Current Events > How many years could YOU make $1 million last?

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YoshitoKikuchi
12/03/19 2:32:54 PM
#1:


Assuming you can't invest any of it?
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Villain
12/03/19 2:49:37 PM
#2:


I dunno, if I can't invest it I'd do the max 401k and Roth IRA contributions at work.

I'd get a decent house, a newer car and try to maintain the same lifestyle.

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Complete_Idi0t
12/03/19 2:50:19 PM
#3:


At least 5 months
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Tired-Insomniac
12/03/19 2:51:21 PM
#4:


Paying off my mortgage, cars, and student loans would leave me with about 700k

I'd continue working and max out my 401k and IRA so the 700k would probably last a couple decades at least
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meestermj
12/03/19 2:51:47 PM
#5:


Does a TFSA count as investing?
Because on a TFSA I'd be looking at at least 5% interest/ year.
That's $50,000/year and I can more than make that work.

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No_U_L7
12/03/19 2:54:02 PM
#6:


My cost of living is $20k/year, so that's 50 years. Throw in a couple vacations and cut it down to 40 years and I may not even live that long...I'd retire today

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MC_BatCommander
12/03/19 2:56:11 PM
#7:


Why would I bother making it last if I can't invest it? If that was the case I'd just spend it all
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evil_zombie11
12/03/19 2:57:03 PM
#8:


Till death. All I do is eat and lift.
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smoke_break
12/03/19 2:57:39 PM
#9:


The rest of my life living frugal.

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Bestoffuture
12/03/19 3:04:37 PM
#10:


15 years maybe. I'd splurge half of it on a nice home.
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The Top Crusader
12/03/19 3:05:24 PM
#11:


I dunno, if I had a million that I magically couldn't invest, I'd definitely keep working for a while but at least be able to retire early and contribute more to my retirement account, etc.

I'd probably move to a slightly bigger house in a slightly better neighborhood but nothing crazy and pay off some other debt, but otherwise try to more or less live the same way, probably take slightly better vacations but again nothing over the top. We haven't been able to afford a real vacation at for a few years so just doing something simple would be nice.
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IShall_Run_Amok
12/03/19 3:06:46 PM
#12:


smoke_break posted...
The rest of my life living frugal.

This.

At 1 million I wouldn't even quit working until retirement age. What if there's a medical emergency in the family?
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ThyCorndog
12/03/19 3:07:49 PM
#13:


I live pretty frugally for the most part, so I think for most of the rest of my life

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Infost
12/03/19 3:14:27 PM
#14:


Forever.
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KILBOTz
12/03/19 3:16:59 PM
#15:


it would last the rest of my life with my other investments. Id buy a new house close to work. Like a 5 minute walk. My quadplex brings in $5500 a month in rents. My house, if I moved to Olympia and rented my house out, would bring about $3000 a month in rents.

So id probably work 10 more years, let rents keep going up and my principle keep going down. Then live off that for monthly expenses and do whatever the fuck I want.

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CADE FOSTER
12/03/19 3:20:10 PM
#16:


Live frugal probably forever
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#17
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ThyCorndog
12/03/19 3:30:11 PM
#18:


CloneTheHero posted...
with bills and hobbies i doubt itd last more than a few years. idk how some of you are saying itd last you forever lmao. must live in a shack or with your parents i guess.
if you spend 3000 a month you still have enough money to get by for 27 years
the point of drawing out a certain amount of money for a long time is to not do something like buy an expensive house

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featuringNero
12/03/19 3:31:58 PM
#19:


40 years
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MuayThai85
12/03/19 3:32:55 PM
#20:


Depends where I live. If I went back to Thailand, I could retire easily but would likely teach part time or something just to keep myself a bit busy.

Canada, not enough to retire but enough to set me up really well. Buy a house, cars, etc and then work a city job while letting my wife stay home (or work part time only, would like her being home to drop our daughter off at school and then home off work in time to pick her up.
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Relient_K
12/03/19 3:33:28 PM
#21:


If I kept working as though I didn't have it, easily for the rest of my life. Buy a modest home and cut rent and mortgage from my expenses and just live with a slightly improved qol.

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DocDelicious
12/03/19 3:42:59 PM
#22:


20 years roughly
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PatrickMahomes
12/03/19 3:44:19 PM
#23:


Literally forever. I make plenty right now to support myself. Assuming I can't get any interest from it, I'd just stick it in some bank somewhere and literally never touch it again.

I win.
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PMarth2002
12/03/19 3:45:51 PM
#24:


With no other income 40-50 years probably if I don't change my spending habits because of it.
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Ving_Rhames
12/03/19 3:47:44 PM
#25:


At least 20 years.
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NES4EVER
12/03/19 3:50:25 PM
#26:


meestermj posted...
Does a TFSA count as investing?
Because on a TFSA I'd be looking at at least 5% interest/ year.
That's $50,000/year and I can more than make that work.


Last I checked the most you could invest in a tfsa is around 60 or so grand (approx 5k a year since they started in 08 or so). So good luck putting a million in.

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PrettyBoyFloyd
12/03/19 4:18:49 PM
#27:


I currently live off of $2000 a month.

Hell I could spoil myself on $5000 a month and make a million last a long while.

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thanosibe
12/03/19 4:24:57 PM
#28:


Relient_K posted...
If I kept working as though I didn't have it, easily for the rest of my life. Buy a modest home and cut rent and mortgage from my expenses and just live with a slightly improved qol.
This. I don't mind my job I have right now, so continuing to work (maybe working out a part time schedule if my employer was game) and just buying a modest house would be all. I already own all my vechicles and they don't look to be shitting the bed anytime soon. So I'd just stick it in my savings account (checking if that's considered investing) and I could easily live off my salary with no monthly rent/mortgage payment.

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YoshitoKikuchi
12/03/19 10:27:17 PM
#29:


bump
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Skye Reynolds
12/03/19 10:29:21 PM
#30:


5 years if I don't turn a profit.
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KeeperOfShadows
12/03/19 10:34:24 PM
#31:


Somewhere around 30-40 years, with no surprise bills to pay.
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Polycosm
12/03/19 10:35:25 PM
#32:


Wife + triplets take about $50K minimum per year to sustain right now. 20 years, then. Guess I'd better keep working.

Although... some of that cost of living would vanish if I could move anywhere in the US without an ounce of consideration for the local job market.
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Colorahdo
12/03/19 10:37:22 PM
#33:


CloneTheHero posted...
with bills and hobbies i doubt itd last more than a few years. idk how some of you are saying itd last you forever lmao. must live in a shack or with your parents i guess.


What giant bills are you paying? This is like 2000/mo for life
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TheMikh
12/03/19 10:39:39 PM
#34:


what's the point in having so much money if you can't reinvest it

inflation is no joke
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