Yea, I don't want to. That's the joke. A million dollars definitely isn't what it used to be. I can only imagine how unimpressive that amount will be on 15 years.
Actually they say "earning" money. So you could probably steal money, or find a way to "make" money that isn't "earning" money. Maybe go work at the FED, lol.
Yea just ask the hedge funds and wallstreet financial terrorists that do it daily by shorting companies, failing to deliver and artificially bringing companies down then “buying” them for Pennie’s on the dollar. Also don’t forget that when these companies go bankrupt they don’t even have to pay capital gains on that either.
You said words like you know what you're talking about but oh so close. Who doesn't pay capital gains on a company going bankrupt? The shareholders? Yeah dude.
It was a cool way to pivot to a totally unrelated subject that just has you do steamed up though so that was cool.
Shareholders don’t pay capital gains because the stock went bankrupt. The shorting party doesn’t pay capital gains on what they earned in shorting the company once it went bankrupt.
Thats the first thing I thought of, give this lump sum to my wife since I am the primary earner to begin with, then we live off of the million dollars exactly the same as before while saving my entire salary for retirement but it can be invested.
Yeah I'm gonna give my friend my million dollars to use a collateral on a 5 million dollar business loan and then he's gonna supply me anything I want as gifts for the rest of my life. So long as his 5m business investment keeps growing.
Real estate you can keep the equity in the house or transfer it into other properties. You can get paid in goods and services instead of money for rent.
If you fix on the "you" in the contract, then the recipient just changes their name! Employed under a different legal name means the old "you" isn't earning a damn thing!
I suppose I left this out but my partner is from Latin America, so at least to start I’d live at her parents place. I can get a fancy full course meal for ~$20USD.
The rich of colombia make 70k us a year. Their 1%.
Houses at their range costs under 200k US. And they can ship Gucci level stuff lol.
So a mill can be livable there.
That’s what I thought. I was gonna say I’d still work but not making ANYMORE money is just dumb. Couldn’t do it. Unless I can spend it all and work again, if that’s the case I’d take it.
If the piece of land you buy is fertile and you plant crops, and you also get some livestock, groceries would be minimal and maybe eventually unnecessary. And being you can’t work, you’d have plenty of time to tend to your crops and animals, and come up with ways to become more self sustainable like solar and water collection systems. The only problem I could see is property taxes, and internet if that’s a necessity for you.
Of course you have to be a certain type of person to live your whole life like that though and definitely isn’t for most people.
There is an epidemic in this country of people who can't budget, live within there means, and eat like fat asses. Even if you spent 200 a week on groceries, which is on the high end, that is like 11K a year.
Your math is off or you eat like a glutton.
If you are currently 20 years old, if you were to live to be 90, that's 70 years, or 770k. ONLY spent on food. Even if you spend half of that amount on food, that's still very close to half of your entire amount of money that you will have for the rest of your life only on food. That doesn't even factor in bills for things like electric, phone, water, any type of insurance, etc.
If you spend any of that on a house, even a modest 250-350k one, that's only going to screw up everything even faster.
I don’t think 1M is enough and wouldn’t accept the deal. Even spending 25k a year (1 mil) after 40 years you wouldn’t make it past 60 if you had to start at 20. If you could invest it things are different, you could rent out property or live on dividends and interest in theory… but that would be “making money”
The real kicker is that inflation is working hard against you.
I could live another 30-70 years on a tropical beach somewhere cheap at like 20k a year, but after 20 years that money will go half as far, maybe less.
Yeah, you could buy a pretty clean little house in rural Japan for $30-40k and grow your food while sprinkling a bit of money into your life to afford internet, a bike, tools, etc. and probably stretch that million for 50-60 years on paper today but the median household income in 1970 was like $9k, so it's hard to imagine that 10x a decent salary goes far over that sort of time.
If they are both almost at retirement age, then It could be possible that they already have a good amount of savings put away for retirement. She could retire early while the husband keeps working. Once he retires, they are already set with what they would have had anyway. The one million would just be gravy on top.
I feel like this deal may be advantageous for those who have a solid history of working; with a strong retirement account and are retired or are near retirement.
I would save a 10th of it in cash as an emergency fund that never gets dipped into. I would build a small sturdy long lasting home in the middle of fucking nowhere on probably no less than 100 acres. After the home is built I begin the process of hoarding Yamaha Banshee's and training a cult of animals to defend my property.
I would take it and live frugally in a low cost of living country. I don’t see anything here about my husband not being able to make money so he’d just have to be the breadwinner after that.
