minutes vs walking 2-3 miles. I figure I spend $15-25 per year on transportation.Outside of poker, I have a handful of close friends, but one has moved to Australia and another is in Vancouver.Of the three people I spend the most time with now, one is only an acquaintance of 23 years--it's an inside joke because he really is rather self-centred and misogynist, so I like to refrain from calling him a friend (he's worth over $2.5M and saves about $100K per year that he has trouble spending, he likes to think of women as a life support system for a vajine, lol). My best friend has a cottage up north but he spends the whole weekend at the casino, which I've learned is a losing proposition unless you have $20K to play... so that's nice if I want to get back to nature and pal around with him that way...Okay, so I'm rambling, the points you brought up are perfect, yes--I miss ordering lobster and oysters just a bit--now that you've reminded me! Lobster doesn't taste nearly as good as crab legs, and snow crab legs at the US casino buffet is all you can eat for under $18, lol. Oysters are nice, but at $2 a pop, I convince myself that I'll wait.Funny thing about choice, that's what I give up when I buy stuff in bulk, but the psychological bonus from frugality helps if your personality is adjusted to it.If we had life spans of 150-500 years, I'd be working my butt off to make myself comfortable, but given that I only have a few decades left, big deal! Ditto re global warming and having kids, lol. I like to compare my life with the kings of 3 centuries ago--aside from not having 200 concubines, my life is better--fewer vermin, better health care, more spices, far better stimulation and leisure, more travel, hey, what would a king pay for a Wii, his kingdom?Lastly, I know I could make a huge amount of money if I wanted to. No kidding here.The internet is truly in its infancy, and I have thought of several ideas that are easy to implement that could cannibalize other multibillion dollar markets and I don't even have technical expertise. So I lazily fool myself into thinking that I'm as successful as Bill Gates, because I think the right thing to do is to give it away responsibly. I've just skipped two steps, the acquisition and the donation. Ha ha, welcome to my universe. It's only my opinion that counts.Lastly, re the porsche. The shallow acquaintance I mentioned used to own a porsche. He got fed up after constantly getting his car vandalized in the city--people resent success. He'd get ketchup poured over his car, keys scratched up his doors, etc.He purposely drives a normal car now.Same thing applies to poker, I'd rather just get good at it at any stakes (the point is smallness is no shame) and it's a bonus if it helps your income.I realized this year how stupid it is to envy people who get to play in the wsop, they are just subsidizing Harrah's and the B&M casino industry that is adversarial to our online poker interests--I'd be happy if all of us just boycotted everything except rake-free sites and those with overlays. Let the corporations pay to see people play...Lastly, sometimes wanting something is more fun than getting it--as long as you have a sense of humor about it.Hope this didn't bore you too much. Oh, I turn 2 of spades in 369 days.

[Actuary 3]

interesting

[Dratj 0]

