# How much money would you need to win/inherit before you were comfortable quitting your job?

**URL:** <https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000>\
**Category:** In My Humble Opinion\
**Created:** [February 11, 2011, 7:49am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000 "2011-02-11T07:49:47Z")\
**Posts on this page:** 20\
**Page:** 2

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**Author:** ![Cat\_Whisperer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cat_whisperer/32/4839_2.png) [@Cat\_Whisperer](https://boards.straightdope.com/u/Cat_Whisperer)\
**Post date:** [February 11, 2011, 7:49pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/21 "2011-02-11T19:49:44Z")

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I think about fifty bucks oughta do it. 🙂

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**Author:** ![SciFiSam](https://avatars.discourse-cdn.com/v4/letter/s/47e85d/32.png) [@SciFiSam](https://boards.straightdope.com/u/SciFiSam)\
**Post date:** [February 11, 2011, 8:06pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/22 "2011-02-11T20:06:38Z")

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Well, a nice house round here would cost about £2million, and I’d want to refurnish that well, go on holiday etc. Then I’d want enough money for my daughter as well as me. £5 million minimum, after giving money to friends and charity (there’d be no tax on a lottery win here).

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**Author:** ![Trubie](https://avatars.discourse-cdn.com/v4/letter/t/71c47a/32.png) [@Trubie](https://boards.straightdope.com/u/Trubie)\
**Post date:** [February 11, 2011, 9:01pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/23 "2011-02-11T21:01:49Z")

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I’d only need a million after taxes. So, 2 million in total. I’d invest wisely in retail property while the prices are still low.

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**Author:** ![YogSothoth](https://avatars.discourse-cdn.com/v4/letter/y/8edcca/32.png) [@YogSothoth](https://boards.straightdope.com/u/YogSothoth)\
**Post date:** [February 11, 2011, 9:04pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/24 "2011-02-11T21:04:58Z")

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6.9 million, after taxes

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**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\
**Post date:** [February 11, 2011, 9:10pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/25 "2011-02-11T21:10:22Z")

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Am I to never work again, or can I quit my job and then look for another?

If the former, approx. $10 mil, after taxes.

If the latter, then maybe $200k, after taxes. Enough for me to goof off for a month or three before the new job hunt begins (which will likely take a year or so).

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**Author:** ![wheresmymind](https://avatars.discourse-cdn.com/v4/letter/w/91b2a8/32.png) [@wheresmymind](https://boards.straightdope.com/u/wheresmymind)\
**Post date:** [February 11, 2011, 9:36pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/26 "2011-02-11T21:36:08Z")

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> [@Cat\_Whisperer](#):
>
> I think about fifty bucks oughta do it. 🙂

Yeah, all this talk about “X million dollars” has me flabbergasted. I’m peacing out to Belize the second I have an extra $20,000. Granted I don’t have any kids/wives/mortgages to take care of…

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**Author:** ![Infovore](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/infovore/32/420_2.png) [@Infovore](https://boards.straightdope.com/u/Infovore)\
**Post date:** [February 11, 2011, 9:51pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/27 "2011-02-11T21:51:52Z")

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Not sure exactly how much the amount is, but enough that, with prudent investments, I could pull around $125K/year after taxes from the interest/dividends/etc.

If my house was paid off, would probably be comfortable dropping that down to $100K or so. Not sure what we’d have to pay to maintain our current healthcare, though, if work no longer provided it, so that would be a consideration.

The spouse and I don’t have an extravagant lifestyle. I’d be very happy if I could just go on in our current fairly low-key lifestyle (which allows us enough money to buy/do reasonable fun things when we want them) for the rest of my life. As long as I can afford to maintain a nice gaming computer and other entertainment amenities and take occasional short trips, I’m happy. 🙂

If we moved someplace other than where we live now (which is the SF Bay Area) that number could comfortably drop considerably, I think.

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**Author:** ![blondebear](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/blondebear/32/1022_2.png) [@blondebear](https://boards.straightdope.com/u/blondebear)\
**Post date:** [February 11, 2011, 10:12pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/28 "2011-02-11T22:12:16Z")

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500K cash in hand and I’m out the door. I could survive for a decade on that without too much trouble. The elimination of work-related stress would be a huge improvement to my quality of life, and I’d happily go without a paycheck and 10 years of desk-bound misery.

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**Author:** ![Balthisar](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/balthisar/32/2825_2.png) [@Balthisar](https://boards.straightdope.com/u/Balthisar)\
**Post date:** [February 11, 2011, 10:37pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/29 "2011-02-11T22:37:37Z")

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I figure that with a 3% inflation and 8% annual returns, and wanting to maintain a slightly higher income the entire time, with $1,000,000 I’d be broke at the end of 13 years. I say higher income, because with nothing to do, I’d spend a little more, but I’d also have fewer expenses.

