-
Hey Guest. Check out your NeoGAF Wrapped 2025 results here!
How long could you stretch 1 million dollars? How many years?
- Thread starter Liquidsnake
- Start date
- Status
Photolysis
Banned
Decades. With good investments, I could live off it for the rest of my life.
Oh man, the number of people who think they could live off of this for the rest of their life terrifies me.
Please save for your retirement. It's less money than you think.
Also, I promise. The second you have a million you will start to spend very differently. Ramen noodles don't look so good when the bank account is full.
Please save for your retirement. It's less money than you think.
Also, I promise. The second you have a million you will start to spend very differently. Ramen noodles don't look so good when the bank account is full.
samus i am
Member
I would buy a four or five bedroom house in DC. Then I would rent out all of the rooms for around $1,300 a month. I would then use the money to pay for a condo and live out the rest of my days.
eternaLightness
Member
Pretty sure I could stretch it for the rest of my life, if nothing happened that would cause me to spend a bunch of it at once. I'd put about half in savings right away and use the other half on a decent house, car and other living expenses and my immediate family.
infinityBCRT
Member
While working plan:
I'd sell my house and put it along with some of the million towards a nice 650k house.
I would put maybe 5% of the remaining money towards trips/entertainment over the next 10 years or so. Pay off my car. And then I'd put the rest away for retirement and my kid's education.
Not working plan:
Try to figure out a plan to buy properties and rent them out to pay off my living expenses and to save money on the side to buy more properties in the future.
I'd sell my house and put it along with some of the million towards a nice 650k house.
I would put maybe 5% of the remaining money towards trips/entertainment over the next 10 years or so. Pay off my car. And then I'd put the rest away for retirement and my kid's education.
Not working plan:
Try to figure out a plan to buy properties and rent them out to pay off my living expenses and to save money on the side to buy more properties in the future.
Taco_Human
Member
My whole life. I'd buy a condo or just live in a nice apartment for life with my girlfriend. I'd get married and just enjoy life with her. Finish college, help pay off some loans for my family and just enjoy some new hobbies. I'd put half in savings and make the rest last for as long as possible.
I'd been done in a week.
Purchase a decent house with solar and a windmill, well water, in the country 50 acres~ 300k
Finish my education, while learning no work except internet hobby stuff (mturk, blog, etc) - prepay student account 4 years ~ 50K
A decent Honda for everyday and a BMW for fun, maybe CNG or an electric like a Tesla ~ 75k
Pay off debts plus student loan ~ $30k
Life BOOSTS to friends that have helped me and have been there for me no matter what, up to 100k (no one gets cash, but I may get them a used car, or pay their student account, or bring them groceries, etc)
Diversify a portfolio, independent as can be ~ 250k
Purchase a decent house with solar and a windmill, well water, in the country 50 acres~ 300k
Finish my education, while learning no work except internet hobby stuff (mturk, blog, etc) - prepay student account 4 years ~ 50K
A decent Honda for everyday and a BMW for fun, maybe CNG or an electric like a Tesla ~ 75k
Pay off debts plus student loan ~ $30k
Life BOOSTS to friends that have helped me and have been there for me no matter what, up to 100k (no one gets cash, but I may get them a used car, or pay their student account, or bring them groceries, etc)
Diversify a portfolio, independent as can be ~ 250k
People are grossly naive to think that this could last a lifetime. One slip up and you would be completely screwed not to mention inflation cuting into your costs every year.
Wiktor
Member
Till I die propably. Even shitties interest rates in my country from 1 mln dollars would allow me to comfortably live pretty much forever. The ultra safe, no investment risk deposits would lead me to at least 30K a year. In Poland that would mean about 6-7 times the minimum wage. I would at most spend half of it each month (aside from emergencies) and leave the rest to let the pile grow.
Weird sentiment. Even after adjusting for inflation and tax It's enough for a comfortable life, not lavish for sure - but it's far from noodle-diet money.
And there are plenty of people on GAF and in the world who will live their entire lives on much less money than the yearly interest generated by one million dollars. Do they terrify you too?
It's clearly possible... I think its more of a personality thing though, yeah, you could stretch it out and live the rest of your life, but why would you want to do that?
If I got a huge lump sum my choice would not be to lower my living standards and just survive as long as I could without doing anything. Very strange attitude to take from my perspective. I would rather improve my living standards and hopefully grow the thing by taking risks now that I have a fallback.
Forceatowulf
G***n S**n*bi
If I also had a decent job? Probably 20+ years.