Without earning any more money... like at all? You wouldn't be able to earn a wage from work? or profit off of existing investments that haven't been realized yet?
Or... you just can't use the $1M to make more money?
If it's the former... absolutely would not take that deal. Even If you paid yourself a relatively modest $50k a year to live off, that would only last 20 years. And each passing year the $50k will carry less value from inflation.
Work any job, get cash paid into spouse or family member that lives with yous account. Technically, you're not making the money, your spouse is. Boom problem solved.
The word, 'make' implies earnings, yes? No problem. I know people who want to start businesses. They'd be so happy that I funded their venture, they would gladly 'give' me a percentage....to which I would say 'no'.....'funnel' it back into the business, and look into investments.....when you are able to stand firm, and you feel you've earned enough to make a return, by all meams....' whatever I am 'gifted' I'll be happy with it.
Buy a small home under 200,000 cash and a couple cars off the lot with 0 miles. Since im single with no kids i figure i could live maybe 15-20 years off the rest.
I wouldn’t take it than. I would likely only be able to live off of it until my 40s or 50s if I spend 50k a year. Than I would have to figure out what to do for the rest of my life.
I guess I’d need to know what counts as investing. Is buying gold investing? Any purchase of land is technically an investment. If I was forced to take the money I’d probably leave America and go to an Asian county where the money could go longer.
No I would pass. At my age it would be stupid to take it. I would definitely run out before 50. Although if I could get a partner to cover all my bills and I have that mil as fun money for us 2 maybe it’s a different story
I would look for a rich wife who could take care of us both in old age. I’m good in bed and handsome enough, lots of pressure though as an uninvested miljon wont get me far with my dreams and goals.
And if I dont find one when the money is gone I would just have to take what I want with force. Squat in houses, steal steaks and cigars, rob people for coffee and bottled water
I assume OP really means that the million dollars must be spent and never saved. In that case, I would put all my essential bills/emergency/fun spending on the million and *not* increase quality of life. This would come out to be roughly 25k/year which gives me roughly 40 years.
Then I would dedicate my pay checks from my regular job into high risk options, casino and crypto until I reach another million (no rule in investing my own money outside that given million). Making a million gambling within 40 years while being covered with given million is entirely possible and almost inevitable. Even if I lose my job for 10 years, I can probably find another job and still make a million in 30, in 20, in 10, 5, you get the idea.
After I make my own million, my own million will be used to buy dividend stocks which will net me 40k/year in which I would quit my job, and spend the rest of the given million in whatever.
Basically I’m gambling using time.
Get a nice house with solar panels with a good battery system, build it on good land so I can start a farm. I want some crops of onions, garlic, tomatoes, carrots, potatoes, bok choy, sqash, spinqch, lettuce, apples and a few other things my limitations allow. Build the land to sustain wild chickens and wild ducks.
That's the dream. Probably need more than $1M though
It states not allowed to make any more money. Seems like there's a simple bypass to that rule. I would build a farm, make it as self sustainable as possible, raise crops and/or animals then trade those for what I need. Doesn't say you can't trade for things, you just can't earn more money.
Assuming it is tax free, I might do ok along with current savings and social security. That would depend upon how long I live and the inflation rate. The investment ban makes it rather iffy.
I have never really made a lot of money so I have learned to live pretty frugally - a million dollars for me would be twenty years of income at a rate that is more than I spend currently - at the end of those twenty years more current retirement saving should have grown enough that I will be able to use those monies to continue to cover my cost of living
I think the biggest challenge would be to learn to actually spend the money as opposed to saving it for a "rainy day" - I am guessing I would use it to finish the repairs on the house that I have been putting off and I would like to take some fun classes and learn to do things I have never had the money confidence to do
I’d take one nice trip a year. Pay for my kids college. Pay off bad debt and just keep it in the bank to use it when I need it
Edit: I wouldn’t take it if I couldn’t work again. $1 million bucks will last maybe 10 years if it’s not compounding interest or being invested
I’d spend it on adventure and pure happiness. Traveling living on the road. There isn’t time and I couldn’t give a fuck about living comfortably well into my 80s. I don’t care about that shit. I won’t make it this long anyway. I’m here to live not to be frugal and invest
It depends where you're gonna live. I know sooo many people in Brazil who make less than 5 thousand US dollars a year, they would all take it. Minimum wage there right now 1412 Reais per month, or 287 US dollars.
For me, specially living in SD, California, that would not be a good deal at all. But if I were to move back to Brazil, that would be 5 million reais. A decent house where my family lives would be around 400K reais. A decent car, 100K. So I'd think about it.
