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BigBen Forum Mod
How Much Money?This comes from a conversation I had with some people while we were looking at a copy of Forbes Life that somehow turned up in the law school library. If you've never heard of it, Forbes is a magazine that purports to be the magazine of the worlds business leaders.

It has an offshoot called "Forbes Life" that addresses the spending habits of said business leaders, basically people with more money than 99% of us will ever have. With articles like what 1 million buys in homes across the US and the worlds best casinos

This started a conversation around the following topic.

How much money (in terms of income per year, from whatever source) would you need before it got absolutely silly?

that is, how much money do you see yourself being able to spend in the course of daily life (presuming big house, nice cars etc) before you had to try think of new ways to try to spend money?

Post edited 5/08/07 12:54PM
#1  Posted 7 years ago  |  Reply  |  Quote
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Alsace WWWWWWWWWWWW
In reply to BigBen, #1:

Well, I would say probably, 1 billion + would be absolutely absurd. And I feel that's on the high end.


I think that seriously I could have all I wanted, and stop working, at around 5 million, pragmatically speaking. Luxuriously speaking, probably 20 million+.
#2  Posted 7 years ago  |  Reply  |  Quote
dark54555 Site Admin
Um, a Bugatti Veyron would be $1.1 million...
so on a 60 month financing, $23,918.15 per month.

Plus god knows the insurance cost.

Let's see...on a monthly basis

$40,000 - Veyron
$12,000 - 2 other cars (SUV, Sedan)
$60,000 - House payment

Hmm...at this rate, I could probably spend $200,000 a month legitimately....so $2.4 million after taxes.
#3  Posted 7 years ago  |  Reply  |  Quote  |  + 1 Zing!
beetley
I've always said that if I was for some reason super rich that I would provide for all my friends and family.

That being said, I could probably blow through a lot of scratch on a daily basis. It takes a lot to run a compound.
#4  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
Honestly, there is no real amount of money that is absurd, that is if we're talking about real money.

Think about it this way, Bill Gates is worth 80 billion(or so) in stocks, but for availiable cash, he probably isn't worth a whole lot.

I mean seriously, if you had 80 billion in real money, sitting in your bank account, think of the ways you could become a philanthropist. Start a dozen charities, give out hundreds of thousands of scholarships to lower-middle class people.

It wouldn't be that hard to find ways to think of spending money, you honestly wouldn't have to think too hard about it.

What about that 100million dollar home in Colorado? Or the 700 foot, 300 million dollar yacht? Or buying NASA? In isn't too hard to find ways to spend money.
#5  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to dark54555, #3:

Without going into specifics like that, I figured anything near 8 figures would start to get silly.


If you earn 10 million a year after taxes, that's 830,000 some a month, or 27,300 dollars a day that you'd be earning.

Just as a round figure, I think I could afford everything I'd ever want or need on that, and probably have plenty left over.
#6  Posted 7 years ago  |  Reply  |  Quote
MustyMung
this is a capitalist society. I will earn as much as i can possibly earn. If i do something incredible and it earns me a trillian dollars, so be it. And i wouldn't fucking share either!
#7  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to Cheddarbek, #5:

I'm specifically excluding stuff like that, including creating charities. We were talking about daily living sort of stuff.

But let's go with that.


Let's say you have $80 billion in a savings account.

you get what, 3% interest on a savings account right now? (nevermind investments, this is the lowest possible interest you could get on it)


If you had $80 billion in a savings account, at 3% interest, you'd earn 2.4 Billion dollars a year in interest



#8  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to MustyMung, #7:

I suppose you'd have it buried with you when you die too?
#9  Posted 7 years ago  |  Reply  |  Quote
Alsace WWWWWWWWWWWW
In reply to BigBen, #9:

He's Mung... so yes.
#10  Posted 7 years ago  |  Reply  |  Quote
MustyMung
In reply to BigBen, #9:

That's right. I'd want to be smelt in gold...

however, truth be told, no amount of money could ever hope to keep up with my drug habit.
#11  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
I could blow through 2.4 billion a year.

