How much money do you consider life changing?

[WorthlessOxygen]

Assuming the average pharmacist makes roughly $120k and has about a 40-year career, you're looking at a ballpark of $5 million lifetime earnings.

I'm having a hard time comprehending why anyone here would say it takes more than $5 million to be life changing. Factor in being able to invest that money immediately, I'd argue that it would take significantly less than that to change life for most of us. Though "life changing" wouldn't necessarily equate to never having to think about money again.

---

Members don't see this ad.

 

[Alexis_pharmD]

I will stop working after having 1M. (not including our house). I don't live expensive life style. And we do not go on vacations that cost fortune. if you don't have loans and your house is paid off, then it is more than enough to retire.

 

[297point1]

Assuming the average pharmacist makes roughly $120k and has about a 40-year career, you're looking at a ballpark of $5 million lifetime earnings.

I'm having a hard time comprehending why anyone here would say it takes more than $5 million to be life changing. Factor in being able to invest that money immediately, I'd argue that it would take significantly less than that to change life for most of us. Though "life changing" wouldn't necessarily equate to never having to think about money again.

One of the hardest things for successful people to learn is when to take the foot off the gas.

Plus the whole "keeping up with the Joneses" mentality; once you pass the Joneses, you start looking at the Smiths with envy.

 

[mentos]

Assuming the average pharmacist makes roughly $120k and has about a 40-year career, you're looking at a ballpark of $5 million lifetime earnings.

I'm having a hard time comprehending why anyone here would say it takes more than $5 million to be life changing. Factor in being able to invest that money immediately, I'd argue that it would take significantly less than that to change life for most of us. Though "life changing" wouldn't necessarily equate to never having to think about money again.

It seems people are throwing out how much they think they need to stop working ever again. That wasn't the question of the poll. If I had 500k then that would pay off my mortgage or invest it in VTI and work any chill job I want, I consider that life changing.

How many pharmacists will save up 10mil by the time they retire? Not many.

 

[PharmtoCS]

$250k is close to the bare minimum needed for a down payment in HCOL/VHCOL parts of California.

 

[mentos]

$250k is close to the bare minimum needed for a down payment in HCOL/VHCOL parts of California.

Right, so if someone gave you a check for 250k then you'd have a down payment - that is life changing, no?

 

[PharmtoCS]

Right, so if someone gave you a check for 250k then you'd have a down payment - that is life changing, no?

It would move me up a step or two in the 7 stages of financial freedom for sure.

 

[TranslationalRPh]

It seems people are throwing out how much they think they need to stop working ever again. That wasn't the question of the poll.
How many pharmacists will save up 10mil by the time they retire? Not many.

To each his own. $500k is a nice and respectable sum, and if I won it, I would be very happy. It absolutely would not change my life. I would give some away, take a fun trip, and invest the rest, all of which I already do. I still plan to work once we achieve our number, so the issue of retirement is irrelevant. (I love what I do but don't practice in a traditional setting.) This is also not about at what level of wealth I would no longer think about money 💲 again. I am sure I will think about money then too. I am just answering what amount would change our lives at this point.

 

[confettiflyer]

I’d say $400k would be my number, though really anything over $25k would move the needle proportionally (or at least I’d be able to take a vacation or two).

400k would pay off what remains of my mortgage, then I wouldn’t have to go through the mental gymnastics of subtracting this number from my house value every time I look at it. It’s also my single largest monthly line-item.

 

[Dred Pirate]

There's already a few millionaires in this forum but they still work regular jobs like the rest of us.

Personally I would move to Hawaii if I had $1mil and work a chill job. If I had an extra $100k or $250k I would buy an investment property which I would also consider life changing.

I have a net worth of 1.5 million. I am 42 What is life changing and oils be something that would allow me to reduce my hours to half time. That would be about 1.5 million. Obviously something less would allow me to have less worries, have a nicer house, etc. but to be truly life changing I think 1.5 would allow me to cut hours in half and just travel, etc

 

[mentos]

I have a net worth of 1.5 million. I am 42 What is life changing and oils be something that would allow me to reduce my hours to half time. That would be about 1.5 million. Obviously something less would allow me to have less worries, have a nicer house, etc. but to be truly life changing I think 1.5 would allow me to cut hours in half and just travel, etc

Damn, I'm in my 30s and nowhere close to that net worth. Does that include a spouse or just you?

