What is life-changing money that really changes life?
What money will change your life?
It’s a question you’ve certainly looked at in one place or another. Everyone has: What else were 19th century explorers thinking about as they stood in the creeks during the gold rush?
You might think you have an answer ready – maybe the cost of some kind of bucket thingor maybe a nice round number like $1 million – but your mindset tends to change a lot of what you think about. At least, that’s what happened in hours of money discussions with 10 people on this topic.
For example, one man, said $10 million would change his life, only to revise his answer down when he received Premium season tickets to Premium Mater’s Seal Home games. Some had to increase their numbers when they worshiped when they remembered taxes and retirement savings.
David Cesarini, says: “The concept of the value of money that changes life depends and can be context dependent, says the professor of economics at New York University Who has studied the spirit, the lottery and the relationship of money.
For someone who lives a living paying, say, $10,000 can be the difference between going unreliable every day and having a safe car to drive around. But for someone with a stable job and few urgent needs, $10,000 may seem like a small amount.
In other words, everyone’s answer is a little different, and that’s what makes it so interesting.
Below, you’ll hear from Americans across the country at various stages of their lives, all answering the same question: What is life-changing money?
Some of our sources are readers who subscribe to our daily newsletter, which we use to generate feedback. We have also found sources on Internet forums, where versions of this question are openly contested regularly in communities such as R / IfiwoonTotottery. Made between May and September – And during the light when it reached prices of 2.9% and horrorball jackpot hit ad-birds close to $ 1.8 billion – our conversations were enlightening.
Here’s what we learned.
Mike Miller, Illinois: 💰 $150,000 💰
Miller, 57, of Homer Glen, Illinois, says $150,000 could eliminate all of his debt and make his retirement more comfortable.
“That would wipe out the rest of my mortgage,” says Miller. “It would remove the deck.”
Miller is receiving a pension after 30 years of service as a sprinkler fitter at Jobe Job. While he could pay off his loan now by cashing it out, that would remove a huge income tax, which he wants to avoid. The air transplant that would eliminate his monthly mortgage would give his budget some breathing room.
“If $150,000 lands in my lap, all my income will be more than money. And it will make life a lot easier,” he said.
Chris Rogers, Georgia: 💰 Millions 💰
Roger, who owns a mulch company, initially told the money that $ 10 million – would be his ideal number. After thinking about it some more, this 52-year-old meeting says he realized that he will be able to achieve many of his dreams at a very low price: $ 3.2 million.
Roger was putting most of that money to work, either in investment accounts or entering new businesses. He was also looking to buy a house north of Atlanta that he could rent out through VRbo when his family wasn’t there.
In terms of comfort, his family can upgrade their eight Georgia football tickets to better seats. Roger owns a 1969 Pontiac GTO, but says he’ll buy a “second-hand, fancier” car for around $100,000. He has invested in flying lessons.
Josie G., California: 💰 $300,000 💰
Heavy with graduate school debt, Josie G. says she and her partner often feel like they’re closer to the working class than the middle class. Since their monthly income is dedicated to paying off the loan, they have no money left over to eat or travel.
“If you’re making a decent salary, people think on paper it’s going to be a nice vacation twice a year and savings, too,” the Bay resident said. “Right now, it’s just not like that.”
A $300,000 windfall would allow him to pay off his student loans and make a down payment on the house, which is very important because he’s eager to start building wealth with home equity. That amount of money will also give the couple financial stability to start a family, he says.
John Davenport, Kansas: 💰 $500,000 💰
Davenport, 59, works part-time at a Kroger grocery store and dreams of getting out of the situation.
He says: “I don’t like Kansas, but I added that he feels stuck and I just don’t see it happening without some kind of miracle. With his disability, Davideport says he is limited in how much he can work – and the cost of travel feels out of reach in his current financial situation.
About $500,000 will help him pay off his credit cards and decide where he wants to go. “I don’t think I’ll miss Maine or maybe even Washington state,” she said.
Being transferred to another place he is very happy can say it all: “I want to know you and have a good life. I have never had one -” said Davideport.
Anne B., Oregon: 💰 $150,000 💰
Anne, a single parent and freelance project manager in construction, has been facing financial difficulties in recent years. This 52-year-old man had to sell his furniture to provide for his two children.
He says: “We don’t have a dining room table now because I was $600. The sale helped “make ends meet that month.”
