Powerball Inspired: how much $ to...

[doobeedoo]

How much of a windfall would you need (through inheritance, lottery, whatever) to comfortably quit your job forever and ever?

I am particularly interested in hearing from "big dogs" (hate that term) because I think those numbers could be interesting. If you have already quit your job forever, then perhaps you can just answer from experience or what it would require for your spouse to quit as well.

When I think about the $500M jackpot, which would be, let's say half after taxes, so $250M, I would absolutely quit my job and I happen to like what I do very much. But I probably wouldn't quit for under $25M. So my range is $25M and up, I guess.

Discuss.

[hilwithonelary]

I think my number is $10 million (after taxes). My theory is that I could withdraw 2% a year (initially $200k), and hopefully never run out of money if it were properly invested.

I'm not a big dog.

[Deleted]

I don't really know because those huge sums seem like Monopoly money to me. I'd have to do a lot of research/thinking if it was just $5-10 million but I'd definitely say "fuck this shit" with $200 million. As for the big grey area in between, it depends on the number and my plan.

[RoxMonster]

I'd probably say $15-20 million. I know that's a large sum of money, but I am just paranoid and know how fast money can go. I also think that I would keep some sort of job at least part-time no matter how much I won. I just get way too bored when I don't work (I'm a teacher and by mid-June I am going crazy being home!). So keeping myself occupied and feeling like I have a purpose to get up each day and something to do (we aren't having kids) is worth it to me regardless of the money aspect.

But I could move to Hawaii and work part-time at a coffee shop near the beach if I won a ton of money

[pitterwoo]

I'm trying to decide if I'd rather keep working and pay for services like cleaning, shopping, cooking, etc or if I would quit working and just live a more simple retirement if it were a smaller amount of money.

I would feel good about being able to quit and still have money for all sorts of expenses at 12 million

[Deleted]

It wouldn't take much. I'd start my own business if I even had one million and quit my job as soon as it took off. I sit around all day and dream up ways to make my own money and quit working for other people. I mean, cause it's so easy to start your own business and immediately start making a bajillion dollars. :/ (I sometimes have too much confidence.)

[SJ]

I'd take a break from FT work for a couple million but wouldn't quit "forever and ever" for less than $10m.

[Deleted]

About 5m after taxes, but 10m would be better

[arch01]

honestly? i'm not sure there's a number. for DH it's definitely around the $10-15m range, after taxes, but for me... i'd still work at least PT. i rely on the structure and responsibility to keep me sane.

[Deleted]

I'm really not sure because I've never had that much money so I don't know how having that much money works. I think $20 million after taxes is a safe number. Maybe something lower than that. $10 million after taxes sounds too low compared to current expenses/financial circumstances/cost of living, although I'd certainly be willing to switch jobs to something in-house or part-time on that number.

[LoveTrains]

$10 million would be enough for me (after taxes) to quit my job forever and ever. $250 million, hell yes.

[Deleted]

Well I'm not sure what a "big dog" is, but I don't work now and have no plans to go back to paid employment. For my H to quit working? Probably 10-20m after taxes. He says his dream would be to open a woodworking business making furniture. I personally think he would getvery bored with that after a year though.

[chessie]

At least 20m to stop working right now and to be okay for the next 60-70 years- if we had to include kids, prob more around 30-50

[yellowbrkrd]

Well, I don't make much now. We live off of DH's income. I would probably quit working if we won $1m and concentrate on some business ideas we both have. DH probably wouldn't quit unless it was $5m or more. But he would probably start his own company doing what he does now.

[ECB]

Off the top of my head, probably at least 10 million, but we would need to sit down w/ our financial planner and really come up w/ a good game plan. how much to sock away to make sure we have $$ for retirement, college, etc. Then from that - what's left over and how much income could we realistically expect. Based on that- if I could at least go PT, I'd be very, very happy.

We are NOT big dogs at all.

[ssmjlm]

$10M, but we're not big dogs

$20M would be even better

[Velvetshady]

For ~$2M after taxes, I could "retire" and we could manage with DH working until regular retirement. For $4M after taxes, I could "retire" and we could manage with DH still working and meet the goals I'm still working now so we can meet. For $20M after taxes, DH could "retire" as well and we'd live at our current level and meet the goals I'm still working now so we can meet--but DH would still want to work at least PT, he loves what he does. For $100M after taxes, we could live the life we dream of.

[Deleted]

I can't believe how many people say that they/their husbands would still want to work! I would if I had to, but the day I was financially set is the day I never work again.

Not working is awesome.

[morningmania]

I am not sure that I would quit my job for under $50M. H would defintiely quit for under that probably $10M. I really like my job, and would have a tough time quitting.
I would travel more but would be bored without some sort of job or business to do on a regular basis.

[sillygoosegirl]

Somewhere between $1M and $2M after tax, added to our existing assets, though I'd price out health insurance before making a decision. I figure with smart investments and cash reserves, we can draw around 4% per year without needing to worry about running out. Of course, I'm pretty sure we're not going to instantly come into that kind of money since we don't play, but we do plan to retire early, so we are working on building just such a nest egg the old fashioned way. I think I qualify as a "big dog," but we save 100% of my income, largely toward the goal of neither of us needing to work someday... So that's not income we'd be looking to replace in this scenario.

