Some insight needed for class project (Minneapolis, Alberta: 2013, mortgage, credit)

[strugglingstudent77]

Hello

I am a college student here in Minneapolis and have relocated from the West Coast. Currently I am in a Statistics class and have to do a class project on stats. My project is to ask how much money would one need to retire and quit their job and not have to work at something that you may not like.

1) Would it take hundreds of thousands or millions to get you to quit ?

2) Also, since there are a lot of people who love MN on this board, my question is whether you would stay in MN if you won a large amount of money?

Any input appreciated as my project is due in 2 weeks. I really am interested in learning how people in MN feel about where they live.

thanks

[2018]

This is a convenience sample and not a large one. If you're in a stats class, your prof probably wants a more legit survey lol.

To answer your questions:

1) Can't really answer, I am also a student. But I'd probably work somewhere to keep from getting isolated/bored.

2) Tough question. I might look at ND and Alberta, but MN seems pretty good right now...

Make sure you qualify your data (eg how are people who respond to this poll different from Minnesotans at large?)

[Cruz Azul Guy]

Originally Posted by strugglingstudent77

Hello

I am a college student here in Minneapolis and have relocated from the West Coast. Currently I am in a Statistics class and have to do a class project on stats. My project is to ask how much money would one need to retire and quit their job and not have to work at something that you may not like.

1) Would it take hundreds of thousands or millions to get you to quit ?

2) Also, since there are a lot of people who love MN on this board, my question is whether you would stay in MN if you won a large amount of money?

Any input appreciated as my project is due in 2 weeks. I really am interested in learning how people in MN feel about where they live.

thanks

1) I would probably calculate it by determining the current annual living cost, then determine the current age and life expectancy of the individual and an average inflation rate to find out how much that annual cost will be for every year up to the last year of life. You could also add in other costs such as increased healthcare costs later in life, government assistance through Social Security/Medicare, etc. You could add in alot of other factors that would complicate the equation but might provide you with a more accurate figure. Anyway to get me to retire at my current age (29) I would probably need millions. Without crunching the numbers I'll throw out a rough figure of say...$20 million. Even if I had that amount of money and no longer needed to work I'd probably still be doing some kind of work as I would otherwise get pretty bored with myself.

2) Nothing against Minnesota but no way would I stay here. If I had enough money where finances were no longer a factor I would move to Mexico.

[northstar22]

1) I would never quit working just because I won a lot of money -- it doesn't matter how much cash I fell into. I couldn't imagine not having a career and just loafing around all day, especially not at the age of 24. I may semi-retire someday (DECADES from now), but God willing, I plan to work in some capacity until the day I die.

2) I'd probably stay here in Minnesota, but I might move back home to Michigan (assuming I could find work). I'd also consider moving to Quebec, because it would be easy to get Canadian permanent resident status with millions of dollars.

[rcsteiner]

1) Yes, it would take hundreds of thousands or millions to get me to quit. I have a mortgage company and a number of other creditors to feed.

FWIW, I love what I do. When I worked up there for NW, I always said I would continue to work even if I won the lottery, and it was true. With this position, I think it's still true. I can play with multiple technologies and solve puzzles ... what geek doesn't love that?

2) In my case, I would move back to MN at least part of the year. I had to move to another part of the country for work, and while I like it here, I would much rather be there.

[Radical_Car]

1) Im turning 19 in 3 days. It would take several million to retire, and if somehow I'd somehow get that much money, I'd still work, like a lot of other people, to keep myself from being bored. Or I'd consider taking up a martial art such as Tae Kwon Do like my oldest sister has been doing since she was in middle school/junior high. Or I'd do a martial art with a part time job.

2) If I could live anywhere without worry about finances and cost of living, then I probably wouldn't stay in Minnesota. I love Minnesota but don't want to spend my entire life here. San Diego is probably my first choice as to where I'd want to move to.

[Camden Northsider]

1) Millions (likely minimum $4 or $5M)- comparative to a lot of my corporate friends, I make a pretty mediocre salary- but if my salary stayed flat until retirement age, my total earning potential from now until the time I reach 55 easily answers this question. So, I'll need to earn 'millions' over the course of my working life to keep up my family's very non-frivolous lifestyle, let alone what we'll need to live off of after retirement.

2) Home base would most likely stay in MN, but if the amount was high enough we'd probably become early-onset snowbirds somewhere .

[GBCommenter]

Interesting questions...makes me think about a while back when I was in a different management position and doing hiring of employees at a hotel. One question I liked to ask in interview was "if someone walked up to you and offer to allow you to work any job in the world of your choosing and name your pay, what would you choose for work and ask for pay?" The intent was so see how people generally looked at life, themselves, their worth, and their aspirations to get some insight of what kind of employee they might be (and, honestly, how long they might stay). There were fascinating answers that came from that...all this somewhat related to your questions...

Anyway, going on the assumption cost of living remains about what it is and we don't end up with some massive inflation or other (which is a separate conversation in itself), I suppose $10-15 million would be the baseline. That would allow for one to invest hopefully wisely and live off interest or create a business that would be profitable enough to pay living expenses. That said, while I would not stay in the exact position I'm in, I too would need to do something. I expect I would more aggressively found a business that would occupy my time.

On where to live...MN has its positives and I'm sure I'll come back to visit, but absolutely would move (might be doing that anyway). I personally have more than had my fill of cold winters...

[Kebinminn]

1. Well I'm going back into the workforce, trying anyway. If I had a hundred thou I would not work at a miserable job but I wouldn't stop looking for a new one. BTDT I won't sacrifice my health for a job again unless it gets down to no choice. If I had a million I wouldn't want to leave a job I liked. Too many shades of gray in this question.

2. No gray, if I won the lotto I'd be a snowbird. No question about it.

[golfgal]

Millions to quit--1,000,000 will give you roughly 50,000/year for about 20 years

We would stay in MN for most of the year, we would travel extensively and possibly spend a couple winter months somewhere else.

I would also spend a lot of time volunteering to keep me busy.