Printable View
If I gave you $500,000 could you make it last and never work another day in your life? What would be the minimum amount you could live comfortable on....not live like a rock star....but live comfortable...$500K/$1MM/$2MM...what is the least amount you could get away with and never work again?
Quote:
Originally Posted by Sarge
500k will last me just fine...............my paypal account is rrgray@optilink.us :D
I voted 1 mil. 500k would be too quick to be gone. Think about it, in 'choice' areas, HOMES are selling for that much and more. Not that I want to go to one of those areas, its just a point at inflation, what will those prices rise to? They'll probably fall, but regardless, I'd love to have 500k in the bank no strings attached, however, at 22 years old, I don't think I could be comfortable the rest of my life on just that much. Oh how it would be so much easier though.
Well some things to think about. My place is paid for. But I pay over $2000 a month in property tax. Basic services like water/trash pick up etc. Would add say another $500 a month. Your money would have to earn enough interest for you to pay the bills. Don't leave that out. And food would be nice. So if I put $500K in Tbills/Municipal Bonds what ever and got 7% I would make $35,000 dollars a year minus the 15% income tax ( you should be able to wipe out)....but could you make it forever on the original nest egg of $500K and live off the $35K per year income it generated?
$2 million. inflation...a weak dollar...rising costs of domestic services and goods...a million dollars just isn't what it used to be.
1 mill and i would be set probably could do it on 500k if I wasnt renting and already had a home in the process of being paid for.
Well sarge sence your offering me to retire, I would take 500,000. Its enough for me I suppose, just let me know when you need my bank account number...
Depends, if I didn't have a good pension the more the better. I am over 20 years in the service so health care and beer money is covered, wife has 10 to go until federal retirement.
Really don't need to worry about it. I'de take a couple mil so I can pay someone else to do the oil changes.
well considering im 19 and have a long time a head of me (knock on wood)
I picked $1 mil.
Quote:
Originally Posted by JwMonE99
he still ant transferred funds to my paypal account :(
1.5 million.
half million would go on a house around the area i live in, mostly the rest out go to the bank.
Your property taxes are $2k/month????????????????????? Good god, man, if you can afford that (and the house/property that goes with it) then I will pm you my account number so you can pay my way too.Quote:
Originally Posted by Sarge
Id say 2-3 million. Cant forget about inflation. 500k isnt going to be worth shit in 20 years. Im 26 so lets say I live another 60 years..... 500k wouldnt cut it if you're goin off lets say 50k a year. I suppose it would be a lot easier if you pay off your house. Just depends on inflation I guess.
I vote $1 million. That would be to live comfortably. I could do it on $500k, but I think that it would be kind of stressed living (Like paycheck to paycheck style), not comfortable living.
$1 mil, with a 1/3rd invested....not living a lavish lifestyle.
$3M
by the way, my paypal is drmilhouse@comcast.net :D
edit: This was my 1000th post by the way
High maintenence I see :toetap: :lol:Quote:
Originally Posted by Y2KPewterSS
i said 2 million, i have three kids that need schooling. in 15- 20 years that will be a lot.
You wouldn't know it by seeing me in person, no jewelry, shitty clothes etc. Just have expensive hobbies/toys :brick:Quote:
Originally Posted by fabrizi
+1 on that Preston, I say 3mil. as well, It just so happens, I know someone who just inherited close to 500k and let me just say it is not enuff:hahano:, kids school, ect. It is in CD's however with 5.12% return, comes to just a little over 1k a month.......in interest(clear)....however this is not the best investment, however it is secure, with the market fluxuating.....DON"T TRUST THE MARKET KIDS:nono:....dollar is WAY down......such, however the CD's come do in Feb.....and I guess we'll see what happens.....:zoom:Quote:
Originally Posted by Y2KPewterSS
+1 for $3M... I got lotsa time left. :yup:
wow sarge good one. I would not want any of the above. my personal goal is 10 mil. with 1 mil in the high risk oil investment im in now paying 10% a month and the other 9 in cd's I could live just fine. funny how some of these people say 500k my friend just won 500k in the lottery and 10 months later he is broke and lost his nw car and house. the average person will justify spending money on everything untill they are broke.