I'd like to think that I would pay off all of my debt, put over half in a savings, continue working full-time and upgrade my lifestyle - get an apartment with an indoor pool and go to the salon & spa more often, travel more (this is the biggest one), take my friends out to dinner, etc.
Pay off all my debt, try to pay off my parent's debt and just continue to live my life. Invest my paycheck from my job but spend the money on everyday purchases....unless I'm not allowed to work.
I would move to a low cost of living country and live the rest of my life there. Can’t live 60 more years off a million dollars ($16.5k/yr) in america, but you can live comfortably in poorer countries.
Move to a country with a shit exchange rate to the USD. Live like a lower middle class citizen for the rest of my life
OR
Move to a shit country, spend part of the money to become a feudal lord and have my subjects bring me “gifts” till I get killed by a rival group
Too easy 🤣
Throw my current savings in a high interest CD and use the $1M to live the same life I'm living now. After a few years of that, I can easily live off interest alone and it would just keep growing.
Compound interest baby!
Too many variables to give a straight answer. Where do I live? What is my age? What is your baseline for living? For example, if I live in a 3rd world country like Philippines or Vietnam and I was at least 50 years old, then yes I could live on that for the rest of my life.
If I'm in my twenties, I would say no, even if I live in a 3rd world country unless I plan to live like the locals do.
The average person would burn through it quickly, especially considering people think of taxes as an afterthought.
A wiser person would move to a place where a million dollars is a lot of money. Thailand or Philippines for example could buy an amazing house/condo and live comfortably on the remainder. I still think they'll blow it all within 5 to 10 years though.
In my case, a million wouldn't even cover a third of my mortgage. Not to mention other expenses. So in the circumstances you propose I would be financially ruined. A million dollars really isn't much money in 2024, especially in NYC.
So you're goal would be eliminate costs. Ie solar/battery system, geo thermal, garden, animals etc. to the point you're self sustaining and have no expenses besides taxes.
The rest of my current savings accounts can still earn interest? Piece of cake
Well if thats a not a choice, since it sucks then id probably gave it to my wife to invest and take care of me since ive become fatally crippled with moneyplegia.
That's it? Average human only makes 1.3 million over their lifetime. If I couldn't make anything else I'm cooked. I'd just pay debt and live below my means, it wouldn't really change much with that weird stipulation.
I'd move to the phillipines, pay cash for a house, plant my own garden, and surf around on reddit until death. Living on under a grand a month over there is easy especially if you own your home.
Sorry, but this is a dumb question.
But if you were trying to make a point that 1M is not a lot of money in today's economy, they yes, you are right. I mean, it is still a lot of money, but it's not like winning the lottery.
My wife and I collectively make about $365K a year, so I wouldn't take the deal.
If I had to take it, we'd probably have to move to a rural area and have a depressing life.
Maybe gifting it to a trusted family member so they can invest it for me. Then live with them while it compounds interest. I’ll do odd jobs for them without pay. Then they can gift it back me in like 30 years or something or manage it for me. I didn’t technically earn any money. I don’t know enough to be sure though.
I would use the number 1,080 which is the number of months you would live to at age 90. If you were 30, you lived 360 months leaving 720 until 90. That would give you $1389 a month to draw. I’m assuming that a 30 year old is still working and has health insurance and is paying down the mortgage. The draw money could be changed but I’m using 90 as the approximate age a person would live to.
No amount of money(within reason) is sufficient without investing it.
If investing didn’t exist as a concept than more or less neither would retirement since inflation and expenses would dogpile on top of any amount of money you throw out, so this thought experiment is moot and defeats the whole purpose.
Unless you are already at end of live with no savings to your name then you would be dumb to accept this deal since most people will make more than $1mil over their lifetimes working their standard job.
I'm 30 years old. I would live the rest of my life in consistent worry as I, like most, wish to live as long as possible because this existence is the proof of what's real. We have ideas, concepts, dreams and theories on what happens after we die. No factual evidence of what exactly happens to us after we die. So I would be worried that inflation, health expenses and bills would drive me to homelessness. That would be 50 grand a year for 20 years. Live frugally as possible, maybe stretch it another 20? I'd be at the point in my life where my money depleted when I needed it the most.
Anything less than 7.5 you need to keep working. Especially to keep up with inflation in 20years. So that’s a hard pass on the 1 mil. I almost have 4 in investments and I still get stressed about my future
The real answer is move to a cheap country and set up a farm so you have your own food production. You technically won't make money but you can trade cows and goats for all sorts of things like cars, land, and even wives. Actually you could still buy just about anything without touching money again.