The main attraction would be that you don't have to work 8 hours a day anymore. I like my job and all but if i had the luxury of choice, i'd rather not go there. I think that would be a huge boost to my standard of living.
cubicle47b
Member
A lot of us don't live in places where a house costs $500K and we could only live on $400K for 3 years. I could keep the same standard of living I do now (which is very respectable - I own a nice car and house) and still make enough money off a 5% per year return on investments to match inflation depending on health care costs.
It's not about just surviving. It's about freedom to do whatever you want with your time (except spending a lot of money, obviously) and financial stability and independence. I'm sure I'd work in some form, but I'd decide when and what that was.
Well were talking about getting 1 mil out of thin air, of course people are talking about best case scenarios here (investments being profitable, being modest, etc). 100 mil wouldn't last you a lifetime if you look at the glass half empty.
Ehh, some people wouldn't spend very differently. Investing the entire amount into funds should net you 5-8% capital gains per year, which with 1 million dollars is 50-80k. That's probably more money than most people in this thread make (and spend) per year.
The biggest risk would be the stupidity of not working anymore. Then with all the extra free time spending would most likely explode.
So you are going to sit at home and budget groceries for the rest of your life? That sounds fun.
15-20 years if me any my wife are not allowed to work. Assuming we are, we would be pretty set for life. No mortgage, car payment, or outstanding student loans would already make it so that our cost of living could easily be covered by a single income, and we'd still have $500-600k to invest.
Wiktor
Member
He could do work that he likes though, ones that he doesn't do now because they pay next to nothing. That would be the man attraction for me. I would still work, because honestly most people need work to feel good, but I could just do what I like.
Yes. That is exactly what i would do. For the rest of my life.
I'm happy that your job is what fulfills your life.
I don't share your sentiments about working though. It's what i do to pay the rent. If i already had the same money to pay the rent, i'd rather not be working for someone else than just carry on as normal and make twice as much money.
But it's fine with me that you have a different opinion.
entremet
Member
This guy does it with less than a 1 million.
http://www.mrmoneymustache.com
It's very possible if you're not living in the big expensive cities--NYC, LA, SF.
It's all about lifestyle. If you want to take European vacations, wear designer clothing, eat out at the best restuarants, sure 1 million won't work.
Bam Bam Baklava
Member
I could easily make it last 30+ years if I live modest.
Why wouldn't you take the money and turn what you love into your job?
Isn't $133k/yr tax free about the same as a $200k/yr income? Do you really spend that much?
cubicle47b
Member
40 hours a week of something I love makes me start to hate it after a while.
How the hell do you only spend 10k a month by living frivolously? I mean my cc bill is close to 7-10k a month and then I have 2.5k mortgage + 700ish property tax every month to take care of, and then some other bill I pay straight with my bank account. And I don't even buy random shit that much.
aorange999
Member
Its crazy how much money can be spent, easily. The other problem is people saying their lives won't change significantly. Realistically 1 million is a great cushion to have but that's all it is for anyone under the age of 50 or 60. I'm already freaking out about retirement and paying for college for my kids (age 35) and I am on track to have at least that amount by the time I'm 50.
Uh? I need to invest the money into something that gives me a safe and steady income, because if i don't have a safe and steady income i cant quit my job.
I'm not really sure why this bugs you so much. Everyone doesn't dream about turning everything into money, but we all need a safe and steady income.
Bam Bam Baklava
Member
Bro there's people out there living on much less. That's what should terrify you.
AstroNut325
Member
User $200K towards the down for a home for my family. Invest the rest. Maybe get a Tesla Model S.
Overall, I would just continue to work and put that money away to retire sooner. Plus I would likely be able to vacation much more often due to investment returns.
Edit:
According to CNN I need $4 Million USD to retire at the age of 65. That's lower than I expected. My current savings projections put me at $2.8 Million USD. Sounds like I have work to do.
Overall, I would just continue to work and put that money away to retire sooner. Plus I would likely be able to vacation much more often due to investment returns.
Edit:
According to CNN I need $4 Million USD to retire at the age of 65. That's lower than I expected. My current savings projections put me at $2.8 Million USD. Sounds like I have work to do.
Wiktor
Member
Jesus Christ, your banks suck.
Honestly even 1% is kind of pushing it here.
AstroNut325
Member
Um... the current market rate for 1 year CD's is right around 1% across the nation.
Is this accounting for 30-40 years of inflation or something? Because the large majority of middle class North Americans and Europeans don't make $4M in their entire working life.
cubicle47b
Member
Yeah, CD rates nation wide max out at around 1.8% and those are 4 year deposits.
- Status