 

[grizzlesgrizzlies]

Assuming the average pharmacist makes roughly $120k and has about a 40-year career, you're looking at a ballpark of $5 million lifetime earnings.

I'm having a hard time comprehending why anyone here would say it takes more than $5 million to be life changing. Factor in being able to invest that money immediately, I'd argue that it would take significantly less than that to change life for most of us. Though "life changing" wouldn't necessarily equate to never having to think about money again.

I agree with the 2nd part, but given current conditions even a 20 year career at 120k is being optimistic.

 

[Dred Pirate]

Damn, I'm in my 30s and nowhere close to that net worth. Does that include a spouse or just you?

includes both, but my spouse makes a lot less - like 70k - I made some stupid decisions when I was younger, but now I just be reasonable. I don't live in fancy house, but I do travel a lot- but travel on a reasonable budget. Instead of going to bards and dropping $100 on drinks and more on food - we hang at friends and BBQ - more fun in your 40's and cheaper. I max out 403b, Roth IRA, and HSA. always call to get a lower price when the cable bill goes up, etc..

 

[mentos]

includes both, but my spouse makes a lot less - like 70k - I made some stupid decisions when I was younger, but now I just be reasonable. I don't live in fancy house, but I do travel a lot- but travel on a reasonable budget. Instead of going to bards and dropping $100 on drinks and more on food - we hang at friends and BBQ - more fun in your 40's and cheaper. I max out 403b, Roth IRA, and HSA. always call to get a lower price when the cable bill goes up, etc..

Get Verizon FiOS with no commitment. It's $40/mo, price hasn't gone up yet. I still get $5/mo off health care worker discount so I've been paying $35/mo since Covid started. No need to call or switch companies anymore.

 

[StockPharmD2020]

Most of those are business travelers who can charge the flights as business expenses.

The Ultimate Guide to the Etihad A380 Residence - The Points Guy

Everything you could ever want to know about Etihad's three-room Residence aboard its A380, from routes to onboard experience to tricks for booking.

thepointsguy.com

Then there are people who do mileage runs to gain like a million miles and get free flights. My buddy is a software engineer who works remote and he does mileage runs all the time. He has elite status which gives him free first class flights and lounge access. He'll fly to Hong Kong then Paris then Columbia then back to the States just to earn miles.

What the ****?

 

[StockPharmD2020]

Wife makes 3x my annual. It's odd I don't feel rich at all. I know we are well off but I still pay attention to spending (but we have no budget)


I'd need a bolus of 1 million to retire.

 

[pinkpharmd]

$600,000 - pay off all debts
$1-2 Million - buy a home in Jericho, New York (best school district on Long Island and right off the Long Island Expressway for easy access to NYC, close to railroads, 30 mins from JFK airport)

So maybe $5 million to live comfortably while still working.

About $3 mil disposable after buying the house. I'd want to at least by making $80-100k a year while having the $3 million growing.

NYers really do like to work!

 

[pinkpharmd]

Good question. $16million for me.
3 million to investment
1 million for each child after completing an advanced degree.
Leaves me with $10 million. I will quit my toxic pharmacist job. Hire a chauffeur because I live in NYC. Travel and volunteer.
This is life changing to me because as a full time worker with odd shifts, I have missed important family events and will most likely continue to. Not having to work and spending time with family and seeing kids grow up and being there for them will change my life for the better a

 

[Chrish]

Unless you are planning on living inside playboy mansion each day, you don’t need $10 mil or even $5 mil for that matter to retire..

 

[Sparda29]

Unless you are planning on living inside playboy mansion each day, you don’t need $10 mil or even $5 mil for that matter to retire..

I mean, a McMansion in the NYC Suburbs can easily get to $2-5 Million. Then there are the ridiculous property taxes, expensive food. If you're a car person or a luxury travel person, yeah you can exceed $10 million in a lifetime, and probably more if you want to extend that lifestyle for your kids.

 

[Chrish]

I mean, a McMansion in the NYC Suburbs can easily get to $2-5 Million. Then there are the ridiculous property taxes, expensive food. If you're a car person or a luxury travel person, yeah you can exceed $10 million in a lifetime, and probably more if you want to extend that lifestyle for your kids.