I could make it work with 500k. It would be something of a challenge... but do-able. I have enough knack in the market + real estate to live off that indefinately. I would imagine I could MAKE money off that, at current inflation levels, no freakin problem.
Florida = low COL (duh its the retiree state)
If I needed to live on it immediately, it would be difficult with 500k but possible. With 3m, the investments could be made easily so I would actually earn more than I would spent but with 500k it would take awhile until the portfolio could be built up...
if inflation didn't exist 500k would last me the next 50 years (i'm 23) but I'd say even with inflation 1kk would cover me till I die (no kids and my tubes are tied, wife is low maitnence, hell I only make 38-40k a year as is). Now if someone handed me 500k I'd be a bit riskier with it and try to invest it to earn some real money, but if i could never work again I'd invest low risk and live on interest
Some of you have brushed on the "trick" of living off $500K. Live like a miser and reinvest the interest/dividends for the first few years. $500K grows to $2MM @7.5% interest compounded annually if you reinvest half of it how quickly? The answer is you can live like a king after 6-7 years. And never work another day in your life. Youjust A) must get $500K B) Live just above poverty level for 6-7 years. C) Never dip into your nest egg. From there you can be living off of well over $100K per year after taxes and still have not touched your nest egg. And by the way...your nest egg has kept growing and is now well over $2MM. :) Then by the time your my age.....you'll have well over $25MM and can party like its 1999.
500k and I move to Southeast Asia and live like a king for the rest of my days
since i would need to enjoy my retirement and not live like a miser, i voted $3M.
to retire today that is what it would take.
Without touching the original sum that leaves about $150K a rear in interest to live off of in "not so risky" investments. Now because of inflation you would have to reinvest some of that to grow the original $3M to higher level to then be able to draw off more down the road as expenses will continue to rise every year you will need to draw off more in interest to maintani the same lifestyle.
Think abut it if your retired what are you going to do all day? it takes some money to entertain me... travel, racing, sporting events it all takes money. If all i could afford to do is sit around and watch TV, i might as well go to work so i could afford to do some of the above occasionally.
Not to mention the big bills of sending 2 kids to college...
i like this thread. i think about stuff like this all the time, i dont quite understand all the math, but I do know that when i retire, i wanna buy whatever i want without hesitation. I suggest we make a forum where sarge gives out financial advice lol guy knows a shit load about money. i like money. i want more of it.
i vote 3 million because i live in california and it takes alot more to live poor here
So your worth over 25 m is what you are you trying to tell us "Ol' bestest Buddy,My hands-down-favorite LS1.commer"?Quote:
Originally Posted by Sarge
If so, just buy this website and get rid of all rules!:ar:
This website would fall apart with out rules.Quote:
Originally Posted by Nastyfoot
500 K.
I 100% believe I could make THAT money make money, for a long time.
good luck getting 7% on a Tbill or a muni, lucky to get 5% right now.Quote:
Originally Posted by Sarge
well hell...if i follow that i'll be in even better shape with my $2million initial!Quote:
Originally Posted by Sarge
mr finance knows! :woo:Quote:
Originally Posted by NE98LS1
Shit....there are A+ rated municipals going for 10% down here. So much growth these cities are competing.....not to mention the churches!:nana:Quote:
Originally Posted by NE98LS1
I could do it on the $500,000. My house is over 60% paid for, all my vehicles are paid for, my Home owners Insurance and property taxes are not that high (like Sarge's).
I am willing to try it...Sarge, PM me, I will show everyone how it is done.
:D
Shoot Sarge, I know I don't post much but now you are touching a soft spot about me...
I am 45 year's old, lot's of money in different fund's, approx, 300k.
The stock market is getting ready to tank IMO.... based on several economic conditions.