[80sjunkie]

My job is so much a part of my identity that I am not sure I could quit. That said, massive sums of cash would definitely change the way I work on day to day basis.

[Velvetshady]

Nov 28, 2012 8:42:54 GMT -5 v said:

I can't believe how many people say that they/their husbands would still want to work! I would if I had to, but the day I was financially set is the day I never work again.

Not working is awesome.

DH is a computer geek, he'd definitely quit his current job, but he wouldn't be happy if he didn't get to play with new technology on a regular basis. I could see him doing PT independent consulting at a very reduced rate for non-profits or something, but he wouldn't be happy just walking away from the field completely.

I, however, would quit today and never consider returning to my field if we had any chance of meeting our financial goals without my income. Or if I could find someone to pay me my current salary for being a cat lap.

[ECB]

Nov 28, 2012 8:42:54 GMT -5 v said:

I can't believe how many people say that they/their husbands would still want to work! I would if I had to, but the day I was financially set is the day I never work again.

Not working is awesome.

I'm with you! Dh loves his job. But he works 2 weeks on/2 weeks off. He LOVES his 2 weeks off. LOVES them.

If we won, I think we'd both quit- but then he'd want to be "on call" that if they need extra help, call him just so that he can get a little "action". And I'd find something meaningful to do w/ my time. Volunteering, etc. I would need to do something.

[doobeedoo]

I should clarify that I would also need to *do* something meaningful, so I'd probably start a charity or do major volunteer work. So long as I had the freedom to travel (A LOT), I think I would work in some capacity; but I'd absolutely ditch my current career (even though I do like it).

Also, the reason my number is so high is because at that number, with some careful planning and smart decisions, it would last a LOOOONG time while still allowing me to live a semi-lavish lifestyle. I would not be interested in maintaining my current standard of living (even though it is pretty good).

[Deleted]

Nov 28, 2012 7:35:43 GMT -5 flygirl said:

About 5m after taxes, but 10m would be better

This is my EXACT answer

[raangoli]

I'd say $20 million would be my minimum. I might want to work, but I'd find something more meaningful to do and probably only do it part time.

[BAMFMrsB]

Nov 28, 2012 8:54:53 GMT -5 @little said:

A couple million in non-retirement accounts. I'd much rather live a normal or somewhat frugal life and never have to work. I live a normal/frugal life now and have to work. Not working is better, lol.

5% of 2M is 100K. Our annual expenses right are probably in the 30's. We'd still be able to live like we do now and continue to reinvest interest earned.

Really, when I look at it this way, I bet we could do it on less than $2M.

This is where my head went.

What the eff are you people doing in retirement that you need $$10MM+?

DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.

[Deleted]

Nov 28, 2012 9:58:03 GMT -5 BAMFMrsB said:

Nov 28, 2012 8:54:53 GMT -5 @little said:

A couple million in non-retirement accounts. I'd much rather live a normal or somewhat frugal life and never have to work. I live a normal/frugal life now and have to work. Not working is better, lol.

5% of 2M is 100K. Our annual expenses right are probably in the 30's. We'd still be able to live like we do now and continue to reinvest interest earned.

Really, when I look at it this way, I bet we could do it on less than $2M.

This is where my head went.

What the eff are you people doing in retirement that you need $$10MM+?

DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.

I think age has a lot to do with it and whether or not you have kids. I could probably live on 3M if I didn't have kids but I do. So hence my answer is 5M. Also, I am 30 and I estimated that I would need to live another 60 yrs. If I was answering this question at 20 with 2 kids then I would probably need about 7M or so.

[Deleted]

Nov 28, 2012 9:58:03 GMT -5 BAMFMrsB said:

Nov 28, 2012 8:54:53 GMT -5 @little said:

A couple million in non-retirement accounts. I'd much rather live a normal or somewhat frugal life and never have to work. I live a normal/frugal life now and have to work. Not working is better, lol.

5% of 2M is 100K. Our annual expenses right are probably in the 30's. We'd still be able to live like we do now and continue to reinvest interest earned.

Really, when I look at it this way, I bet we could do it on less than $2M.

This is where my head went.

What the eff are you people doing in retirement that you need $$10MM+?

DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.

lol I was just guessing really. I don't really know what 10-20m would pay in interest. I just figured it would be a decent amount.

[Deleted]

Nov 28, 2012 9:58:03 GMT -5 BAMFMrsB said:

Nov 28, 2012 8:54:53 GMT -5 @little said:

A couple million in non-retirement accounts. I'd much rather live a normal or somewhat frugal life and never have to work. I live a normal/frugal life now and have to work. Not working is better, lol.

5% of 2M is 100K. Our annual expenses right are probably in the 30's. We'd still be able to live like we do now and continue to reinvest interest earned.

Really, when I look at it this way, I bet we could do it on less than $2M.

This is where my head went.

What the eff are you people doing in retirement that you need $$10MM+?

DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.

I live in a very high cost of living area and would not want to live frugally, nor would I want to move to another area. I'd only stop working if my lifestyle would be better than my current lifestyle, and we could not live our current lifestyle on $100,000 a year.

The apartment I'd want in this scenario, for example, would cost at least $2 million (with probably at least $2000 a month in taxes/maintenance fees) or more than $6000 a month, if we continued to rent. And I'm not talking anything obscenely lavish -- that's just the price of a 1500 sq ft or so 2 br in our area.