Life changing amount of money?
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Black Sabbath
Smartass
Give me 3 million in the bank today and I am retired tomorrow. Anything less then that just moves me that much closer to that goal.
Slander
Team no stickys
WaterH
Well-known member
Interesting question, right now I would call my self rich, but I'm not really wishing for something I can't afford. I'm semi retired, so I work when I want. I guess the only thing I wouldn't mind is another helicopter, but I'm not jonesing for one. I suppose it would have to be north of 5 mil to be called "life changing".
300k would pay off every bit of my debt so that would be life changing. 900 would let me do that and get my dream property free and clear. 1.5 would let me do that plus a house and shop on said dream property.
so I guess it’s what level of life changing would it be?
so I guess it’s what level of life changing would it be?
Gtrplyr78
Nuttin’
Moving target for most of us really.
Wife and I are pretty modest people and only carry a small mortgage loan on our primary residence/house (our second property is paid for) - along with a note for her ‘20 Honda CRV. Under $100k will take care of that.
For me it would be the amount that allows me to work/create things on my own schedule with passive income coming in on top, as well as having no worry about medical/life unforeseen events.
Wife and I are pretty modest people and only carry a small mortgage loan on our primary residence/house (our second property is paid for) - along with a note for her ‘20 Honda CRV. Under $100k will take care of that.
For me it would be the amount that allows me to work/create things on my own schedule with passive income coming in on top, as well as having no worry about medical/life unforeseen events.
Hooligan
Xtreme wheeler of the web
Guess how would I define life changing, about $500k would let me pay off house, fix my falling deck, build a workshop. That would be significant, not having a $2k monthly mortgage would really let me ramp up retirement savings. Having a garage would make wrenching so much nicer, that would be life changing.
Heck, even $50k get would be huge...that would build a workshop.
Now if you meant like total financial freedom and a real change in life, that might be as low as $5 mil, but more likely $7.5. That would allow me to spend up to $2 mil on a dream property with some sizable acreage and still have an interest generating bank account to let me quit working.
Heck, even $50k get would be huge...that would build a workshop.
Now if you meant like total financial freedom and a real change in life, that might be as low as $5 mil, but more likely $7.5. That would allow me to spend up to $2 mil on a dream property with some sizable acreage and still have an interest generating bank account to let me quit working.
DirtDrill
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Depends on the definition of life changing.
$15M I quit doing what I do now and start a small restoration/hotrod shop. $5M I work 10 more years doing what I do now in lieu of 20 more years. $1M-$500k I tear my shit box house down on the farm and build what I want. Only debt is the farm, but we have the $$ to pay it off right now. I just have been building up the cash to remodel/replace the house in cash.
$15M I quit doing what I do now and start a small restoration/hotrod shop. $5M I work 10 more years doing what I do now in lieu of 20 more years. $1M-$500k I tear my shit box house down on the farm and build what I want. Only debt is the farm, but we have the $$ to pay it off right now. I just have been building up the cash to remodel/replace the house in cash.
Life changing? As in enough so I never have to work again and can do whatever I've ever wanted to do? At least $10 million, if not more.
These days a million isn't what it used to be...heck, it's pretty much what my house is worth.
These days a million isn't what it used to be...heck, it's pretty much what my house is worth.
Rerock
Well-known member
Lots of people have said paying off their mortgage.
Would you be better off to invest the money somehow then use the interest to make the mortgage payment instead?
Would you be better off to invest the money somehow then use the interest to make the mortgage payment instead?
Toss up between what you can actually get on investments (and take out of them) versus what your interest rate is on the mortgage. Given how low interest rates are, that shouldn't be too difficult, but the investments would have risk since GIC's are paying fuck all right now.
Rockbuggy84
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So use the interest to pay a bank interest on your loan? Not many investment that pay higher interest than a typical home loan charges.
xr-nut
GROUP W BENCH
I would "settle" with a couple million. Enough to earn some interest on and still retire and do what I want. Selling off assests here would add to that. I'm 47, so it would have to last(hopefully) a few years. By retire, I mean buy a modest place close to gulf florida, own a decent center console boat and ride my motorcycles while the wife lays on the beach. 
thedirtman
Well-known member
Funny on how many would pay off debt or buy a bigger house/property that will end up costing them more in property taxes and insurance that will just go up over time. If $50-250,000 would change your life you must be 25, living in a single wide on your parents back 40. Not saying there is anything wrong with that. Hell I need around $25-30k a year just for basic expenses. Property tax, insurance, utilities, fuel, food. I guess it is all in where you live.
