I am more of an estimator than a real math person. 1% is way easier than .091%
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How long could you stretch 1 million dollars? How many years?
- Thread starter Liquidsnake
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I am more of an estimator than a real math person. 1% is way easier than .091%
cubicle47b
Member
CNN said I need $1.2 million at age 67.
AstroNut325
Member
StalkerUKCG
Banned
I'd blow it all.
Buy a £350,000 house. Buy all the shit I want. Live off it until I needed to work for bills and then get a part time job so I could pay electric, gas and food.
Buy a £350,000 house. Buy all the shit I want. Live off it until I needed to work for bills and then get a part time job so I could pay electric, gas and food.
Not having a full time job does not mean you have to sit around doing nothing. There are a lot of things I would do with my time if I could 1) lower my cost of living and 2) keep a decent income. Having the money to pay off the mortgage and then live on a proportionally reduced, fixed income for life would be liberating. Of course, for some it could lead to boredom, if they have no interests or ambitions.
Agent Icebeezy
Welcome beautful toddler, Madison Elizabeth, to the horde!
I think I could do it for about 20-25 years and be ok.
Damn. What the hell are you buying?
Not much
last last month,
a surface pro 3 for wife
charged 3000 on cc when i bought a new car
went to french laundry with wife, which ended up being about 900ish
then some small stuff
last month,
3 week road trip, Anime expo, LA vacation, vegas, then went to some national park in the south west, probably charged 5.5kish to cc for that
then some other small stuff
This month won't be as crazy but...
Vegas trip with boys, I don't know how much I spent yet but will add up later lol.
(just realized I went to vegas twice with in 1 month period >< so bad)
As back to the point of this thread. 1M with out interest won't last very long, but still a good 5-6 years living a normal life for me.
For my parents, easily the rest of their lives.
Skiptastic
Member
EDIT: Never mind. I read that wrong.
But holy shit, you're living it up Lucis!
But holy shit, you're living it up Lucis!
Houses are still expensive, even if you have no mortgage. You still need to pay for taxes and repairs. I'm not sure what taxes are like in the UK, but the equivalent $600k house where I live would probably have $4000-5000/yr in property taxes. That alone is at least $330 a month. Add in utilities, and you are looking at around $600-700/month without a mortgage. Add in food, car related stuff, and other expenses, and you are still looking at full time work unless your part time job is paying you $30/hr.
Not everyone has overly high standards of living. Not everyone just HAS to have needlessly big houses and 2+ cars and whatever crap people feel they need. I live with less than 600 per month in a country as expensive as Finland and if I never had children (I'm not sure if I ever will, not to this quite likely doomed Earth), I could probably live that way for the rest of my life and be completely happy about it. I eat healthy & diverse food (I'm a vegetarian, so I don't have to spend a lot of money to buy overly expensive meat), can have fun with friends enough so that I don't feel like I have to always be left behind/outside of social gatherings because I can't afford something (BBQing, movies, gigs, nights out), travel every now and then (to Southern Finland a few times a year, abroad maybe every 3-4 years, which is plenty enough for me), pay for the rare instance of healthcare and at times buy something a little more expensive (PS4, HDTV) if I save money for a few months or pay in monthly installments.
Besides, my salary in my future job will be something like 2600-2700 for many years to come (might rise to 3300 or so by the end), so even if I work from now for as long as I retire without a single break or being fired/losing my job, I'd make just above 1 million euros in the (less than) 40 years I now have until retirement, around 1,2-1,3 million, probably.
Ok, so was your post about not having to buy random frivolous stuff to spend that much money just you being facetious? Or do you not consider all this random frivolous stuff to be random frivolous stuff?
Or maybe I totally misread your earlier post and that wasn't actually what you meant?
John Dunbar
correct about everything
if you dump a million dollars to dividend paying stocks that are pretty much guaranteed to hang around forever (coca-cola, mcdonald's etc), you'll make about 30k a year, which would be plenty for me. odds are the value of those corporations overall will increase over time, so inflation won't be a problem.
Let's see... 1 million USD are roughly 747,500 Euros. Without investing any of it, and with a maximum spending of 1,500 Euros per month, that'd be about 40 years. If I count on the expenses of having my own family, that could very well go down to about 30 years.
But if I had that money, I sure as hell would invest it so that I wouldn't have to worry about running out of it.
But if I had that money, I sure as hell would invest it so that I wouldn't have to worry about running out of it.
zephervack
Member
Holy shit Lucis, I hope you realize how lucky you are and also im hoping that all that debt isnt keeping you up at night, cuz whats the point of that.
Also, reading all this retirement talk, im fucked, Im not and cant really save up for retirement, I have 2 kids, my wife is still is still in school.
Also, reading all this retirement talk, im fucked, Im not and cant really save up for retirement, I have 2 kids, my wife is still is still in school.
Yeah I get that, I am not saying keep your 9-5 boring office job.
I just think it is strange rather than using your 1 million to see the world, start up your dream company or do something interesting some would just budget it out so they didn't have to work anymore and live a rather pedestrian life alone in their apartments.
DoktorEvil
Banned
How condescending...
Why do you assume every 9-5 is a boring job?
