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| Coffee Lounge Talk amongst other community members. |
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Dec 05, 02
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Question for you people...
This issue was brought up in another thread.
I am curious to know what you people think is having too much money. IMO, if you have around $5 million you are pretty much set for the rest of your natural life and have enough for your kids to live the life of luxury too. Anything more should be donated to do something good for mankind like research to find a cure for cancer/AIDS. Of course I'm being VERY optimistic and this isn't happening now by the supermegaretartedlyrich.. But just how much moeny does one need? Hell.. I'd be happy to have $300,000 in the bank. 
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Dec 05, 02
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10 million and I would be happy. But the 649 don't like me.
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Dec 05, 02
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id never be happy...im greedy, i always want more when it comes to money.
5 million dollars is not enough, its a starting point. id invest it to make more money, the intrest would be around 250,000 a year at 5%. Which is a very confortable living but like i said id want more. id be happy with 30 million dollars, and a 2.5 million dollar house in shaunessy or the british properties. heh, not very realistic am i?
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Dec 05, 02
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i can't choose a limit. :P
i want lots of money. but then if i had anywhere near that amount, i'd be donating ALOT of it to charities anyways. but only the ones i choose. i wouldn't want my money like taken away and just given to any charity. but i want looooooots of money. i want a big house, nice car, and i wanna travel like alllll l over. and then there's my shopping addiction. :P but it'll never happen so i can only dream..
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Dec 05, 02
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i can't say how much money would be too much...i'm also a greedy one...i would always want more and more no matter how much i had...i would donate to charities and stuff but only to the ones that don't con u~...traveling the world and living the life of luxury would be nice...but i'd still wanna have a job..as long as i enjoyed doing it..=)
*dreams on*
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Dec 05, 02
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i'll gladly take 5 million
haha so if i have 60 years down the road, i'd be living off a lil over 83,000 a year for the rest of my life. with the average income of a doctor just a bit over that, i'm sure i'll be happy for the rest of my life.
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Dec 05, 02
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Dare to dream, otherwise don't complain with what you have got.
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Dec 05, 02
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both my parents have far less education then a doctor(well except my mom, she could get a doctorate in buisness if she wanted) and then make way more then 80k a year each. that is why iw ant to get involved in private buisness, because there is no limit to how much money you can amke. other people talk about ebcome techs or nurses/teachers and jobs liek that with a set pay scale, i could never imagine working one of those jobs. i mean making 60k a year is nice...real fuckin nice, but id hate to be reminded that that would be the limit. man if i went to school for 7 years and only made 85k id shoot myself in the head...most doctors that my father knows make over 200k a year, alot make even more. personaly, i want to make 600k a year, the only way to realisticly make that is to become involved in buisness, where there is no ceiling to how much money you can make. you cna amke as much as you wanted based on youre own merits and luck factors in there too.
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Dec 05, 02
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thats what school is for tho.. >: P
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Dec 05, 02
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Dec 05, 02
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I work in the investment biz, so heres some numbers...
If you have $5 million: If you set up a very low risk fixed income portfolio of securities which will pay an average of 4.00% interest you will earn: $200,000 in interest income, which is fully taxable which after taxes leaves you with: $88,000 in after tax income or $3,666 every two weeks. Pretty comfortable. The income will go up if interest rates rise, which they aren't likely to do in the next 5 years given the economy, it's more likely they'll drop to 3.75 in the near future on even long bonds. If you're a "rich" person, you probably want to own a million dollar home. If you want to keep your income stream (or your principal), you'll mortgage the house anyway and pay it off over time even though in the end it costs more. A mortgage at prevailing interest rates on a home of a million dollars has average payments (decreasing over time as the principal is paid off) at the going current rate of 5.25% the payments are $5,992.48. So you're barely squeaking by on the payments regardless of your kickass income stream, but the payments get smaller as you go along so things get better and you have more than $1200 per month of discretionary income later. These numbers dont include a sweet car. A loaded BMW M5 costs about $90,000 brand new. The payments on a car like that (since car loans only really go to five years) are $1,607.20 per month (And that's with a $10,000 downpayment at great interest rates!). So if you look at it this way, the people who have a $5,000,000 nest egg can't afford : $500 per month in spending money for food, car insurance, gas, bills, TV, partying and discretionary income to spend on shit $1607 per month for a car payment $5993 per month in mortgage payments (decreasing scale) ===== $8100 per month in expenses From their $7334 per month income from investments From their point of view, the shittiest thing is they could afford to have the good life, if they werent paying almost $113,000 per year in taxes. (Jeezus. What can you get for $113,000 per year? Probably more than the government gives you back!) What the hell am I trying to say? $5 million is a lot of money, even these days, but it isn't as much as you'd think. Not like you need a sweet, loaded BMW M5 and a million dollar house to live, but the people who make that kind of money feel they do - that's why they accummulate that much money. And... for us average folk who make $30,000-$60,000 per year... it's actually GOOD for us that they make so much money... Because they skew the taxes so much (The Bombardier family, which is worth $10 billion, pays about $451,200,000 in taxes every year. A total rip off for them, kick ass for us) in the little guy's favour that taxes can remain fairly low because the rich pick up the slack. The Bombardier family alone pays as much taxes as 16 thousand fairly well off middle class workers earning $50,000 per year! That is enough to pay 950 thousand months worth of welfare! As for corporations making too much money, it's kind of ironic when I hear left wing rhetoric... For example, Royal Bank pays about $1.5 billion every year in taxes. That's as much as 54 thousand well off middle class workers earning $50,000 per year. I'd rather them pick up that kind of tab than people like you or me. Maybe their fees are too high and they dont give out loans when we want them to, but they pay for a hell of a lot of our government's annual budget. That's enough to pay for 3 million months of welfare! * Take note that none of these calculations take into account the negative impact of inflation, which is averaging 2.25% per year, eroding the value of a dollar. $3,666 today will be worth just under $2000 of today's dollars in 25 years, effectively slicing that income by almost 45%. What I'm most pissed off about, is we have all of these heavy hitters paying all these damn taxes... And the government wastes it all on stupid shit and inefficiencies.. :| if they were wise with the money they get... we'd all have a lot more Last edited by Sir_K; Dec 06, 02 at 12:13 AM.
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Dec 05, 02
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i dont think i could pick a limit. but if i had to i'd say like 10 mil cause 20 mil would be too much and you could always put it in the bank... INTREST!!!! and then you'd be richer!
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Dec 06, 02
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give me a million, and i'd fuck off to some poor country and set up my dictatorship.
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Dec 07, 02
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Dec 07, 02
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you know you have enough money when you can live off the interest with leftovers...... hmmmm..... maybe 3-5 mil?
(I have an expensive appeitite for minitruckin')
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