RusM
Amateur Viking
I buy lotto tickets sometimes, $1-2 on Powerball/Mega/State lottery and think about what I'd do with the varying amounts. Pretty much anything under $5m I'd blow it all! 
New bike, dirt bike, new cars, crawler, ammo, new shotgun, etc.... Pay off our house, buy a house in Utah and some land in Montana and on the sound. Then out the remaining $1-2m in a retirement account and keep working for the next 10-15 and retire while I can still have fun.
Depending on how much we spent on a place in Utah id think about starting a bottle shop tap room here in my town. We get a lot of recreation traffic year round so that would go over pretty well I think.
To retire and have fuck you money is probably more like $25m plus these days. I think about that scenario too when the national lotteries are up! Realistically my life wouldn't change too much, I get paid really well and my wife makes double what make so we're not hurting at the moment. Only debts we have is our house andy Tacoma, pay off credit cards monthly and don't have any other debts. I should definitely be saving more and not spending as much though, my rainy day fund is only about 3 months of bare minimum right now. Having a kid makes that shit become way more real.
New bike, dirt bike, new cars, crawler, ammo, new shotgun, etc.... Pay off our house, buy a house in Utah and some land in Montana and on the sound. Then out the remaining $1-2m in a retirement account and keep working for the next 10-15 and retire while I can still have fun.Depending on how much we spent on a place in Utah id think about starting a bottle shop tap room here in my town. We get a lot of recreation traffic year round so that would go over pretty well I think.
To retire and have fuck you money is probably more like $25m plus these days. I think about that scenario too when the national lotteries are up! Realistically my life wouldn't change too much, I get paid really well and my wife makes double what make so we're not hurting at the moment. Only debts we have is our house andy Tacoma, pay off credit cards monthly and don't have any other debts. I should definitely be saving more and not spending as much though, my rainy day fund is only about 3 months of bare minimum right now. Having a kid makes that shit become way more real.
ConwayMuddy
Dis member
$75k would pay off the mortgage on my house and the 40 acres it sits on. That would also cover all my credit card debt and still leave enough to pay the property tax for the year. I've been here just over 8 years.
There are pockets around me where people are living happily on less than $40k/yr. In some of the smaller towns you can buy a decent house for under $100k. I have a 3k sqft house on 29 acres and my taxes are $2500/yr.
I know many people that are over 40 and happily living a simple life that would definitely change their lifestyle if they were given $100k.
I guess I am thinking more on a practical level. If I'm still going into a 9-5 to cover living expenses I wouldn't say my life is different. Now, mental health life changing different (financial freedom), yeah I can see that big time.
Blacksheep10
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75K would change my life right now. Trying for a down payment on a facility, and that would get me where I need to be in the next month.
Edit: "Change my life". I'm speaking of an inflection point when I'm trying to redirect and need free cash that I put up so the bank gives me more. How much to change my life so I can be free the rest of my life and let my investments pay my way, couple Mil would do. The assets I want appreciate well and return nicely
Edit: "Change my life". I'm speaking of an inflection point when I'm trying to redirect and need free cash that I put up so the bank gives me more. How much to change my life so I can be free the rest of my life and let my investments pay my way, couple Mil would do. The assets I want appreciate well and return nicely
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evernoob
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Is that just a hunch? I think your hunch is wrong.
A shockingly high number of lottery winners do in fact blow through their money. Like Anthony Jeselnik says, people who are careful with their money do not buy lottery tickets.
But I think it's been proven conclusively that most lottery winners husband their money. There's even an entire series on HGTV about lottery winners buying vacation homes. Most of them are investing in a real-use property, exactly how a seasoned accountant would advise their clients to indulge themselves.
Financial Advisement is a very popular Sole Proprietership or Partnership, I'd guess a double-digit percentage of all DBAs are some form of financial advisement. It's an extremely robust industry. Most people invest most of their winnings for sure. Fucking NYSE has like a Quadrillion dollar market cap.
gunracer1
Collector of fine junk
my last house payment was life changing. that was years ago, and it opened up all kinds of things in my life. and it was less than a grand a month. but I have 5 different properties now and looking for a 6th. shit just started snowballing after that. but I would quit work with 1,000,000 in a 401k today.
