like how would i do the math for intrest? like if i put a 100,000.00 in the bank how much intrest would it accumalte every month
2007-09-23 18:21:11 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
No I would get a job
2007-09-23 18:26:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, can you live off of $5000 a year before taxes? If you get a jumbo CD, 5% is about as big as you are going to get. That works to an average of $13.70 a day or $416.67 a month. It would be pretty hard to live off of that. What is worse, you might have to pay taxes on it before you can spend it.
If you are living in the US then you are probably out of luck unless you are in some bizarre living situation where all of your expenses are taken care of. You might be able to make it work in countries with a much lower cost of living.
2007-09-24 10:30:02 · answer #2 · answered by A.Mercer 7 · 0⤊ 0⤋
Depends on what the rate is, but you'd probably have a hard time living off of it. It would be a nice supplement to your income, but probably not enough to replace it, unless you're VERY frugal. At an annual rate of 4%, you would earn $4,000 a year, or about $330 a month.
AAA - I hate to burst your bubble, but that's 4% ANNUALLY. No bank is EVER going to give you $4000 a month in interest, for a balance of $100,000. That's a 48% interest rate.
2007-09-23 18:27:28 · answer #3 · answered by Master Maverick 6 · 3⤊ 0⤋
a conservative rate of return for an interest bearing account is 5%
100K x 5% = $5000 per a year. NOt much unless you are Fido
2007-09-27 17:59:35 · answer #4 · answered by greybeads 3 · 0⤊ 0⤋
Taxes, inflation, and eventual lower interest rates means a substandard living.
2007-09-23 19:53:22 · answer #5 · answered by ? 5 · 0⤊ 0⤋
No way, just not enough. Tax at the end of the year would be a killer. You'd have to prepare for that.
2007-09-23 18:25:39 · answer #6 · answered by jolls 3 · 0⤊ 0⤋
Absolutely. Banks like ING Direct and even CitiBank online accounts (that means you don't utilize a branch) have interest rates higher than 4%. Assuming you have a constant balance of $100,000 with 4% interest a month, you will earn $4000 each month. That's plenty to live off of if you don't live above your means and you spend your money wisely.
2007-09-23 18:27:25 · answer #7 · answered by AAA 3 · 0⤊ 5⤋
Yes, in India or Pakistan.
2007-09-23 18:28:23 · answer #8 · answered by Anonymous · 0⤊ 0⤋
about 4000 per year....divide by 12
2007-09-23 18:28:10 · answer #9 · answered by richard t 7 · 0⤊ 0⤋
That all depends on which bank you put it in.
2007-09-23 18:25:56 · answer #10 · answered by Anonymous · 0⤊ 0⤋