Could i live forever without needing to work? Is that enough money for my whole life?
2006-06-30 03:42:40 · 14 answers · asked by Anonymous in Education & Reference ➔ Other - Education
If you spend it wisely, yes.
Let's say you're 20 years old. one million would last you 60 years at about 16,500 a year so it would be like having a job making about $10 an hour
2006-06-30 03:45:36 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Depends.
Look at it this way. Say you are 30 years old and you are making 40K at your job right now. Simple math, without any interest or the like, means that 1MM would last for 25 years. So you could live for that long and not work. BUT realistically you would invest the money. Say you could make 5% a year on the principal of 1MM. THAT MEANS you invest the whole million. So you make $50k a year off that money. So now, even though you were making 40 k before, you are now making $50k/yr and you still have the 1MM.
ALSO in the first example, the money that you are not spending would also be invested. So each year you would still be making money, but not as much since you are taking out $40K.
There are a whole lot of scenarios. It also depends on where you live. If you live in Manhattan it would be harder. If you live in rural area in Omaha it would be easier.
The right planning and some foresight and the use of a financial planner probably means you could live out your life comfortably. JUST DO NOT spend money stupidly. No $100,000 cars or $15,000 watches.
TFTP
2006-06-30 03:52:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, unfortunately one million dollars is not even enough to retire on these days. If you had one million dollars and invested a large amount of it, maybe high interest CD's and bonds you could get a good return on your money but you would still have to work. Unless you used it wisely, say buy houses, fix them up and sell them....
2006-06-30 03:49:39 · answer #3 · answered by cyndi71mom 5 · 0⤊ 0⤋
I have heard that on the interest alone you could live like 20 years, so if you spend carefully you could but you couldn't like buy a huge house with a boat ocean front and stuff like that, just a middle class life,
2006-06-30 03:46:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
try investing it and getting a good chunk of steady interest... that you could live on. make your million into more than a million.
but don't quit working at your present age either: you'll end up fat and lazy
2006-06-30 03:46:50 · answer #5 · answered by k8rudolph@sbcglobal.net 2 · 0⤊ 0⤋
you could but only a lazy jack *** would want to work .im partially disabled and would love to work its boring not having something to do! plus i could get the job i want with a million to back me up
2006-06-30 03:50:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
why would you not want to work. Even if I had a billion I would still work. The difference now is that I will be my own boss.
I will 'decentralize' the money.
2006-06-30 03:56:03 · answer #7 · answered by J_humor 2 · 0⤊ 0⤋
it would depend on how old u are like 50 and up yes, but 40 and down no
2006-06-30 03:47:29 · answer #8 · answered by ♥aggie luvr♥ 1 · 0⤊ 0⤋
i would be debt free. i would buy a nice home and payoff my churches bills. then i would invest some. donate some to childrens charities. no i couldnt live forever on it but it sure would be nice
2006-06-30 03:46:45 · answer #9 · answered by kleighs mommy 7 · 0⤊ 0⤋
Depends on your life style. It is possible but don't expect to live very well.
2006-06-30 03:46:10 · answer #10 · answered by smgray99 7 · 0⤊ 0⤋