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View Poll Results: If you won lottery money, would you move to a new locale?
Nah, I'm good where I'm at 45 67.16%
Probably, I do have a "dream" city 11 16.42%
Hard Yes, I can't leave fast enough 11 16.42%
Voters: 67. You may not vote on this poll

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  #21  
Old Posted Sep 30, 2022, 1:32 PM
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I's stay in the Chicagoland Area but Snowbird to SW Florida in the Winter.
Could pick up a few fixer uppers down there.
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  #22  
Old Posted Sep 30, 2022, 1:55 PM
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Originally Posted by homebucket View Post

Since we're talking about unlimited resources, I'd just get multiple residences.
the thread premise was about winning $5M in the lottery, not the "unlimited resources" of winning a $1B powerball jackpot.

you know, more than enough money to allow a regular person who feels stuck to get up and out of wherever they're at, not necessarily becoming an overnight 0.1-percenter.



anyway, with 25 votes now cast, it's about 50/50 between the "stays" and the "probably/definitely leaves".
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  #23  
Old Posted Sep 30, 2022, 2:05 PM
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Yes, I would leave London (Ontario). In a heartbeat.
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  #24  
Old Posted Sep 30, 2022, 2:08 PM
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I am committed to Philadelphia. I'd definitely use part of that money to make some alterations to my house, or even buy a larger home in Mount Airy. After spending some money in Philly, I'd buy a second home in San Diego. I visited California for the first time last November, staying in LA but taking the Pacific Surfliner to San Diego. To this day, San Diego is one of the most beautiful cities I've ever laid eyes on!
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  #25  
Old Posted Sep 30, 2022, 2:25 PM
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I voted “probably”.

I love Colorado/Denver area but I’ve never spent a winter there… or a winter anywhere that snows as I am a delicate southern belle. Don’t get me started on the Pacific Ocean… way too cold.

So hopefully I’d still have enough money left over to be a snowbird during the winter.
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  #26  
Old Posted Sep 30, 2022, 2:30 PM
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Quote:
Originally Posted by Steely Dan View Post
the thread premise was about winning $5M in the lottery, not the "unlimited resources" of winning a $1B powerball jackpot.

you know, more than enough money to allow a regular person who feels stuck to get up and out of wherever they're at, not necessarily becoming an overnight 0.1-percenter.



anyway, with 25 votes now cast, it's about 50/50 between the "stays" and the "probably/definitely leaves".
If that’s the case $5 million doesn’t get me much further here. Nothing that moves the needle significantly. So I’d just upgrade my current place or find a slightly better place, maybe get that place in Berkeley, and save/invest the rest.
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  #27  
Old Posted Sep 30, 2022, 3:11 PM
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$5 million doesn't get much here. Add a zero and that would be material. I would likely split my time between different cities.regions but keep my current city as home base.
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  #28  
Old Posted Sep 30, 2022, 3:22 PM
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Quote:
Originally Posted by Steely Dan View Post
i've noticed several formers recently saying things along the lines of "i like where at i'm at in city X, but if i had unlimited resources, i'd rather be in city Y".


let's say you got stupid lucky tonight playing the lottery and woke up $5M richer tomorrow morning, are you sticking around your current town, or are you bolting for greener pastures elsewhere in the world?

including "why's" and "where's" in your answer will make it more interesting.

if you're a modern globe-trotting work-from-anywhere digital nomad, this thread doesn't really apply to you. this is for those with a well defined "home" where they live most of their day to day life (not including travel and maybe a vacation property somewhere).
Honestly, $5M isn't really life changing money, so i'd stay put where I am in Wayzata, MN - since my wife's family is here and we have two little kids.

In an alternate universe, i'd like to live on a vineyard in Tuscany or overlooking the Sea in San Vito lo Capo, Sicily which isn't far from where my extended family lives, but that isn't happening anytime soon, regardless of money.
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  #29  
Old Posted Sep 30, 2022, 3:25 PM
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I don't know if I'd stay here or move back to Chicago... though if I stayed here I'd likely head across the bay to SF. For many, the East Bay has the best weather in this area, but I'd like it to be even cooler, so SF would be more ideal for me. But I miss Chicago often so I'd also closely consider moving back (and certainly $5 million goes much further there than here).
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  #30  
Old Posted Sep 30, 2022, 3:27 PM
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Quote:
Originally Posted by homebucket View Post
If that’s the case $5 million doesn’t get me much further here.
Quote:
Originally Posted by iheartthed View Post
$5 million doesn't get much here.
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Originally Posted by Investing In Chicago View Post
Honestly, $5M isn't really life changing money

for like 99.9% of the this planet's inhabitants, $5M is absolutely life changing money.

but not including SSP's own out-of-touch army, of course.
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  #31  
Old Posted Sep 30, 2022, 3:37 PM
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$5 million? Net or gross?

Either way, no, I don't think so. $5 million is enough that I could theoretically stop working and just live off of the proceeds of an index fund for the rest of my life (Maybe make $250,000 annually off of the interest, so a little more than twice our existing net), but it's not enough to be rich rich. It's not enough to afford to live absolutely anywhere I want.

Add to that that I have two school-age children, my in-laws are local to the area and nearly 80, my mom has moved out here and is in her early 70s...too much still tying me here, even if I (and I guess my wife) would theoretically be able to prop our feet up.

