million bucks
12-21-2006, 09:43 AM
#31
Former Moderator
Well, Im not the richest guy in the world, and I pay 49% on my income taxes...I lose half of all money I earn. If you win money, not only are you automatically in the upper tax bracket, you are also subject to lottery tax, which varies from state to state.
12-21-2006, 10:07 AM
#32
Administrator
I think you are being too literal. I think the real question is could you live off the interest on $1 million, I think winning the lottery is just a metaphor for "acquiring it out of the blue".
12-21-2006, 10:46 AM
#33
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Originally Posted by cthree,Dec 21 2006, 11:07 AM
I think the real question is could you live off the interest on $1 million, I think winning the lottery is just a metaphor for "acquiring it out of the blue".
12-22-2006, 06:23 AM
#34
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Originally Posted by Amit,Dec 20 2006, 07:56 PM
I doubt anyone on this forum could retire with a million dollars. I say that considering the fact that it's a sports car forum, and most of us own one or want one. to retire with a million dollars you'd have to have a a very basic lifestyle and live in the boonies, and even that's iffy.
the funny thing is the average joe that doesn't have a clue about the financial world probably thinks they would live like a king for a million bucks.
the funny thing is the average joe that doesn't have a clue about the financial world probably thinks they would live like a king for a million bucks.
(assuming I will get a full mil after taxes) and basic lifestyle.. what would that be.. ? what is basic to some may not be to others..
give me 1 mil $, and I will live like a king, in a lake house high on a cliff, retired..
give me 1/2 mil $, and i will live very well retired.. and in both cases, my lifestyle would be anything but basic.. as I view it..
as long as I'm content, that's all that matters..
I'm just a tad over 50, and still enjoying doing most things that I did at 20.. guess I'm still just "a kid at heart" ..
I'm only working now because I can.. and still enjoy what I do..
cheers
12-24-2006, 02:19 PM
#35
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even at 4% back you still couldnt live off it.
DY - I think you could live quite comfortably off $1 million. My G-parents are RETIRED on $700k. The market (average over the past decade or so) has grown at approx. 7.5%/yr. If you are with the AVERAGE (and you should be with a well diversified portfolio) you will make $75k each year. If this is invested in a Roth IRA, any distributions (up to the original million) are tax free.
Personally, I would invest in Real Estate. I know the market is slowing, but it will never completely die. Real Estate represents a fixed asset that you own. Stock only represents your share of a company's net assets, which can change from year to year. You can always be issued more stock, but they are not making land anymore (except in Dubai
). Real Estate has historically been a safe investment, and if you can buy a house and not pay mortgage / rent, you will not need much to live.
I've had my home on the market in San Diego since before Thanksgiving and not only can't get any offers I can't get anyone to even come look at it. Two people have viewed it in the last 30 days and none of them even left a card.
I listed it for $525K and it was appraised last year for $580K so go figure.
I listed it for $525K and it was appraised last year for $580K so go figure.
John
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