Assuming I want to plan to 85 years of age and be broke, then having a lump sum of $1,938,027 dollars will allow me to leave $3 in my will. Of course my calculations are simple and assume a single disbursement of income from the investment at the beginning of every year, and earnings only on the remaining investment.

And if I were to live beyond 85, then I’d have no money. There’d be social security and my pension, I guess, oh, and my 401(k) unless I count it toward the $1.9 million. Actually I couldn’t draw that until 59-1/2, so I won’t count it. I could refactor my spreadsheet, but I won’t.

On the other hand, if I die at 65 I’d leave someone a cool $3 million dollars, but that’d only be about $1.36 million in today’s dollars.

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**Author:** ![aruvqan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aruvqan/32/2891_2.png) [@aruvqan](https://boards.straightdope.com/u/aruvqan)\
**Post date:** [February 11, 2011, 10:46pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/30 "2011-02-11T22:46:38Z")

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> [@msmith537](#):
>
> I would need to crunch the numbers, but I think you will find that your money won’t last as long as you think if you are spending it on this entourage.

Maid and handyman get room and board in addition to the salary, and my personal assistant would get salary as well as room and board. When you are providing room and board in a country like Morocco, a little goes a hell of a long way. Last I heard from a couple of ex-pat friends of mine, $2500 a month plus room and board is what they pay for a hired couple, and since the personal assistant is the more educated one he/she would probably get $4000 a month. That bakes nicely into the roughly $200K a year that $8 mil in investments would give us. Keep in mind mrAru and I are starting out with 500K each as a nest egg.

I do NOT intend on living in the US, or a city that is spendy like that. Having seen the lovely homes available for what the US would consider dirt cheap in up and coming areas, I would rather go there and fly back to the US for any major medical procedures. Thankfully it seems my acute issues have calmed down to lovely annoying chronic crap. I do not want to do the whole travel the world luxuriously crap, I want a comfy home that we can settle in and be together. Our amusements tend to be very home centered. We like reading, films and occasional shows, playing on the computer, good food, music and having friends visit. There was a riad in Marrakesh up for sale for around $200K, 3 bedrooms, 2.5 baths, small suite for servants, tidy little courtyard with classic small fountain, perfect for the proposed project. It was already modernized except the kitchen was done about 8 or 10 years ago looking at the appliances. I do not want one of these behemoth homes with 8 bedrooms, 8.5 bathrooms, media room, formal dining, eat in kitchen, zillion car garage, workout room mansion pieces of modern shit that is the first thing any jumped up basketball player goes and spends $20 million building.

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**Author:** ![ataraxy22](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ataraxy22/32/307_2.png) [@ataraxy22](https://boards.straightdope.com/u/ataraxy22)\
**Post date:** [February 12, 2011, 1:03am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/31 "2011-02-12T01:03:26Z")

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About $5 M after taxes would be enough for me to stop working immediately. Mid-thirties.

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**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\
**Post date:** [February 12, 2011, 1:07am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/32 "2011-02-12T01:07:59Z")

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> [@Balthisar](#):
>
> Remember to plan for your death. You don’t need to live on the earnings of your millions for your entire life. You can also start to dip into the millions so that you have almost nothing when you die.

This is an excellent point. In addition, you need to understand that your non-health expenses are going to decrease. My father and father-in-law are both in their 90s. They have no real interest in going out to eat or taking expensive vacations.

I’m 59, so I think about this a lot. I’ve got a nice bit in my retirement funds already, a house with a lot of equity, and two kids through school with the bills paid. Another $1 million would do fine until Social Security kicks in. We already have some of our money in dividend paying equities which pay a good return and rise with the market. But we’re way too frugal to need $8 million or $10 million.

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**Author:** ![Superhal](https://avatars.discourse-cdn.com/v4/letter/s/b4bc9f/32.png) [@Superhal](https://boards.straightdope.com/u/Superhal)\
**Post date:** [February 12, 2011, 1:39am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/33 "2011-02-12T01:39:16Z")

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> [@Balthisar](#):
>
> Remember to plan for your death. You don’t need to live on the earnings of your millions for your entire life. You can also start to dip into the millions so that you have almost nothing when you die.

My plan includes the idea of hyperinflation, rising costs, etc. I plan using today’s numbers, but the amount I would have should be enough to cover any sort of surprise.

For example, I plan on $1 mil/year. Today’s $1 mil might only be worth $100k worth of buying power in 20 years. Then I would dip into the capital.

