Yep, $1M, properly invested, would be a safety net and provide a livable if spartan income indefinitely if needed, or could be a very comfortable retirement eventually if allowed to compound for long enough.
Most people would not do that, they would spend it all fairly quickly and then be back where they started except now they have all the obligations that come with what they bought. If you buy a $500K house and don't have the ongoing income to insure it, pay the taxes, and maintain it, you won't be living there long. On Tue, Jun 13, 2023, at 20:53, Jim Cathey via Mercedes wrote: >> won $2.5 mil, he quit his job at WalMart > > We (engineering crowd, way back when) had this argument with one of the > secretaries, who thought that if she won the $1M prize she'd be 'rich'. We > all chorus: "No, you won't!". Especially because if you take it as a lump > it's > substantially reduced, and otherwise $1M is something like 20 years of $50k > per year. $50k/year is NOT rich. It's nice. It can even be comfortable. > But > it's not rich. > > What with inflation since then, I doubt that your goober's situation now would > be any different than our speculative situation back then. > > It's enough for him to be set for life. But only if he's wise. Otherwise > he'll > be looking for work again in a year or three. The car's a bad start. > > He can live like he used to, without having to work, with a few modest > treats and toys along the way. Anything more extravagant than that and > he's screwed. > > -- Jim > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
