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I am 71 and I am perfectly content with my current, relatively modest lifestyle. I am divorced and live alone in a two-bedroom plus loft town house with two and a half baths and a double garage; it is paid off. That is plenty of room for me not to feel claustrophobic and I absolutely do not need or want anything bigger or fancier. I can afford good tickets to live performances at the Los Angeles Opera, Los Angels Master Chorale, and Los Angeles Philharmonic. My eight year-old Mazda Speed3 (turbo charged with tricked out suspension and brakes) cost my only $27,000 when I bought it new and I am still perfectly satisfied with it. I do not want or need, nor would I ever voluntarily chose to purchase:
1. Granite counter tops
2. Designer clothes
3. $30 or $50 bottles of wine
4. Plastic surgery to make me look younger
5. A high end car i.e., BMW, Mercedes, and the like
6. A meal costing more than $25 per person including tax and tip
7. Hotels costing more than $100 per night when traveling
That's why I voted that there would be no change other than having more dollars.
Given that we are already budgeted for our current salary, and using that to invest and save as much as we possibly can, any monthly extra would just be funneled into our savings/investing. But it wouldn't change our life in the short term, it would probably just move our early retirement plan up a few more years.
To change our life the monthly money would need to be guaranteed for life without the possibility of losing it. A sudden windfall would have more of an impact.
$5,000+ more per month would allow me to outsource all the chores such as cooking, cleaning, laundry, etc. that I don't want to do. It would also allow me to use UBER BLACK every where I go. Additionally, it would allow me to purchase tailored clothes and live in a luxury high rise. It can make my life easier and I would have a higher standard of living, but I would still have to work five days a week or more.
On the other hand, if I can keep my current salary and never have to work, that would actually be life changing. I can travel the world and know no matter what I would have cash coming in. I can live in certain parts of the world where I can live like a king on my salary.
A large sum of money may potentially be life changing. Even a 2-3 millions dollars might be enough to be life changing. I would invest it so it generates an average return of 4% to 6% annually which would be taxed at the capital gains rate. That would be $80,000 to $180,000 a year with 2-3 million in the bank, and I would never have to touch the capital.
I'm fortunate to already have all needs met (current and future), and no debt that couldn't be paid off in the event my investments start making less than .9%. And my income will jump a whole lot soon, but I still think $3,500-$5,000 on top of that would allow me to buy some nice toys.
I would say that if I netted an extra $3500-5000 per month it would be life changing to an extent that it would possibly alter my decisions in the future in terms of how I move forward in my career and location. I honestly would have to sit with my wife and discuss what we want to do. Overall not enough to make major life changes. If you're talking an extra $10-15k per month net out of thin air then you're talking potential major life changing (and/or risk taking) decisions. It's like going from a tool box to a tool shed.
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