Yeah but it’s like saying you won $50 mil lotto and it’s not enough because you still can’t afford the mansion in Beverly Hills which runs $100 mil+. Who is telling you to buy mansion in Beverly Hills ie. live in expensive NYC suburbs?

 

[TranslationalRPh]

Yeah but it’s like saying you won $50 mil lotto and it’s not enough because you still can’t afford the mansion in Beverly Hills which runs $100 mil+. Who is telling you to buy mansion in Beverly Hills ie. live in expensive NYC suburbs?

Why is the fact that he can live simply cheaper even relevant? We all have the right to live where we want to live. If we choose to live someplace more expensive, or have a more expensive life, that's our right and a matter of personal choice, no? I thought the question was what amount of money would be life-changing. It seems the answer at least somewhat depends on what choices we make about the kind of life we want to have.

 

[Sparda29]

Yeah but it’s like saying you won $50 mil lotto and it’s not enough because you still can’t afford the mansion in Beverly Hills which runs $100 mil+. Who is telling you to buy mansion in Beverly Hills ie. live in expensive NYC suburbs?

Nah, if I won a lottery jackpot, I'd still choose to live somewhere like Garden City or Great Neck.

 

[M0df]

OP should have asked how much money you need to retire or work part time. Most answers here would work. This shows that pharmacists are doing ok financially.

Some people would consider 10-20k to pay for their additional education or a better car life changing.

I would say for me the figure is whatever it takes to have solid health insurance and be able to pay off medical bills. I haven't looked into that just yet. If I had enough to guarantee I'm good with that, I can figure out the rest.

 

[confettiflyer]

OP should have asked how much money you need to retire or work part time. Most answers here would work. This shows that pharmacists are doing ok financially.

Some people would consider 10-20k to pay for their additional education or a better car life changing.

I would say for me the figure is whatever it takes to have solid health insurance and be able to pay off medical bills. I haven't looked into that just yet. If I had enough to guarantee I'm good with that, I can figure out the rest.

I kind of like the open ended “life changing” prompt.

Like, if I’m having a crappy day, $5 for a latte is life changing, hahah.

 

[mentos]

I kind of like the open ended “life changing” prompt.

Like, if I’m having a crappy day, $5 for a latte is life changing, hahah.

I asked because people are always saying you can earn "life changing" money if you buy certain crypto or penny stocks and hold for a few years.

I like how the range in this thread is from $5 to 15 million!

 

[Hels2007]

Life-changing would have to be upwards of $10 million, and life-changing in a meaningful way has to be at least $50 million.

Meaning, I would actually live a lifestyle that would actually be different from what I have now and have a different outlook on life.

 

[GrandTheftAutumn]

Assuming the average pharmacist makes roughly $120k and has about a 40-year career

70K/yr and < 3-year career

FIFY

 

[GrandTheftAutumn]

I'm having a hard time comprehending why anyone here would say it takes more than $5 million to be life changing.

Might have to do with their current financial situation and/or how they grew up.
For someone who grew up rich and already has NW of 1M+, another 1M won't be that life-changing.

It ain't me though, I started from the bottom.
100K would be life-changing since it'll erase my pesky student loans.

 

[mentos]

Might have to do with their current financial situation and/or how they grew up.
For someone who grew up rich and already has NW of 1M+, another 1M won't be that life-changing.

It ain't me though, I started from the bottom.
100K would be life-changing since it'll erase my pesky student loans.

Same man. I remember having $383 left in my bank account as an undergrad. No help from family. No meal plan. Didn't know if I would make rent.

 

[Dred Pirate]

Life-changing would have to be upwards of $10 million, and life-changing in a meaningful way has to be at least $50 million.

Meaning, I would actually live a lifestyle that would actually be different from what I have now and have a different outlook on life.

you have a different definition of life changing than I do! honestly paying off my house would qualify as life changing - I mean - my life changed in teh fact I don't have to pay that bill

 

[Dred Pirate]

Same man. I remember having $383 left in my bank account as an undergrad. No help from family. No meal plan. Didn't know if I would make rent.

I got you beat - I would get $40 a month from my grandparents - I remember needing that $40 in order to buy beer for the weekend - I had double digit dollars in my account on multiple occasions my freshman year.