Not everyone has an interest in seeing the world, or starting a company, or "doing something interesting". To assume everyone should spend their personal windfall on whatever your personal whims are is unfair. Everyone has different needs.
A big house would be a waste of space for me, and most cars above $50k you might as well be just burning money. So I'd end up investing and saving up for a family while enjoying a few more vacations until then. Hopefully my hypothetical money doesn't run run into Bernie Madoff 2.0
Dreamgazer
Member
Realistically, how much do you think you can put away per month?
(withdrawn directly from your bank account/paycheck.)
John Dunbar
correct about everything
if you go backpacking you can see the world and it won't cost all that much (and it will make the kind of travelling you need a million dollars for pedestrian in comparison). and since you don't have job you can come and go as you please.
I don't think you do get it, based on your closing comment. There's nothing about not having to work that means you have to live your life alone in an apartment. In my situation, I'd be able to pay off the home I own, and then spend my days focusing on my hobbies and traveling with my wife. We'd just do it responsibly, within the contours of a budget, rather than blowing it all at once. Essentially, what we do now but with much more time to focus on the things we want to do, but can't due to the needs of full time employment.
Coffee Dog
Banned
Knock that shit off. People have different values. I wouldn't look down on a man if he spent his fortune reading, or whatever else his hobby is. Seclusion isn't inherently inferior to exploring the world.
Also, there's nothing about prefering not to go traveling a ton that doesn't mean you don't get to see the world, or you're just living a "pedestrian life".
Most of what I spent are stuff we needed to buy (surface pro 3 since the old laptop broke, and such)
What OP did was buying stuff like a phone for 1k on a phone and 2k on a tv (which is kinda reasonable)
assume this was 10 years ago (samsung matrix came out early 2000 and a 52 inch crt being 2k would also indicate early to mid 2000), adjusted to inflation, 10k in 2005 would be 12k to today's money.
Still though, for a young person who have no sense of money and buying random stuff, spending 12k a month is kinda on the low side of things, especially he seem to have put the rent of an expensive place + a lease on jaguar in the account of things too.
Sickness702
Member
So I guess we aren't paying tax on this money then.... kEwL
Host Samurai
Member
Use $500K for investments
Put $250K in a money market account to grow interest
Live modestly off the rest of the 250K
But if I make lots on my return investments at $500K than I ball out.
Put $250K in a money market account to grow interest
Live modestly off the rest of the 250K
But if I make lots on my return investments at $500K than I ball out.
Irishmantis
Member
These threads depress me 
Lone_Prodigy
Member
Doesn't the average person earn $1M in their lifetime? Shouldn't be hard to make it last. Couple that with the number of working years you have left and your current savings and it could be enough to live comfortably.
zephervack
Member
Maybe $50...
entremet
Member
Freedom is much more sexier.
Forever.
Specialy considering that 1 million dollars means almost 2,5 million brazilian moneys.
I don't need much to live, I am not a fan of traveling .... which on the bank savings here go to ... more than 6 thousands a month without doing ANYTHING.
I already live happy with like 1/3 of this =P
Specialy considering that 1 million dollars means almost 2,5 million brazilian moneys.
I don't need much to live, I am not a fan of traveling .... which on the bank savings here go to ... more than 6 thousands a month without doing ANYTHING.
I already live happy with like 1/3 of this =P
I'd have a lot more time to see the world if i could quit my job. I have 6 weeks/year to do it now, if i could quit my job i'd have 52. Value of life increased by an order of 9, just like that.
Man i spend a lot more time in my apartment during the 46 work weeks than i do during my vacation weeks. It's a 400k apartment btw, so it's not that "pedestrian".
I guess the fact that i live in the EU could potentially make a huge difference on how to make the money last forever though. I don't have to worry about money for health care insurance to begin with.
rokkerkory
Member
Easy move to asia. 25k a year ud live like a king.
CarpeDeezNutz
Member
Or, they come from old money and have learned how to make it grow.
CarpeDeezNutz
Member
Yup, I know from experience. My old boss/friend comes from old money. Has properties, auctions off antiques, etc. it's something they don't teach you in school.
marimorimo
Member
I'd like to buy a house/condo unit with $ 350,000, use $150,000 to set up a foundation/charity in my home country, and invest $500,000 to generate more wealth to fund my lifestyle and contribute more to the foundation.
michaelius
Banned
I'd spend it all on flats and live from money collected as landlord till end of my life 
In Poland that would be equvalent of two average montly salaries so pretty good
In Poland that would be equvalent of two average montly salaries so pretty good
CarpeDeezNutz
Member
Are you going to keep up with all the tenants or hire someone? Cos, that's the pain in the ass about renting out space to people.I'd spend it all on flats and live from money collected as landlord till end of my life
In Poland that would be equvalent of two average montly salaries so pretty good
Probably spend whatever I need to get through school ($30k-$60k), give maybe $80k or $100k to my dad so he can retire comfortably, invest half of the remainder, then keep the other half for rainy days (or a house purchase if investments turn out well).
A million dollars would honestly change my life so much.
A million dollars would honestly change my life so much.
jadedm17
Member
Pretty much this, I would pretty much be set with a million dollars.
pants
Member
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