What would be "Life Changing Money" for You?

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Good reply Shane

For me every pay is life changing. Saving, investing, spending. Plan for the long run

If I win the 10 million tonight....good grief my life would change.
 
If you don't have your health,money means nothing.my wife and I are in good shape money wise.But even a lottery wouldn't help my wife get her feet back under her after her fall 10 months ago.I would have said different a year ago and may say different again next year.But right now....it's only money.
 
I'm single-digits years until retirement anyhow. Could stop working tomorrow if I wanted to, although I'd have to cut back on some stuff. Won't be all that long until I can stop working and not have to cut back on anything - although I'd probably keep working to avoid getting bored in the winter.
 
@Wingboy, but the $$ would make things easier. You could renovate or move into a place that is easier for her to move around. Have better help if needed, etc.
 
What would be "Life Changing Money" for You?

Brian P said:
- although I'd probably keep working to avoid getting bored in the winter.
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That brings up a good point, what would do after blowing a couple of mill?

I’ve often thought what am I going to do when I get closer to the retirement. I’m lucky in a way that I love my job, the environment and people at work, been doing it for 32 years, it’s a second home. I’d still like to do a 3 or 4 day week, just to the keep the mind active and have some purpose. Both my Father and Grandfather went back to work after a couple of years of being retired.
 
Riceburner said:
@Wingboy, but the $$ would make things easier. You could renovate or move into a place that is easier for her to move around. Have better help if needed, etc.
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Recovering from a brain injury for a person that suffers from anxiety is a really tough one.A fair bit of her anxiety comes from worrying about financial needs.(we are in very good shape)And the worrying gets in the way of developing the exercise routine needed to learn how to walk again.A big problem was her balance.I found a physiotherapist last month that diagnosed her with "positional vertigo" and with one treatment the dizziness is gone.Physio is expensive,but we have 80% coverage.
I have made a lot of changes in the house to make things easier short of finding a bungalow.Our home is 2 story.
Time will tell.it's only been ten months.
I thought we were going to mount up on the couchrocket at retirement,and look at the world.Change of plans.We will be ok.
 
I cant argue with Wingboy, if you have bags of cash and cant enjoy it, they point is lost.
This is a legitimate fear I live with. I race large boats, often offshore. It's expensive and its physical, I cant do this forever at the level I now play. I'd like to do extended touring on the Backroads discovery routes for MC and ORV through AZ. UT, WY and Oregon, Its everything from gravel path to WTF why am I here? and you need to be somewhat fit to enjoy it.
Its a delicate balance. But money does make everything better.
 
Re: What would be "Life Changing Money" for You?

Jayv said:
That brings up a good point, what would do after blowing a couple of mill?

I’ve often thought what am I going to do when I get closer to the retirement. I’m lucky in a way that I love my job, the environment and people at work, been doing it for 32 years, it’s a second home. I’d still like to do a 3 or 4 day week, just to the keep the mind active and have some purpose. Both my Father and Grandfather went back to work after a couple of years of being retired.
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I'm actually attempting to drop down to 4 day weeks right now.

So far ... unsuccessfully. Too much demand for what I do.
 
roadrash said:
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 ....
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What would you invest in for a reliable 5-8% return ?


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Shwarider said:
What would you invest in for a reliable 5-8% return ?


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If I had that much money right now, I would mostly invest in tech and mining (not Bitcoin, but actual metal mining) stocks because that's what I know now. I don't think there can be one investment that would return 5-8% consistently, rather I don't know of one. Would involve some risk taking.

Also if I had that much money, I would quit my job and would have all the time in the world to research more stocks and investment opportunities.
 
$500K. That would be enough to give me 30K a year for the rest of my useful life.
 
While it's nice to fantasize about a huge windfall changing your life, I think there are several factors that would dampen its effects:

70% of all lottery winners spend it all and more, ending up broke within a few years. Most people live paycheque to paycheque, spending whatever they make. This applies to all income-levels earners, not just those at the poverty level. Some of the higest-earners fall victim to "lifestyle creep", ratcheting up their spending to match or even outpace their increased earning power.

They never developed good savings habits, so winning a lottery would just be another (rather large) paycheque to spend. I'd bet that the 30% who did have good money management skills are the ones that were able to keep or even grow their winnings over time.

