How much tax-free money would you have to be handed in order for you to call your employer and tell them you will not be showing up tomorrow for work (assuming you currently have no assets)? I figure I would have to get 3.5M to 4M, and plan on being able to spend $140,000-$160,000 US/year for the rest of my life (for two people, my wife and myself, both 38). I think I could keep myself amused full time on that amount. This may sound high but I figure if I am not working, I would need a lot to keep myself busy traveling, etc.
…about the same amount for me. Enough to live comfortably and travel, etc. That would be ideal. Damnit, you made me think about not having to work, and I’m at work!:mad:
I’d only need a small fraction of that to be happy.
How small?
Actually, I think your number is way low.
I’ll put this in terms of the lottery, since that’s about the only place I’ll ever get that much money.
So, lottery is $15million.
That’s about $750,000 a year before taxes.
Figure taxes will take off $300,000 right off the top. So you’re left with $450,000 still sounds like a lot, doesn’t it? Well, right now, with working full time, and being frugal so that we can get our debts down, my wife and I make about $100,000 per year. So that means we’ll have $350,000 per year extra. Now can I live high on the hog, and let my mom keep working 2 jobs so that she can pay her bills? Or let my wife’s mom do the same? Or her dad?I don’t think so, so add all of their yearly expenses together, and that’s another $120,000. So now we’re down to $230,000. Still sounds like a lot, doesn’t it? But then…if I’m not working, and my wife isn’t working, what do we do all day? Most probably buy land, and build a dream house. But what exactlly can you get for property that I’d like for $230,000? I suppose it depends on how lavish a place you want. I personally don’t want a castle or anything, but I do want a large piece of land, on the water, but still fairly close to civilization. So that’s going to cost me a bundle…and I do want a nice house, with enough room for guests. And then there’s travel. It’s one of my biggest loves. Do you know how fast money goes when you’re travelling internationally? Especially considering that while I could fly coach, somehow I doubt that I’d be happy cramped in those tiny seats after I had all this money. Figure that one ticket in business class from the US to Rome is about $2400. So flying 4 people over is basically $10,000 right there…then there’s food, hotel, shopping, rental cars…ect. ect. You get the idea.
So yeah, while I could exist on a lot less money, I have a realistic idea of how much the things I’d want to do would cost. After all, if I’m not working, and can’t travel as much as I want, what the hell am I going to do all day long?
Practice tantric sex for starters…seriously, when I’ve had periods of unemployment, I discovered that I could quite easily keep myself occupied without working.
Well, I retired at 30 on US$800,000. Spent the best part of $100,000 travelling the world for 18 months (a round the world first class air ticket was about $7,000) and invested the rest.
I don’t have an extravagent lifestyle so I live on around $40,000 a year. I don’t own a house, have a 5 year old car (although it is a 5 year old BMW 7 series) and still get to travel an awful lot. I fill my time reading and have adopted a variety of hobbies to keep me busy.
So, unless you are thinking about radically changing your lifestyle, about 20 times your income should be more than sufficent.
O.K., I’ll bite. What is tantric sex and how does it pay the rent?
$400k
You are my hero. If I may be so bold as to ask, how the heck did you do this so quickly? I save 20% of my income and figure I might get to retire by 50.
So are you saying you would continue to work if your investment income stream was 200k/year? More power to you, we need enterprising people, but I could not do this.
Culture, assuming my house would be paid off, and figuring social security for both my husband and me, plus a small pension, I’m thinking $20K/year. That’s what my dad lives on, and although he doesn’t do anything extravagant, he’s comfy and goes to nice restaurants, drinks nice wine, and takes modest trips. I must admit, I’d like to do more traveling than he does. But not lots more.
Well, if I had between half - 1 million I figure we would be able to invest it and live fairly decently off the interest. I’d probably pick up a few side gigs here and there, but as far as basic living expenses, transportation, etc. I think that would cover it.
Assuming social security? Hope springs eternal :-). I even wonder about pensions today. I am certainly assuming no social security, and my listed income is pre-tax, so I am actually assuming I would have $105k-$120k/year to spend after paying the tax man.
Stock options between 1995 and 2000 
It was more a case of being in the right place at the right time to get the options and then being bored and wanting to travel at the right time to sell them.
I’d love to be a able to say I moved to CA because I saw the boom coming and sold all my options because I saw the bust coming but unfortunately it isn’t true. I just have great timing.
I’m in the fortunate position of having built a few successful companies and sold them for decent prices. I continue to work today though I don’t have to. So I can honestly say that there is no amount of money that would make me give it up. Creating is one of my greatest joys, and I can’t imagine life without it.
I am very glad persons such as yourself exist in order to give people like me a place to work. As a stuctural engineer, I certainly understand the need to create, but I never though of starting companies as a form of creation, but I certainly see where it is.
My husband makes enough money for us to live very comfortably without my job. He’s willing to let me stay at home.
I still work. I used to believe I’d take a “feel good/pays lousy” job if I were ever in this situation. I didn’t. Money is part of the scoring system - and I enjoy what I do. Also, working with volunteers and non-profits is too stressful.
I enjoy what I do. The nice thing about not “having” to work is the freedom it gives you at your job. My boss knows I can walk out the door with no worries, and loves me because I come into work everyday and do a good job despite the fact I don’t need to be here. He also knows he can trust me to tell him the truth without worrying about my job.
Well for starters if someone handed me oh say around $50K I’d most likely quit whatever job I had, put away $25K in a safe investment portfolio and use the other $25K to spend backpacking for a good year. Right now I’d start by through hiking the AT and then wintering in Central and South America, and depending on remaining funds probably spend the following summer in Europe before coming back to the states and deciding what to do next (probably would involve getting another job…somewhere)
If I suddenly had an extra $500,000 (or more, more is good 
) in my pockets I’m quite sure I could contrive a plan to keep me from ever working a fulltime job again in my life and be very happy for it. Now for proper retirement I figure I can live comfortably on about $25K/year just about anywhere in the country, and travel in the style I prefer (backpacking) whenever I want, provided that I’m not paying a lot in rent/mortage montly. Depending on where I want my homebase to be, for $50-70K I could either buy outright or make a huge downpayment on a little condo, which either eliminates or greatly reduces the rent/mortage factor. The remaining money I’d invest in a diverse, secure, portfolio designed to give an average yield of 5-6% annually, which would be my income. Any returns over the 5-6% range would be gravy and would get reinvested, as would anything I don’t spend that year.