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How long would $1 million in cash last you?
First of all: What's with that guy trying to buy up all the midgets???!!!...THAT is effing strange! Second: It's just a GAME...and a game with very few rules.(Never cared for rules very much) If some of you want to factor in the tax man...go ahead! If you want to build little fifedoms...have at it! I chose the $1mil figure because,by many standards,it's NOT a lot of money... For most of us it would be life changing for sure but,for others,(see various replies) it's just a little more than "chump change". I think it's interesting to see/hear everyones vision for this unlikely scenario. Jan 27 13 02:09 pm Link Becks wrote: that doesn't cost 150k..... unless you get ripped off for all of your monitors from Bang & Olufsen Jan 27 13 02:16 pm Link if i didn't change a single thing about my current lifestyle, stayed as healthy as i am now, and the value of a dollar never changed significantly, roughly 170 years. Jan 27 13 02:22 pm Link Hi can I bet it all on the Superbowl??? Jan 27 13 02:29 pm Link I would buy two cars. My summer Jeep, bright pink with a black soft top and black interior two seater, and my practical car. It wouldn't be something stupidly fancy as I don't really appreciate the value in cars, so probably just another Renault Megane (that's the car I currently have) but newer and without  squeaky breaks. My practical will probably be an auto but I would still want my fun car to be a manual. So minus how ever much they would cost from my million. Now I'll need a nice little house close to my uni so I can finish my degree in peace. I don't really know what the suburban areas near the city are like but I'd rather buy a house, something two bedroomed with a nice backyard and a pool. Then that place will have to be furnished and decorated to my liking so take that away from my cash stash. Then I'll buy myself an Alsatian, and little baby Chief will require lots of training so I can get him to growl on command when I say the word leave. As in, I'll have an argument with someone and I'll say, 'please just leave', and Chief will turn all wolf like and growl at the person. Then I would buy myself some decent quality makeup and skin care products as well as some decent clothing to fill my new woodrobes with. More will go to shoes. But that will be it! No stupid expensive luxury yachts or buying $19999 handbags. Oh! I will need a freaking amazing computer set up, an awesome video camera and to buy lots of weights and benches for my home gym. But I still think after all that spending I will still have cash left over to pay my bills with for a few years. Jan 27 13 02:37 pm Link It could last me forever if I just spent it on my hubby, dogs, horses, and me. However, my problem is that I want to help everyone- I would donate and give away all of it probably within a year! lol  Jan 27 13 02:43 pm Link DOUGLASFOTOS wrote: People just have no concept that 1 Million USD is really not that much. Jan 27 13 02:50 pm Link Assuming that's un-taxed, and not accounting for inflation, in Portland, I'd say my husband and I could live off that for around 20 years. That would be living fairly basic, and taking into account my child is almost grown and would soon be out on his own. Even if I bought a home to live in and payed it off completely, and lived very thin, there would still be prop taxes, insurance on my car, property and medical insurance/expenses, and home/car maintenance, medical for my pets, etc etc. If I bought a sail boat and lived on it, probably much, much longer. Or in a different state, also, much longer. A lot of variables here. 1 mil isn't really that much for a lifetime. Jan 27 13 02:56 pm Link The rest of my life with no problem. I've learned how to be frugal. I would get my little condo out of foreclosure. It is a little studio and only $75K would pay it off. I don't own a car so I would get something like a little Toyota or that little 16K Ford. If I really went all out on a car it would be a Ford Fusion. I would want a camera since I don't have one that works anymore. To be honest my life has been really hard the past few years so I would treat myself to a Canon T4i and some L glass. I would like to make it easier for parents who have kids that are in the hospital for a long long time. A nice little set of simple, free, apartments at the hospital I was at when I was a kid would be a good use of money. Moms and dads could just be there for their kids and not worry. If there was a way I would want to name it "Lotus House" after my mom. I would get to have a home that isn't going anywhere. A great car and an awesome camera. OHHH, I would want to be able to pay top fees to a few amazing glorious models here to shoot with them. Like Jules NYC for sure. That would be so awesome. Jan 27 