.....maybe......

Wait...nope...no. I mean, I could buy up ten mansions...have a full staff for each member of my staff...and so on and so on....

Yeah...I'd say if we're talking income with no charity type stuff....I could probably blow through 20 million a year. Are we including business ventures, stock purchases and investments to 'spend' each year as well?
#12  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to Cheddarbek, #12:

The idea of the conversation was "Daily life." Hence the references to Forbes Life and Conspicuous Consumption. When do you start spending money just for the sake of spending money?

the idea is kind of like, Sure, you could buy 10 houses and have a chest full of rolex watches just for the hell of it, but would you?

Likewise, it'd be pretty easy to blow $50 million on a bad venture capital investment, but that's not the point.

Post edited 5/08/07 1:21PM
#13  Posted 7 years ago  |  Reply  |  Quote
MustyMung
does "Daily life" include the swarms of high class prostitutes that I will need to have at my disposal, once i've earned this much money?
#14  Posted 7 years ago  |  Reply  |  Quote  |  + 1 Funny
microphone
In reply to MustyMung, #14:

At that point they are Concubines.
#15  Posted 7 years ago  |  Reply  |  Quote
MustyMung
In reply to microphone, #15:

Nay. You don't pay concubines, you simply let them live in your palace/mansion/whatever. And you feed them, and give them a life of luxury, and your cock. While i won't deny that concubines is a good idea... who really wants them around all the time. Nope, i'm all for the high class call girls who can come and go as I please. And with enough money i can probably go American psych on their naked asses without any real repurcussions.
#16  Posted 7 years ago  |  Reply  |  Quote
NaraVara Forum Mod
Well, I'm pretty spartan by nature so I'm not about lavish consumption.
But if you were going to force me to live an idle and luxurious life, I can see myself getting two or three nice big houses. One in California, one in Kerela, another in Greece or Italy. I'd buying a small boat with a reliable crew on retainer and make rounds sailing between them.
I'd probably need a chopper on the boat for extra mobility.
A car in each house plus the servants to take care of them when I'm not around. In fact, I'd probably rent the house out as a hotel/Bed&Breakfast while I'm not there.
So however much it would take to maintain that lifestyle is how much income I'd need.
#17  Posted 7 years ago  |  Reply  |  Quote
NotABluetard
I can think of way to spend money, oh yes.

Lots and lots of money.

I could spend a million in a day, but most of it would probably be business investments of some sort.

In reply to dark54555, #3:

Actually the Veyron went up to $1,440,000 because of high demand.

And even that doesn't include options, like Sport seats, stone chip guard, or Diamons in the guages.
#18  Posted 7 years ago  |  Reply  |  Quote
MustyMung
In reply to NotABluetard, #18:

unimaginitive windbag...

your idea of spending lots and lots of money in a day is mostly business investment related?

You live a sad sad hypothetically rich life.
#19  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
Well...if one were to say...buy and wreck a Ferrari a day...one could blow through alot of money a year
#20  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to Cheddarbek, #20:

but would that have any purpose other than spending money?
#21  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
Look, we have to face it. In some rich people's minds, all that matters is spending money.

We're questioning the point when you have so much money its absurd, yes? But rich people live very lavish lifestyles, and spend money on things that we consider absurd, but to them its normal. We're looking at it from the middle class perspective, not the "I have fuck you money" perspective.

Think about some poor guy in China who makes $300 a year, and his life is okay in his mind. Just as you and I think our lives are okay. This poor guy in China probably thinks your $30K a year is absolutely absurd, its 100 times what he makes in a year. But to you its normal.

So people who blow through 10, 20, 100 million to us, it might seem absurd; but to them its the normal, lavish lifestyle their income offers.
#22  Posted 7 years ago  |  Reply  |  Quote
BigBen Forum Mod
In reply to Cheddarbek, #22:

that's the point of the question.

At what point does it become spending money just to say "fuck you I have money" 10 million a month, 20 million a month? There's a big difference between living lavishly and spending money just to spend it. That's the point I'm trying to bring out.

