$1 Million vs $10 Million

[Adami]

If I had to choose, I'm leaning towards the coinflip for 10 million. I get it, a guaranteed million sounds nice and safe. However the expected value of that coinflip is 5 million, and I'm all for taking a chance at something bigger of it's statistically the best choice. With the way retirement costs are skyrocketing, a million might not even cut it these days (although it would definitely help).

Yea, unless you're in your late 60's or older, and live somewhere cheap, you won't be able to retire on a million these days.

[El Barto]

Not sure why retirement should be the endgame. Living a much easier life until retirement, if that's even in the cards, is the way I'd approach it.

[Adami]

Not sure why retirement should be the endgame. Living a much easier life until retirement, if that's even in the cards, is the way I'd approach it.

For sure.

Except, I live in NYC. So even though I'd take the cool mill, it'll only buy me a few years of comfort.

[PMSummer]

That's why I'd flip, a mill is nice but not life changing. Don't live in NYC but in a different expensive place, a million dollars isn't enough to buy a significantly better/nicer place to live.

[T-ski]

If I had to choose, I'm leaning towards the coinflip for 10 million. I get it, a guaranteed million sounds nice and safe. However the expected value of that coinflip is 5 million, and I'm all for taking a chance at something bigger of it's statistically the best choice. With the way retirement costs are skyrocketing, a million might not even cut it these days (although it would definitely help).

Yea, unless you're in your late 60's or older, and live somewhere cheap, you won't be able to retire on a million these days.

While true, I'd hope all of us already have a retirement plan in place and the million dollars would just be added on.

[Cool Chris]

Not sure why retirement should be the endgame. Living a much easier life until retirement, if that's even in the cards, is the way I'd approach it.

I'm glad people are factoring in their retirement. I feel like some of my peers are still considering in a secondary or tertiary factor in their financial planning.

I am not earning $1M for the rest of my working years, so the math for me is simple. And to El Barto's point, I already have a solid retirement plan. $1M gives me 1) the ability to never have to work again 2) some immediate fun money, and 3) a chance to bolster my retirement accounts.

[bout to crash]

Oh and buy some kind of exotic animal, Cage-style.

"Hi everyone....thanks for coming over! It's been so long since we've hung out....here...come here real quick....you have to see my Porpoise, he's got the cutest blow hole"

You get it 

[Podaar]

Oh and buy some kind of exotic animal, Cage-style.

"Hi everyone....thanks for coming over! It's been so long since we've hung out....here...come here real quick....you have to see my Porpoise, he's got the cutest blow hole"

You get it 

Opulence, I has it.

[bout to crash]

Oh man, how much of my million would a palm-sized giraffe cost?

[Podaar]

I'm not sure. Ask this guy.

[DragonAttack]

 
Thanks for the trip down memory lane

[Stadler]

I don't know if $1M will do it, but I'm not an extravagant guy; I fantasize about winning a billion dollars in the lottery and I'm thinking "Hey, I can get new rims and tires for my '90 Jeep!"  Dammit, I can BUY Jeep. Not A Jeep, but JEEP. 

But the one thing I do want to do?  Get a name band that I like to play my back yard.   Cheap Trick is always the first choice, because I believe they would take that in the spirit it's intended and find it fun.

[MirrorMask]

One million is, in the end... a lot. It might not seem depending on what you do or what you want to achieve with a lot of money suddenly in the can, but I divided 1 million for my salary and I obtained, lol..... 666, the number of the beast.

It means it would  take 666 months for me to earn 1 million, which means 55 years. I don't plan to live for another 55 years being in my 40's, so with one million I guess I could retire.

Now, if I would want to live lavishly probably it wouldn't be enough, I'd have to calculate how many working years I have left, how much of one million it would take in salaries, and figure out how much remains.

[Anguyen92]

Sometimes, in games like poker, many coin flip-like scenarios (50% of winning or losing) can really be a difference between a player walking out of the building with zero or $1M or $10M.  That's to say, would I take that chance if it results in me getting zero?  Well... if we are playing tournament poker, it depends on many factors.  If it's just a pure coin flip, I'm just going to take the million. 

[nobloodyname]

I'm gonna assume you'd be kind enough to change this to pounds for the UK audience. In which case... I'm going with the million now. Please.

In dollars, though? Hmm. That's £791k today. Yeah, I'd probably still take that. It'd still be life changing, for sure.

[pg1067]

I'll take 1 million Kuwaiti dinar.

[lordxizor]

If the situation were you get $1 million free and clear or you can coin flip between $100k or $10 million would that change anyone's answer? Somehow still getting something out of the coin flip if you lose makes it more appealing.

[MirrorMask]

If the situation were you get $1 million free and clear or you can coin flip between $100k or $10 million would that change anyone's answer? Somehow still getting something out of the coin flip if you lose makes it more appealing.

I would totally flip a coin in that case.

[The Great Ape]

I flipped the coin, and lost...

Don't be like me, fellow Dream Theater fans 

[soupytwist]

Same question, modified.

Take half a million no questions asked or....

Roll a 6 sided dice.  Roll a  1 - 5 to win 10 million. However if you roll a 6 and win nothing and also lose your sight.

[gmillerdrake]

Rolling the die in that situation. Why not?

[XJDenton]

Even less of question to me. Half mil, undoubtedly. No way I'm risking a 17% of blindness for any amount of money.

[axeman90210]

Yeah, the 500k is still permanently life-changing for me and there's no chance of losing my sight. Easy decision.

[wolfking]

Same question, modified.

Take half a million no questions asked or....

Roll a 6 sided dice.  Roll a  1 - 5 to win 10 million. However if you roll a 6 and win nothing and also lose your sight.

WTF? 

[Herrick]

Not sure why retirement should be the endgame. Living a much easier life until retirement, if that's even in the cards, is the way I'd approach it.

This is how I was looking at it too. Paying off my house would leave 80% of that $1 million left over + the monthly house payment. I'd never have to voluntarily work overtime again.

Rolling the die in that situation. Why not?

If I were already blind, then sure.

[bout to crash]

Same question, modified.

Take half a million no questions asked or....

Roll a 6 sided dice.  Roll a  1 - 5 to win 10 million. However if you roll a 6 and win nothing and also lose your sight.

WTF? 

Lol yeah, as somebody who is already pretty blind without glasses I think I'll take the money and not risk losing that shit completely.