How much would it take?

singleguymoney · 08-21-2008, 05:46 PM

I asked this question on my blog today and would like to get your thoughts. What is the minimum amount of a windfall you would need to payoff your debt and stop working?

http://www.singleguymoney.com/2008/0...lkback_21.html

72Tiger · 08-21-2008, 06:35 PM

I need about another $600k

purplefdu · 08-21-2008, 09:20 PM

I'd have to say 500k minimum. That would pay off my student loans, our cars, and purchase a modest home.

jdp · 08-22-2008, 05:32 AM

Hmmmm.

500k

The Zoo · 08-22-2008, 08:02 AM

I think about it this way (same calculation I used when determining life insurance). For every million you can pretty much bank on getting 50k interest free(ish) every year (by buying bonds). That's an average obviously. Wouldn't want to have to touch principle unless absolutely necessary.
In order to pay off my house and not have to work...probably 2.5-3 million. Of course I live in the Bay Area.

rolltimer · 08-22-2008, 11:31 AM

Even with no debt, the minimum is roughly a million. The maximum is unlimited. Whose to say with total freedom from being paycheck tethered, I wouldn't discover a world of things I would need more cash for?

street poet · 08-23-2008, 09:02 PM

For those of you who answered $500-600K what kind of investment plan do you have that will allow you to stop working forever?

Mary Webber · 08-24-2008, 06:47 AM

Wow, I truly can't imagine any amount of money that would make me want to stop working! Honestly, just playing would be the hardest thing I can imagine...

To tell you the truth, while it wouldn't take much, maybe 250K to totally set me up, but what I'd most like to have a big bundle for would be to give it away. ANd that's a question worth thinking about too. If you were the Bill and Melinda Gates Foundation, where would you direct your efforts - and money?

MMarquit · 08-25-2008, 05:48 PM

Hmmmm....I'd say right around $1 million. That would pay everything off (mostly student loans and the mortgage) and leave enough to invest so that we could live the lifestyle we want -- which includes travel and having family come and stay with us.

khorrell · 08-25-2008, 06:32 PM

Hmmm...that is an interesting question. In our "if we win the lottery" dreams, neither my husband or I envision quitting work. We would, however, move to a house on the water, hire a cleaning service, and fund fun vacations for our extended family. Given the price of real estate (and property taxes), we're looking at around a million as well. If that paid for most of the house, we could live the high life on our current income.

Now, if we HAD to stop working to get this good deal, we'd need more like 3-4 million, to invest for income.

I'd rather keep working, though.

08-21-2008, 05:46 PM	#1
singleguymoney Junior Member Join Date: Jul 2008 Location: Georgia Posts: 21 Reputation: (10)	How much would it take? I asked this question on my blog today and would like to get your thoughts. What is the minimum amount of a windfall you would need to payoff your debt and stop working? http://www.singleguymoney.com/2008/0...lkback_21.html __________________ I'm a single guy trying to get out of debt. Visit my personal finance blog @ http://www.singleguymoney.com

08-21-2008, 09:20 PM	#3
purplefdu Senior Member Join Date: Jan 2008 Location: Eliot, ME USA Posts: 533 Reputation: (27)	I'd have to say 500k minimum. That would pay off my student loans, our cars, and purchase a modest home. __________________ Homeward Bound Puppy Blog&Personal Blog best general coupon site & organic grocery coupon help

08-24-2008, 06:47 AM	#8
Mary Webber Family Thrift Counselor Join Date: Jun 2008 Location: Maine Posts: 145 Reputation: (27)	Wow, I truly can't imagine any amount of money that would make me want to stop working! Honestly, just playing would be the hardest thing I can imagine... To tell you the truth, while it wouldn't take much, maybe 250K to totally set me up, but what I'd most like to have a big bundle for would be to give it away. ANd that's a question worth thinking about too. If you were the Bill and Melinda Gates Foundation, where would you direct your efforts - and money? __________________ Family Thrift Counselor - Get practical advice on how to save money and eat better.

08-25-2008, 05:48 PM	#9
MMarquit Junior Member Join Date: Apr 2008 Location: Utah Posts: 12 Reputation: (10)	Hmmmm....I'd say right around $1 million. That would pay everything off (mostly student loans and the mortgage) and leave enough to invest so that we could live the lifestyle we want -- which includes travel and having family come and stay with us. __________________ Visit me at YieldingWealth.com or at the All Business Personal Finance Center.

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08-21-2008, 06:35 PM	#2
72Tiger Senior Member Join Date: Jan 2008 Location: Knoxville, TN Posts: 296 Reputation: (38)	I need about another $600k

08-22-2008, 05:32 AM	#4
jdp Senior Member Join Date: Jan 2008 Posts: 204 Reputation: (24)	Hmmmm. 500k

08-22-2008, 08:02 AM	#5
The Zoo Junior Member Join Date: Jul 2008 Posts: 19 Reputation: (10)	I think about it this way (same calculation I used when determining life insurance). For every million you can pretty much bank on getting 50k interest free(ish) every year (by buying bonds). That's an average obviously. Wouldn't want to have to touch principle unless absolutely necessary. In order to pay off my house and not have to work...probably 2.5-3 million. Of course I live in the Bay Area.

08-22-2008, 11:31 AM	#6
rolltimer Senior Member Join Date: Dec 2007 Location: Alabama Posts: 131 Reputation: (24)	Even with no debt, the minimum is roughly a million. The maximum is unlimited. Whose to say with total freedom from being paycheck tethered, I wouldn't discover a world of things I would need more cash for?

08-23-2008, 09:02 PM	#7
street poet Junior Member Join Date: Aug 2008 Posts: 3 Reputation: (10)	For those of you who answered $500-600K what kind of investment plan do you have that will allow you to stop working forever?

08-25-2008, 06:32 PM	#10
khorrell Senior Member Join Date: Jan 2008 Posts: 424 Reputation: (60)	Hmmm...that is an interesting question. In our "if we win the lottery" dreams, neither my husband or I envision quitting work. We would, however, move to a house on the water, hire a cleaning service, and fund fun vacations for our extended family. Given the price of real estate (and property taxes), we're looking at around a million as well. If that paid for most of the house, we could live the high life on our current income. Now, if we HAD to stop working to get this good deal, we'd need more like 3-4 million, to invest for income. I'd rather keep working, though.