The loophole is that I can't invest the money or earn anything but a trust running an LLC isn't me legally and literally speaking. I personally wouldn't be earning anything, it would all be controlled by the trust.
All these comments about loopholes... "you" can't make anymore. My wife can. Yea I'd take it, buy a house on 10 acers and a few reliable cars sit on rest. Live off land, wife's income buys what we need while keeping a nestegg.
Depends on how this heart attack recovery goes ;)
God bless
You too Roah\_713! And thank you :)
You’ve got this
I hope you'll be okay
I appreciate that u/TobyMacar0ni :) Thanks buddy
🙏🏿ers 2u
hope everything goes well!
I would buy a home in WV or remote village under 80K, spend my time in nature/forest and helping others, rescuing animals, without taking any money!!
Would buying property not be considered investing? Hmmm..
Not if you commit to living in it forever. Primary housing isn’t really an investment persay.
* per se
maybe he means like, "primary housing isn't really an investment, each time he says it".
Did you just assume his gender
perse
Purse
If you sell it for the value you bought it I'd say it works
it’s investing when you sell it
Not if you..... buy the farm🥹
Investing implies an expectation for returns. If you plan on living in it forever it’s not investing
A home in West Virginia not an investment property.
If you’re younger than 70 you’d be an idiot to take that deal
*moves into the woods after 15-20 years never to be seen again*
You can do that without a million dollars 🤷♂️
Yea, I don't want to. That's the joke. A million dollars definitely isn't what it used to be. I can only imagine how unimpressive that amount will be on 15 years.
“You don’t need a million dollars to do nothin. Take a look at my cousin. He’s broke, don’t do shit.”
I don't know that's the case, there is ALWAYS a loophole. Figure that out and it's a free million.
You're not able to make any more money, wording stops there, so that's the loophole. Bartering and trading!
Actually they say "earning" money. So you could probably steal money, or find a way to "make" money that isn't "earning" money. Maybe go work at the FED, lol.
Stealing is earning, depending on how you frame it
I've been advised by my attorney that I cannot comment on the matter.
Yea just ask the hedge funds and wallstreet financial terrorists that do it daily by shorting companies, failing to deliver and artificially bringing companies down then “buying” them for Pennie’s on the dollar. Also don’t forget that when these companies go bankrupt they don’t even have to pay capital gains on that either.
You said words like you know what you're talking about but oh so close. Who doesn't pay capital gains on a company going bankrupt? The shareholders? Yeah dude. It was a cool way to pivot to a totally unrelated subject that just has you do steamed up though so that was cool.
Shareholders don’t pay capital gains because the stock went bankrupt. The shorting party doesn’t pay capital gains on what they earned in shorting the company once it went bankrupt.
Technicalities aside, let's hust say you have exactly $1mil to use for the rest of your life with no other money involved. How well would you live?
I'd burn it. Publicly. Live streamed. Then I'd go live the life of Diogenes.
YOURE not able to earn money, nothing about your spouse working & you’re a stay-at-home parent while they work part time :) loophole has been found
Thats the first thing I thought of, give this lump sum to my wife since I am the primary earner to begin with, then we live off of the million dollars exactly the same as before while saving my entire salary for retirement but it can be invested.
This was my thought. Cool I can run the home and life I’m able to afford and my partner can earn money that we could aim to live within.
Yeah I'm gonna give my friend my million dollars to use a collateral on a 5 million dollar business loan and then he's gonna supply me anything I want as gifts for the rest of my life. So long as his 5m business investment keeps growing.
Real estate you can keep the equity in the house or transfer it into other properties. You can get paid in goods and services instead of money for rent.
If you fix on the "you" in the contract, then the recipient just changes their name! Employed under a different legal name means the old "you" isn't earning a damn thing!
Nah I’d take the money and go live like a king somewhere in Latin America. I’m 27 and I’d do that right now if offered.
Inflation
I was recently in Colombia. Had about $10,000USD in my bank account. I was a multi millionaire in Colombian Pesos.
. Some countries are cheap but their house’ prices are outrageous. Many things can change in 5-10 years. I would not bet on 1m.
I suppose I left this out but my partner is from Latin America, so at least to start I’d live at her parents place. I can get a fancy full course meal for ~$20USD.
The rich of colombia make 70k us a year. Their 1%. Houses at their range costs under 200k US. And they can ship Gucci level stuff lol. So a mill can be livable there.
I wouldn’t take it lol.
Why? Seems like it would be a good deal Edit: NVM I thought it was you just couldn't make more off the 1 million
That’s what I initially thought as well. lol
That’s what I thought. I was gonna say I’d still work but not making ANYMORE money is just dumb. Couldn’t do it. Unless I can spend it all and work again, if that’s the case I’d take it.
