Money .. how much??

Canada
June 3, 2012 4:14pm CST
Okay folks random question here for you's. Dam I am starting to love this site.. okay here we go. Everyone has a different idea on what it means to have enough money right? So my question I put before the mylot community is how much money would you have to aquire before you would feel that you would NOT need to work again?? For me it's simple, I make little more them min wage so if I came across a way to make more then 100$ a day that's is all I need. What about you??
4 responses
@owlwings (43910)
• Cambridge, England
4 Jun 12
It's a very simple equation, really. If my current income is, say $20,000 a year and I find that is sufficient to maintain my current standard of living, and I also know that I can get a return of, let us say, 2% per annum by investing a sum of money in a safe investment, I can calculate what sum of money I should invest to receive $20,000 in interest ... $20,000 x 100/2 = $1,000,000. So I would need to invest a million dollars in order to receive the same income regularly every year. Unfortunately, nobody is free from inflation, so, looking into the future, it's likely that, in 10 years time, $20,000 a year will be worth only half of its value today, so I would need to start with a rather higher investment so that part of the interest could be used to increase the capital (and thus the annual interest) to allow for inflation. I might also decide that I can only expect to live for another 70 years, so that, by the end of that time, I would need no income. There are formulae to calculate this kind of investment, too (they are the same ones used to calculate regular payments to fulfil a mortgage or loan over a certain term). This would reduce the amount of capital required to provide a regular income.
@owlwings (43910)
• Cambridge, England
6 Jun 12
1) If you have no money, then the above is merely an exercise in calculation 2) See above! We are ONLY talking about how much money you would need to continue living without working. Clearly, if you have no money, then you have to work to earn some first!
• Canada
4 Jun 12
Well I see you put a lot of thought into that answer that is awesome my friend! For me a million dollars invested even a regular bank account would be enough for me. At 2% thats still like 2000 a month, and that's more then I make now.
@benshi (10)
• China
6 Jun 12
Really good idea!but for me.I lack 2 parts. 1.I am out of money 2.what investment is usefui for me,and how to work
@toniganzon (72281)
• Philippines
5 Jun 12
Never really thought how much money would make me stop working. My parents trained us and made us work from the time we learned how to add and subtract. We counted the money that get into the cash box everyday and we didn't have any idea how much we need to earn to stop. All we knew then was the more money that gets into the cashbox the happier we would be. Until now i have that concept, as long as there's money coming in, i'll never stop.
• Canada
5 Jun 12
Well I agree that money is good! I guess if I could make like 100 bucks a day online I would still work too.. but I would get a job that I actually enjoy!
@emdjay23 (1575)
• Philippines
3 Jun 12
Interesting! For me to stop working again?I guess maybe earning as much as $100 a week or more, I know its kinda too impossible unless you have a business that can accumulate $100 a week, but maybe with hard work and perseverance I can achieve that
• Canada
3 Jun 12
I agree, I think everything is possible if you try you're best! I am making money online now but only a few bucks a day.
3 Jun 12
I think 100$ a day is much enough, and it can be enough for a week too for me. But I still need to work because work is good for healthy, but I prefer I can work from home.
• Canada
4 Jun 12
Well If I could make 100 a day I would still work.. but not a regular job! I would try to find something that I enjoy, maybe even invest in a business or something.