2 edits
Originally posted by trevor33Geez lets think about this logically.
jeez you're only getting 1 million $
I have the basic saving account, very low interest rate but you can take out your money whenever you want, it's not locked in and no risk.
On $8000, I make $20 per month. Pretty low, I know but lets just use that.
1,000,000/8,000 = 125 * 20 a month = $2500. That's a decent salary for one person.
Now with a half decent savings account you would get much more then that.
Point taken!
1 nil for me 🙂
I bet you didn't think I would get all technical on you, huh?
edit: $2500 per month x 12 months = $30,000 a year.
edit2: NO, you cannot see my bank statements 😛
Originally posted by RahimKall this considering your not going to spend much of the 1 million though, the figures might be there but i still doubt you'd be able to retire on your 1 million $. if you had a house, car and stuff like that, that you liked, already sorted then sure but most of us don't, plus the ones that do will always want something and the money is gone. you're theory is nice but in reality i doubt it would work out.
Geez lets think about this logically.
I have the basic saving account, very low interest rate but you can take out your money whenever you want, it's not locked in and no risk.
On $8000, I make $20 per month. Pretty low, I know but lets just use that.
1,000,000/8,000 = 125 * 20 a month = $2500. That's a decent salary for one person.
Now with a h ...[text shortened]... 00 per month x 12 months = $30,000 a year.
edit2: NO, you cannot see my bank statements 😛
I live in the U.S. If I won $1,000,000 the government would take 47% of it away from me! So I'd only have $570,000 left.
A new house in a good neighborhood costs $350,000
plus you'd have to insure it, $10,000
pay taxes on it, $10,000
plus school taxes, $2,000
plus village tax, $2,000
and heat or cool it, $3,000
Security System, $10,000
have a nice car to park in the garage, $40,000
which would also have to be insured, $3,000
Need a 2nd car for the wife, $40,000
which would also have to be insured, $3,000
Cars for two kids, 25,000 each = $50,000
Insurance for both, $6,000
Then figure our health insurance, $6,000
Which would leave us with $65,000 to go to expensive plays, dine and live on.
The following year we'd have to sell the house! 😕
Originally posted by trevor33I see what you are saying but do not be greedy.
all this considering your not going to spend much of the 1 million though, the figures might be there but i still doubt you'd be able to retire on your 1 million $. if you had a house, car and stuff like that, that you liked, already sorted then sure but most of us don't, plus the ones that do will always want something and the money is gone. you're theory is nice but in reality i doubt it would work out.
You know those people who die and they set up a scholarship in memory of them. The basic idea is that the interest on that principal is the scholarship. Thus, the scholarship lives forever.
If you make $20,000 a year on interest then you can give scholarships worth that much every year, forever.
Yes you can live like a king for several months then what? Why not live a nice life forever.
What happen to Mike Tyson with his $$$? Exactly. Learn from their mistakes.
