Is $2 million not enough to live for about 30 to 50 years left? Is inflation rate really 8% to 10% annually in Canada and USA?
2007-03-21 05:56:45 · 11 answers · asked by Steven E 2 in Business & Finance ➔ Personal Finance
I would still work, but that's because I love my career. Also, that would not be enough to retire on.
2007-03-21 06:01:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
2 million in this day and age is frankly not squat. If you are older, have a paid off house, furniture and live simply..... sure it's workable. But serious financial security at 40? Not.
What would you do at 40? Being still young you will require money. 2 million won't cut it if you want to have a life. Though you will have enough to be secure it is not enough. And here is the thing....... 30 or 50 years is a low end in this day and age as people are living longer. Would you want to be 75 and not be able to buy a new car?
40 is young and you keep working for a good amount of time. Then when you do retire you can rest easy. So no.... 2 million is not enough unless you live in a rural area and plan on never going or doing anything.
2007-03-21 06:17:27 · answer #2 · answered by jackson 7 · 0⤊ 0⤋
"Not enough to live off" is a relative statement, since how much debt you have, whether or not your house is paid off, how much traveling you want to do, etc. etc. come into play.
I once estimated I could live off $3 million for my lifetime, but I was in my 20's back then and didn't have big expectations. I'm 42 now, more successful than I ever dreamed I'd be, but I doubt $2 million would be enough for me to do everything I want for the next 30-40 years. I'll make more than that if I keep working 'til I'm 70.
2007-03-21 06:04:21 · answer #3 · answered by wizbangs 5 · 0⤊ 0⤋
2 Mill will give me $100,000 annually to live off till I die. That is more than I need to survive. Inflation rate is 5%
I would still work but my work is something I love so there would be no difference. I don't consider it a JOB, it is merely a way of life.
: )
2007-03-21 08:12:04 · answer #4 · answered by Kitty 6 · 0⤊ 0⤋
Yes, I would ,but I would do something I wanted to do and like to do and I'd be very careful how I invested the 2 Million and spend it so it would last a lifetime.
2007-03-21 06:02:36 · answer #5 · answered by madmax2588 2 · 0⤊ 0⤋
sit with a financial planner. at 0% return on your money, and 0% inflation, $2mm = $4,166 a month in income (in 40 year amortization). you have to determine if that amount fits with your budget, etc.
In the U.S., inflation hasn't been over 4.5% a year in the last 10 years.
2007-03-21 06:09:41 · answer #6 · answered by abcdgoodall 4 · 0⤊ 0⤋
hell yeah that's enough! so many things you can do to make that work for you
the safest way is to keep that 2 million in a savings account.. they have internet banks that get a 5.5% apy.. that's 9166 a month (110,000 a year)
2007-03-21 06:14:59 · answer #7 · answered by do it movin' 1 · 0⤊ 0⤋
Honey, if you have $2,000,000.00 I can show you how to live on it (regardless of this high inflation rate) and enjoy life, leaving your job today.....Oh, do you have any debt? This does need to be taken in to consideration!
2007-03-21 06:00:53 · answer #8 · answered by sunset 4 · 0⤊ 0⤋
I would have to say no , but i would do some really good investing to keep the money coming in.
2007-03-21 06:00:36 · answer #9 · answered by amy l 3 · 0⤊ 0⤋
If you are clever, you can get the money to work for you, instead of working for money!
That's what I do these days!
2007-03-21 06:05:57 · answer #10 · answered by snapdragon747 5 · 1⤊ 1⤋