Life changing sum of money

[disruptive]

With the latest huge domain sales: "the money domains" sold to the Haggle Daddy, I have been wondering what a life changing sum of money is for people. I don't mean luxurious millions but the sum of money that would allow you change gear.

1. pay off a large chunk of the mortgage?
2. pay off a kids education.
3. go travelling.
4. get an MBA.

You see I was thinking that one can do a lot with £50k in cash. And instead of lusting after huge amounts in the millions, a lot can be done with a small amount of cash.

 

[Edwin]

The amount will vary dramatically from person to person and situation to situation so it's hard to come up with "the number", but I guess one off-the-cuff rule of thumb for it to be "life changing" would be that the amount must simultaneously:-
A) Pay off the mortgage in one fell swoop (or allow someone to buy a property in the area they have chosen to live in if they're renting at the moment)
AND
B) Provide "spare cash" equivalent to at least 5 years salary to allow for a change of career, a mid-career break, a real try at getting a startup off the ground or whatever it took to provide a disruptive change to the current situation. 10 years' worth would be a much greater safety net in these uncertain economic times.

Beyond that, you can look at education, travel, provisions for pensions or for taking care of family and friends, etc. but the above 2 points are probably the bottom line "starting point" to fit into the category of life-changing...

 

[monaghan]

50K is a lot, however, for anyone with mortgage and family, it is a nice addition to the budget, but not a figure I'd call life changing. Certainly it will buy a lot of goodies though

I'd define life changing in a similar way as Edwin has above. To be defined as life changing, I'd expect to have no money worries for a good number of years to come, be able to help close family & friends and have a decent pot left in the bank. Seeing the recent changes to tuition fees, 50K wouldn't put all of my kids through university when they leave school.

 

[ukdomains]

50K would be life change for me as it would pay off big chunk of the mortagage but thats it .

I would agree with Edwins post thats life changing

 

[BREWSTERS]

It would depend on how much you want your life to change.

 

[retired_member21]

Wallypower 118 - that's life changing

 

[BREWSTERS]

Wallypower 118 - that's life changing

I'd prefer this: http://www.sunseekerlondon.com/brokerage-boats/searchfullspecs.php?DocumentID=2129472

 

[Edwin]

I guess the most valuable question you could ask yourself AFTER calculating your own "life changing" figure is this:

Is this a pipe dream, or is there ANYTHING I could REALLY do to actually make this happen?

For example, if your own "life changing" number is £150k could you get there by selling off all/most of your domain or website assets in one go (don't forget to allow for taxes etc. under that scenario)? And if that's what it took, is the result ("change my life") then still worth it?

If YES, then perhaps that's the prompt you need to take the leap and change your life...

 

[monaghan]

Of course, if you really want to change your life, then is money the right way to do it? If you lost the money / goods you used it to buy you'd be back to where you are now, better to make the real life changing decisions on things money can't buy

 

[boxerdog]

Of course, if you really want to change your life, then is money the right way to do it? If you lost the money / goods you used it to buy you'd be back to where you are now, better to make the real life changing decisions on things money can't buy

well put, there is alot more to life than money, i think if you need "money" to change your life then you are doing somthing very wrong

 

[domainking]

life changing

Its not about money" if your happy and you know it clap your hands"
if your happy and have money " you can pay someone to clap there hands"
if your barry you can hire all domainers in UK to clap there hands

 

[Blossom]

The best way to make £50k a life-changing sum of money is to invest it wisely...then after you've turned it into £100k or £500k or more, you can change your life.

 

[bensd]

Its not about money" if your happy and you know it clap your hands"
if your happy and have money " you can pay someone to clap there hands"
if your barry you can hire all domainers in UK to clap there hands

lmao ..........

 

[disruptive]

I suppose my point being that we all have a sort of lower meaningful sum that would make a noticeable difference to our life. Perhaps not thinking of safety nets and security, but I was thinking that 50k can buy you a place to live [or half] and ease the burden of many people. Whereas £10k might get absorbed very quickly.

On the upper bounds of what one needs to retire, this is another story. I remember a guy I worked with was calculating quite precisely how much he needed to retire. He calculated it - I think about $8M at the time. We thought he was off his rocker, well I heard not long later he did actually do it, selling his company to Kodak, I believe. So who is the fool now! I always remember that story. That guy really did "know" he was going to achieve it.

 

[dougs]

fun

Do what you want now........

Doug

 

[Nigel]

Do what you want now........

Doug

Sounds good Doug - but we're not all into windsurfing

I'd be pleased to see the mortgage gone.

 

[domainking]

changing

Life is short live it for today and not tomorrow.
as tomorrow might never come.

You never know when your number is up.

 

[binny]

£25 would be life-changing for me because rather than sitting in front of the box I'd go down the pub

 

[Edwin]

Life is short live it for today and not tomorrow.
as tomorrow might never come.

You never know when your number is up.

That could also be a great reason to take the money and run now, and go and do whatever you've always dreamed of doing...

(Yes, there's a lot more to life than money - but from a practical POV actually having money lets you concentrate on that "lot more" a lot more!)

 

[rob]

Life is short live it for today and not tomorrow.
as tomorrow might never come.

You never know when your number is up.

Likewise what if tomorrow comes and the day after and the trend to live longer holds out for you?