4 ms·

Do you really think 1 million means you don't have to work any more? 1 million is 10.000 per month for less than ten years. Unless you invest them I'm not sure

by hhm 19y ago

Do you really think 1 million means you don't have to work any more? 1 million is 10.000 per month for less than ten years. Unless you invest them I'm not sure you can't stop working forever if you have that amount of money.

suboptimal 19y ago
I do. Put the million in a savings account, move to an affordable area and rent, or purchase a living space and bank the rest, then live (modestly) off the interest. Or if you can tolerate greater risk, pursue investments with higher returns, and/or expatriate yourself. The question is, could you stop working and retain your sanity? I wonder about people who achieve success too early in life--they have many years ahead of them and much to learn, and wealth in some ways may be a hindrance.
- wschroter 19y ago
  People undervalue $1 million (or similar numbers) incredibly. It doesn't mean you don't have to work, but it pays for just about all of the things you end up working the first 15 years of your life for - house, furniture, "stuff". Once you've purchased all that crap, any money you make over and above that actually seems like a lot more because it's not going toward buying couches and bedroom sets. I made my first million when I was 22, and though it didn't keep me from working ever again, it basically paid for all of the things I needed. Anything beyond that has been incremental gains. It's a lifestyle changing amount of money.
  - hhm 19y ago
    Thanks you all for your interesting replies (all comenters replying to my original comment).
- jey 19y ago
  Yes, but remember to subtract inflation from the expected return! 5% interest means you get like 2% post-inflation.
  - ojbyrne 19y ago
    The problem is of course, that after taxes (you forgot those), and inflation, 5% interest is really more like -0.5% return.
huherto 19y ago
I used to think that I needed to make enough money so I would not have to worry about working. But anyway you should always produce (See pg essays). So the thing about money is not to solve the problem now, but to be able to have enough resources so you can have more freedom on deciding what to work on. If I am lucky, I should be able to work until I die.
nazgulnarsil 19y ago
5% interest (which is meager) is 50,000 a year without touching the million itself. after taxes it isn't a fantastic salary but anyone who can't live on it is living in some kind of fantasy land. do 8-10% and you're talking serious money for no work. I know people that tell me they can not live on less than 100,000 a year. If i could I would send them to ethiopoia, one way.
mattmaroon 19y ago
One million with no investment wouldn't last you long, but only a retard would stick it under their pillow. It's trivial to earn 5% and live off of the $50k in much of the country. That's the worst case and assumes no effort at all.

by hhm 19y ago

suboptimal 19y ago

I do. Put the million in a savings account, move to an affordable area and rent, or purchase a living space and bank the rest, then live (modestly) off the interest. Or if you can tolerate greater risk, pursue investments with higher returns, and/or expatriate yourself. The question is, could you stop working and retain your sanity? I wonder about people who achieve success too early in life--they have many years ahead of them and much to learn, and wealth in some ways may be a hindrance.

wschroter 19y ago
People undervalue $1 million (or similar numbers) incredibly. It doesn't mean you don't have to work, but it pays for just about all of the things you end up working the first 15 years of your life for - house, furniture, "stuff". Once you've purchased all that crap, any money you make over and above that actually seems like a lot more because it's not going toward buying couches and bedroom sets. I made my first million when I was 22, and though it didn't keep me from working ever again, it basically paid for all of the things I needed. Anything beyond that has been incremental gains. It's a lifestyle changing amount of money.
- hhm 19y ago
  Thanks you all for your interesting replies (all comenters replying to my original comment).
jey 19y ago
Yes, but remember to subtract inflation from the expected return! 5% interest means you get like 2% post-inflation.
- ojbyrne 19y ago
  The problem is of course, that after taxes (you forgot those), and inflation, 5% interest is really more like -0.5% return.

huherto 19y ago

I used to think that I needed to make enough money so I would not have to worry about working. But anyway you should always produce (See pg essays). So the thing about money is not to solve the problem now, but to be able to have enough resources so you can have more freedom on deciding what to work on. If I am lucky, I should be able to work until I die.

nazgulnarsil 19y ago

5% interest (which is meager) is 50,000 a year without touching the million itself. after taxes it isn't a fantastic salary but anyone who can't live on it is living in some kind of fantasy land. do 8-10% and you're talking serious money for no work. I know people that tell me they can not live on less than 100,000 a year. If i could I would send them to ethiopoia, one way.

mattmaroon 19y ago

One million with no investment wouldn't last you long, but only a retard would stick it under their pillow. It's trivial to earn 5% and live off of the $50k in much of the country. That's the worst case and assumes no effort at all.