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Annoynomous A1 | Is $96/wk enough to live on? |
I'm inheriting $300,000. I divided that number by 60 because the average person lives 70 years.Then I divided that number by 52 to see what I could live on weekly. I'm already 16 so that brings the age up to 76. Could I live up to the age of 76 on $96/wk without working. Also, if I don't live as long as that, which I probably won't that's more money I could spend weekly. If you add the interest and subtract the income tax because I'm not working, that's over $100/wk. Plus when and if I make it to 65, I get money from social security. Would that be enough to live on with the information I provided you? Why or why not? If it's not, approximately, how much would I need to work each week? Sources? I think that it would be enough to live on because $96/wk pays more then some of the jobs people do.
Additional Details
I'm planning on staying single and having no kids. |
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Mab
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You can't live on $96/week. You have to account for food, bills, entertainment etc. If I were you, don't count on that to live on. Go through high school, go to college, use it to help pay for college, get a normal job and invest the rest of the money, then you can retire a little bit early but you can't live off $96/week. |
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one_goofy_devil
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i think you should check into a few things.. like if you never work.. you wont get any social security.... they take that out of your paycheck every week ... its not just a gift from the government for getting old;)
i suppose if you found a cheap room to rent.. and didnt own a car.. or have to pay insurance.. ect.. you may be able too.. but what about healthcare.. if your not working you wont have any... you would have to buy some...you would have to live on ramen noodles and hot dogs... no going out... what about dating??
just a few things to think about |
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Johnny U
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it can be done if you live at the homeless shelter the rest of your life. you need to invest the money and live off the 30K a year it will get you, eventually inflation will eat away at the nest egg. |
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Jewel J
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If you re-invested the money at the very least into a high yield CD, then you could take in at least $12,000 a year annually in interest. That gives you a thousand dollars a month to live on without touching the initial $300,000. I'm sure you could live on $250 a week better than you could live on $96 a week.
There are other things which might yield more of a return, but also might be risky. With a CD you would at least get an solid return. |
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Paula M
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at 5%.....you would earn $15,000/yr in interest.......your goal should be to build up that $300K.....so that when you grow up you have a real foundation and have choices......
let's say you don't touch it.......go to school.....and when you graduate at 22....that's six years from now......you will have earned a minimum of $15K X 6 yrs = $90K.....at graduation...you have earned more than most people do working full time.....for over two years.
Hopefully, you will educate yourself on investing....it always amazes me how people will blindly allow others to invest their nest egg w/out understanding risk or the overall financial market..... I hope that money is held in trust w/ stipulations that restrict your access....like graduating high school/college/age related distributions...so you don't blow it all at once.
Minimum wage is about $6..X 40 hrs...That's double your $96....
One date will cost you $100......dinner....$50.
....movie.....$25 .....gas....$4.......a couple of beers....$16......
unless you never socialize, never get a cell phone/cable/car insurance.....and don't eat....oh, and never buy a new pair of shoes.....you might live off $100...but why bother |
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Baby
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No you should work also. for the bills will come and need to be payed.Good Luck. |
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Ikmal E
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dont expect the 300000 for ur whole life.. Try to spread ur wings.. Work somewhere.. Invest the cash (think properly).. and from 96 bucks per week.. it may be 1000 bucks per week |
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Jake
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put the 300,000 in the bank and get a job
96 wouldnt be enough for a week without a job for the rest of your life |
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Jose V
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96 isnt enought to live on get as much as you can right now and put it in a savings account |
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Big D
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it will cost more than that in fuel alone |
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pomegranatepants
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No. Noo way. |
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courtney y
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This is absolutely rediculious. NO you CANNOT live on 96 or even 100.00 a week. What will you do when you get married, have children ect. 96$ a week wouldnt even be enough in a month to cover rent, not to mention groceries, gas, clothing, utilities and leisure. You really are licing in the clouds if you think that you can live in that until you are 65 or 70 years old. I have not met anyone yet in my 22 years of life who makes less that 96.00 a week and is surviving comfortably. Most minimun wage jobs pay more than that a week. When I was 16 working at a minimum wage job i brough home after taxes atleast 200.00 a week.... seriously, be realistic here kid. Get a job, but the 300,000 away into a savings plan so that it collects intrest over the next 5-10 years until you get married, buy a house and have a family. Invest it in something smart. Right now you are young and uneducated on life.
I have been married for 3 years and have a child, families arent cheap to maintain. It took more than that before I got married just to maintain the basics... car insurance, gas, rent... groceries..ect. and i had a roomate!!! So to answer your question.. NO welcome to the real world. |
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FoxyRoxy04
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First off...social security probably wont be around when you get that old.....BUT if you have 300,000.00 then you need to invest that and the interest alone will be enough toi run off of. |
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somebody
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did you remember to count phone bills, internet bills, mortgage payments, monthly installements for a vehicle, hydro..and many many more.. |
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gunitkid6195
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96$ a week is nuttin if ur plannin on livin alone u need to get a full time job an make sum real money |
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lemasney
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Firstly - keep your job - we're nothing if we are not productive in society.
Secondly - take half or more of your inheritance and invest it - ING has simple savings accounts that are giving FDIC Guaranteed 3% returns.
Living on $96 a week would be difficult now. It will be impossible in the future. You're talking about trying to live on $20 a day. You can't eat for $20 a day. Especially not if you have to pay for a car, gas, heat, water, phone, or anything else.
