What ‘Life-Changing’ Money Means to 10 People — and How They’d Spend It

hat amount of money would change your life?

It’s a question you’ve surely considered at one point or another. Everyone has: What else were 19th-century prospectors thinking about as they stood panning in streams during the Gold Rush?

You may think you have an answer ready — perhaps the cost of some bucket-list thing, or maybe a nice round number like $1 million — but your mindset tends to shift the more you think about it. At least, that’s what happened in the hours of interviews Money conducted with 10 people about this topic.

One man, for example, initially said $10 million would change his life, only to revise his answer downward when he realized about a third of that would deliver luxuries like premium season tickets to his alma mater’s SEC home games. Others had to raise their wished-for sums when they remembered to factor in taxes and buffers for retirement.

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“The idea of a ‘life-changing’ amount of money is subjective and can be context-dependent,” says David Cesarini, an economics professor at New York University who’s studied windfalls, the lottery and the money-happiness relationship.

For someone living paycheck to paycheck, he says, $10,000 may be the distinction between an unreliable daily commute and having a safe car to get around. But for a person with a stable job and fewer urgent needs, $10,000 may seem like petty cash.

In other words, everyone’s answer is a little bit different, and that’s what makes it so interesting.

Below, you’ll hear from Americans across the country in various stages of their lives, all answering the same question: What’s a life-changing amount of money?

Some of our sources are readers who subscribe to Money’s free daily newsletter, which we used to put out a call for responses. We also found sources on internet forums, where versions of this question are fiercely debated on a regular basis in communities like r/ifiwonthelottery. Conducted between May and September — and during a span when inflation reached 2.9% and the Powerball jackpot hit a near-record of $1.8 billion — our interviews were illuminating.

Here’s what we learned.

Mike Miller, Illinois: 💰 $150,000 💰

Miller, 57, of Homer Glen, Illinois, says $150,000 would eliminate all his debt and make his retirement more comfortable.

“That would wipe out the remainder of my mortgage,” says Miller. “It would clear the deck for me.”

Miller receives a pension after a 30-year career as a sprinkler fitter in a union job. While he could pay off his mortgage now by cashing out investments, that would trigger capital gains tax, which he wants to avoid. A windfall that would eliminate his monthly mortgage bill would give his budget some much-needed breathing room.

“If $150,000 landed in my lap, all my income would be cash flow. And it would make life a lot easier,” he says.

Chris Rogers, Georgia: 💰 $3.2 million 💰

Rogers, who owns a mulch company, initially told Money that $10 million — after taxes — would be his ideal number. After thinking about it some more, though, the 52-year-old says he realized he’d be able to accomplish many of his dreams with a much lower sum: $3.2 million.

Rogers would put most of that money to work, either in investment accounts or into new business ventures. He’d also look into buying a lake house north of Atlanta that he could rent out on VRBO when his family’s not there.

In terms of luxuries, his family could upgrade their eight University of Georgia football season tickets to better seats. Rogers owns a 1969 Pontiac GTO, but he says he would buy a “second, fancier” classic car for around $100,000. He’d also invest in flying lessons.

Josie G., California: 💰 $300,000 💰

Weighed down by graduate school debt, 31-year-old Josie G. says she and her partner often feel like they’re closer to the working class than the middle class. With so much of their monthly income devoted to loan payments, they don’t have disposable income to dine out or travel.

“When you’re earning a decent salary, people assume on paper that it’s going to be nice vacations twice a year and having savings, as well,” the Bay Area resident says. “At the moment, that’s just not the case.”

A $300,000 windfall would allow her to pay off their student loans and make a down payment on a house, which is a priority because she’s eager to start building wealth through home equity. That amount of money would also give the couple the financial stability to potentially start a family, she says.

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