Here is an example of someone I trust. http://uk.youtube.com/watch?v=5xgjxDlklUQ
At the dow 13900 level I move most of my money to a G - Fund. "Safe Fund"
I think we are going substantially lower in the immediate future :no:
:eek:
Sounds sweet :thumbup:Quote:
Originally Posted by Sarge
now I just need to find out where to get 500k...
I'll loan it to you @ 8.5% compounded.........LOL:hahano:Quote:
Originally Posted by 86 IROC-Z
I have to much stuff to pay for to quit with only 500K, I'd still have to work. I just got married a year ago so I'd need more than that seeing my wife wouldn't like poverty style living much for 7 years! I could do it on 1M, but with family and being nice to them it would take more than that for me so I went for 3.
by the time i can retire... there will be really no source of income other than my 401k and IRA... social security will be all but gone and there is no back up plan for that... 3 mill at least... plus we don't know what the value of the dollar will be then... we don't know what kind of resources might run out... so on so forth...
For you military guys with more experience that would do it all over again if they could......
Im 26, single, about to put on E6 in a month, had 4 years active duty Air force and am about to finish up my 3rd year of Active Guard. What do you think my best route would be to set up a nice retirement? I plan on doing at least 25 yrs in if all goes well. Should I invest in the TSP? I currently have a ROTH IRA but only have about 5k in it. Should I switch it over to the TSP? Or do you all know of any other better programs that are available to the military? You seem to know whats up when it comes to the $$$.
Edit: I currently own a condo that I pay about $350 over my BAH to cover the mortgage and condo dues. I can rent it out for about the same as my total cost. Do you think I should rent it out, live in single bedroom appt for half the cost Im paying for the mortgage, use the extra cash leftover to put into investments, and still make the equity off the condo in a few years down the line when I sell it? Only drawback is I would be living in the ghetto for a while. Hmm, Guess I could go the roommate option too and still rake in the extra cash I would save. Also I work 2 days on 2 days off 12 hour shifts so I have 212 days off a year after you count in 30 days of leave to work a second job in my off time. Since it snows up here half the year Ive been thinking about buying a dump truck or a Loader. 40 bucks an hour to sit in a heated truck isnt bad. So many options. I need to get on the ball! Easier talked about than done.
right, who here is making over 100k?Quote:
Originally Posted by Sarge
:ughlaugh::nana::naughtywa, I know what you are thinkin Jaison......"I knew I should have charged him more for the emblems".......:lmao:Quote:
Originally Posted by third_shift|studios
I could make it last, but I wouldn't stop working if I was some how given $500k. I'd invest it and continue to work.Quote:
Originally Posted by Sarge
I want a large nest egg when I retire. I don't know how large though. :lol:
being that i blow all my money on beer and car stuff, i would most likely spend it on strpiers also, i would need at least 3 million and that would prolly not cover it
I didn't vote b/c all #'s listed are too little.
Most people on here would go through 1-2 mil in 200 days.
I know that sounds stupid, but hear me out.....
Win a million in the lottery.
After taxes you have $600,000+- (depending on where you live).
You buy the $200,000(cash) House that will house the cars you are going to buy.
Buy the 2-3 cars that you have dreamed of for 2-30 years...$300,000.
You have $100,000 left!!!!
The taxes you will owe will drain the rest.
And, I'm guessing most would quit their jobs.
YOU ARE IN DEBT!!!!!!
$2 Million??
Hopefully you will get a grip......I doubt it though.
$3 million??
Double or triple the numbers I listed above.
This is almost worse.
Ignore me right now....I'm drunk.
For me, it would have to be $20 Million to even consider retiring.
You can look at the rate of return on the TSP website and compare it to the rate on your current IRA. Currently i use TSP an IRA and rental properties never hurts to diversify. As far as renting out your house to make more money... i would not do it. If you bought it you obviously like the place, why would you want to go live in a dump just to save a few bucks? now if you can afford to buy another to live in also and rent one out for the price of the mortgage that works. if not try a part time job to put away extra income and enjoy your house. What's the point of having a ton of money when your 60 if you have to seriously compromise your lifestyle for 30 years to do it? I need the balance of enjoying myself now while still saving so that i can still enjoy myself into retirement.Quote:
Originally Posted by mcarse81
500k.....u could even put it in the bank and make 50k a year and be happy......hell if u got bored get a "retirement job" either doing security guard or walmart greeter lol
i dont think i would retire if i fell upon a bunch of money anyways.