SanDiegoCJ
Non-Lemming
About $10M. Pay off everything, buy a new house for us and for family members outside California, and leave some for investment. With the pensions and S.S. we'd be very comfortable.
evernoob
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$50,000 would drastically alter my life for at least a few years. I could nurse damned near any investment through 5 years with $50,000. I mean if I wrapped my personal expenses into a business, I could almost eliminate any personal costs.
If I had the $50k invested in a business, I'd have absolutely no compunction about hitting up the food banks, sleeping in a cot in a back room, or taking bird baths in the office-building bathroom every day at 3am.
I was thinking about a USDA loan. Get on the Organic Farming bandwagon. I could live off of the seasonal Farmer's Market earnings from 40 acres I'd bet. Wouldn't be glamorous. But if I had a prosperous little plot with chickens and hogs and maybe a couple beef that sold, I'd happily live in a comfy tiny-house shed. Farming is a 20+ hour a week job for 6 months out of the year, or about as much as you'd like to work. Then for 6 months, spread out all year on a northern farm, you are at the mercy of the weather and nature. That ain't a bad ratio. If you're not on a mono-crop farm, you always have variety and different things to do. Farming is scientific as well so plenty of intellectual challenge.
If I had the $50k invested in a business, I'd have absolutely no compunction about hitting up the food banks, sleeping in a cot in a back room, or taking bird baths in the office-building bathroom every day at 3am.
I was thinking about a USDA loan. Get on the Organic Farming bandwagon. I could live off of the seasonal Farmer's Market earnings from 40 acres I'd bet. Wouldn't be glamorous. But if I had a prosperous little plot with chickens and hogs and maybe a couple beef that sold, I'd happily live in a comfy tiny-house shed. Farming is a 20+ hour a week job for 6 months out of the year, or about as much as you'd like to work. Then for 6 months, spread out all year on a northern farm, you are at the mercy of the weather and nature. That ain't a bad ratio. If you're not on a mono-crop farm, you always have variety and different things to do. Farming is scientific as well so plenty of intellectual challenge.
Lil'John
Former #278
I'd say depends upon what you define as "life changing". Schooling? Housing? Retirement?
As for why to pay off a house vs invest, I can give you a good reason: homeowner can determine what level of insurance they need vs government/mortgage company tell you. The magic government adjustment of wild fire zones is a great example; houses good to go for decades just magically get put in "super extreme fire zone" and now need to pay another $5k a year I got nailed last year to the tune of $2k additional per year.
As for why to pay off a house vs invest, I can give you a good reason: homeowner can determine what level of insurance they need vs government/mortgage company tell you. The magic government adjustment of wild fire zones is a great example; houses good to go for decades just magically get put in "super extreme fire zone" and now need to pay another $5k a year
I got nailed last year to the tune of $2k additional per year.
grumpy356
bordering on illiterate
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Just keep this part in mind.
With my house paid off, it cost about $1500 a month to live in my house not counting any utilities. That’s just taxes & insurance
A piece of paid off land in this country is never truly paid off.
FleshEater
Ordinary Average Guy
$1 million.
Pay off house, land, and one other small debt to make me debt free, which is only about $190,000. The rest would be a security to fall back on and allow me to start a new career/business venture while still working my 9-5 to insure security.
I’m 36. The idea of NOT working at this point makes me want to die, because I need something to occupy my time to make me want to do other things. I’m one of those people who loses motivation when I have entirely too much free time on my hands. But I’m also a person who can’t sit around for very long before working on something. I’d rather go turn wrenches than loaf around on the couch when family “stop by” for a visit.
Pay off house, land, and one other small debt to make me debt free, which is only about $190,000. The rest would be a security to fall back on and allow me to start a new career/business venture while still working my 9-5 to insure security.
I’m 36. The idea of NOT working at this point makes me want to die, because I need something to occupy my time to make me want to do other things. I’m one of those people who loses motivation when I have entirely too much free time on my hands.
But I’m also a person who can’t sit around for very long before working on something. I’d rather go turn wrenches than loaf around on the couch when family “stop by” for a visit.
FleshEater
Ordinary Average Guy
Where do you live?! CA?