What is a “life changing” amount of money?
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Anonymous
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If you were already earning 200-300/year and a tech company offered you a salary that you described as “life changing” what would that actually be? 500? More?
What does that money then buy? |
Anonymous
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It depends on the individual, OP, and if they benefit from a separate source of income distinct from their job: a spouse's income, or parental help, or a stock portfolio, real estate, etc, and what they consider to be life-changing (buy a cloying Starbucks concoction every day, buy a new car, or enough signing-bonus to invest in the stock market and get a steady stream of dividends?).
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Anonymous
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We already earn more than we spend, so life changing for us would be “quit working today” money. We already have $4M, so another $3-4M would be enough to stop working now.
To accept a higher salary, I’d need some assurance it’s not more time/stress because like I said we don’t spend what we make now. |
Anonymous
| For me life changing would be $350K+ but $400K+ would be truly life changing. |
Anonymous
| High 6 figure income or 5M lump sum. I’m at 300k/yr + 1M net worth. |
Anonymous
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Depends how much you currently have.
I sold a business for $10M a few years back. We had a net worth outside of the business of $25M. The $10M was nice but definitely not life changing. Today we have a net worth of around $40M. We have a few hits this year that will individually net us over $1M. Again, fantastic but definitely not life changing. At this point, life changing would probably have to be close to $40M after taxes. |
Anonymous
| Nice, what kind of business? |
Anonymous
| To me, life changing means a whole lifestyle change. Not simply being able to afford slightly fancier versions of the things I already have. Minimum would probably be 5-10M in the bank saved up within 5 years. |
Anonymous
This is roughly my thoughts. But I wouldn’t want either if it meant extra stress. |
Anonymous
| Mine was going from 100k (military active duty) to 300-400k while I had young kids. It meant the difference between staying in to be able to transfer my GI bill (moving around the or giving up weekends in the reserves for years) v. fully funding 529s in 1.5 years. |
Anonymous
| I can tell you that a drop in income from $550K combined to $220K single was life changing in the opposite direction for me. |
Anonymous
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Truly life changing? Would have to be between 5-10 million to even think about quitting my job.
Anything less than 5 million - it’s nice and I certainly wouldn’t turn it down lol - but my life would not change much. |
Anonymous
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"Life changing" to me would mean it would change something truly substantive about how I live my life and spend my time. A higher income when I still have to grind it out at a job, not be able to take as much leave whenever I want, have to work largely on someone else's schedule... that really wont change anything about my day-to-day life. That's my life now, just with less fancy toys.
Life changing would be enough money in addition to my current savings to provide a largely guaranteed income stream to support my current (or better) standard of living. I'm comfortable enough right now to recognize that a bigger house, or fancier car, or more expensive hotel, doesn't actually add anything to my happiness. But the freedom to choose to work or not, to choose where on earth I want to spend my time, to choose how many hours a day I have to dedicate to any one activity? THAT would be life-changing. |
Anonymous
| I make a lot of money. Even 25k that someone just gives me would change my life. No question. I’d probably stop working around the 5-10M net taxes mark though. |
Anonymous
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Apparently, this question was asked by a private bank to their clients and the answer was roughly double what people currently make / have.
So based on your op it would be around the 500 - 600 mark |