How much is a lot of money?

[OZZIE4DUKE]

Inspired by EJ's "Blow my toes off for a million bucks" thread, how much is "a lot of money" to you. I mean life changing money, not just "it sure would be nice to pay off my current debts and maybe buy a new car and house". I'm asking about "quit my job and tell everyone to shove it" type money, that if properly managed you'll never have to worry about money again, even if you live another 50 or 100 years, regardless of inflation and growing (extended) family, you could give chunks of it away to charities as you wished and always would be able to buy center court front row seats in Cameron (above the rail, unless you want to be an undergrad or grad student again!). And I'm talking about after taxes, money you can actually put in the bank or under your mattress.

Tell us your thinking. How big a Powerball (or MegaMillions) jackpot do you "really want" to win. Would you be upset if you were the second consecutive winner and the $150,000,000 jackpot reset to $20,000,000, where the lump sum cash payout was "only" ~$10,000,000 and there was another winner or two and you had to split that too and then had to pay almost half that amount in taxes, so you only really had a $couple or three million in the bank? Would that really be enough?

[OZZIE4DUKE]

My answer is $25,000,000 after taxes, bankable. While I would dearly love to win any significant amount, and I'm happy when I match the powerball and win $6, the Ozzie family would be set for generations, I could endow a Duke football scholarship, various other charitable organizations get a nice infusion, and after a couple of months of splurging, I'd never be able to spend all the interest earned, even at 1 or 2% apr. Note: this does not allow me to buy a sports franchise, but I doubt the Steinbrenners want to sell the Yankees. Why would I want the headaches anyway?

[lawgrad91]

I'm with you, Ozzie. I want enough so I can invest in taxfrees and retire, living on the (minimal, but taxfree) interest. I want to help out charitable institutions and make sure my stepdaughter has some money to fall back on, so that it's easier for her to replace vehicles after she wrecks them (thank God she's not on our insurance!)

I also want to endow a football scholarship , and eventually I want to be one of those ladies that gets driven over from the Duke retirement home and feebly waves a pom pom at football games, offering to stomp the asses of those who think they can sack my quarterback!

[CathyCA]

I want it all!!!!!!!!!!!

Seriously, so long as I can put my kids through college, finish paying off the mortgage, have enough to buy a car every 6 years or so, and can take a vacation or two every year (Paris would be nice), I would be set.

I don't know how much $$$ that would take. More than a million dollars, I suppose. I live frugally. It won't take that much.

[Miles]

3,000,000 - 5,000,000 would be more than enough to make things interesting and to take away the burdens we currently face. I'd probably still keep my job, at least long enough to see the dream come true.

10,000,000 would be enough for me to possibly let go of the dream and a mix of volunteering and traveling. I could take care of Mom and Dad, and then all the usual stuff (bills, house, etc.).

[colchar]

Can I change my vote? I voted before I saw the 'life changing money' comment.

[EarlJam]

It's all so relative. $100,000 dollars would seriously change my life. I've made a ton of mistakes in the past and I'm paying for it both literally and figuratively. I want a second chance so bad. I feel like I've really learned a ton of lessons and grown. $100,000 would MORE than wipe the slate clean from a monetary standpoint. As far as needs go, I'm a pretty simple person. I appreciate a bed, food and shelter more than ever. And friends and family, of course. Beyond that, the rest is gravy. Good gravy indeed, but gravy nonetheless. Just want to pay what I owe, invest the rest and live a pretty simple life with a lot of love around me!

-EarlJam

[lawgrad91]

It's all so relative. $100,000 dollars would seriously change my life. I've made a ton of mistakes in the past and I'm paying for it both literally and figuratively. I want a second chance so bad. I feel like I've really learned a ton of lessons and grown. $100,000 would MORE than wipe the slate clean from a monetary standpoint. As far as needs go, I'm a pretty simple person. I appreciate a bed, food and shelter more than ever. And friends and family, of course. Beyond that, the rest is gravy. Good gravy indeed, but gravy nonetheless.

-EarlJam

EJ, if I had my $25 million, I'd definitely give you $100K.

Life is all about second chances.

[OZZIE4DUKE]

Can I change my vote? I voted before I saw the 'life changing money' comment.

Colchar, you should always read a document before signing your name to it Let this be one of life's little lessons to you, and a very cheap (free) lesson at that! But I'll admit I've voted in polls here before reading the accompanying post too. But no, you can't change your vote. Tell us what you voted for and why, and then what you would change it to and why.

[CameronBornAndBred]

I would be more than happily satisfied if someone dropped $100K on my doorstep.

