this post was submitted on 07 Sep 2023
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40,000 millions. Most people could live without working ever again with one million dollars (provided they managed them wisely.)
While one million is a pretty good amount of cash, you're delusional if you thinks it's a "never working again" amount of money. I had this talk pretty recently with a friend of mine, if he used it to finish paying his house (150k) at 24k a year it would not even last 40 years.
You're assuming that everyone living today will live for more than 40 years. Ageist much? (I'm kidding.)
No, I'm not delusional. I'm not saying "never work again and live in luxury." I'll gladly live in a studio apartment for a few years while I put some of that money work for me (instead of me working.) It's doable.
Edit: you can also move to a relatively safe country where 20K a year gives you the same standard of living as a middle-class westerner - minus the 9 to 5 grind.
At a 4% return, a million nets you around 4000k/month without affecting the principle. After taxes, youre likely walking away with 40k/yr.
Plently of places in the US you can live for around 40k/yr. Not luxury, but if youre fine with rural to semi rural, you can do well on interest alone.
Last time I looked into it, it was closer to 4 million to "never work again" if you were in your mid-30s. Nowadays, even that figure is probably not enough. Your point still stands, however.
Let's run an experiment. Someone give me 1 million dollars, post-taxes, and I'll try my best to never work again. Any takers?