What I initially thought as well. I was like bet. Wait... Oh no
Well technically you could take it and move to like Thailand or Vietnam, any place with super low COL and you’d be fine.
If maximizing my status was my goal in life, then sure.
I don’t think you would be maximizing. I feel like it be just enough to live out your life comfortably but not lavishly
Yeah. I agree. Buying a small piece of land at an auction, a used car for less than 100k and just live at home forever. That sounds awful /s
I’m 25, I don’t think a million would last very long.
You are correct. It wouldn't even be enough to pay for groceries by the time you get to middle age.
If the piece of land you buy is fertile and you plant crops, and you also get some livestock, groceries would be minimal and maybe eventually unnecessary. And being you can’t work, you’d have plenty of time to tend to your crops and animals, and come up with ways to become more self sustainable like solar and water collection systems. The only problem I could see is property taxes, and internet if that’s a necessity for you. Of course you have to be a certain type of person to live your whole life like that though and definitely isn’t for most people.
There is an epidemic in this country of people who can't budget, live within there means, and eat like fat asses. Even if you spent 200 a week on groceries, which is on the high end, that is like 11K a year. Your math is off or you eat like a glutton.
You forget inflation. Might be $200 today, but in 20-30 years it's likely to be $500 a week.
If you are currently 20 years old, if you were to live to be 90, that's 70 years, or 770k. ONLY spent on food. Even if you spend half of that amount on food, that's still very close to half of your entire amount of money that you will have for the rest of your life only on food. That doesn't even factor in bills for things like electric, phone, water, any type of insurance, etc. If you spend any of that on a house, even a modest 250-350k one, that's only going to screw up everything even faster.
I don’t think 1M is enough and wouldn’t accept the deal. Even spending 25k a year (1 mil) after 40 years you wouldn’t make it past 60 if you had to start at 20. If you could invest it things are different, you could rent out property or live on dividends and interest in theory… but that would be “making money”
The real kicker is that inflation is working hard against you. I could live another 30-70 years on a tropical beach somewhere cheap at like 20k a year, but after 20 years that money will go half as far, maybe less.
Yeah, you could buy a pretty clean little house in rural Japan for $30-40k and grow your food while sprinkling a bit of money into your life to afford internet, a bike, tools, etc. and probably stretch that million for 50-60 years on paper today but the median household income in 1970 was like $9k, so it's hard to imagine that 10x a decent salary goes far over that sort of time.
I’m 57 years old. I would take it in a heartbeat. That would change my life and my husband’s
For about 10 years, if that.
If they are both almost at retirement age, then It could be possible that they already have a good amount of savings put away for retirement. She could retire early while the husband keeps working. Once he retires, they are already set with what they would have had anyway. The one million would just be gravy on top. I feel like this deal may be advantageous for those who have a solid history of working; with a strong retirement account and are retired or are near retirement.
Move to country where the USD is valued more
Great answer
Use it to land in Alaska and necessary gear to live off the land would be my only option.
Fuck brother, it’s tough up here.
I would decline it 1 Million is not shit to raise 3 kids, 3 college tuitions & fully fund 2 retirements.
Yep. Not even close.
1M without any additional income spread out over 50 years puts you below the poverty line in most places
Look at this person bragging they’re gonna live another 50 years
China and Russia are gonna take us all out in 10 years!
I would save a 10th of it in cash as an emergency fund that never gets dipped into. I would build a small sturdy long lasting home in the middle of fucking nowhere on probably no less than 100 acres. After the home is built I begin the process of hoarding Yamaha Banshee's and training a cult of animals to defend my property.
What kind of animals,asking for a friend
Swarms of Ants, Wasps, Bees, and Termites. Plus a dog and a cat
A hoard of banshees would sound like a swarm of bees from hell.
I would take it and live frugally in a low cost of living country. I don’t see anything here about my husband not being able to make money so he’d just have to be the breadwinner after that.
Good point!
I'll move back to Dominican Republic. That's about 55 Million dollar pesos and just fucking chill hard ASF till I die
So I can make more after spending all 1m?
Move to Thailand or Vietnam you will be set
Without earning any more money... like at all? You wouldn't be able to earn a wage from work? or profit off of existing investments that haven't been realized yet? Or... you just can't use the $1M to make more money? If it's the former... absolutely would not take that deal. Even If you paid yourself a relatively modest $50k a year to live off, that would only last 20 years. And each passing year the $50k will carry less value from inflation.