The average income to "buy happiness" is betweeen $60-$75K. If the idea is to put a number on a "life-changing" windfall, it might be a lot lower than you think.

If you've got the basics covered off, food and shelter, etc., there's a point that your underlying pre-disposition to happiness would re-emerge no matter how much *more* money you had. This is called "hedonic adaptation".

If you're generally a miserable SOB who is unsatisfied with having to shop at Food Basics instead of Pusateri's, no amount of money will change that. You'll just be a rich and miserable SOB who is still unsatisfied with how slow the service is at the Michelin-rated restaurant you're dining at.

Not to get all "universe being a manifestation of vibrational energy" and all, but I think "life changing wealth" is cultivating meaningful relationships with the people around you, and focusing on being happy with what you do have instead of being unhappy with what you don't have.
 
Its nice to be philosophical and I think we could all agree being better people is a good idea. But the title is "life changing money" .
I have three acquiantences that have won lotteries, one was part of a 22 way office split of 5.6 million, guy I know paid off house and was set for daughters uni bills. Other guy I played ball with got 13.4 mil, he's been ok but it did create some serious issues within his family on what should be done with his money, he hasn't spoken to his mom/sisters in a decade. Third won 30mil, I dont know him well enough to know if there has been a down side but he didnt move house and is still driving a high end Hyundia.

Its not just lotteries, look into broke pro athletes, made 42 million in 10yrs, have no money. Hollywood bankruptcy, Rock stars making 10 mil in 3 yrs and broke. You either have money sense , 'Warren Buffet style', or surround yourself with financial managers, accountants to keep the managers in check and lawyers to keep an eye on the accountants.

Lots inheirit bags of cash and cook it. If being a "self styled" financial advisor and stock investor was easy we'd all be rich. Thats why we're engineers and bus drivers and have investor advisors. Its a fun hobby but real money 'should' have proffessional managemnet IMO
 
Lightcycle said:
While it's nice to fantasize about a huge windfall changing your life, I think there are several factors that would dampen its effects:

70% of all lottery winners spend it all and more, ending up broke within a few years. Most people live paycheque to paycheque, spending whatever they make. This applies to all income-levels earners, not just those at the poverty level. Some of the higest-earners fall victim to "lifestyle creep", ratcheting up their spending to match or even outpace their increased earning power.

They never developed good savings habits, so winning a lottery would just be another (rather large) paycheque to spend. I'd bet that the 30% who did have good money management skills are the ones that were able to keep or even grow their winnings over time.

The average income to "buy happiness" is betweeen $60-$75K. If the idea is to put a number on a "life-changing" windfall, it might be a lot lower than you think.

If you've got the basics covered off, food and shelter, etc., there's a point that your underlying pre-disposition to happiness would re-emerge no matter how much *more* money you had. This is called "hedonic adaptation".

If you're generally a miserable SOB who is unsatisfied with having to shop at Food Basics instead of Pusateri's, no amount of money will change that. You'll just be a rich and miserable SOB who is still unsatisfied with how slow the service is at the Michelin-rated restaurant you're dining at.

Not to get all "universe being a manifestation of vibrational energy" and all, but I think "life changing wealth" is cultivating meaningful relationships with the people around you, and focusing on being happy with what you do have instead of being unhappy with what you don't have.
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Good points. Apparently there are studies that show that after three years one reverts to their original state of happiness / misery.

If you are poor and miserable and win a bundle you are happy for a few years and then become rich and miserable. If you were rich and happy, lose it all, three years later you're poor but happy again.

I am fortunate that for most of the time I enjoyed what I did for a living so retiring was no big deal.

All of the premises of defining life changing are based on some sort of life expectancy estimation and realistic world order. Unless you own a crystal ball you don't know what you will need to survive in the future. We seem to have forgotten the Nortel millionaires.
 
Lightcycle said:
"universe being a manifestation of vibrational energy"
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That's the panty dropper right there. I miss James25 lol.