 

[WorthlessOxygen]

I think a lot of the differences in opinions come down to life changing vs lifestyle changing.

Having 0 debt to me would be life changing because I would be able to reprioritize pretty much all of my finances, though I'd likely lead the same general lifestyle for the foreseeable future. Not to mention the peace of mind that would come from it.

Those of you saying you need mid 8 figures, would you really not make any life changing decisions if given $1-5 million? Surely you'd at least retire earlier? Or if retirement isn't your ultimate goal, I have to imagine it would put you significantly closer to whatever you're working towards.

 

[Sparda29]

I think a lot of the differences in opinions come down to life changing vs lifestyle changing.

Having 0 debt to me would be life changing because I would be able to reprioritize pretty much all of my finances, though I'd likely lead the same general lifestyle for the foreseeable future. Not to mention the peace of mind that would come from it.

Those of you saying you need mid 8 figures, would you really not make any life changing decisions if given $1-5 million? Surely you'd at least retire earlier? Or if retirement isn't your ultimate goal, I have to imagine it would put you significantly closer to whatever you're working towards.

Enough to get out of debt and own a home would be life changing (so about 2 million), but I'd still want to work.

 

[TranslationalRPh]

I think a lot of the differences in opinions come down to life changing vs lifestyle changing.

Having 0 debt to me would be life changing because I would be able to reprioritize pretty much all of my finances, though I'd likely lead the same general lifestyle for the foreseeable future. Not to mention the peace of mind that would come from it.

Those of you saying you need mid 8 figures, would you really not make any life changing decisions if given $1-5 million? Surely you'd at least retire earlier? Or if retirement isn't your ultimate goal, I have to imagine it would put you significantly closer to whatever you're working towards.

Would not retire if I received an extra $1-$5 million because 1) I love my job, 2) we also want a particular lifestyle in retirement in specific parts of the country, and those numbers won't allow us to hit our goal, plus, and 3) I would be bored (some people unravel during retirement, and I fear I would be one of them). Everyone my age would still be working.

We are already debt free though (including the real estate), so all that would happen with an unexpected $1-$5 million range is invest, go on a nice trip, and give some away. Pretty normal stuff.

Side note, becoming debt free was one of the most life changing moments of our financial lives though.

If I received $10 million extra though, I probably would upgrade lifestyle and definitely expand my business considerably.

 

[TranslationalRPh]

Life-changing would have to be upwards of $10 million, and life-changing in a meaningful way has to be at least $50 million.

Meaning, I would actually live a lifestyle that would actually be different from what I have now and have a different outlook on life.

An extra $10 million would definitely qualify for life changing for us. $50 million would definitely feel wealthy.

 

[Hels2007]

you have a different definition of life changing than I do! honestly paying off my house would qualify as life changing - I mean - my life changed in teh fact I don't have to pay that bill

Yes, to me 'life-changing' means 'indulge my (pipe) dreams instead of living my mundane life'. So a million or two wouldn't change my life much. Sure, I would pay off my house and maybe buy a trinket or two but keep working and living largely the same way I do now. My dreams, like buying and fully restoring the appearances while fully modernizing the plumbing/electricity/etc. of a castle in the Alps, or amassing a collection of especially beautiful samples of every known mineral and gemstone and endowing a museum in my name are rather expensive.

 

[BidingMyTime]

Lifechanging to me would be enough to retire on, and maintain my same, current standard of living. Not sure off the top of my head how much that would be, especially since there are so many variables. I would guess $1,000,000 - $2,000,000, but I'd still worry that a stock market downturn would erase it, so I probably still wouldn't retire.

 

[PharmDBro2017]

Life changing for me.... 250k. Pay off the house or all student loans in one swoop.

 

[Splenda88]

3M plus 2 paid off homes (primary and vacation)

 

[Splenda88]

The fact that people think they need 2+ mil to retire makes me realize how out of touch people in the top 5% are. If you have a paid off home, 1 mil is enough money to retire based on the 4% rule.

