Could you survive on 3 million dollars?

Discussion in 'Odds & Ends' started by Rickson, Nov 6, 2008.

?

Can you live on 3 million for the rest of your life?

  1. I can definitely survive with that!

    60.5%
  2. No way! I'll make more that that.

    9.3%
  3. I'm not sure, but I think I can

    20.9%
  4. I'm leaning toward no

    9.3%
  1. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    That means for the rest of your life without earning a single dollar more. Most of the older people here who are close to retirement age could surely do it, but can everyone here get by? Remember, not a single dollar more than that.
     
    #1
  2. takl23

    takl23 Semi-Pro

    Joined:
    Sep 13, 2007
    Messages:
    562
    Location:
    43 05 141 21
    If you live on about 50k a year that'll last about 36 years give or take. I'm too young to that to last me. If there was bank interest involved which there always is, then yes, easily.

    Cheers,

    Tim
     
    #2
  3. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    36 years? Don't you mean 60?
     
    #3
  4. oest10

    oest10 Semi-Pro

    Joined:
    Sep 11, 2008
    Messages:
    517
    Location:
    the Netherlands
    bank interest indeed :)
     
    #4
  5. Sentinel

    Sentinel Bionic Poster

    Joined:
    Jan 21, 2008
    Messages:
    30,491
    Location:
    La Belle Époque
    I can, R, but who's providing ?

    And how did this question come up ?
     
    #5
  6. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    My buddy and I were discussing how much money it would take to survive the rest of our lives respectively. He's got a wife and kid, and he said 3 mill should do it. I broke it down and figured I've got 40 more years minimum and 60 more maximum so that would be 75K and 50K respectively. 50K is more than most people's pensions so yeah, I think I can survive on that.
     
    #6
  7. albino smurf

    albino smurf Professional

    Joined:
    Mar 7, 2008
    Messages:
    961
    Location:
    In a cloud of yellow fuzz
    Yes. I'd love to get a chance to prove it too. Anybody?
     
    #7
  8. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    What if you come up short and live your final 2 years or so destitute and hungry, albino?
     
    #8
  9. Nuke

    Nuke Hall of Fame

    Joined:
    Apr 13, 2005
    Messages:
    2,974
    Location:
    location, location, location
    You have to remember that a dollar is going to be worth less in 30 years.
     
    #9
  10. gj011

    gj011 Banned

    Joined:
    Aug 21, 2007
    Messages:
    6,548
    Location:
    Back from prison
    You should consider inflation since I doubt you would be able to survive with 50K in 60 years.

    So without penny more no, with interest yes.
     
    #10
  11. raiden031

    raiden031 Legend

    Joined:
    Aug 31, 2006
    Messages:
    5,997
    I could probably survive if I didn't have kids.
     
    #11
  12. hollywood9826

    hollywood9826 Semi-Pro

    Joined:
    Feb 13, 2008
    Messages:
    544
    Location:
    Havre de Grace, MD
    A decent house around my way woth living in for the rest of life sell around 450k. another 50k for a decent tractor and whatever I wanted to put in the house. leaves me with 2.5 mil. no morgatge at this point. So I would be in sustain mode.

    On the generous side of things Id say taxes, electric, insurance, cable, food, heat, regular home maintence items, and whatever else could easily be under 1500 per month. which would give you almost 1667 months before that money ended. 1667/12 is more than 138 years before that 1500 month would run out.

    So say inflatoin or whatever cuts that in half. you got 65 years to live on the 2.5 mill. but your house will increase in value (or least one would hope). And when you get old you can always reverse mortgatge that thing.

    So my original answer was I think so. but after thinkin It seems this would be fairly easy
     
    #12
  13. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    It's all tax free and you can rent. No profit allowed on the 3 mill so you can buy a house, but you can't sell it. Give it to your kids.
     
    #13
  14. raiden031

    raiden031 Legend

    Joined:
    Aug 31, 2006
    Messages:
    5,997
    This is starting to sound like Brewster's millions
     
    #14
  15. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    You think so?