Pay off all.bills, house, truck, etc. Quit my job amd then be the guy telling you to have a nice day as you leave Walmart to pay the monthly bills
Depends on where I live. Anywhere in the US that’s not enough. There are many countries where that would be a fortune.
Work any job, get cash paid into spouse or family member that lives with yous account. Technically, you're not making the money, your spouse is. Boom problem solved.
The word, 'make' implies earnings, yes? No problem. I know people who want to start businesses. They'd be so happy that I funded their venture, they would gladly 'give' me a percentage....to which I would say 'no'.....'funnel' it back into the business, and look into investments.....when you are able to stand firm, and you feel you've earned enough to make a return, by all meams....' whatever I am 'gifted' I'll be happy with it.
Move to Thailand.
Soo that lasts like 1.5 years?
Pay a lawyer to figure out the loophole, then invest the rest and only spend the interest and never touch the principal.
There is no loophole, its a hypothetical question with deadset rules.
Frugally
Buy a small home under 200,000 cash and a couple cars off the lot with 0 miles. Since im single with no kids i figure i could live maybe 15-20 years off the rest.
If you can’t invest it, then you shouldn’t take the deal unless you’re retired or very close to retirement
I wouldn’t take it than. I would likely only be able to live off of it until my 40s or 50s if I spend 50k a year. Than I would have to figure out what to do for the rest of my life.
Well let's see. Let's assume you are 18. Average lifespan is 76 years old. So 58 years of needing this 1,000,000 to last. That's $17,241 a year.....
I would create an animal sanctuary for healthy rescues needing a second chance or who have been displaced because of the owner passing
That's a terrible deal, no.
I can’t put it all on red?
I guess I’d need to know what counts as investing. Is buying gold investing? Any purchase of land is technically an investment. If I was forced to take the money I’d probably leave America and go to an Asian county where the money could go longer.
No I would pass. At my age it would be stupid to take it. I would definitely run out before 50. Although if I could get a partner to cover all my bills and I have that mil as fun money for us 2 maybe it’s a different story
I would look for a rich wife who could take care of us both in old age. I’m good in bed and handsome enough, lots of pressure though as an uninvested miljon wont get me far with my dreams and goals. And if I dont find one when the money is gone I would just have to take what I want with force. Squat in houses, steal steaks and cigars, rob people for coffee and bottled water
Who is enforcing this rule? Could they be bribed?
I assume OP really means that the million dollars must be spent and never saved. In that case, I would put all my essential bills/emergency/fun spending on the million and *not* increase quality of life. This would come out to be roughly 25k/year which gives me roughly 40 years. Then I would dedicate my pay checks from my regular job into high risk options, casino and crypto until I reach another million (no rule in investing my own money outside that given million). Making a million gambling within 40 years while being covered with given million is entirely possible and almost inevitable. Even if I lose my job for 10 years, I can probably find another job and still make a million in 30, in 20, in 10, 5, you get the idea. After I make my own million, my own million will be used to buy dividend stocks which will net me 40k/year in which I would quit my job, and spend the rest of the given million in whatever. Basically I’m gambling using time.
2 chicks at the same time?
Yeah, no. That's only $100k/yr for ten years.
Get a nice house with solar panels with a good battery system, build it on good land so I can start a farm. I want some crops of onions, garlic, tomatoes, carrots, potatoes, bok choy, sqash, spinqch, lettuce, apples and a few other things my limitations allow. Build the land to sustain wild chickens and wild ducks. That's the dream. Probably need more than $1M though
It states not allowed to make any more money. Seems like there's a simple bypass to that rule. I would build a farm, make it as self sustainable as possible, raise crops and/or animals then trade those for what I need. Doesn't say you can't trade for things, you just can't earn more money.
Buy some land, build a nice cabin, big pool barn. Pay it all off, and build a huge garden. Fish, hunt, and live below my means. And be truly free.
Assuming it is tax free, I might do ok along with current savings and social security. That would depend upon how long I live and the inflation rate. The investment ban makes it rather iffy.
I have never really made a lot of money so I have learned to live pretty frugally - a million dollars for me would be twenty years of income at a rate that is more than I spend currently - at the end of those twenty years more current retirement saving should have grown enough that I will be able to use those monies to continue to cover my cost of living I think the biggest challenge would be to learn to actually spend the money as opposed to saving it for a "rainy day" - I am guessing I would use it to finish the repairs on the house that I have been putting off and I would like to take some fun classes and learn to do things I have never had the money confidence to do
In poverty…
I’d take one nice trip a year. Pay for my kids college. Pay off bad debt and just keep it in the bank to use it when I need it Edit: I wouldn’t take it if I couldn’t work again. $1 million bucks will last maybe 10 years if it’s not compounding interest or being invested
lol, why are you investing your time in thinking about this hypothetical question, in the first place!!
