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How long could you stretch 1 million dollars? How many years?
- Thread starter Liquidsnake
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The Dutch Slayer
Member
As I currently make terrible money I could live of that my entire life even if I quit my job.
But just wanted to say after reading this entire thread, this has been the best discussed topic on GAF in a while.
Fantastic options from blowing it all because you only live once.
To: Playing it save and investing for the future.
To Running it out sparely for the next 40+ years.
All fascinating options to think about.
Thanks GAF, this was really food for thought.
But just wanted to say after reading this entire thread, this has been the best discussed topic on GAF in a while.
Fantastic options from blowing it all because you only live once.
To: Playing it save and investing for the future.
To Running it out sparely for the next 40+ years.
All fascinating options to think about.
Thanks GAF, this was really food for thought.
Surface of Me
I'm not an NPC. And neither are we.
I'd keep my day job, live in the same place. Pay off student loans, go through college debt free. Live a bit more lavishly, but keep it most in the bank. I'd also buy PS4, X1, and Wii U and live in gaming heaven.
Soodanim
Member
I think I could make $1million (can I have it in pounds please?) go a very long way. Interest could probably get you as much as a job would, or you could keep working to kill time and just only spend the interest.
I'd do my very best to not tell anyone I had the million, though. Separate bank accounts and all that.
Hell, you could even go a best of both route and let half sit collecting interest, and spend half on a house, car, and all that.
What sort of interest would you get on a million?
I'd do my very best to not tell anyone I had the million, though. Separate bank accounts and all that.
Hell, you could even go a best of both route and let half sit collecting interest, and spend half on a house, car, and all that.
What sort of interest would you get on a million?
Piston Hyundai
Member
100,000,000 million pennies, each .75 inches in diameter, would be 75,000,000 inches if they were all placed next to each other, end-to-end. That would be about 1183.71 miles. I could probably stretch it further depending on if I can go outside of the US currency.
please tell me someone didn't already do this so I didn't waste my time with math
You could easily buy some equipment with it and start off a business that would have you raking in dollars with that. If you're clever enough in choosing the type of business where risk is lower and demand is high in your area then your 1 million could be reproducing itself every few years or better.
Soodanim
Member
How's the Zimbabwe currency doing these days? One penny would have got you at least one note at one point. You could probably go round the world with that exchange rate.
I could easily pull off 40-50 years if inflation isn't too bad. Meaning I could easily live out the rest of my life very comfortably. I would be like 80 years old by the time I ran completely out, probably.
That leaves me about 20,000 a year or $1600 a month, enough to rent a cheap apartment and afford some basic entertainment every month. I think my life would be way better with that kind of budget actually. Now if only a rich person would give me a million dollars.
That leaves me about 20,000 a year or $1600 a month, enough to rent a cheap apartment and afford some basic entertainment every month. I think my life would be way better with that kind of budget actually. Now if only a rich person would give me a million dollars.
D
Deleted member 1235
Unconfirmed Member
invest it hoping for around 5-6% return.
that's 50-60k a year. keep my job... I how have become a LOT richer, but not quit my job rich, but leapfrogged from middle class up to low upper. Try to live on my regular money for a while, so that interest can compound a bit.
do clever things like pay down the mortgage with money I don't need, thereby making me slightly richer again.
Renovate the house, upping the value of the house. Wait for the market to get better, hopefully sell at a profit. etc etc.
In short, I wouldn't get a ferrari.
Also my wife is peruvian and i'm thinking in euros. she already owns a house in peru, so a house without a mortgage and 3-4million soles would be a pretty good way to live cliff/seaside in Lima.
that's 50-60k a year. keep my job... I how have become a LOT richer, but not quit my job rich, but leapfrogged from middle class up to low upper. Try to live on my regular money for a while, so that interest can compound a bit.
do clever things like pay down the mortgage with money I don't need, thereby making me slightly richer again.
Renovate the house, upping the value of the house. Wait for the market to get better, hopefully sell at a profit. etc etc.
In short, I wouldn't get a ferrari.
Also my wife is peruvian and i'm thinking in euros. she already owns a house in peru, so a house without a mortgage and 3-4million soles would be a pretty good way to live cliff/seaside in Lima.
goldenpp72
Member
If I lived as I currently do, maybe 20 to 30 years. I'd try to invest it though, so probably longer.
Rocket Scientist
Member
1 million dollars is a lot of money, until you actually get 1 million dollars. Theoretically you could live on it for a few decades, but most would blow it within a few years. The more you have the more you want to spend. It's laughable to think you wouldn't drastically change your lifestyle. I'd buy a boat and sail around the world.
Rocket Scientist
Member
Some people have a passion for their work and receive satisfaction from it. I can't imagine just chilling and not creating anything for the rest of your life.
That really depends on the person and their situation, I think saying 'most' would be really presumptuous. It really dosen't take a lot to stay healthy and happy, unless you've got kids and wife, then it's pretty damn costly. I don't think 1 million dollars is outrageously large, which is exactly why I think I'd save it and try and turn it into a annual salary. It's a lot of money, but not enough to fundamentally change a person.
Give me 10-15+ million dollars though, then the frivolous play would probably come into the picture.
Phat Michael
Banned
id buy 2 apartments - one somewhere in malaysia and another big deposit for one here in Dubai. Rent out the malaysia one, live in the Dubai one and live on my salary.
