How much cash money do you need to be able to "live well" off investments and interest alone?
Posted on Apr 03, 2008 under investment |How much cash money do you need to be able to "live well" off investments and interest alone? By living well, I mean earning about $100K a year.
I am guessing that with $1,000,000 in cash you could quit working and just live off of reinvesting and interest on that money for the rest of your life.
April 3rd, 2008 at 8:04 am
well, the definition to be considered nationally wealthy is 3 million. the reason being is that you cant really lose your money unless you buy like 500 thousand dollar cars. thats the defition as of right now. in the future it will most likely change. But, even if you dont have 3 million. you would be surprised at how much you would have to work to somewhat live at the 3 million level, having considerably less money. say for insstance. you might even be able to live the same way a nationally wealth person does by doing like 5 or 10 hours a week, and having only a million. once that money is there, its not easy to lose it unless you get really unlucky. one of the fastest riches is in real estate, but it is a fast way to lose it if you dont know what you are doing. its all about investing. interest on a million isnt much. if you go to annuities, you will get more, but u cant touch your own principle. thats the sucky part. and if you die, you wont get anything. it depends on how you do it with annuities.
April 3rd, 2008 at 8:04 am
Historic returns in the stock market are around 10.7%, and the cost of living increases at a pace of around 6%. So to get $100,000 per year in today's dollars, you'll need $106,000 next year, and $112,000+ in the following year, and so on.
Remember that the stock market has had years of major gains, and years (days, even) of major losses. During the years of gains, you would only pull out the equivalent of $100K (in "today's dollars). And in years of losses, you'd be eating into your "Principle".
But if you set aside $2.130 Million, into the stock market, and did "average" performance, and the cost of living rose at an average pace, you could make $100,000 in today's dollars forever, and when you die, transfer that money to someone else who could also make that kind of a gain.
However, if you are willing to run out of money on your deathbed, and are "lucky enough" to die at the right time, then you may need far less - as you can eat away at your principle. Of course, Annuities help you to manage this process, allowing you to "pay a premium" for the insurance, so that they will pay out as long as you live.
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