Robert Kyosaki (sp?) iirc in Rich Dad Poor Dad gave an example of if you gave 100 people $10k what eould happen? The numbers are similar to your examples. A year laterSomething like 50% would be in the same spot. 30% would have created more debt bc of it (bought something worth more...) 10% would be a little ahead and 10% would have increased it significantly.
My mom was a banker. A guy went to her once and asked "how can I be in debt?? I clear $150k a year!" to which my mom replied " yeah, and you spend $200k a year!"
A guy I know hit ProLine pools for $20ish k. He was gonna go buy a new F150. I suggested that rather to create debt, to find himself a decent used one for $20. He did. 10 years later he still has it.

There was a couple that won Super7 for $22 million a while back. They promptly were "advised" that they should invest $21.5 of it in a strawberry farm. They spent the rest on a house and fancy cars.
Bankrupt within 5 years. Heck, spend 12 milly on crap and leave 10 in a crappy savings account and you will still make a better than average yearly income.
2 years later the bastids won $2.5 mil from 6/49.

I'm cheap.
If I win. Same house. Same car. When it dies, new used car. Money aside for yearly income. Down payment on a couple places for the kids and rent them out till they are old enough. Work part time otherwise you have too much time to spend money.
And I would have to stay the hell away from a casino.
Maybe just yearly trips to play the main event in the WSOP.

At the end of the day, tbh, an extra $1000 a month, without having to work extra for it, would make things quite comfortable for us, and I would assume most people.
Still work.
Still do everything the same.
Need to be sure not to increase your spending.

Ttyl
Gotta check my Lotto Max tickets...

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nobbie48 said:
All of the premises of defining life changing are based on some sort of life expectancy estimation and realistic world order. Unless you own a crystal ball you don't know what you will need to survive in the future.
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So true about the "realistic world order". Canada has been lucky to average 2-3% inflation over the last 25 years. It's been quite an ideal environment for savers and investors. Most people under the age of 50 don't remember anything else.

We've been traveling through some countries recently that have experienced 30% year-over-year inflation.

So all this talk about "$2MM and I'm set for life" becomes meaningless if after 5 years, that stash effectively becomes worth $500K. In that new world order, it's more cost-effective to hold onto a job that gives you a 30% cost-of-living raise every year, immediately spend every $ that they pay you instead of trying to save that $ and have it be worth $0.70 the next year...
 
Lightcycle said:
While it's nice to fantasize about a huge windfall changing your life, I think there are several factors that would dampen its effects:

70% of all lottery winners spend it all and more, ending up broke within a few years.
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Translation - only 30% of lottery winners are not idiots.

Considering that probably an overwhelming majority of regular lottery players are often not in the best financial situations to begin with, this doesn't surprise me.

But that doesn't mean the remaining 30% are not living life carefree, it means that the 70% were idiots. Be the 30%.

crankcall said:
I cant argue with Wingboy, if you have bags of cash and cant enjoy it, they point is lost.
This is a legitimate fear I live with.
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Me too. After being off last winter with my shoulder reconstruction surgery last Tuesday I think I wrecked my other shoulder the exact same way...test results hopefully tomorrow. I've broke my left ankle about 5 times now (stupid kid stuff, then a few times at work, then a few times outside work, ugh), right ankle once (work related, but both now suck and I suffer from a lot of ankle stability issues as a result), my back is far from perfect (work wear and tear), broke right wrist once (motorcycle wreck circa 1994), have a C1-C2 spinal fusion (long story), etc etc. Being a human forklift at work on top of it all, and the very nature of my job..over the 25+ years I've been in the industry, it's slowly destroying my body.

I've got realistically a minimum of 15 more years before I will contemplate retiring, so all I'm hoping for at this point is to still be able to enjoy 2 wheels vs the 4 on a mobility scooter. ;)
 
Every time I don't play the lottery, I win a buck or two, guaranteed. ;)
 
I buy lottery tickets. Somebody wins, maybe me, however $5 a week is probably the change I loose in the couch. I'm not buying smokes and lottery tickets and a double double instead of diapers or cereal for my kids.

I'd be in that 70% of winning idiots, but my wife is in the 30% , and at the end of the day she'd win out. I'm not weak, I recognize my limitations.

driving along the highway and seeing a vintage tractor to mow my now 35 acre lawn, and a kayak for my 5 acre trout pond? and a float plane I'm not certified to launch but how cool would a float plane be? you get the picture.
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