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Is 1 Million enough?


Feech

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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.

 

You'd need to live responsibly and occupy your former working time with free activities or pick up a "fun" job for additional pocket money.

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You'd need to live responsibly and occupy your former working time with free activities or pick up a "fun" job for additional pocket money.

 

 

Therein lies the problem... If you quit working and end up with too much time on your hands, you now spend far more money on leisure and travel. So unless you sit at home doing nothing all day when you would have normally been working and only spend the same amount of money, it will not be enough. Depending on your present income and debt, the answer will be different for everyone. I for one would alter the question to account for $1M in the bank in addition to $1M in investments after taxes. That way the invested monies could be used to draw a proper salary (~ 50k/year) and what is in the bank would be available for present and near term debt/expenses and all those little things you keep putting off because you never had the time nor resources.

 

I would certainly not quit my job, but down the road I may consider investing in a few businesses on the side to ensure there was other income coming in, in the off chance I ever did find myself unemployed.

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If I had a million dollars of year for the rest of my life, after taxes, I'd still work, keep my well paying job at Sprint, keep my benefits, just live a slightly better life style. Get a house for my mom and brother, get another house for myself and my girl, pay off all the bills we owe, including whatever my family owes, and just live comfortably.

 

I would buy that new Acura I've been wanting, probably His and Hers B)

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