 

[Dred Pirate]

I mean, a McMansion in the NYC Suburbs can easily get to $2-5 Million. Then there are the ridiculous property taxes, expensive food. If you're a car person or a luxury travel person, yeah you can exceed $10 million in a lifetime, and probably more if you want to extend that lifestyle for your kids.

ya - I just dont get why people live there -my wife grew up there - and I think so many of her friends just don't realize there is a different way to live - but lets hope more don't - we have to many people from NJ/LI down here

 

[alpha12]

The fact that people think they need 2+ mil to retire makes me realize how out of touch people in the top 5% are. If you have a paid off home, 1 mil is enough money to retire based on the 4% rule.

I am 33 and can't see myselft retiring at this age. I mean even if i had 2.5 mill i would still work. Need it for my sanity. NFL players have to retire at around my age(unless your tom brady) and I can see why they get fat and depressed having to retire that early despite all that cash.

 

[BidingMyTime]

The fact that people think they need 2+ mil to retire makes me realize how out of touch people in the top 5% are. If you have a paid off home, 1 mil is enough money to retire based on the 4% rule.

Those are inspiring stories.
But it also depends how many children one has to support. Even 2 children can be expensive (assuming one wants to educate them properly), and if one has several more than that......I don't think $1,000,000 will cut it.

 

[owlegrad]

The fact that people think they need 2+ mil to retire makes me realize how out of touch people in the top 5% are. If you have a paid off home, 1 mil is enough money to retire based on the 4% rule.

While I agree with the sentiment, there are a lot of assumptions baked into that statement. Not everyone has a paid off house and car which would make it difficult to retire. In general I would think most people do not want to retire if it means a significant cut in the quality of life so they would need significantly more money to replace their current income.

 

[owlegrad]

… (assuming one wants to educate them properly), …

I went to a private school. Obviously I can’t go back in time and rerun my life but go to public school this time but my impression is that private schooling is a massive racquet.

But of course I wouldn’t presume to tell someone how to raise their children. And who knows I might be an even bigger delinquent if I had gone to public school.

And maybe I am totally misunderstanding your post in which case sorry I misrepresented what you said.

 

[Splenda88]

Those are inspiring stories.
But it also depends how many children one has to support. Even 2 children can be expensive (assuming one wants to educate them properly), and if one has several more than that......I don't think $1,000,000 will cut it.

I have 2 children. My household income was 4k/month throughout residency and we were ok even if our rent was ~50% of take home pay. If you are talking about saving for kids to go to college, I understand you might need a lot more than that. The second couple has 2-3 kids and they have done it.

I guess we as high earners forget that the median household income is 67k/yr and many of these people have kids.

 

[Dred Pirate]

I went to a private school. Obviously I can’t go back in time and rerun my life but go to public school this time but my impression is that private schooling is a massive racquet.

But of course I wouldn’t presume to tell someone how to raise their children. And who knows I might be an even bigger delinquent if I had gone to public school.

And maybe I am totally misunderstanding your post in which case sorry I misrepresented what you said.

I think it depends - there is a lot of self fufulling prophecy in private schools - well off, involved parents, send their kids there, and are heavily involved, thus they do well, they might do just as well in private school - but there are a higher percentage of said parents.

I went to public school thru 12th - and that was the only choice - there literally wasn't a prviate school within 50 miles of where I grew up. If you are talking in the city, there might be a difference. I went to private college thou - mainly for the small campus, but I think I would have done fine anywhere. My brother probably would have failed out at a big public school since he wouldn't have had someone hounding him in a class of 200 vs a class of 25

 

[confettiflyer]

I am 33 and can't see myselft retiring at this age. I mean even if i had 2.5 mill i would still work. Need it for my sanity. NFL players have to retire at around my age(unless your tom brady) and I can see why they get fat and depressed having to retire that early despite all that cash.

Probably exception to the rule, but my buddy retired from the NFL and is super active — started a foundation, is coaching kids, etc… wife also works (media stuff).

But I get your point — someone asked what I would do if I hit the lotto (like the >$500M one), and I decided I would probably become a meathead going to the gym every day…and I’d just do consulting to keep my brain functional.

Otherwise yeah, I’d probably become an overweight coke head or something.

 

[Sparda29]

The fact that people think they need 2+ mil to retire makes me realize how out of touch people in the top 5% are. If you have a paid off home, 1 mil is enough money to retire based on the 4% rule.

Not if you want to live a luxurious life and have the newest and coolest car every 3 years and pay for your kids to go to private K-12 school and pay for their college/grad school.