To be honest, I've spent the last 7 years basically discarding ideas and objects I thought I wanted--consequentially it has added a bit to my isolation--viz., women, lol.I live smack in the middle of Toronto, I can walk anywhere I need to, and I need the exercise. I despise the pollution, and taking public transport only saves 15 minutes vs walking 2-3 miles. I figure I spend $15-25 per year on transportation.Outside of poker, I have a handful of close friends, but one has moved to Australia and another is in Vancouver.Of the three people I spend the most time with now, one is only an acquaintance of 23 years--it's an inside joke because he really is rather self-centred and misogynist, so I like to refrain from calling him a friend (he's worth over $2.5M and saves about $100K per year that he has trouble spending, he likes to think of women as a life support system for a vajine, lol). My best friend has a cottage up north but he spends the whole weekend at the casino, which I've learned is a losing proposition unless you have $20K to play... so that's nice if I want to get back to nature and pal around with him that way...Okay, so I'm rambling, the points you brought up are perfect, yes--I miss ordering lobster and oysters just a bit--now that you've reminded me! Lobster doesn't taste nearly as good as crab legs, and snow crab legs at the US casino buffet is all you can eat for under $18, lol. Oysters are nice, but at $2 a pop, I convince myself that I'll wait.Funny thing about choice, that's what I give up when I buy stuff in bulk, but the psychological bonus from frugality helps if your personality is adjusted to it.If we had life spans of 150-500 years, I'd be working my butt off to make myself comfortable, but given that I only have a few decades left, big deal! Ditto re global warming and having kids, lol. I like to compare my life with the kings of 3 centuries ago--aside from not having 200 concubines, my life is better--fewer vermin, better health care, more spices, far better stimulation and leisure, more travel, hey, what would a king pay for a Wii, his kingdom?Lastly, I know I could make a huge amount of money if I wanted to. No kidding here.The internet is truly in its infancy, and I have thought of several ideas that are easy to implement that could cannibalize other multibillion dollar markets and I don't even have technical expertise. So I lazily fool myself into thinking that I'm as successful as Bill Gates, because I think the right thing to do is to give it away responsibly. I've just skipped two steps, the acquisition and the donation. Ha ha, welcome to my universe. It's only my opinion that counts.Lastly, re the porsche. The shallow acquaintance I mentioned used to own a porsche. He got fed up after constantly getting his car vandalized in the city--people resent success. He'd get ketchup poured over his car, keys scratched up his doors, etc.He purposely drives a normal car now.Same thing applies to poker, I'd rather just get good at it at any stakes (the point is smallness is no shame) and it's a bonus if it helps your income.I realized this year how stupid it is to envy people who get to play in the wsop, they are just subsidizing Harrah's and the B&M casino industry that is adversarial to our online poker interests--I'd be happy if all of us just boycotted everything except rake-free sites and those with overlays. Let the corporations pay to see people play...Lastly, sometimes wanting something is more fun than getting it--as long as you have a sense of humor about it.Hope this didn't bore you too much. Oh, I turn 2 of spades in 369 days.

How old is 2 spades? 50? Regarding the car, what if you want to go to the casino, play a round of golf, visit a friend in another city, buy something that requires a car to bring home? It's a personal preference but having a car to me is very convenient. I can go on a whim virtually anywhere I want. It's interesting that you say that you could make more money if you could very easily. If that was the case, why not do it? Instead of working say 10 more years, work 5 more instead and you can retire early. You are obviously happy with your life right now and I admire that, it's just interesting to see another person's point of view on life.

[Dratj 0]

I always remember a commercial that used to play years ago. it went like soYou see a guy in a beach rocking back and forth with his daughter. a voice comes on and says. "I always wondered what i'd buy if i ever won the lottery. And now that I have, the most precious thing i can buy, is time."Set number isnt important.whats important is being able to afford the things you want, when you want.for example. I wake up everyday and notice a picture of a porsche 911 turbo on my wall. One day i hope to own that car. I pursue things to the fullest by being positive about the future.watch the dvd documentary The Secret. It really helps inspire.

Re: the porsche issue. I know a few guys that could afford to buy a porsche 911 but they don't. It's the younger guys that can't afford the porsche that want it. These guys are in their 40's and would rather put the money into their homes or investments because a car is obviously a rapidly depreciating asset. They can't justify spending over 100k on a car. Seems logical however, I don't know how they do it. I would buy the porsche but I'm beginning to understand their wisdom. One guy I know is fairly well off and drives a Jetta diesel. Why? He doesn't want people to look at him and think that he has money.

[Royal_Tour 0]

Re: the porsche issue. I know a few guys that could afford to buy a porsche 911 but they don't. It's the younger guys that can't afford the porsche that want it. These guys are in their 40's and would rather put the money into their homes or investments because a car is obviously a rapidly depreciating asset. They can't justify spending over 100k on a car. Seems logical however, I don't know how they do it. I would buy the porsche but I'm beginning to understand their wisdom. One guy I know is fairly well off and drives a Jetta diesel. Why? He doesn't want people to look at him and think that he has money.