13 03:22 pm Link OP: Without an estimate of inflation, it is not really possible to guess... Even at 3% inflation, that $1.0m would be worth $500k in approx 20 years even if you didn't spend a dime. Inflation is insidious and needs to be considered. Jan 27 13 03:23 pm Link This is so interesting to me...all the variations and thought... If I could,I'd send you all $1mil and check back with you in 5 years... Maybe we are fooling ourselves in some respects re: $$! Maybe some of us are just "cheap enough" to make it last a lifetime! (Ummm,that would be Me!!!) Jan 27 13 05:20 pm Link $1mil = about 7 years. I couldn't not spend money on my family and friends. ...and a new exotic car for myself. Jan 27 13 06:01 pm Link depends on how much Kate Beckinsale is going to charge me Jan 27 13 06:03 pm Link Shandra Stark wrote: It's what I plan to use my money on anyway, so it really wouldn't be a life change, more of a life fast forward. Jan 27 13 06:03 pm Link Damianne wrote: I thought the rule was 1 mil, no working, no investing, no interest, just 1 mil and that's that? Jan 27 13 06:42 pm Link Sophia Be wrote: I thought the rule was you couldn't use the investment funds i.e. only get a million, we're not talking about any money you made off of it, how long would the million last you. Jan 27 13 06:45 pm Link 13.88889 :-) Jan 27 13 06:51 pm Link 5-6 yrs. Give or take a bit... Jan 27 13 06:57 pm Link 2 weeks after browsing on ebay. Jan 27 13 08:26 pm Link Anna Adrielle wrote: Used it to start a successful business. I win:P Jan 27 13 08:28 pm Link billy badfinger wrote: Why no investing? That's unrealistic--am I to put this $1,000,000 in my basement? Jan 27 13 08:43 pm Link Me? A good long time. My wife? Not so much! Studio36 Jan 28 13 05:44 am Link This is after taxes?Nevermind. If its only me I would be financially secured for the rest of my life. First thing is buy a new house and two brand new cars- one for the weekend for play time. I would put new furnishings inside the house and appliances. Figuring I can get the single biggest barriers to financial freedom out of the way ex mortgage and car payments- I can now just spend the rest as I would be receiving payment from my daytime job and never work again for the rest of my life. Jan 28 13 06:03 am Link billy badfinger wrote: Do I have to pay taxes? Jan 28 13 07:27 am Link Anywhere from fraction of a day to a couple extra lifetimes, depending whether I plan to live forever...or not  I am pretty sure there are some all-inclusive resorts that would be very happy to entertain a guest for years at $50 a day.( 20 grand a year) That's good for 50+ years. Jan 28 13 07:39 am Link Based on how quickly money burns a hole in my pocket, and the fact that the Mecum car auction was just here, I'll be lucky to last until lunch . . . course, I could always get some "money management" advice from Phil Mickelson, or move to Belgium with Gerard . . . SOS Jan 28 13 08:12 am Link Carlos Occidental wrote: ^^ around here Jan 28 13 08:14 am Link Less than 10. Jan 28 13 08:21 am Link -JAY- wrote: This. My bills would be a bit cheaper though. Jan 28 13 08:24 am Link Looknsee Photography wrote: -JAY- wrote: See -- I guess I still don't understand. Jan 28 13 09:14 am Link Looknsee Photography wrote: Looknsee Photography wrote: See -- I guess I still don't understand. I think the OP idea is what would you do if you DID NOT have all this. Just $1M. Jan 28 13 10:52 am Link MKPhoto wrote: Yeah, but I'm confused about his "no interest / no investing" idea. If that $1 million is going to last me, I will have to invest it. If it is not going to last me, I'd just as soon give it to folks who need it more than I do. Jan 28 13 11:31 am Link MKPhoto wrote: Looknsee Photography wrote: I'm assuming that he intends for you to put in the bank at 0% interest. Or, maybe, under your mattress. Jan 28 13 12:48 pm Link For most people not anywhere near as long as they think. To last 20 years that would be 50K per year which sounds like a lot but in 20 years you will need 100K to equal the 50 today. If your house and car(s) are paid for and you live where property taxes are low and stay healthy it will last a while but as some point sooner than you would like it will run out. Now with interest rates what they are now, not getting any interest is pretty close to today's reality.  Jan 28 13 01:24 pm Link Not long if I went to Prague! Jan 28 13 01:26 pm Link About five minutes or so... at least to break it to under $1M... the remainder no clue whatsoever. Jan 28 13 05:44 pm Link 10 - 15 years tops if I maintain my current lifestyle. Jan 28 13 05:46 pm Link 13.698630137 years..... Jan 28 13 06:16 pm Link 30 years. Being thrifty helps. Jan 28 13 10:42 pm Link Hey Ed, Can you figure out exactly what time of day please??? Jan 29 13 07:37 am Link |
if so...12-15 years. If I can buy a house, 7-10.
