If you were to get $450,000 from a lawsuit just out of curiosity, how long would it last before it was all gone...my friend just went through this much buying a used car and gambling, food, and going out to eat every night in about 6-7 months.
2007-08-30 08:12:03 · 14 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Good grief! Considering my current expenses and budget, and doing some quick calculations, it would last me at least for 30 years. Honestly.
What a waste!
2007-08-30 08:18:56 · answer #1 · answered by C M 3 · 0⤊ 0⤋
It really depends on where you live and the kind of lifestyle you chose to live. It sounds like your friend just wanted to go out and have fun and not use his money to it's maximum potential. If you move to an expensive part of the country such as California, New York, ect then the money will not last very long (especailly if you are looking to buy a house). I am from Texas and generally a very nice house is around $200,000-$250,000. After you pay the house you will have to pay taxes every year and you will have utilities. Just using the DFW area of Texas I would say that if you bought a nice house and car you could live several years off of it. If you had a part time job on the side also then you will be able to stretch it out longer.
2007-08-30 08:28:01 · answer #2 · answered by dickie 1 · 0⤊ 0⤋
In today's world, $450,000 would last about 2 to 3 years depending on how you spent it. You could buy a modest house, a car, and live decently for about 3 years.
2007-08-30 08:19:43 · answer #3 · answered by sigmarigel@verizon.net 3 · 0⤊ 0⤋
It would last me for a very long time. I would put the entire thing into a high yield interest account. This means it would yield at least $25K per year in interest ONLY, not even touching the principal amount of $450,000. In addition to my job, this would be plenty of money to use for a down payment on a house one year, a car the next year, savings, traveling, etc. Then invest 20% of that into a riskier account such as stocks and watch your portfolio grow and grow and grow, instead of shrink into nothing! EDUCATE YOUR FRIEND!
2007-08-30 08:25:45 · answer #4 · answered by livin the dream 5 · 1⤊ 0⤋
A fool and his money are soon parted.
Unless the used car was a Lamborghini, or he took the whole neighborhood out to eat constantly, I don't know how anyone could go through that much that fast without the help of drugs, gambling, or expensive women.
It's like Ayn Rand once observed, "No man may be smaller than his money."
2007-08-30 08:20:03 · answer #5 · answered by open4one 7 · 0⤊ 0⤋
It depends on your lifestyle. For most people it would pay for their home, a decent car, and give them a good amount of savings towards extras such as raising kids, retirement or vacations.
Basically, it would really improve most peoples lives, but its not enough to just stop working, unless you were already near retirement.
Oh, and your friend is either a moron or extremely wealthy and just wasteful of his money.
2007-08-30 08:32:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would blow a small part of it - and not really blow - but get things I need. I'd get a new car. I'd pay off my house and medical/credit card bill. I'd consider upscaling and either doing some remodeling to my home or getting a new home. Then invest the rest...that way it would last and last and last.
2007-09-03 08:04:55 · answer #7 · answered by joni38 3 · 0⤊ 0⤋
Yes, you can finish it in one day , or as the above person said use it to last 30 years.
2007-08-30 08:21:11 · answer #8 · answered by Iqbal 4 · 0⤊ 0⤋
Totally agree with C M, that kind of cash could last me A LONG time!!!
2007-08-30 08:20:57 · answer #9 · answered by I got answers! 4 · 0⤊ 0⤋
$450,000...With a job, a nice used car, and a completely morgaged off house...at least 20yrs.
2007-08-30 20:16:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