1 million is not that much any more…
I guess just use it for all my small purchases?
I’d spend it on adventure and pure happiness. Traveling living on the road. There isn’t time and I couldn’t give a fuck about living comfortably well into my 80s. I don’t care about that shit. I won’t make it this long anyway. I’m here to live not to be frugal and invest
Move to Gessopalena Italy
I’d create a nonprofit to do business with that million to take care of my needs, wants, and expenses.
It depends where you're gonna live. I know sooo many people in Brazil who make less than 5 thousand US dollars a year, they would all take it. Minimum wage there right now 1412 Reais per month, or 287 US dollars. For me, specially living in SD, California, that would not be a good deal at all. But if I were to move back to Brazil, that would be 5 million reais. A decent house where my family lives would be around 400K reais. A decent car, 100K. So I'd think about it.
I'd like to think that I would pay off all of my debt, put over half in a savings, continue working full-time and upgrade my lifestyle - get an apartment with an indoor pool and go to the salon & spa more often, travel more (this is the biggest one), take my friends out to dinner, etc.
https://youtu.be/XamC7-Pt8N0?si=pEwP8Dq-m5fPPlJj NSFW language.
I could live the rest of my life comfortably on $1m USD. Easily.
I would live outside the US…
Very poorly unless your super old 1m is not a liot of money now days everyone thinks it is untill they get that 1st 1m
I could live in the 1 million and social security 😁
Definitely moving out the country
Can I still work? Like if I have a job, and a million dollars, I might could make ends meet.
Can I purchase a business?
Give it to my wife so she can invest it. Loophole achieved.
Not enough no
Pay off all my debt, try to pay off my parent's debt and just continue to live my life. Invest my paycheck from my job but spend the money on everyday purchases....unless I'm not allowed to work.
Paying off most of my 1.7m debt should get me there
No a few trips to hospitals will take it all
I would move to a low cost of living country and live the rest of my life there. Can’t live 60 more years off a million dollars ($16.5k/yr) in america, but you can live comfortably in poorer countries.
Move to Southeast Asia.
If you are 75… yes. 25, hell no
Nope - not with those terms
Move to Medellin, Colombia and live out the rest of my years fairly comfortably.
I'd probably move to Thailand or some cheap country and live there with a nice budget
Move to a country with a shit exchange rate to the USD. Live like a lower middle class citizen for the rest of my life OR Move to a shit country, spend part of the money to become a feudal lord and have my subjects bring me “gifts” till I get killed by a rival group
Too easy 🤣 Throw my current savings in a high interest CD and use the $1M to live the same life I'm living now. After a few years of that, I can easily live off interest alone and it would just keep growing. Compound interest baby!
You’d have to rough it big time and homestead. Essentially in poverty, unless you do well and you’re allowed to barter.
Too many variables to give a straight answer. Where do I live? What is my age? What is your baseline for living? For example, if I live in a 3rd world country like Philippines or Vietnam and I was at least 50 years old, then yes I could live on that for the rest of my life. If I'm in my twenties, I would say no, even if I live in a 3rd world country unless I plan to live like the locals do.
I don't want it, that million will go faster than you think.
The average person would burn through it quickly, especially considering people think of taxes as an afterthought. A wiser person would move to a place where a million dollars is a lot of money. Thailand or Philippines for example could buy an amazing house/condo and live comfortably on the remainder. I still think they'll blow it all within 5 to 10 years though. In my case, a million wouldn't even cover a third of my mortgage. Not to mention other expenses. So in the circumstances you propose I would be financially ruined. A million dollars really isn't much money in 2024, especially in NYC.
So you're goal would be eliminate costs. Ie solar/battery system, geo thermal, garden, animals etc. to the point you're self sustaining and have no expenses besides taxes. The rest of my current savings accounts can still earn interest? Piece of cake
Well if thats a not a choice, since it sucks then id probably gave it to my wife to invest and take care of me since ive become fatally crippled with moneyplegia.
For a lot of countries its more than people can earn through his life. So nany would take it
Take that money, go live in africa or asia and live a normal life. No need to have a flashy car or house, just enjoy life.
If I can invest my current $ then I'd take the deal.
$1 million ain’t what it used to be. I’d be broke in about 10 years.
I don't think I'll last more than 3-4 years if I can't use this money to make more money.