    [​IMG]
     
    #15
  16. Nanshiki

    Nanshiki Hall of Fame

    Joined:
    Jul 4, 2008
    Messages:
    2,285
    If you invest a million dollars you can live for the rest of your life...

    You can earn at least 100,000 a year off of investments if you don't count taxes, assuming the stock market doesn't totally crash, and even then you'd still make a good amount off of Government bonds.

    Three million would be child's play.
     
    #16
  17. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    You really should read the original post.
     
    #17
  18. Nuke

    Nuke Hall of Fame

    Joined:
    Apr 13, 2005
    Messages:
    2,974
    Location:
    location, location, location
    The OP's premise was that you wouldn't earn any more -- the 3 million is all you get. And please tell us where can you get a sure-fire 10% annual return these days.
     
    #18
  19. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    The youngest of posters here would survive another 80 years so that makes it 37,500 anually. A teen really doesn't need 37.5K anyway so cut that in half for about 5 years and you still get 39K per year. That's not a bad income for doing nothing for the next 80 years. You may never be super rich, but you can surely survive.
     
    #19
  20. Nuke

    Nuke Hall of Fame

    Joined:
    Apr 13, 2005
    Messages:
    2,974
    Location:
    location, location, location
    Are you kidding -- that's going to be poverty wages in 30 years, let alone 80.
     
    #20
  21. sureshs

    sureshs Bionic Poster

    Joined:
    Oct 1, 2005
    Messages:
    35,108
    Why don't you give me 3 million dollars and I will find out.
     
    #21
  22. goober

    goober Legend

    Joined:
    Jun 9, 2004
    Messages:
    8,491
    Like all things, there is high end and there is low end. :)
     
    #22
  23. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    Under, my ex gf almost cost me more than that so I guess your habits would be more than 50K a year.
     
    #23
  24. Andres

    Andres G.O.A.T.

    Joined:
    Apr 21, 2005
    Messages:
    12,541
    Location:
    Mar del Plata, Argentina
    Yes. 3 million dollars = 10.38 million pesos.

    I think I could survive with half, or even a third of that money :)
     
    #24
  25. Nellie

    Nellie Hall of Fame

    Joined:
    Oct 4, 2004
    Messages:
    3,773
    No - because in a few (20+) years, that 3 million won't be worth that much. You have to at least be able to get bond rates to keep you money from shrinking in real value.
     
    #25
  26. Sentinel

    Sentinel Bionic Poster

    Joined:
    Jan 21, 2008
    Messages:
    30,491
    Location:
    La Belle Époque
    Rickson, does your contract state one has to live in the US?

    Can one go over to Mexico or Brazil with it ?

    Did someone make you this offer, and you want us to do the thinking. Something like that Robert Redford movie ... what was it ... Indecent Proposal.
     
    #26
  27. latinking

    latinking Professional

    Joined:
    Mar 16, 2007
    Messages:
    1,010
    Not where I live!! Bermuda is one of the most expensive places in the world to live!!

    Average rent is 2500 dollars US, for a one bed room apartment. Average house is 1.5 million dollars US. And thats not a big house either. The cheapest cars are 28,000. A BMW is about 50,000 to 70,000. Insurance is crazy expensive. On average, its about 50 dollars a bag at the grocery store. I am not exadurating!!

    We have so many rich people here, but also many people who live pay check to pay check. Great place to live just very expensive.
     
    #27
  28. maleyoyo

    maleyoyo Rookie

    Joined:
    Apr 11, 2005
    Messages:
    333
    Why just survive? We are all trying to make ends meet and surviving now. If I had 3 millions under the circumstances I would live it up for say...10 years. I'd trade 10 golden years for 40 average years any day. In tennis sense...why would one wants to be a 4.0 for 20 years if you can play like Nadal or Federer for one year !
    So, the answer is I sure can. I'll die a happy man after 10 years.:)
     
    #28
  29. latinking

    latinking Professional

    Joined:
    Mar 16, 2007
    Messages:
    1,010
    With all the financial problems going on in the world, its kinda scary living here.
     
