Is a million $ a lot dough (aside from not having it)
 

(aside from not having it):pimp

Million lasts a long long time if you have it in liquid funds and aren't planning to buy ferraris or live jetset life.

I agree, thats a bundle of cash


spaz

thats alotta cash

10-15 year max

It all depends on your living style. You can buy a house anywhere from 50,000$ to 8,000,000$. So if you bought a 130,000$ home, 36,000$ car, and lived "normally" with investments and savings you could make that million last forever. With aggressive growth mutual funds you could score 15% a year, with a 12 month CD you do 7%. That's 70,000$ just for saving your money or 150,000$ just for taking a small risk.

Most people work 40 years at 50,000 a year thats 2,000,000 (2 million) max their lifetime. So yeah a million dollars is alot. I could live the rest of my life on a million dollars but it wouldn't include private jets and hookers, lol.

95% of American families earn $100k or less per year, before taxes. So if you look at $1m as every penny you will earn for the next 10 years, then yes, it is a lot of money.

But is it enough to retire on before age 50? Probably not.

1mill is nothing today!:2 cents: Don't get me wrong if someone gave it to me I would not turn it down! but $1million buys you what $400K would have bought you 7-8 years ago! and what 100K would have bought you 20-25 years ago etc.

Real median household income remained unchanged between 2003 and 2004 at $44,389, according to a report released today by the U.S. Census Bureau. Meanwhile, the nation?s official poverty rate rose from 12.5 percent in 2003 to 12.7 percent in 2004. The percentage of the nation?s population without health insurance coverage remained stable, at 15.7 percent in 2004. The number of people with health insurance increased by 2.0 million to 245.3 million between 2003 and 2004, and the number without such coverage rose by 800,000 to 45.8 million.

you should be able to live quite comfortably with a million for the rest of your life...

a million ? would be even better :)

Depends on your version of comfortable.

http://www.amazon.com/gp/product/080...lance&n=283155

The first sentence reads: "Griffin was broke, he was down to his last six million dollars"

It's definitly enough to live iwthout worrying about money. I wouldn't retire for sure thought ;)

1 mil liquid, with a normal annual income? yes, definatly.

You couldn't be buying 200K cars etc, but you could live hapily and easily the rest of your life.

What drugs are you on?
1 000 000 in the bank.
Without investing in anything..
intrest rate, probably around 2% for that sum.
1666/month intrest only.. If you live a 'normal' life, the money SHOULD last a lifetime. I probably don't even spend 1600/month on personal stuff...

but then again, I don't think anyone can have any kind of self-restraint if they suddenly get 1M in the bank. :)

Pay the bills in time, and not to worry if you have dinner tomorrow or money to fill up the tank in your car.

It wouldn't get you 1st class airtrips 4 times a year for 4 week vacation in 5 star resorts. It won't get you 4 cars and a mansion.

And if you took that money to another country, then it could buy you a even better lifestyle :)

says who? if youre not living a jet set life, then interest at 5% would yield you approx $50k per year.

that would keep most people going comfortably for long

says who? if youre not living a jet set life, then interest at 5% would yield you approx $50k per year.

that would keep most people going comfortably for long

yup, add compound interest to that and in 20 years its a nice chunk of change

You're forgetting tax, and more importantly, inflation... a 2% interest rate will probably not be enough to keep the value of your capital consistent over time.

Less of a concern if you don't plan to die with the equivalent of $1m in the bank though... :)

Well, in finland the capital gains tax is a solid 27,5%..
So it's a net profit of 1200 / month...so if you on top of that do something, like submit a gallery once a month. you should be able to live just fine.

Yes.. and more important were talking Dollars here..

1 mil with lets do something outrageous: 3% interest is $ 30k a year
= 25k Euro something a year? Thats not decent living in Europe and it will
be below poverty 10 years from now..

a million dollars is nothing anymore these days, and will not take you far at all, with today's prices you are not actually sitting comfortable unless you are a billionaire at least imo...

Not much to compound when you have to live of interest..

Oh.. and you DO pay tax over interest eh.. dont forget that.

wellwellwell :1orglaugh

No, to live SECURE and decent (no ferraris and expensive haibts) for at least 40-50 more years you need 2-3 mil. Put it in an excel sheet with the inflation figures, taxes etce tc and youll see you cannot go beyond 20 years with less withour touching poverty: exception: move to a 3rd world country...like thailand or something ;)

I LOVE threads like this :)

seriously :glugglug

You're also ignoring inflation...

If inflation is 3% p/a then you need an effective interest income rate of 3% AFTER tax just to keep the value of your capital. You'd need to be earning 6% AFTER tax in order to cover inflation and draw a $30k p/a wage.

BTW... would most humans with $1m in the bank - either achieved through being spoon fed, or genuine hard work - be happy with a $USD30k annual wage?

Most, no.

3 million is the minimum you would need. 5% is a very doable rate in the US right now. 33% tax is where you would be in most states. So a hundred k a year after tax. That is pretty comfortable for most people. Do anything that is prductive versus destructive to the cash flow and life would be really good.

inflation...inflation...inflation!

To keep the cash value of $3m in today's money you'll need $5m+ in 20 years. That's just preserving the value, $5m in 2026 will be roughly the same as $3m now.

If saved or invested properly, yes.

If spent, it's no different than any other amount - gone money is no money.

bump for more discussion.......

If you're frugal and know a little about investment, you could live off of it for 50 years and more.

A million pounds please :)

it's nice money ... but not life changing ..

it's nice money ... but not life changing ..

1 million is good spending money.....but definitely not enough for early retirement. The only thing you should do with a million imo is to invest it right away to try to make 5 million out of it! :2 cents:

I would be able to retire in my country ...

I will let you know once I have it

I would be able to retire in my country ...

oh yeah? Give me a million bucks and I wont be able to spend them in the next 200 years or so, the first thing I'm going to do is move to Mozambique - one of the poorest country in the World with all the third World shit, but boy, do they also have the BEST beaches in the World + the hottest Mulato girsl ever

I'm going to move there, live simple life, and just exist, sick and tired of the rat race - fuck, I want a better car, now I want bigger house, ok, I have a bigger house, but now I want to libe in a better subburb .... and you wake up in your late 70s, and you realise that you had NO life, or at least you didn't spend nearly enough time on what really matters

I would need at least 10 times more to retire and feel comfortable

id say that is alot of money

and would last me about 5 years or so :)

It's a fair bit of money, but it really comes down to the cost of living wherever you are, and also the kind of lifestyle you plan to live

not much for me ;)

Enough for me to start a new business I guess. :)