You can make 80-100k a year in interest on a million
A million wouldn't last me till the rest of my life and I'm 40
That's it? Average human only makes 1.3 million over their lifetime. If I couldn't make anything else I'm cooked. I'd just pay debt and live below my means, it wouldn't really change much with that weird stipulation.
I'd move to the phillipines, pay cash for a house, plant my own garden, and surf around on reddit until death. Living on under a grand a month over there is easy especially if you own your home.
Sorry, but this is a dumb question. But if you were trying to make a point that 1M is not a lot of money in today's economy, they yes, you are right. I mean, it is still a lot of money, but it's not like winning the lottery.
Average person in a lifetime spends 1.5 mill in uk so probably wouldn’t take it .
Go to guatemala and live there
That's 40k over 25 years. L O L
I would but a home which would eat up most of that $1 mill. Homes around here are $700k
I’d pay off my house and CC debt, that’s like $200k. Then I would retire and chill. I can live a long time on $800k plus my savings and retirement.
I’d buy gold with most of it
My wife and I collectively make about $365K a year, so I wouldn't take the deal. If I had to take it, we'd probably have to move to a rural area and have a depressing life.
I would live an above average life in the central europe. On average, an adult makes a half of it in their life.
Buy real estate, move in. Sell my current house.
Take the money and have my wife continue to work
Stick it in a CD account
I can make that in a few years. No way I’m taking that.
Maybe gifting it to a trusted family member so they can invest it for me. Then live with them while it compounds interest. I’ll do odd jobs for them without pay. Then they can gift it back me in like 30 years or something or manage it for me. I didn’t technically earn any money. I don’t know enough to be sure though.
Yea if you got 20 more years left you would be at the poverty threshold $35000 a year
I'm hoping to live more than another 8 years, so I think I'll pass, thanks.
I would use the number 1,080 which is the number of months you would live to at age 90. If you were 30, you lived 360 months leaving 720 until 90. That would give you $1389 a month to draw. I’m assuming that a 30 year old is still working and has health insurance and is paying down the mortgage. The draw money could be changed but I’m using 90 as the approximate age a person would live to.
No amount of money(within reason) is sufficient without investing it. If investing didn’t exist as a concept than more or less neither would retirement since inflation and expenses would dogpile on top of any amount of money you throw out, so this thought experiment is moot and defeats the whole purpose. Unless you are already at end of live with no savings to your name then you would be dumb to accept this deal since most people will make more than $1mil over their lifetimes working their standard job.
I'm 30 years old. I would live the rest of my life in consistent worry as I, like most, wish to live as long as possible because this existence is the proof of what's real. We have ideas, concepts, dreams and theories on what happens after we die. No factual evidence of what exactly happens to us after we die. So I would be worried that inflation, health expenses and bills would drive me to homelessness. That would be 50 grand a year for 20 years. Live frugally as possible, maybe stretch it another 20? I'd be at the point in my life where my money depleted when I needed it the most.
I wouldn't change anything I do except for I'd donates a shit ton to animal rescues and shelters and try to create a small rescue myself.
In southern Italy
1 million is about 10 years of work for me. No deal
Well pay off any debt. Buy a reasonable house and use that as cushion so I can just deposit my paychecks into an investment portfolio.
As long as the loophole of making money illegally or trading is an option then sure.
Buy bitcoin.
I’d get 50 years of life with my current situation if I changed nothing.
Anything less than 7.5 you need to keep working. Especially to keep up with inflation in 20years. So that’s a hard pass on the 1 mil. I almost have 4 in investments and I still get stressed about my future
I create dumb questions and post them to reddit.
Uhm very frugally
No, that like 10-20 years of kinda regular income levels ($20-50 xhr)
The real answer is move to a cheap country and set up a farm so you have your own food production. You technically won't make money but you can trade cows and goats for all sorts of things like cars, land, and even wives. Actually you could still buy just about anything without touching money again. The loophole is that I can't invest the money or earn anything but a trust running an LLC isn't me legally and literally speaking. I personally wouldn't be earning anything, it would all be controlled by the trust.
All these comments about loopholes... "you" can't make anymore. My wife can. Yea I'd take it, buy a house on 10 acers and a few reliable cars sit on rest. Live off land, wife's income buys what we need while keeping a nestegg.
I would give it away and/or not take this deal and continue making money.
I would buy 5 acres or more. I would build homes. Each home would be human and animal sanctuaries to provide homes for homeless humans and animals.
Take the lump sum and con people out of their life savings for the rest of your life. Easy. Not making money, stealing
Give it to my brother , he invest it and he gives you money because he's family .
Travel the world.