    #29
  30. Rickson

    Rickson G.O.A.T.

    Joined:
    Jun 16, 2004
    Messages:
    12,740
    Location:
    USA
    So in other words, you'd have a good 10 years and then commit suicide?
     
    #30
  31. LuckyR

    LuckyR Legend

    Joined:
    Jun 2, 2006
    Messages:
    6,404
    Location:
    The Great NW
    A better question that would wake up a lot of folks would be: how much money do you think you will earn in your life?
     
    #31
  32. maleyoyo

    maleyoyo Rookie

    Joined:
    Apr 11, 2005
    Messages:
    333
    Anything happens after that is added bonus. You never know what life will bring...
     
    #32
  33. Nanshiki

    Nanshiki Hall of Fame

    Joined:
    Jul 4, 2008
    Messages:
    2,285
    The stock market averages about 17%... so if you mix T-bonds (which are risk-free but low rate) with stocks, bonds, annuities, etc, you can basically get at least 10% barring any nuclear war-like disasters.

    The whole concept is bunk anyway, at least in the real world. Even assuming you can't 'earn' any more money (meaning working for a salary/wage), he didn't really specify that you couldn't turn that money into something else that creates a return.

    Also, you could live for the rest of your life on 3 million, assuming you invest it all into self-sufficiency (buy a farm and a well), if your definition of "live" = food, water, shelter.
     
    #33
  34. Leelord337

    Leelord337 Hall of Fame

    Joined:
    Sep 1, 2006
    Messages:
    3,911
    Location:
    univ houston courts
    i voted more because i would take that 3 mil and invest it if i had it, i could probably survive w/a million that i could invest (buying and selling real estate etc...misc investment opportunities) to make more
     
    #34
  35. MIGHTY MANFRED THE WONDER

    MIGHTY MANFRED THE WONDER Semi-Pro

    Joined:
    Jul 11, 2007
    Messages:
    688
    Are you suggesting that posters here don't have 3 million?
    I thought pretty much they did...This is interresting news.
     
    #35
  36. Underhand

    Underhand Legend

    Joined:
    Oct 17, 2008
    Messages:
    6,212
    Location:
    Serve'n Valley
    3 million is just the change for the posters here that's why so hard to imagine the situation in the question.
     
    #36
  37. theace21

    theace21 Hall of Fame

    Joined:
    Feb 25, 2004
    Messages:
    3,263
    3 million in the bank at a very low and save CD rate of 3% would get you 90000 a year. Should be enough for most of us...
     
    #37
  38. LanEvo

    LanEvo Hall of Fame

    Joined:
    Aug 6, 2007
    Messages:
    2,656
    I'm 16, and with $3 million, i am 100% positive i could survive the rest of my life with this amount of money
     
    #38
  39. LanEvo

    LanEvo Hall of Fame

    Joined:
    Aug 6, 2007
    Messages:
    2,656
    and this even includes if i drop out of school right now and never come back
     
    #39
  40. tears_of_awesom

    tears_of_awesom New User

    Joined:
    Aug 15, 2007
    Messages:
    66
    on just 3 million alone i highly highly highly doubt it for obvious reasons that others have posted earlier. However, if you were smart and not an f'ing idiot and learned to generate more money from it (have the money work for you), than you definetly could.

    I play tennis with a good buddy of mine and his net worth is literally over 100million dollars. You would never know that he is rich by just looking at him or where he lives or drives...He has a nice house and car, sure, but its nothing that would say "wow, hes loaded". He wasnt born rich, in fact he immigrated here to the US with virtually no money, managed to put himself through school and ended up working for the state later on...saved up 20k and started land developing. Became a millionaire in 3 years and the rest is history. He is the one that got me playing tennis because he payed for my lessons for the first 2 months 4 days a week at 70$/hour. My point is that if he could do it with 20k and be set for life than one could do obviously do it with 3 million. I on the other hand is on the extreme opposite of the spectrum, lol
     
    #40

Share This Page