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**Author:** ![Oakminster](https://avatars.discourse-cdn.com/v4/letter/o/77aa72/32.png) [@Oakminster](https://boards.straightdope.com/u/Oakminster)\
**Post date:** [February 12, 2011, 9:15am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/34 "2011-02-12T09:15:21Z")

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> [@Eonwe](#):
>
> Wait a minute, you guys are lawyers! Shouldn’t you already have like millions of dollars? What’s a paltry 2 million? 😉

The lawyer = automatic wealth thing is bullshit. I work for a non-profit, and have never come anywhere even remotely close to making 6 figures. Likely never will, unless some Big Law outfit decides they suddenly need an aging, way past burned out guy that’s spent a career doing poverty law. Strongly suspect butterflies will fly outta my ass before that happens.

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**Author:** ![madmonk28](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/madmonk28/32/20811_2.png) [@madmonk28](https://boards.straightdope.com/u/madmonk28)\
**Post date:** [February 12, 2011, 10:29am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/35 "2011-02-12T10:29:25Z")

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About $10 million after taxes. For about $5 million after taxes, I’d keep my job, but not take any crap from anybody.

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**Author:** ![Alessan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/alessan/32/465_2.png) [@Alessan](https://boards.straightdope.com/u/Alessan)\
**Post date:** [February 12, 2011, 11:20am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/36 "2011-02-12T11:20:57Z")

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I don’t think I’ll ever stop working, not matter what. I don’t want to be a bad example to my kid.

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**Author:** ![Aspidistra](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aspidistra/32/3894_2.png) [@Aspidistra](https://boards.straightdope.com/u/Aspidistra)\
**Post date:** [February 12, 2011, 11:53am UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/37 "2011-02-12T11:53:23Z")

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Given that I quit my job about six months ago and I don’t _strongly_ care if I never get another one (though I expect to), I guess the amount is zero.

If you’re talking “quit and commit to never getting another job again” … well, it takes about 30k a year to run our family at minimum level, times about 20 years till the Small Folks are self-supporting … say 600k.

All you people saying numbers like 10 million … are you actually expecting to earn that amount over your working lifetime anyway? I mean, getting to never work again AND getting a pay rise - that’s a pretty good deal!

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**Author:** ![aruvqan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aruvqan/32/2891_2.png) [@aruvqan](https://boards.straightdope.com/u/aruvqan)\
**Post date:** [February 12, 2011, 6:57pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/38 "2011-02-12T18:57:15Z")

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> [@Aspidistra](#):
>
> Given that I quit my job about six months ago and I don’t _strongly_ care if I never get another one (though I expect to), I guess the amount is zero.
> 
> If you’re talking “quit and commit to never getting another job again” … well, it takes about 30k a year to run our family at minimum level, times about 20 years till the Small Folks are self-supporting … say 600k.
> 
> All you people saying numbers like 10 million … are you actually expecting to earn that amount over your working lifetime anyway? I mean, getting to never work again AND getting a pay rise - that’s a pretty good deal!

Well it is a wish thread so why not =)

I would be perfectly happy with the lottery that gives the winner IIRC $50K per year until they die [before taxes]

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**Author:** ![Cat\_Whisperer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cat_whisperer/32/4839_2.png) [@Cat\_Whisperer](https://boards.straightdope.com/u/Cat_Whisperer)\
**Post date:** [February 12, 2011, 7:22pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/39 "2011-02-12T19:22:00Z")

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> [@wheresmymind](#):
>
> Yeah, all this talk about “X million dollars” has me flabbergasted. I’m peacing out to Belize the second I have an extra $20,000. Granted I don’t have any kids/wives/mortgages to take care of…

I was coming from more of a, “I hate this friggin’ place and $50 would be enough to convince me to walk” place, but I like how you think, too. 🙂

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**Author:** ![Superhal](https://avatars.discourse-cdn.com/v4/letter/s/b4bc9f/32.png) [@Superhal](https://boards.straightdope.com/u/Superhal)\
**Post date:** [February 12, 2011, 7:26pm UTC](https://boards.straightdope.com/t/how-much-money-would-you-need-to-win-inherit-before-you-were-comfortable-quitting-your-job/571000/40 "2011-02-12T19:26:42Z")

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> [@Aspidistra](#):
>
> All you people saying numbers like 10 million … are you actually expecting to earn that amount over your working lifetime anyway? I mean, getting to never work again AND getting a pay rise - that’s a pretty good deal!

No it’s that some of us have considered this question before. Winning a $1mil sweepstakes is not enough to quit it all. I fully expect to work until I die like everybody else.

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