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LesYeux8 | If you were to win $3 million dollars in the lottery, is this enough money to retire on and work no longer? |
Considering you led a middle class lifestyle before winning $3 million dollars in the lottery, is this enough money to retire on comfortably - in this day and age?
The only major purchases would be a house, 2 cars, and a few other things (materialistic things and travel) - all of which would total less than $450,000.
So, with the remaining $2.55 million dollars, is it possible to earn enough interest to maintain a modest lifestyle and not have to work for money ever again?
There's no chance I'd squander $2.55 million dollars with crazy spending, but I want to know if I can afford to raise a family and comfortably live off the interest over the next 65 years or so?
Additional Details
I'm just asking because they say that a million dollars isn't really a lot of money these days. |
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mark0381_FINA4242
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I think you are thinking very well right now. I would encourage you to consult a financial planner and learn about setting goals and budgeting. That has really helped me. Also, to answer your question, yes. I think you could definitely retire on $2.5 million. However, I'm not sure if $500K would be enough for a house, two cars, travel, and other material stuff. You may want to look into that number a little more. Other than that, I think you should be able to find a nice little balance of risk and return that will help you grow and protect your money. Good luck! |
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paintedhorse30
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It would be for me. I am middle aged and I know how to budget. I could do it on a million. |
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peash
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It's enough to live a good life if you are not going to try and live a celebrity life and if your family doesn't expect you to give them any of the money. If you are going to keep your middle-class lifestyle then 3 million is more than enough...some people work their whole lives and never earn that much. You could live off the interest or try to invest a bit. |
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Kelsey W
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Well, as long as you aren't one of those people that if they have the money, then why not buy a pair of $300 shoes. But if you HAVE a partner that will still work, then I"d say YOU will never have to work again. Raise a family. Live a happy life. Don't buy, unless it is a nessesity. like food, and other stuff....... But you don't have to suspend yourself from buying anything. And congrats on your winning. Use it right, and you will have an alomst pefect life. |
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Tomk
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Yes. If you just put it in CD's at a bank (which is the LOWEST return on investment possible) you would earn $3,800 per month.
Do you currently spend more than $3,800 per month?
And that's just the interest. You still haven't spent any of the one million dollars. |
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Murzy
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most ppl will work a lifetime and not earn even 1 million dollars |
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Caydie
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No, but I can take what ever type of work I want. The thing about retirement, you know why it is that people retire when they are old or are really really rich; well when people retire when they are old, they retire because they are tired and want to rest and have a little bit of fun. People that retire when they are rich on the other hand, retire in order to have fun, travel, spend money, see the world and did I mention spend money. Most young people will not be happy about taking a cruise once or twice a year and gardening or hanging around the rest of the year. So I guess you will need more than that amount in order to retire young. |
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Yvonne D
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No i wouldnt say retire on that like. I know a lad won 1mil on a compo claim and he has blown it on a house, 2 cars, furniture etc. Nothing major. He has virtually nowt left after 3 year! |
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MelS
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You forgot taxes. After taxes, you have about $1,800,000 left. Then you buy the house etc, you have $1,400,000 approximately. You have to take out some money to live on that first year too. So, you take all that money and stick it in a high interest savings account, you'll make about $56,000 per year. A decent salary, but totally dependent on interest rates. |
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Mina B
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lol i agree with ryry, but at the moment, yes, as long as you spent your money VERY wisely. |
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Danielle
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I would say yes, especially if you were on the older side of life. Unless you expect to live completely lavishly and go to lunch with Mariah Carey, it could be a very comftorable life for you and your family :D
please try to help me too
http://answers.yahoo.com/question/index;_ylt=ApJO0m.ETnebh.5yGAoo89Hsy6IX;_ylv=3?qid=20080920140529AAqhg5U |
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ryry69
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if Obama wins then no its not enough and last year i made about $120k on intrest in my 401k |
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