[Johnboy]

Interesting. I voted $3M. I'm certain that $3M would change my life and that of my kids. $100,000 would be a really really wonderful thing, but I'd just be debt-free for a few years (I have 2 kids to send to college).

I have a relative who settled a personal injury case for about $2M*. It definitely changed his life in meaningful ways (but he'd trade it in a heartbeat for the brain he had before the bus hit him). He bought a new house and a nice boat (he's married and at the time had three kids in the home - two are in college now).

*Free and clear, after all medical expenses, attorney's fees, etc.

[captmojo]

I would have voted for 'All the Above'. Alas, it wasn't a choice.
So How much is?...The amount I'm gonna lose from the sale of BP stock.

[OZZIE4DUKE]

I would have voted for 'All the Above'. Alas, it wasn't a choice.
So How much is?...The amount I'm gonna lose from the sale of BP stock.

Too late to sell it, might as well wait for it to go back up. If I had it, I'd sell out of the money covered calls (one for every 100 shares of stock you own) to earn some income every month (hoping the stock doesn't actually get called away) and buy some out of the money puts just in case it goes belly up - with this administration you never know how devious their true intentions are (but enough PP discussion).

[shereec]

I voted for $100M.

I'd want to give my siblings and niece and nephews enough money to require consultations with a tax attorney, endow a scholarship or two (give me the game ball at halftime), help several charitable organizations, take care of a few dear friends who really need it, change my house (creating jobs in Raleighwood), and fund a year's worth of Bruchgates (including limo delivery of all CrazieTalk partiers so we really don't have to worry about drop-off passes) among other things. If we're dreamin', I'd just as soon dream big.

On the other hand, I'm over the moon when I win anything on either PowerBall or scratch tickets - in the past moth I've hit $50 (twice), $100 and $500 on scratch tickets... thanks for the new laptop!

[OZZIE4DUKE]

On the other hand, I'm over the moon when I win anything on either PowerBall or scratch tickets - in the past moth I've hit $50 (twice), $100 and $500 on scratch tickets... thanks for the new laptop!

Wow. I never play the scratch tickets, don't think they're worth the effort, but you have certainly proved that wrong! On the other hand, I won $1 twice last night in the Cash 5 (there were 3 winners who split $542,000 for $182K each. Wish it was me .)

[Ima Facultiwyfe]

How much is enough? Well, how long is a string?
Love, Ima

[bjornolf]

I went $3M, if it was after taxes. We'd have to keep working, but we wouldn't have to "worry" about money again, and we wouldn't have to live paycheck to paycheck. I could make sure that my dad and in-laws and brother were in good shape ($250K each would take care of them). That would leave us with $2.25M, more than enough to live comfortably for life if we keep working.

[captmojo]

Too late to sell it, might as well wait for it to go back up. If I had it, I'd sell out of the money covered calls (one for every 100 shares of stock you own) to earn some income every month (hoping the stock doesn't actually get called away) and buy some out of the money puts just in case it goes belly up - with this administration you never know how devious their true intentions are (but enough PP discussion).

No big amount, but it was accquired for dividend income. Our government put a stop on that. Isn't a dividend a contract between the company and the shareholders? After one has been declared, what gives the government the right to step in and nix it? I understand the chairman's statement that no more would be paid for the next year. I could agree and understand if it were for even longer. But after it has already been declared...sounds like a legal matter.

I made a move. I got rid of 90% of it, keeping a seed just in case it should come back to life.

I don't want to be all PP either but I hold a belief that we should support BP with purchase of product when possible. The reason I say this is because the reality of the matter is simply put...We are ALL going to end up paying for the clean-up. Either these costs will come from BP's deep pockets, or the government will raise our taxes to pay for it. I prefer the former. It reflect fairness and it's punitive. Putting the company out on the bricks will only cause harm to it's workers and those who are depending on it's profits in a multitude of investment strategies.

The end.

[shereec]

On the other hand, I'm over the moon when I win anything on either PowerBall or scratch tickets - in the past moth I've hit $50 (twice), $100 and $500 on scratch tickets... thanks for the new laptop!

Wow. I never play the scratch tickets, don't think they're worth the effort, but you have certainly proved that wrong! On the other hand, I won $1 twice last night in the Cash 5 (there were 3 winners who split $542,000 for $182K each. Wish it was me .)

You gotta be brave and buy the $10 and $20 scratch tickets - the odds are so much better. I only buy one on payday unless I've just won something (and you never win less than the cost of the ticket) - then I'll put anything over the cost of the ticket in my pocket and spend the original investment in another ticket. I justify it by taking my own thermos of coffee to work; I bet I spend less on tickets than someone who gets Starbucks 2-3 times a week.