I might consider buying a different house in Pittsburgh. but this cuts down on the amount of money an index fund could get me. I'd more likely pay off my house and maybe trick it out with some renovations.

I would certainly want to skip town when my kids were college age, provided the elderly parents were no longer a concern.
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  #32  
Old Posted Sep 30, 2022, 3:38 PM
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If $5m is chicken feed, please do give me that chicken feed.
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  #33  
Old Posted Sep 30, 2022, 3:43 PM
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Quote:
Originally Posted by Steely Dan View Post
for like 99.9% of the this planet's inhabitants, $5M is absolutely life changing money.

but not including SSP's own out-of-touch army, of course.
The perception of $5 million is very subjective to location. It has to be an amount that is rich by any standard. Choosing an amount that is "fuck you" money for anywhere allows us all to honestly answer the question.
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  #34  
Old Posted Sep 30, 2022, 3:45 PM
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If $5m is chicken feed, please do give me that chicken feed.
$5 million isn't nothing. It would massively improve the lives of just about anyone. Most people if they manage their money properly should be able to survive on $5 million for the rest of their lives.

But it's not "money is no object" level of income. You're still practically speaking going to live more like an upper-middle class person than a wealthy one if you want the money to last for the rest of your lifetime. You can't buy houses anywhere you want with cash, you can't spend your entire life traveling the world, etc.
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  #35  
Old Posted Sep 30, 2022, 3:45 PM
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Originally Posted by Steely Dan View Post
for like 99.9% of the this planet's inhabitants, $5M is absolutely life changing money.

but not including SSP's own out-of-touch army, of course.
Sure, but i was speaking for myself.
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  #36  
Old Posted Sep 30, 2022, 3:46 PM
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Either way, no, I don't think so. $5 million is enough that I could theoretically stop working and just live off of the proceeds of an index fund for the rest of my life (Maybe make $250,000 annually off of the interest, so a little more than twice our existing net), but it's not enough to be rich rich.
and that's why i picked $5M.

it's more than enough of a windfall to allow a regular person who feels "stuck" somewhere to get the hell outta dodge.

no, it doesn't buy you a billionaire's row penthouse, but with $5M in free money, if you felt stuck in anytown USA and had always dreamed of living in the big apple someday, for example, you'll find something very livable in NYC for that amount.

this exercise wasn't about "if you won $1B in powerball, what model of private jet would you get and where would you purchase your private island?", it was more about regular people feeling stuck in a given place because of finances, and whether or not they would pull the trigger on going elsewhere if the pressure of day-to-day finances was taken off the table.
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  #37  
Old Posted Sep 30, 2022, 3:52 PM
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Quote:
Originally Posted by Steely Dan View Post
for like 99.9% of the this planet's inhabitants, $5M is absolutely life changing money.

but not including SSP's own out-of-touch army, of course.
Quote:
Originally Posted by MolsonExport View Post
If $5m is chicken feed, please do give me that chicken feed.
Obviously I'd take $5 million over $0 but I'm just being realistic. $5 million is not enough to make me drastically change my lifestyle or living conditions. Sure, I could get a couple of nice cars and a slightly nicer place, but I'd still have to be smart with my finances.

Regardless of the amount though, the bottom line is that I'd prefer to stay put.
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  #38  
Old Posted Sep 30, 2022, 4:01 PM
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and that's why i picked $5M.

it's more than enough of a windfall to allow a regular person who feels "stuck" somewhere to get the hell outta dodge.

no, it doesn't buy you a billionaire's row penthouse, but with $5M in free money, if you felt stuck in anytown USA and had always dreamed of living in the big apple someday, for example, you'll find something very livable in NYC for that amount.

this exercise wasn't about "if you won $1B in powerball, what model of private jet would you get and where would you purchase your private island?", it was more about regular people feeling stuck in a given place because of finances, and whether or not they would pull the trigger on going elsewhere if the pressure of day-to-day finances was taken off the table.
Reminds me how I read that 70% of lottery winners lose all their money, and a third go bankrupt. If you don't come from a reasonably well-off background and understand asset management, the first instinct when you win a few million is to quit your job, and start acting like money is no object. Maybe give lots of money to any friends/family who need it. As a result it can go away pretty quickly.
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  #39  
Old Posted Sep 30, 2022, 4:02 PM
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Originally Posted by homebucket View Post
Obviously I'd take $5 million over $0 but I'm just being realistic. $5 million is not enough to make me drastically change my lifestyle or living conditions. Sure, I could get a couple of nice cars and a slightly nicer place, but I'd still have to be smart with my finances.

Regardless of the amount though, the bottom line is that I'd prefer to stay put.
IAWTC. And I might have misunderstood the intent of the original question. I thought it was asking if money was not a concern would you stay where you're at? But it seems to be asking if you had an extra $5 million laying around, would you stay where you're at? The answer to both is "yes", but I'd be more likely to spend more time outside of NYC if the number is larger.
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  #40  
Old Posted Sep 30, 2022, 4:07 PM
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$5 million is the point where I'd have to start asking if it would be worth it to have a vacation home, but the answer to that is still probably no. With kids, I reasonably can't travel except during the summer, and I can't think of too many places I'd want to stay all summer long.
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