Quote:
Originally Posted by Alfisti
I have fantasized about this at times and number i settled on was $40M cash. hear me out ....
I figure i need about $5m to $10M, so $7.5M for a primary residence, sounds insane but Sydney is more expensive than most in the US can begin to imagine. That's gonna buy you nice place on the east coast but no mansion. Maybe another $2M for a vacation home, wherever the hell that is.
Let's assume you invest very conservatively and anticipate a return of 5%, so you need to shuffle away another $10M to earn $500K a year, which you will need as you are now rich, right?
So i've blown through $20M before so much as scratching my arse.
I'd "give" $2m to myself and to my mrs for no questions asked spending money. Then another $10M, $5M each, split between her family and mine. Again, sounds insane but median house price in Toronto is $1M, nearly double that in Sydney. Chuck a bit in for charities etc. and you're at $35M.
That leaves about $5M for shit i have surely forgotten.
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Damn you need a lot more than me. I'd be just fine with about $2M. At 5% make a nice $100k "salary" not having to work. Not even sure I would move, fix a few things on the house and spend my time traveling around.
$40M I think is drive you crazy money. Even if I said I was going to buy an insane house just to blow money I couldn't see spending more than $2 million maybe? Of course if I did that I would need another $100k just to pay the taxes. That's where shit spirals out of control and then you're broke on your $40M. Taxes on the mansion, housekeeper to clean the 10 bedrooms, landscaping, gas and maintenance on the exotic cars, docking, fuel, crew etc for your yacht, membership fees to the country club and the list goes on and on.