It'd be gone within a year.
It'd be gone within a year.
.I might rent out some rooms properly. For $1mill I can probably get a 4-5 bedroom house. Rent out two rooms, live in one, couch surfers in the remaining I can comfortably pull in £20k a year.
Soodanim
Member
I'm a man of simple tastes. I don't have a desire for boats, cars, and all of that needlessly glamorous stuff.
Even if you bump it to 10mil, the first thing I'm doing is looking for a house for myself while telling my parents to do the same. Then when that's all sorted, I'd tell my parents they didn't need to work any more if they didn't want to, then after I'd bought myself a decent gaming PC I'd decide what to do with my life. At 5% you could live off of the interest no sweat, so I'd probably do a lot of learning, travel the world in style (not yachts, just decent hotels and locations), and maybe start a business to keep me occupied.
It all depends on how you see possessions and wealth. I'd buy nice suits, but not £10k suits and £100 t-shirts and whatever other shit fashionGAF posts.
The impulse purchase threshold would inevitably increase. Steam sales would be... Yeah. Hello, backlog. But even then I don't think I'd go round buying everything that exists.
I would try to get a 20 hour/week job - or maybe I would become a gardener or build stuff from wood. Something that allows me to see what I achieved and keep me busy while friends are working. The rest of the time I would fill with sports, movies, reading and improving myself and my home.
I would buy a house for around 300k, have the rest generate interest and use it up slowly at around 1500-2000 a month. With no rent to pay, that would at least last for the next 40 years, even if I plan to travel a lot.
Basically, I could retire right now and do only stuff I liked for the rest of my life.
I would buy a house for around 300k, have the rest generate interest and use it up slowly at around 1500-2000 a month. With no rent to pay, that would at least last for the next 40 years, even if I plan to travel a lot.
Basically, I could retire right now and do only stuff I liked for the rest of my life.
I've never been attracted to luxury goods and don't see that changing. Maybe I'd go to nicer restaurants. My most expensive hobby is PC gaming but I would have a tough time spending over $2k per year, even if I tried.
RumblingRosco
Member
Where do you live that $20,000 a year is easy to live on, especially when you consider inflation? Sure, it isn't impossible, but the value of that $20,000 wouldn't even be worth $10,000 due to inflation nearing the later part of that. Based on US inflation from 1963 to 2013, something that would cost $2,700 in 1963 would cost you $20,000 in 2013... You'd have the same issues gradually occurring each year over your 50 years.
bggrthnjsus
Member
with a little bit of luck i could probably make that last indefinitely and still live pretty comfortably without working or anything, but even realistically could last until death.
if you invest that million dollars really well you could make a 10% yearly return on it and 10% of a million bucks is a pretty damn good income.
edit: doesn't really take into account inflation but i'm still pretty confident you could live 30-50 years on it even with.
if you invest that million dollars really well you could make a 10% yearly return on it and 10% of a million bucks is a pretty damn good income.
edit: doesn't really take into account inflation but i'm still pretty confident you could live 30-50 years on it even with.
RumblingRosco
Member
Well don't leave us hanging, how'd you spend it?
RumblingRosco
Member
Sorry, I took it as you saying you would just spend $20,000 a year and leave it at that. I read way into your post clearly.
dark_chris
Member
I can make it last twenty or thirty years since I've never been a big spender and I don't see the appeal of a glamourous life.
You can make it last forever by investing and creating an income producing portfolio (bonds, utilities, reits). Have a portfolio that yields 5% (you can have higher yields by increasing your risk) and that's $50k a year. Your not rich but it makes life much easier, and then you can pursue whatever line of work makes you happy instead of focusing on money.
DoktorEvil
Banned
I'm surprised at all of the answers talking about investment, only because if you could get 9-10% ROI, you're good enough to do it for a living and should be doing that instead of wondering how to invest the money.
There's plenty of financial service providers that think a nice suit and a flashy smile can take you far.
There's plenty of financial service providers that think a nice suit and a flashy smile can take you far.
I would be set for life with a million dollars.
500k - Savings accounts and fixed income securities to generate interest
150k - In a separate account getting interest going towards a mortgage that I'd take out (I wouldn't buy a house outright even with a mil)
10k - To pay off all my debts
That leaves 340k Iol
PS: I wouldn't quit my job
500k - Savings accounts and fixed income securities to generate interest
150k - In a separate account getting interest going towards a mortgage that I'd take out (I wouldn't buy a house outright even with a mil)
10k - To pay off all my debts
That leaves 340k Iol
PS: I wouldn't quit my job
Inflation isn't a major problem in stable countries. If inflation goes up, interests, dividends and stock prices are also higher on average. 1 million isn't that much money though, it's probably quite hard to live on interests alone while still trying to get more assets. I think I would probably still work part time with 1 million.
Lot's of people aren't big spender. The only extravagancy I've allowed myself in the past three years are trips to South East Asia and a motorcycle. The rest of the money goes into buying stocks.
Lot's of people aren't big spender. The only extravagancy I've allowed myself in the past three years are trips to South East Asia and a motorcycle. The rest of the money goes into buying stocks.
Spent most of it decking out my new house, bought everything I ever wanted but couldn't buy back when I was dirt poor.
And also the downpayment for a Cayman..
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