This isn'nt quite a "what would you do if you had $100 billion dollars" topic, anyone can come up with an answer of how to spend or otherwise dispose of a shitload of money.

This is a "imagine a lifestyle where you'd have everything you'd possibly want or need" and how much would that cost topic.



I'd also like to point out that no one got rich by spending money, most truly "rich" people are actually pretty adverse to wasting money. Sports Stars and Movie Stars aren't really "rich" they just have a lot of money. I'm sure warren buffet has a lot of very nice things, but you don't see him buying things just to destroy them.



Post edited 5/08/07 4:03PM
#23  Posted 7 years ago  |  Reply  |  Quote
microphone
$6.79 billion. That's where I'd be all get outta mah face.
#24  Posted 7 years ago  |  Reply  |  Quote
friendlybaby Sponsor
I have had periods in my life where I could buy anything I wanted. Absolutely anything.

And I got to find out firsthand that there's no happiness in that. As cheesy/corny as it sounds, I didnt have fewer problems, I just had different problems.

So, all I want is, at the end of the month, to have more than I spent. And to have enough to help other people who have even less than I do. Let's face it, half the world has a net worth of >$35, so that doesn't take much.
#25  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
I honestly think there is no cutoff point where it's too much money. It all depends on a vast number of sociological factors. How old you are, your family's status, etc.

For a young person, it could be 100million a year, for a 70 year old man, a few million.

Not only that, but lets face it, most people who are 'rich' don't get a steady constant amount of money each year. One year it might be 2 million, the next it could be 50 million.

Honestly though, my total, absolute opinion is 5 million a year. You'll have the nicest house you'll ever need, a few nice cars, a full staff to care for your mansion, anything and everything, 5 mill. I'd be happy.
#26  Posted 7 years ago  |  Reply  |  Quote
ultrax1
I wouldn't live on very much. I actually foresee myself in a one-room apartment-type thing. (Studio? Is that what it is?) I hate everyone on TV, so I wouldn't need that. The bus is cheaper than driving to work. Rent is about $900 (Unless I'm totally out of it). So... my salary= $1200 a month? So... yearly (estimating for generous contributions) = $15000? and hourly= $...4+ change? Hmm. Math is especially hard for me today. Some IB exam walked by and smashed my brain. I think some number is off.
#27  Posted 7 years ago  |  Reply  |  Quote
Cheddarbek
In reply to hobbie, #28:
Honestly though, my total, absolute opinion is 5 million a year. You'll have the nicest house you'll ever need, a few nice cars, a full staff to care for your mansion, anything and everything, 5 mill. I'd be happy.

Read more carefully
#28  Posted 7 years ago  |  Reply  |  Quote  |  + 3 Cool
BigBen Forum Mod
In reply to Cheddarbek, #26:
Not only that, but lets face it, most people who are 'rich' don't get a steady constant amount of money each year. One year it might be 2 million, the next it could be 50 million.

It's called diversification of investments.

There are exceptions, (movie stars, rockstars etc) but generally no one gets "rich" off of a salary that they're getting paid on a month to month basis.

They get rich because they took money they had and invested it wisely, and it grew, and then they reinvested it and reinvested it. Growth of Investments and Compounding interest is what makes people "rich"

For example, most of Bill Gates's "wealth" came from the fact that when Microsoft Went Public in 1986, Bill Gates Owned 45% of it's stock.

That first day, one share of Microsoft stock sold for $21, by the end of that day, it was $29.

Since then, it's peaked at $119, and Split 9 times. so today if you'd purchased one share of microsoft stock on that day in 1986 for $21 dollars, you'd have 512 Shares worth at total of more than $60,000 dollars, not to mention any dividends you earned.





Post edited 5/08/07 5:58PM
#29  Posted 7 years ago  |  Reply  |  Quote
NaraVara Forum Mod
In reply to hobbie, #32:
Not to mention that several CEOs take only $1 for their salary as they make money off stock.
I think the reason they do that is so that they can stay on the payroll and get the perks and benefits like health insurance.
#30  Posted 7 years ago  |  Reply  |  Quote
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