Millionaire
By msqtech
@msqtech (15073)
United States
233 responses
@tinkerbell3030 (189)
• United States
6 Nov 06
I think that you could not have to work if you invested the money wisely in some kind of stocks, bonds, or whatever makes money. Then you could live off that. But if not then I think that spending it all would definately run out sooner than most people think.
3 people like this
@limitup (324)
• United States
22 Feb 07
Exactly. If expensive cars and luxury houses appeal to you after you get a million dollars, you will likely be through the money much more quickly than you think.
I read a story about a lottery winning couple who went through over $20 million in a couple of years. They bought gifts for all of their friends and bought toys with high maintenance costs. The article said they had to go back to work after they blew through all of the money.
Learn how to invest that $1 million and you can just live off of the capital gains or the dividends, depending on how you invest. Never work again unless you want to for fun.
Or blow it all. To each his own.
@cuddlebug79705 (2003)
• United States
8 Nov 06
No, it probably wouldn't. The cost of things are going to continue to climb, not decrease, unless you are sixty or more, there is no way that that much money could last a lifetime.
@kcbabez14 (967)
• United States
14 Nov 06
i totaly agree.. because a million dollars these days seem like nothing, because you can buy a home for that much now and it won't as big as you would think!
2 people like this
@nannacroc (4049)
•
15 Nov 06
Only if you used it wisely and invested it. It sounds a lot but if you just spend because you can then it won't last long.
2 people like this
@richelle19_80 (133)
• United States
6 Dec 06
true! I agree. How materialistic of a person are we talking about?
1 person likes this
@fiyahcreation (2140)
• United States
8 Nov 06
Yes, It depends, I would invest about 1/3 of it
2 people like this
@royal52gens (5488)
• United States
3 Jul 07
Any time you receive a large sum of money that is unexpected and not part of your normal income.....my grandfather taught us to: Invest it all. Do not change your life drastically. Yes, you have bills but you are going to pay those anyways.
If you are going to change your lifestyle, do it slowly and carefully. Plan things out. Keep your amount of debt down to only the absolute necessary. Do not use credit cards. You can not borrow money to pay money. It will only lead to more debt.
So based on my grandfather's wisdom and experience, I would invest it all.
@pumpkinjam (8770)
• United Kingdom
14 Nov 06
I think it would depend on where you put it and how good the interest was! If someone put a million into a savings account and was at least fairly sensible then they could live off the interest and possibly never touch the million. If my calculations are right then yes a person could live for about 50 years on a million providing they spend 20k per year.
1 person likes this
@Idlewild (6090)
• United States
5 Dec 06
Definitely, unless you do what most lottery winners do, which is to spend money like a drunken sailor.
If you invest it (and reinvest interest or dividends) you can really make it last. The effect of compounding means that an investment earning 7% a year will double in value in 10 years.
2 people like this
@msack3889 (102)
• United States
18 Dec 06
I agree...if properly invested, one could live comfortably for the rest of his/her life. Of course that also depends on one's age when receiving the million $ as well as their lifestyle. I live pretty frugally, so that kind of money would go pretty far here :-)
1 person likes this
@saving_diva (77)
• United States
28 Jul 07
As others have said it really depends on many things, where you live, how you live, how and if you invest any of your money, do you splurge or live modestly. Do you stop using coupons and looking for the best deals just because you have a million? If so then I doubt it will last you, but if your smart and invest and are careful it definitely can last you.
A million dollars isn't what it used to be but its still possible.
Now just give me a million so I can show you how its done..lol
@wandale (95)
• United States
5 Dec 06
It depends a lot on where you choose to live, and how you choose to live. If you wisely invested a million dollars in a secure business sphere, like real estate, and then moved to an extremely inexpensive location and lived modestly with no dependents, you could not have to work any more. However, you could live much more comfortably in the future if you were willing to use the million as capital to start a successful business that would provide many more millions in the years to come. That way, you could live any way that you want!
@msqtech (15073)
• United States
5 Dec 06
so then if you raised the million but couldnt work you would be out of luck because you would have to risk it all and be poor while you waited for the possibility of growth in the asset. How would you pull income from the real estate you invested in while you were living in it?
@KrisNY (7590)
• United States
15 Apr 07
Honestly- I think that I'd still work- at least part time. I'd be bored-- And with rising healthcare costs! WOwsa! Insurance is a killer.. So for insurance costs reasons I think it would be safe to say that I'd work. I would invest part of the money and try to live off the interest-- If a person didn't spend alot and didn't change the way they lived when they didn't have the million- they might be able to do it- It also depends on where they are in life- Young and raising a family? college costs? medical bills, etc.
@theponch (198)
• United States
15 Apr 07
No, not if only one million. You'd have to invest it quite wisely. I know for a fact that you'd have to work also.
If you buy a decent home, there goes a big chunk. If you want to vacation, there goes chunk by chunk.
The interest may help you survive, but the taxes are still a killer.
1 person likes this
@carolscash (9492)
• United States
15 Apr 07
I think that you could live off of that as long as you invested it wisely and didn't waste it. I think that people who win the lottery find that they lose most of it in bad investments and foolish things so you would have to be careful.
I wish I had a million dollars and we could test my theory!!
@Graymsqtech (496)
• United States
17 Apr 07
lifestyle should adjust to budget not budget to lifestyle.
@mansha (6298)
• India
15 Apr 07
My granny said that if you start spending even the pharoh's treasure would be spent. More than the price escalation its how you spend the money will matter. wisely invested money would earn more money for you while wasted money will make you broke in a five year time or even less.
People earn up to the age of sixty mostly and then spent their time after retiering so they need support system to survive. If you are a millionaire and have money invcested wosely then you have the support system need to survive that would help you not to work at alkl and enjoy your life then on.
1 person likes this
@sassinqueen (710)
• United States
29 Mar 07
I'd live off of it and live off of it and live well.
The things I want in live are not expensive, good food and good books and good music. And, a good man.
Travel cheap. I'd live with a big smile on my face.
@retardedrugrat (4791)
• Canada
15 Apr 07
Honestly, I think it wouldn't be enough unless you invested it into something worthwhile.
It would be better to try and find something that would pay dividends or interest and just live off that as opposed to actually living off the actual $1 million.
A few years back, it would have been possible to live off a million, but in todays world, not a chance, you have to be careful how you invest and where you invest. Otherwise you stand a very real chance of ending up with nothing.
1 person likes this
@sukumar794 (5040)
• Thiruvananthapuram, India
15 Apr 07
It all depends on your spending pattern.Many people survive on this earth with a meagre sum of money they earn.You can live in penury ..or in utmost comforts