Good luck, but keep working. |
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-aDeN-
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not if u have plans of living in a building of some sort its not |
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oops!
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No is not, you are not onsidering getting old, i spend about 100 in gas alone. You soul dplace that money in a money market account, use it to go to collegue. then when you are about 25 to 30 make a decision of what to do with the money. now if you place that money in a good mutual fund account for 20 years, by the time you are 46 old you will have over 5 million dollars. |
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Jim K
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You will need a lot more than that, but rather than taking money out of the $300K, you need to put it in a trust so that it can sustain itself and generate an supplemental income. |
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thakiddannyy
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No it's not. That's not enough to live on at all. It's not more than a "job". 96 Dollars a week is less than working at McDonalds every day... You still need a job. Lets say an average person makes about $52,000 a year and is middle class. That's $1,000 a week and the person is still MIDDLE CLASS. Not enough to live on at all. You would probably spend that on food and then you would have no more money left or something (unless you wanna buy McFatties). So seriously get a job. That wouldn't be enough at all. |
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dlunch
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Every body said put your money in the bank. I say think of a business idea and invest in it. You can afford to make a small mistake here or there if you limit your investments to small amounts you never know witch idea will boom for you and generate gazillions. Put all in the bank but don't count on leaving it all there.Business investment make the best return but the risk is there so is the risk with the stock market. I'd rather have the risk in my hand and the reward in my hand too.
who knows maybe you can invest in something you care about and that will make the best difference in your life. Here's an idea invest in a solar energy company Sell install or hire people to make solar systems. But don't invest every penny you have now. |
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E in MD
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Since you are too young to grasp the notion of compound interest or rates of return, forget "do I have enough money to never work." You can't handle that much money, and someone is going to rip you off. Also you say you'll never marry or have children but what are you going to do for love and sex then?
$96 a week may pay more than jobs a 16 year old can get, but you aren't going to be 16 forever, and I assure you I make more money than that between breakfast and lunch, and I still have to struggle to pay my bills.
Now, if you're asking if this is enough money to not have to work for several years, then you're in an enviable position. Is there some field you find fascinating? Volunteer or work as an unpaid intern and see it close up. Even without interest, you could live fairly well for 10 years on that kind of money. Take the money and perfect your skills as a musician or filmmaker or something that makes you happy. Eventually, you'll be able to make your living doing what you love and not only will you be doing better than $96 a week, you'll be happy with your life. You'll be rich in friends because that joy will radiate from you, and people will be drawn to it. You'll have the things no amount of money can buy--plus you'll be doing well enough to get the things money CAN buy. |
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ceskazbrovka32
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First, Get the notion that you are never going to have to work out of your head
Second, talk to one of the financial advisers at the bank where you are going to keep the money (they will show you how to make the money work for YOU).
Your lucky to be in that position at your age; DON'T SCREW IT UP. |
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walid k
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no... you need to start project with that to get that account to grow larger by the month ... like flipping houses buy old houses gut them out and renew the inside and the out side and double your money and keep it going this way you will have money to spend without touching the $300,000 and now it the best time to buy houses its buyers market now the APR rate dropped to 5.1% in NY idont know about every where else so when you gonna sell the house you will find buyers easly so by the time you get to college you will have you own bussiness and who knows maybe sport car
what you think? |
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Obamania
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You need to have a job regardless of your inheritance. |
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rachj1028
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Huh.................? You lost me at hello. No $96 dollars a week is not enough. The people that live on that also collect government funds. |
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Ms.MojoRisin
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No, it's not even close to being enough to live on. Unless you want to eat beans and rice, never travel, and never need medical care.
However, if you put that money away in a diversified mutual fund and never touch it until you retire, and go on with your life, go to college and get a rewarding job, you'll never have to worry about retirement. Trust me, that's a huge problem for most folks these days. |
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Bee
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96$/week is not enough to live on -unless your planning to live without a car, live in your parents/guardians basement, and only eat cereal. So you could technically live- but your life would be extremely boring, so its like not living at all! I think you should take advantage of this and still get a job- but you would be able to work less. $300,000 is a lot of money- but spread over 60 years- its barely anything. |
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findjenna
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you need to get a job...you will never live on $96. a week. Invest it now, get a job, live your life, and have great years in retirement. |
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Will
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umm.....why don't you just get a job and be a normal person. How dare you try your hardest to just no have to work. everyone works. and some people make $300,000 a year and spend it all so, i dont know how long you will live on it until your 70 or 80. and what happens if you live to be 100? or have kids, or anything. a car? house? cellphone? tv? internet? you need all those things and that cost way more than $100 a week. my dad makes an average of $90,000 a year. that means he spends $1,730 a week. he has a decently expensive house and car. he lives in an upscale neighbourhood and has a good life. for his car alone he spends about $500 bi-weekly on his car. so think... you wont have that. so you will just have to get a job unless you want to live in an apartment your whole life, eat microwave dinners every night, drive a VW bus! and willl have no wife, no kids, no friends! so seriously, get a job and by the time you retire, you will have like wayyyyy over a million dollars if you put that 300,000 dollars in an intrest fund. |
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bill k
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i think u should always hav an extra sources of money. even if u work at a convenience store. that way ul never run out on money and i think 100/wk aint enough cuz u hav to consider - food, shelter, water, electricity, gas, personal expenses, helathcare. if u get minimum wage of $7.50 and work 20hrs a week u earn $150 so im just saying . if u dont wanna end up on the streets. keep working. ur luky though. congratulations |
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