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If you had X amount of money, you'd never work again
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| d!abolic |
| What would X be in your case? |
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| chanoa |
3-5
i guess with good investing advice i'd be set |
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| Vivid Boy |
| lol this is a dumb questio within the year you would be working again even if it was part time cause ud be so bored out of your minds...but if i had alot of money id be in the position to make a diffeence therefore i wouldnt be able to stop working making a difference in this world is alot of work |
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| d!abolic |
| quote: | Originally posted by Vivid Boy
lol this is a dumb questio within the year you would be working again even if it was part time cause ud be so bored out of your minds...but if i had alot of money id be in the position to make a diffeence therefore i wouldnt be able to stop working making a difference in this world is alot of work |
If you've got money and a good imagination, you can very easily keep yourself highly occupied for the rest of your life without ever working again. Trust me, there are so many things to do, places to see and people to meet out there! With that said, i voted 20-35 million. This amount of money would be enough for me go anywhere and do anything for the rest of my life. |
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| Resnick |
| honestly it depends how i got the money...but i vote for 100+, its just too easy to blow money |
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| Crazy Serb |
1-3 mil would be enough for me to be able to start something that will be making me money without much of my involvement in it for the rest of my life...
35-50 mil would be enough for not worrying about money ever, ever again... and that would be my goal in the case above. So ultimately, yes, 35-50 mil it is. |
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| rabbitjoker |
I could turn 20 points easy on a mil - so 1 to 3 for me would be all I need to be happy, have awesome stuff and be happy.
5 mil would be minimum to have an extravagant (IMO) lifestyle however. |
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| d!abolic |
| quote: | Originally posted by rabbitjoker
I could turn 20 points easy on a mil |
How? |
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| Durafei |
Well, i'd probably work again regardless of how much money I would have. It all depends on the salary.
obviously if I have 100 millions, but I can't work for more than 20$/hour, I wouldn't be working. On the other hand, if had 100 million and an interesting job that paid 1 million / year, I'd gladly continue working. |
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| rabbitjoker |
| quote: | Originally posted by d!abolic
How? |
A few ways would help me turn at least 20 points:
1) Private Banking
Every major bank has a private banking unit that you get to work with when your net worth is high (anywhere from $750k to $1.25 mil - depending on the bank).
Private Banking in the . Why? First you don't wait in regular teller lines to meet a teller - you have 1 point of contact at the bank (usually in private offices) who you deal with. Not only is it this person's job to manage your day-to-day banking - but also to help you increase your wealth (more wealth for you, more money for bank). These private banking managers will do everything from sell your house, arrange auction buys, etc, etc - but they will also keep a day-to-day look at all your investments and get experts involved in managing your money for you. Private Banking managers talk to you daily (and thus watch your money daily).
2) Leverage
Have a million in (liquid) assets?? Leverage them. How? Borrow against them to invest ($1 mil. turns into $1.5 mil) {some call it margin}. Start working option's on stocks/commodities (puts/calls). Seriously look at hedge funds (with class A units, not regular fund units).
3) High Return Funds
Believe it or not - but I know of 2 mutual funds that have returned a MINIMUM of 15% per annum (after MER is deducted) EVERY YEAR for the last 10. 1 of those funds has returned over 20% (after MER) for 5 of those 10 years (and that same fund turned at least 30% from 1998 to 2000).
4) Donations (to decrease income/tax - thus boosting return)
Isn't CCRA nice? They let you deduct the full MARKET VALUE of donations (even if you didn't pay market value for the donation). There are a number of options in this respect - but usually they work out to a $1000 (cost) investment equating out to a $10,000 (market value) donation - talk about ROI!
If you wanna hear more, pm me. |
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| rabbitjoker |
| quote: | Originally posted by Durafei
Well, i'd probably work again regardless of how much money I would have. |
Cheers to that!
(god I love business. :) ) |
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