I've heard this time and time again. Its a crock. If you want a porsche and can afford it. Than get it. You only get 1 shot at a happy life, so if buying a porsche, and screaming down the highway is something you know would put a smile on your face. Go for it.I think the issue you;re comparing is these guys can afford a porsche 911, or remodeling their kitchen and backyard. Obv money is a bit of an issue if thats the case.and so what if people look at you like you have money? isnt that the point in making money? To have it and buy things with? I never understand the people who sit on savings and grow old.My uncle is 50ish, never married, No kids. drives a cavalier, lives in a 1 bedroom condo. not nice at all, in a lame area in a lame town. Never buys new clothes, unless its the shirt he got out of the labatt Blue Case. But sits on top of a nice chunk of cash. His dad owned a body shop, property (lots of land) and had savings, and when he died, went down to his kids. Yet my uncle wont spend a penny.Its actually sad to see what money can do to people. If the world was in chaos and business/ markets, banks etc were no more, he would still be worried about his finances. he's that bad.

[Actuary 3]

But sits on top of a nice chunk of cash.

maybe you can ask him for a loan someday and he can explain why living over your head is "dull"

[seemorenuts 0]

How old is 2 spades? 50? Regarding the car, what if you want to go to the casino, play a round of golf, visit a friend in another city, buy something that requires a car to bring home? It's a personal preference but having a car to me is very convenient. I can go on a whim virtually anywhere I want. It's interesting that you say that you could make more money if you could very easily. If that was the case, why not do it? Instead of working say 10 more years, work 5 more instead and you can retire early. You are obviously happy with your life right now and I admire that, it's just interesting to see another person's point of view on life.

In the old days when I was stupid enough to go to casinos, I take the $5 round trip bus; no insurance, gas, surprises, stress, etc.Unfortunately, I have only played golf 7-10 times in my life, I love the game but I have no friends who have the inclination or time to play; but most times I do things with friends, they have wheels and you could say they subsidize my transportation.If you lost the car you'd adjust in a few years. The last time I rented a car, I was whizzing around Kauai and Maui, now that's a place I'd live with a windfall, what a paradise--that was in '96.I retired at the age of 24, so retiring early is not an issue (mind you, I'm only wealthy relative to what I want, which is very little; and don't get me wrong, there's nothing to be proud of here).A book I have yet to read (downloading audio book on emule), "Stumbling on Happiness," was featured this week in Stephen Colbert's interview segment (could have been a rerun).The author's contention is that money beyond the basic $30K per year doesn't meaningfully contribute to happiness; his punchline as to what was found to do so were marriage and religion! He said that people are really bad at predicting what makes them happy; once they get what they think would have made them happy, it's hit or miss if they get happier, I suppose.Another tidbit was that having children is slightly negative for happiness--lol.I'm not claiming that I am as happy as I could be, but what extra money could never buy for me, and hence the reason why I won't pursue extra easy money, is social enfranchisement within the society I live in. I could have found the cure for cancer but get insulted on the street since random people don't care about such things. That's an oversimplification, but no amount of money could change that, not even several billion. I like to joke that if I knew the cure for cancer, I wouldn't share it--there's a point to this bad joke.Note: that ex-porsche owner I know also now drives a Jetta diesel, it offers the best performance for the buck and I tease him about having the balls to buy a Jetta being a Jew. He's the poorest rich guy I know, and I could tell you so many great stories about relatives and others that would put wealth into better perspective. I don't knock a guy for wanting a porsche, whatever keeps you going, it's always a blessing to want to look forward to something.What do I want that I don't have? As Woody Allen said, "14 year old, blonde, two of them." (Always within the law, of course.)I'm not really interested in what a woman has to say so there's no bonus for them being 26-46, (nor am I much interested in what males have to say, but there's more to talk about).The two of spades was the big clue, I could have said 3 of clubs in 3 days but that would be less clear.BTW, I just bought $123 worth of Alaskan King Crab legs last night. I would have bought more but I had to carry the bags almost a mile on my walk home, and my fridge is stuffed with cheap dumplings and TV dinners, ha ha...

[Bill_Brasky 0]

Why don't you post more. I like you a lot, and not in a straight way either.I've been thinking about things like this a lot. I've been unemployed for the last four months or so and dirt poor for the last six weeks, but it hasn't been bad at all. In fact, this is a happy time in my life. I do whatever I want, whenever I want. It would be nice to have some more money so that bills aren't a concern so I'll have to work eventually, but if I had just enough money to afford a little apartment, my video games, the internet, and some good herb I would be a happy camper.