What would be "Life Changing Money" for You?



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  1. #1

    What would be "Life Changing Money" for You?

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    What would be life changing money for you?

    I dont mean how much do you want or need or wish for or what others consider as being rich.

    For me I think at 2mil that would change our lives...

  2. #2
    roadrash's Avatar
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    Re: What would be "Life Changing Money" for You?

    Around 1-1.5M. Would invest the money to get 5-8% return. Quit my job and move to somewhere in Asia like Thailand where cost of living isn't much. Live off the return. Something along those lines ....

  3. #3

    Re: What would be "Life Changing Money" for You?

    I'm relatively young with 3 kids that still have many years of school left so no moving for us. The biggest changes would be work for the wife and myself.

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    Riceburner's Avatar
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    Re: What would be "Life Changing Money" for You?

    Life changing or retiring as is(same standard of living) ? $1M or a bit less probably to retire "as is" comfortably. $2M+ would be life changing.

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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by Riceburner View Post
    Life changing or retiring as is(same standard of living) ? $1M or a bit less probably to retire "as is" comfortably. $2M+ would be life changing.
    same for me. I could make $1 million work, but that would essentially be how i am living now, minus a job, or a job that i prefer to have vs. have now (i like my job but pay is a large motivator of what i do now, admittedly).

    2 million i could both quit my job and have a comfortable increase in living arrangement, provided i don't buy a house in Toronto.

  6. #6

    Re: What would be "Life Changing Money" for You?

    Life changing would be 5 mil.

    2 mil to buy the house and property and toys (tractor, trail bike, horse or two, etc).
    1 mil to spread around to kids.
    the other 2 mil to quit work and live the same or better.
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    48Connor's Avatar
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    Re: What would be "Life Changing Money" for You?

    Give me $100k and that would be life changing, for sure.

    Never have to work again "life changing" money would be like $4mil. Still have 30+ years of working left, so its a little hard to say how much you'd need for the next 50ish years.
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  8. #8

    Re: What would be "Life Changing Money" for You?

    This weekend even if I won the lottery my plans wouldn’t change.

    Start of the premier league season, so it’s TV and the couch with my dog. Repeat the same for Sunday morning with Moto GP, mid day ride to Mosport to watch CSBK. Might be tough to spend more than $100 this weekend.

    Four things I would like to do before I kick the bucket, follow and travel the entire series of Moto GP, NASCAR and Tour de France for one year. I could do the last two in a cheap camper/trailer which wouldn’t cost that much.

    Nice condo in Downtown Toronto , small beach house South Coast of England, maybe 10 mill would be enough.

  9. #9
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    Re: What would be "Life Changing Money" for You?

    Five milly.
    After I give my wife half, I'd do ok with the rest.

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    Re: What would be "Life Changing Money" for You?

    I remember when the lotteries started going into double digit payouts. A guy in Brantford won 13 Million. He died of cancer six months later. At least he knew the wife and kids didn't have to worry about how they were going to pay for the funeral.

    An uncle of mine was a widower and never remarried but had a few lady friends. They were all in their 70's but he would do a repair for one or the other and they would make sure he had fresh baking or a casserole.

    One day he gave on old hag he had known for years a ride to the mall where he bought a scratch and win. She scratched the ticket for him because she had longer fingernails and he ended up with $25,000. Then she started bugging him for half because she scratched the ticket.

    He finally gave her half and then she stopped talking to him. She said it was because he was after her money. He wasn't the same after.

    Personally I don't think money is security. Look at the inflation rate in Venezuela (2600%) because of government mismanagement. Then look at the USA, our trading partner and supposed ally.

    Barring the above one should look at $100K to 150K minimum for each year before you turn 65 and a 2 million retirement bonus.

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    Re: What would be "Life Changing Money" for You?

    1 mil would be handy, 2 mil would be a change. Have the house, cars we like, bikes i like, boats I like. Better wine selection and a couple extra vacations would be very nice. I wouldn't quit work for 2 mil.

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    Re: What would be "Life Changing Money" for You?