Thats true, I wouldnt retire either. I'd start up my own company.
$3m +
500K is only about 4 years pay for me.
im 17. i figure with my hobbies I could go with about 5mil for the rest of my life and have a nice life of leisure and fun. I prolly would gain weight though. lol
allright, i don't wanna compromise my standard of living. and i would assume no more than a save 4 to 5% interest per year. also, i'd have to convert your lousy currency to euro. so i voted for 2 mil.
EDIT: i forgot about the crazy gas prices and my v8!
yeah. im 17 and because of training working hard and certifications if I were to go full time I'd be making 270000 a year right now. lol. and this isn't what I'm gonna do for a career. I don't want to for for my dad's company my whole life. it pays hella good in orthotic a prosthetic, but it's just the fact I'd work for my dad that makes me not like the ideaQuote:
Originally Posted by davered00ss
http://zerotosixty.files.wordpress.c..._dr_evil_1.jpg
I'll take, 1 gazillion dollars.
^^^ :lmao:
1 million + SS if its still around + government pension :) + part time job (to keep myself busy)
I heard/read/watched a story about how $2M is the MINIMUM amount most investors say an American has to have to retire without major worries.
Maybe, but I don't think it's realistic.
Average American making $50,000 a year WORKS twenty years just to EARN $1M gross. Therefore, the numbers don't add up, that is unless you make substantially more than that.
Being a government employee, I have great benefits including a State pension, 401K (which my employer adds 5% of my salary to, in addition to what I put in), 457, pledge fund, and several educational IRA's for my kids. Healthcare (for me) is covered after retirement, but I have to pick up the rest of the families.
Add all that together and, after thirty years, I have enough to squeak by. I can live out my remaining life in relative comfort, but not pampered. Of course, that's at the ripe old age of 47 to maybe 50 at the latest.
Having said that, I will likely seek other employment when I give up the badge to put on a plaque.
My guess is 3-4 million (total) would be necessary to really be comfortable at retirement, and that ain't likely for me (even if my investor is competent).
i could do 1 million and take some part time work to build up money else where, or even a good full time job for 5 to 10 years and bank all the money i made and let it collect interest and double a couple times.
i say 2 mil cause i'm young and dumb with money, buy the time i was done blowing cash on sh*t i'd have about 500,000 left
I could have lived off a million in assets in the 1990s easy. If the interest rates weren't in the toilet I could now, too.
100 Million DOLLARS........................
I say a million dollars would work for me. I am young still! :)
To just MAINTAIN your current standard of living, you need 8-10 times your annual salary.
By maintain, that means NOT dipping into the principal and just living off the interest.
Don't count on SS and don't put a whole lot of trust in a 401k.
There are many billions of dollars in 401ks. At some point, I fear some enterprising politician is going to come up with a way to "borrow" that money for the governments' use, a fear that I've heard a few economists echo.
Just play the LOTTO! :no:
Lotto=a voluntary tax on the mathematically challenged.
well, acording to patches (the bum that lives in my town) all you need is a bicycle, camo jacket, and two garbage bags of random shit to retire
I agree. I'd be bored out of my mind all my friends work all day so i'd just be sitting around by myself.Quote:
Originally Posted by bmyers
500k would not last me from 23-80+. Now if you gave me 500k I would take it and invest it and keep my job. Then at age 40 or so in between the orginal 500k plus intrest and my own 401k and stock plan at work I would then be ready to retire and live comforatbaly.
i could do it on 3 million, i'm 22 just say i live to be 65 that is only about 76 grand a year, i'm at 45 now, i'll get there way before 65, so yeah depending on investments, were i chose to live, and if i would run a small f-body shop in my sparetime. but i would work for a little while longer just so i wasn't a 25 year old millionaire bum probably retire at 35 or 40.