Re: What is the minimum amount of money it would take to be "set for life"
The only thing being underestimated ITT, are catastrophe expenses. Medical, family issues, a hurricane knocking over your house etc.
Everyone here is probably sub 40 (myself included), so we haven't had to deal with life's most costly chapters yet. Once you have assets, and a family, your burn rate goes up exponentially.
That being said, assuming you were eternally single and family-less (could be ideal imo), and are going to die from a lightning bolt, I can't imagine needing more than 1 million dollars wisely invested (say an easy 4-5% from corporate bonds) to feel "set for life".