    Everyone wants cash. I'd prefer owning a parking lot in downtown TO. Park a hundred cars and clear a couple of hundred grand a year. Low overhead / liability and a massive capital cash-in at the end.

  13. #13
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    Re: What would be "Life Changing Money" for You?

    500K would do it for me
    cancel off the last few years in my industry
    looks like I have a simpler lifestyle in mind than you millionaires
    that and I'm older than most of you

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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by JavaFan View Post
    looks like I have a simpler lifestyle in mind than you millionaires
    that and I'm older than most of you
    And a 613 area code. If people are planning on staying in the GTA, it costs more.

    For us, simply buggering off to a cheaper country wouldn't save much money as we would likely be coming home to visit family (or subsidizing their trips to come visit).

    I consider anything over $500,000 somewhat life-changing. Not in the never work again sense, just that much should be enough to clear the mortgage on a house that we could comfortably stay in for the rest of our lives in an area we want to live in. That takes a lot of pressure off of monthly cash flow. For a complete change in lifestyle (eg. quit jobs, travel often, own vacation property, own more toys etc) the number is much much higher. It all depends on what you consider life-changing (and how high you set the bar if you are planning on increasing spending to pay for more experiences/stuff). If you consider life changing having F U money, the number is probably one billion or more and even that may not be enough depending on who you want to dominate.

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    Re: What would be "Life Changing Money" for You?

    At my age, 1Mil would be instant retirement..for me at least. Pay off the remainder of our mortgage, we don't have a lot of other debts...invest the rest, and live comfortably but still reasonably modestly with the same income level as I currently enjoy.

    1.5-2MIL would do the same, but I'd have some new toys as well. At the 2Mil level my wife would probably retire as well.

    "Life changing" is a bit of a broad term however. Even if I only won $250,000 it would still be life changing IMHO. Again, mortgage gone, zero debt, probably take a nice vacation somewhere...invest the rest and retire a few years earlier than planned. That qualifies.
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  16. #16

    Re: What would be "Life Changing Money" for You?

    $2M would be enough to retire but my current lifestyle would just be maintained--would still have to "watch" spending, I just won't be going to work. Actually I would work for two more years and max out RRSP contribution room.... then retire.

    About $5M would be truly life changing (lowest threshold more or less), retired with major lifestyle changes, better trips, cars, bikes, etc.

  17. #17
    LePhillou's Avatar
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    Re: What would be "Life Changing Money" for You?

    100k, debt free, small change in life but nothing else. Put big prepayments on the house and get on accelerated mortgage plan.

    500K, mortgage and debt free. Would be nice, could let wifey look for a job she likes while i keep working. Might sell house to get the equity we gained + get out of having condo fees.

    1mil, same but with a lot of active investing. Definitely sell the place and move to a detached. Still working on my end though

    2mil, all of the above but not working.
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  18. #18
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    Re: What would be "Life Changing Money" for You?

    We dont live large , we do travel 3-4 times a year, keeping a race boat and a cruising boat costs, but I'm lucky to have not paid a mortgage in a while. My problem if you can call it that, is if I'm not busy working I need to be amused. That's where the money goes and I'm too young yet to be happy 'just being' .
    I would like better vacations, what I do now is rewarding but I have my sights on some stuff that will suck up some cash. 2 mil would be a real boost. 5 mil is a pretty nice life.

  19. #19

    Re: What would be "Life Changing Money" for You?

    Yes life changing was broad but I did it on purpose cause I knew people would use their own judgement on what they considered life changing.

    Depending on your age or how big your family is or what kind of debt or money you already have changs things for everyone. Also I didn't want to get into the hey if I win the Powerball or lotto max this is what I will buy or do lol...

    For me its just about wife retiring getting myself an easier job and having money for vacations while building a future for my 3 kids...

  20. #20

    Re: What would be "Life Changing Money" for You?

    For me life changing money would probably mean losing about $3mil. That would take away our house, all of our investments, savings and all the comforts we have become used to and enjoy very much.

    It would immerse us in a life that so many others have to survive in on a daily basis and yet I have never had to live in.
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