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Idle speculation - how much money would you need to never need to work again? And what do you define as "Rich"?

(81 Posts)
WideWebWitch Wed 26-Sep-07 11:44:12


tasja Wed 26-Sep-07 11:45:47

I would say rich is when you can live comfortably without debt and you can go out where and when you want to. Never worry about money = rich.

CountessDracula Wed 26-Sep-07 11:46:29

Never again and maintain current lifestyle?

CountessDracula Wed 26-Sep-07 11:48:01

10 Million I would think
then you can live comfortably off some of the interest and re-invest some of it to ensure capital not de-valued in long term

However would need lots of holidays etc as wouldn't be working adn would spend more, so maybe a bit more?

DumbledoresGirl Wed 26-Sep-07 11:48:05

Dh talk about this with depressing regularity. We think 2 million would set us up nicely but dh has no intention of not working again - he wants to buy his own business.

You have to work out how much you need to live on. Hmm, tricky one, maybe £60,000 a year? Then work out what sum would give you that income based on say 5% interest.

I will let the mathematicians do that....

HuwEdwards Wed 26-Sep-07 11:48:17

I consdier myself 'rich' when I look at my 2 angelic DDs asleep.

oh yeah and if I had half a million in the bank grin

DumbledoresGirl Wed 26-Sep-07 11:49:05

My £60,000 a year is based on not paying a mortgage obviously.

MascaraOHara Wed 26-Sep-07 11:49:09

If I had a million GBP I wouldn't work the job I do now.

If I chose to work it would be a job I got pleasure from.

That said I think if I worked a job I got pleasure from and could live 'comfortably' I would consider myself rich regardless of the physical amount in the bank. Instead of working out of necessity.

HuwEdwards Wed 26-Sep-07 11:49:19

oh, the half a mil was just for me. Couldn't let dp give up work, he'd drive me bloody mad!

WideWebWitch Wed 26-Sep-07 11:49:52

Gotta be £10m hasn't it CD?

£60k isn't enough imo <ducks to avoid things being thrown>

DumbledoresGirl Wed 26-Sep-07 11:51:25

No, I don't think £60,000 is enough either (although you have to factor in not paying your mortgage which you would pay off immediately with the capital) but I thought I would create a stink if I suggested that.

MascaraOHara Wed 26-Sep-07 11:51:47

I think it depends on your circumstances as to what assumptions you make.. for me it's just me and dd in a 2 bed house.. so I could live very very comfortably on a relatively small amount if I didn't move or grow my family (neither are looking likely anyhow)

DumbledoresGirl Wed 26-Sep-07 11:52:24

Come on then WWW, lay your cards on the table: How much income would you want a year?

doggiesayswoof Wed 26-Sep-07 11:53:22

2 million would give you back £60,000 a year at a rate of 3%. I think you would get more than 3% in reality, so the rest could be re-invested. I'd like 3.5 mill to never work again I think, just to be safe, and to make sure I had enough to buy a nice house and then have an income...

But I don't want to never work again, I'd end up dependent on substances I'm sure.

When I was younger I used to define 'rich' as being able to replace your car every couple of years. I can just about do this (as long as it's a corsa and not a discovery) so I think I am rich.

would be nice to be debt-free though.

WideWebWitch Wed 26-Sep-07 11:54:21

Oh I don't know DG, this is an idle speculation thread! I'm not sure what I'd define as rich tbh. I think prob £10m too to never ever work again.

(really don't want a scrap, tihs is supposed to be speculative and fun!)

WideWebWitch Wed 26-Sep-07 11:55:10

lol at projected substance abuse prob

bozza Wed 26-Sep-07 11:55:40

Just paid £1.50 for a share in a one-off euromillions syndicate that we are running at our work - particularly relevent as we are threatened by redundancy but if we won and all walked there would be no-one here to train the Indians who are going to take over. I reckoned I would stop working for 1/2 a mill, but make DH carry on. grin

JustineMumsnet (MNHQ) Wed 26-Sep-07 11:55:43

Someone once said to me "You're rich when you turn left on an airplane as a matter of course. (personal not business travel)"

Am inclined to agree. With all my lot that probably means a few million at least.

doggiesayswoof Wed 26-Sep-07 11:56:01

£10M is way more than enough though. If you had that, you could give away half to charity, or set up a trust or something, and you would feel great, and you could still get by quite nicely on the remaining £5M!

OrmIrian Wed 26-Sep-07 11:56:37

We live currently on about £30k. Not exactly rolling in it but OK and we'd have no mortgage. can double that if you like. Considering I'd be buying a huge country house and the maintenance bills would be big. And we'd want more holidays and other fings to stop me resorting to G&Ts in the afternoon grin. Not sure I'd never want to work again. At anything. Might take up gardening in a floppy hat with a trug.

WideWebWitch Wed 26-Sep-07 11:57:25

I'd feel great without giving half of it to charity shock and grin

I love 5 star hotels and first class travel, I want to be RICH fgs!

bozza Wed 26-Sep-07 11:57:54

So same as huw really. But a lot more for DH to stop working as well.

DumbledoresGirl Wed 26-Sep-07 11:58:25

Thanks doogie - see? I told you dh and I had been discussing it. I knew the figures £2 million and £60K came into it somewhere!

£2 million would suit me tbh. I am not sure how I would feel about having so much money that it didn't matter what I spent. I like to keep my feet on the ground. And I cannot imagine dh not working.

MascaraOHara Wed 26-Sep-07 11:58:34

I want to be rich too! that's how come I think I'd stay put in ym little two bed but just have all those lovely holidays and nice food..

Alright, alright - I might stretch to a reasonably sized 4 bed wink

oliveoil Wed 26-Sep-07 11:58:41

well I would want a huge mofo big house
ditto car(s)
lots of holidays
yadda yadda


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