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Is 1 Million enough?


Feech
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So a co-worker and I got into it today. We were discussing the KC player who was in the news this weekend. Although one thing has nothing to do with another as he was trying to imply it did get us into a argument about if a Million dollars is enough. My take is that it was not. Could you live on it? absolutely but it wasn't enough.

 

His take was it was more than enough and even after taxes and bills you should be more than fine.

 

While writing this I have come up with something else too. If you were getting a Million a year, at some point it becomes more than enough its getting to that point though.

 

Thoughts.

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A million would be enough for me. It would depend what kind of lifestyle you are satasfied with. Even after taxes and fees. I would buy a cheap decent home. A decent vehicle. All I would need to do was work and pay the bills. I wouldn't have to pay mortgage or a car payment. I'd be happy and I would be able to travel with the money I would save from paying a mortgage.

 

I'm not the mansion ferrari type.

 

If I had more money, I would to the same and invest whatever was left. Invest, invest, invest.

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Well lets assume its a million after taxes, with that being said at the age of 37 I couldn't retire on a million right now but what I would do is not spend one single sent and invest every penny of it. With my income now with the additional interest/dividend income from my investments I will be able to live more than comfortably.

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A million dollars after taxes is more than enough. Invest it, draw a salary from it that is comfortable. Let the interest grow, pick up a side job that you enjoy for pocket cash if needed or for a special purchase.

 

If you make $50k a year, after taxes, then $1m is the equivalent of 20yrs of work, properly invested with a 10% return, you'd have compounded interest that should more than cover normal living expenses.

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My point with him was as much as you think you would live slightly above your means now, I believe a vast majority would go well beyond

 

Well thats true, the average person wouldn't invest, they would probably end up spending it all in a few months if that. When going from having nothing to having a million in the bank overnight, most people don't think about tomorrow they are just thinking of right now. A million wouldn't be anywhere near enough for me to quite my job. Hey maybe that should be a question that should be asked. What is the minimum amount, after taxes, that it would take for you to quite your job?

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The bigger question is "enough for what?"

 

Vague responses like "live comfortably" are subject to interpretation.

 

Is it enough to live on? Absolutely. Enough to live on at a defined level of comfort? Depends on many many factors.

 

Many many people live on much less. The problem is, most Americans typically live beyond their means.

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I think it is possible if you have cleared your debt (house/car/cc). One million invested into a 5% Agency MBS provides $50,000 of interest annually. If this is an amount that one is already used to, perhaps one could live off a million for the remainder of their days.

 

I find all of your theories are forgetting once simple principal.

 

Once one person experiences monies beyond what they have always obtained (i.e., always obtained a salary of $40,000 over a year and now has $1 million in the bank) will inevitably spend in accordance of the sources he/she have.

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Ive had this discussion with a co-worker as well. I told him I would actually keep working if I had a million in the bank. The way I see it, paying off some debt and student loans would reduce the million rather quickly

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see the problem with it is we all base this on our on own experience of working hard all our lives and knowing what it is like to work for a dollar likely doing something that isn't very exciting. Every answer I read is reasonable because we have life on our side.

 

Lets add to it that we are in our 20's with that mentality. Does that money still last? We hear stories all the time of people that made tons of money but somehow ended up broke. Child stars, musicians, actors, and athletes all get caught up in one way or another and end up broke. Hell, I read today about Alan Iverson who made 120M in his career but has nothing damn near.

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A million dollars after taxes is more than enough. Invest it, draw a salary from it that is comfortable. Let the interest grow, pick up a side job that you enjoy for pocket cash if needed or for a special purchase.

 

If you make $50k a year, after taxes, then $1m is the equivalent of 20yrs of work, properly invested with a 10% return, you'd have compounded interest that should more than cover normal living expenses.

This, exactly. If you can get 2% return a year on your $1,000,000, well, that's $20,000 a year. That's more than enough for me to live single and comfortably. I'd probably still go to a job so I had something to do all day.

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Whoa, the joke potential with this thread is huge! A million dollars? Man, that could buy a lot of phones and fried chicken. But I will leave you with just these words. As to the potential of a million dollars, no one has put it more eloquently than Lawrence has...

 

 

AJ

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I don't think it is enough. Gas, Food, electric bill, cell phone bill, state taxes, etc. (I can go on and on and on about more and more bills, but you get the point.)

 

You could get a steady household and car, perhaps invest some, but at one point, you'll need more money. Unless you can live solely off interest, which is nearly impossible, unless you sit at home all day on the couch watching TV.

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Whoa' date=' the joke potential with this thread is huge! A million dollars? Man, that could buy a lot of phones and fried chicken. But I will leave you with just these words. As to the potential of a million dollars, no one has put it more eloquently than Lawrence has...

 

 

AJ[/quote']

 

 

I don't even have to watch the clip to know what that is... and yes, I would.

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