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You don't really want a million dollars

ryanwaggoner.com

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Re: You don't really want a million dollars

#31

Post by ryanwaggoner »

byoung2 wrote: post #28
qjz wrote: post #20

Earlier quoted context omitted.

I agree that a lot of people need less stuff. But the lifestyle you describe is minimalism for one . Minimalism for two is exponentially different, and minimalism for four is exponentially different to that. I need to keep my kids in one place for nine months out of the year, supply transport to conflicting events, and eventually secure them a decent post-secondary education. A million dollars would come in awfully h…

I was referring specifically to people who want to just hop on a plane but talk themselves out of it because they need more money. People with families will have other reasons to not sell the house and jump on a plane. Who knows, you could probably take the kids along and home school them from abroad. It would be interesting to learn about history and language while visiting the actual countries. World War 2 looks a…

I am absolutely sure that you could, and many families have. I just have no experience there, so I won't comment on whether it's easy :)

Re: You don't really want a million dollars

#32

Post by Alex3917 »

ryanwaggoner wrote: post #18
simon_ wrote: post #13

I really disagree with this. Far from being more than anybody needs, a million dollars is actually not enough to secure a dignified existence in the US. Sure... a "trip to Thailand" doesn't require a million dollars, but what if you want: Not to face bankruptcy if a major health problem arises? Not to worry about the cost of college for your children? To own a small home in NYC or SF? To afford competent legal repres…

A million dollars is actually not enough to secure a dignified existence in the US. Nonsense: http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil... Not to face bankruptcy if a major health problem arises? Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live…

The cost of raising a kid right now if you want them to have a typical upper middle class upbringing is somewhere between 800k - 1.6M (2007 dollars) from birth to age 17. The exact figure depends on whether you want to send them to private school, whether you are feeding them all organic food, and a couple other things. Even the most basic middle class (no after school sports, summer camp, etc.) upbringing costs $500,000 - $635,000 from birth through college, with the range mostly depending on whether they go to a public or private university.

source: http://online.wsj.com/public/article/SB117288281789725533-WZ...

edit: The second set of figures was from p.6 of Parenting, Inc., which I believe come from here: http://www.cnpp.usda.gov/Publications/CRC/crc2009.pdf

You can actually read the entire opening of Parenting, Inc. for free on Amazon: http://www.amazon.com/Parenting-Inc-Pamela-Paul/dp/B003V1WDF...

Re: You don't really want a million dollars

#33

Post by ojbyrne »

henry81 wrote: post #12
byoung2 wrote: post #2

One of the hardest parts of just hopping on a plane to some exotic destination is figuring out what to do with your "stuff" back home. People think that with a million dollars they'll pay off the house, car, quit their jobs and travel the world. Instead, they should consider selling the car and house (or renting it out) and living abroad instead of traveling. I have stayed in the Philippines for months at a time for…

I have a collapsible table, inflatable mattress, laptop, and 24" monitor. Everything I own can fit in my car. I need more money. Sleeping on the floor was not fun. I have money, I'm just kind of uber frugal. It's a nice air mattress, though.

I find your list sort of strange, because you didn't include the car in it. You have a, b, c, d and a _car_.

Re: You don't really want a million dollars

#34

Post by qjz »

jshen wrote: post #25
qjz wrote: post #20

Earlier quoted context omitted.

I agree that a lot of people need less stuff. But the lifestyle you describe is minimalism for one . Minimalism for two is exponentially different, and minimalism for four is exponentially different to that. I need to keep my kids in one place for nine months out of the year, supply transport to conflicting events, and eventually secure them a decent post-secondary education. A million dollars would come in awfully h…

I was about to post something similar but with less kindness. I really hate this self-righteous posts from people that have no kids and essentially no real responsibility except themselves. It's the height of arrogance to preach to other people from such a position.

I arrogantly procreated in my bid for total world domination until I was defeated by my arch nemesis, The Urologist. We're all condemned to preach from our own unique positions.

Re: You don't really want a million dollars

#35

Post by winternett »

I'd have no problem finding productive things to do with a million dollars. I wouldn't sit around wasting away either. If a million dollars fell into my lap, my biggest problem would be maintaining a straight face when everyone rushes to me with a sad story... Don't get me wrong, I'd definitely be charitable, but the hardest part in hanging on to money is preventing yourself from giving most of it away after that point.

That being said, I don't believe in any sense of lottery providing opportunities for winning money. I don't trust the lottery system in any shape or form. And wishes of winning large sums of money only serves to set your ambition back in life, so I generally avoid it, unless powerball/megamils is above 200m, that is a thing worth gambling on.

Re: You don't really want a million dollars

#36

Post by tptacek »

ryanwaggoner wrote: post #18
simon_ wrote: post #13

I really disagree with this. Far from being more than anybody needs, a million dollars is actually not enough to secure a dignified existence in the US. Sure... a "trip to Thailand" doesn't require a million dollars, but what if you want: Not to face bankruptcy if a major health problem arises? Not to worry about the cost of college for your children? To own a small home in NYC or SF? To afford competent legal repres…

A million dollars is actually not enough to secure a dignified existence in the US. Nonsense: http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil... Not to face bankruptcy if a major health problem arises? Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live…

We did fix that problem. Everyone will have to buy health insurance, and insurers will in large part be prevented from rejecting people for preexisting conditions.

Re: You don't really want a million dollars

#37

Post by ryanwaggoner »

winternett wrote: post #35

I'd have no problem finding productive things to do with a million dollars. I wouldn't sit around wasting away either. If a million dollars fell into my lap, my biggest problem would be maintaining a straight face when everyone rushes to me with a sad story... Don't get me wrong, I'd definitely be charitable, but the hardest part in hanging on to money is preventing yourself from giving most of it away after that poi…

And wishes of winning large sums of money only serves to set your ambition back in life, so I generally avoid it, unless powerball/megamils is above 200m, that is a thing worth gambling on.

The first part of this sentence is so true, and the second part so false...

Re: You don't really want a million dollars

#39

Post by tptacek »

Alex3917 wrote: post #32
ryanwaggoner wrote: post #18

Earlier quoted context omitted.

A million dollars is actually not enough to secure a dignified existence in the US. Nonsense: http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil... Not to face bankruptcy if a major health problem arises? Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live…

The cost of raising a kid right now if you want them to have a typical upper middle class upbringing is somewhere between 800k - 1.6M (2007 dollars) from birth to age 17. The exact figure depends on whether you want to send them to private school, whether you are feeding them all organic food, and a couple other things. Even the most basic middle class (no after school sports, summer camp, etc.) upbringing costs $500…

It does not cost us anything resembling $66,000/yr (no, wait: 2 kids - $120k/year [?!]) to provide two school-age children with an absurdly privileged upbringing. I suspect college tuition is queering those numbers.
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