Thinking about the question, he says that $25,000 will improve his health ‘for a while,’ but $50,000 would have the full effect, losing the savings he had before he was unemployed when he reached his homes. His last answer, $150,000, would also allow him to pay off some debts, take over his failed property and have a chicken.
He says: “I’m in a really bad place, but that would give me time to reset. “That’s the important thing that’s missing. I always run so hard to continue this month – or even three months after this month – that I will never stop feeding these children.”
Cory Olson, Minnesota: 💰 $5 million 💰
Olson, a 46-year-old lawyer in Minneapolis, often thinks it will take him and his wife to quit working. His latest rating? The $5 million cash pot will allow at least one of them to retire early. They were able to generate income by investing and following the 4% withdrawal rule.
He admits that the million dollars will also allow them to live very well. And sure, he could buy a more luxurious car. But $1 million isn’t enough to replace his income, he says, which is why it wouldn’t be a life-changing sum in his eyes.
“A fancier car is not worth having a big difference for us in where we would live our lives. What does it mean that we go into a place where we can’t work where we couldn’t and we can’t take our days at home,” said Olson.
Brian R., Florida: 💰 $100,000 💰
Central Florida-based computer programmer Brian R. says $100,000 would be “icing on the cake.” The 66-year-old is between gigs, and if the search goes well, he plans to retire completely. He owns his house and owns two cars in good condition, so it won’t take much to help him retire.
The thought of getting a ventilator is on his mind every day because he likes to play the lottery, buying tickets worth $10 every game. And if he were to win $100,000, he would feel comfortable retiring now.
He has a few other ideas about how he used the money to work. Brian says he’ll tackle projects and home repairs, as well as painting and a new garage: “Things I can do, or I can do,” means I have $100,000,” he said.
However, lottery games – Florida Lotto, Powerball and Mega Millions – often have prizes much larger than $100,000. and that’s it For the money, you will buy an unusual home. And there would be one unexpected feature: a cat room.
“We have a lot of cats, and it would be really nice if we had more space for cats and a room dedicated to cats,” she adds.
Gwendolyn Humphries, California:
💰 $150,000 💰
Money Reader Humphries, 74, from Southern California, said $150,000 would have been enough to pay off his mortgage. It will also include some simple but important financial checks: paying off all of his outstanding debts, adding to his savings and putting money away from taxes. Oh, and a holiday.
Humphries, a doctor based in the remaining kingdom who is still working for a while, says he is trying to help those in his orbit. He says: “I have a mother who is 90 years old, on social security, so I always try to send her a little extra money. “Then I send money to my children and my siblings, and I help my community.”
When those ties were broken, he was taking a “good trip.”
“I really like going to Botswana,” Humphries said.
Dave Passy, Montana: 💰 $5 million 💰
The 38-year-old locomotive engineer has a higher bar than most life-changing events. At that time because his retirement state, Hawaii, has the highest cost of living in the country.
Passey doesn’t dream of an empty retirement, but he would change what he does if he won the lottery. Passey says he doesn’t play any lotto games where the takeaway is less than $5 million, which he says he can replace with his own money (and then some).
“For me, the amount of money that changes life would be the amount where I have never worked, where I can go and follow whatever I like,” said Pakhethe.
In Hawaii, he figures, he couldn’t comfortably afford to fall back on money and investments while trying to build his family’s wealth. His rough plan would be to put 75% in safe cars, aiming for a 4% return. The last quarter would be a long-term investment in stocks.
Philip Palese, Texas: 💰 $1 million 💰
Maybe that’s not what it was. But Pelse, 78, of Woodland, Texas, says there’s still something special about $1 million.
Pulese, who retired from IBM in 1998 after 30 years, admits there are more billionaires than ever. You also know that the value of the dollar has greatly improved since the days there Who wants to be a billionaire? it was on prime-time tv.
“It was considered a lot of money in the past. Even if it wasn’t something that used to be the goal, it’s still a goal that seems to be out of reach for most people,” he said. “It’s still a lot of money. I don’t care what you say.”
Achieving a $1 Million NET worth by retirement may be more attainable for today’s workers than it was for his generation, but the seven-figure mark still has significance in American culture and what it means.
“It seems like there’s a mystique to it,” he says.
Editor’s note: Several contributors to this story have requested partial anonymity to speak publicly about their finances and debts.
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