No I was saying that with those numbers (6% return/3% inflation/$63k payout) it wouldn't work as you'd be out of money halfway to the 50 years. Fiddle with the numbers (lower payout/higher return) and anything is possible.So you seem to think I couldn't retire....
Yet when I say I would be able to, you create a spreadsheet outlining how I couldn't.
He's not the only one, it happens more often than people realize.Here (state of WV), we had Jack Whittaker win the lottery (highest ever for single winner at the time). Broke as a joke now.
Here (state of WV), we had Jack Whittaker win the lottery (highest ever for single winner at the time). Broke as a joke now.
I'd being willing to bet a $1 that this happens to more than half of the sub $10 million winners. While definitely possible, I think it'd be kind of hard to blow $200+ million. hahaHe's not the only one, it happens more often than people realize.
I saw some stats on lottery winners a few years, I can't exact numbers, but you're not far off. I had a buddy of mine come into a large ($5+ million) inheritance a several years ago... he died broke.I'd being willing to bet a $1 that this happens to more than half of the sub $10 million winners. While definitely possible, I think it'd be kind of hard to blow $200+ million. haha
One of my ex-colleague won 2 million.He's not the only one, it happens more often than people realize.
It takes discipline and some money savvy to amass a wealth over $1 million. Giving someone a $1 million in one lump, that they didn't actually work for/amass, is a recipe for disaster. Remember reading an article about what to do if you win/acquire a large sum of money and one thing they recommended is taking 10% and blowing it on whatever you please. Helps control that itch so that you can save/invest most of the rest.I saw some stats on lottery winners a few years, I can't exact numbers, but you're not far off. I had a buddy of mine come into a large ($5+ million) inheritance a several years ago... he died broke.
He made the mistake almost everyone who becomes suddenly "rich" does, he didn't hire lawyer and financial planner to say no... not only all the friends and relatives whom suddenly come crawling out of the woodwork asking for money, but to him. When he decided he need a new computer he didn't one; he bought 5. New car; he bought 3... and so on and so forth unit he end-up living like a hermit in a double-wide hiding from bill collectors.
Never put all your "eggs" in one basket, that's investing 101...One of my ex-colleague won 2 million.
He's been given "good" advice how to invest it.
Invested in property development.
To increase the income on the long term he took out a loan to increase the investment.
The property developer went bankrupt, my ex-colleague followed him.
The interest on 600,000 would be $15,600/year. You aren't living off that.
Given the choice who wants to live in a third world country? Tropical or otherwise.Sure you can. You're just not thinking creatively enough. Your burn rate in a tropical, third-worldish country could easily be $1-2k/mo. And that's living comfortably.
Given the choice who wants to live in a third world country? Tropical or otherwise.
I said live, not travel through until you're bored. Heck I'd love to travel the world, some third world countries included, just not live there.Um.... *raises hand*
Given the choice between sitting on my ass at a desk until I fall over dead, or traveling around, seeing interesting stuff, moving on when I get bored....
Yeah, seems like a fairly obvious choice.
True that. I'd love to think I'd invest the the theoretical prize money, but the truth is I've got a roof that's going need replacing soon, a septic system that's long in the tooth, and a kitchen and bathrooms that could use an upgrade. So big chunk of it would go towards those things, and then there's the furniture in the family which is pretty long in the tooth... and so is the TV, and my car... and...The crazy thing though is that we can sit here and talk numbers all day but if you're the one that just won $1 million, logic goes out the window. Haha
Right, well, between taxes and all the stuff that needs or is going to need fixing or replacing around here over the next few years... that million bucks is already spent.
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