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Old 02-05-2013, 06:13 PM   #1
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What is the least amount of money it would take to really change your life? Even though we don't play the lottery sometimes DH and I talk about how we would spend the money if we had a sudden windfall. That got me thinking about how much it would take to really make a difference. I know that $5,000 or $10,000 would be helpful, very helpful, but I don't think it would majorly change our lives. I was thinking it would probably take around $50,000. That would payoff all our debt, which is mostly student loans and our van, and that would free up around $700 a month in our budget. While it wouldn't be a huge life change it would certainly be enough to make a marked difference.

So what about you?

ETA: $50,000 would not pay off our house. It would take another $170,000 for that but I still feel like if the rest of our debt besides our house was paid off it would make a huge difference in our day to day life.

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Old 02-05-2013, 06:16 PM   #2
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Re: What Is the Least Amount of Money It Would Take

$20,000. That would pay off all our debt leaving us debt free and able to get off of any assistance and afford our own insurance.
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Old 02-05-2013, 06:18 PM   #3
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Re: What Is the Least Amount of Money It Would Take

Probably a lot like $500,000; half to taxes, enough to pay off debt and buy a decent house.
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Old 02-05-2013, 06:23 PM   #4
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Originally Posted by twinmomstl
Probably a lot like $500,000; half to taxes, enough to pay off debt and buy a decent house.
This. Assuming we are talking tax-free, about 100k would make a good difference, paying off debt, buying a decent car and a reasonable down payment on a house.

But, to make a real difference, another 300k to actually pay for the house would be ideal.
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Old 02-05-2013, 06:24 PM   #5
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About $2-300,000.
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Old 02-05-2013, 06:26 PM   #6
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Re: What Is the Least Amount of Money It Would Take

Enough after taxes to pay off our house. We have very little debt other than that andit eats up a big chunk of our monthly income. So, $100,000 or so after taxes.
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Old 02-05-2013, 06:27 PM   #7
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Re: What Is the Least Amount of Money It Would Take

$25,000 but $145K would make me completely debt free and life would be so great to have my house paid off.
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Old 02-05-2013, 06:29 PM   #8
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Re: What Is the Least Amount of Money It Would Take

Our tax return this year. We will officially be debt free, be able to pay off our car and have a bit in savings.
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Old 02-05-2013, 06:38 PM   #9
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To really change our lives? Probably $400-500k. Uncle Sam would get his chunk first, then pay off the little bit of debt we have, then buy a house in cash. We're renters now, so that would eliminate rent on top of my student loan and our two (small) credit cards. That would free up about $1500 a month and be enough for me to be a SAHM.
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Old 02-05-2013, 06:40 PM   #10
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Re: What Is the Least Amount of Money It Would Take

I would say $135,000 which is enough to pay off our house and pay cash for a new van that would fit our entire family.
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