this post was submitted on 07 Sep 2023
1185 points (96.8% liked)
Technology
60082 readers
3344 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
40,000 millions. Most people could live without working ever again with one million dollars (provided they managed them wisely.)
While one million is a pretty good amount of cash, you're delusional if you thinks it's a "never working again" amount of money. I had this talk pretty recently with a friend of mine, if he used it to finish paying his house (150k) at 24k a year it would not even last 40 years.
You're assuming that everyone living today will live for more than 40 years. Ageist much? (I'm kidding.)
No, I'm not delusional. I'm not saying "never work again and live in luxury." I'll gladly live in a studio apartment for a few years while I put some of that money work for me (instead of me working.) It's doable.
Edit: you can also move to a relatively safe country where 20K a year gives you the same standard of living as a middle-class westerner - minus the 9 to 5 grind.
At a 4% return, a million nets you around 4000k/month without affecting the principle. After taxes, youre likely walking away with 40k/yr.
Plently of places in the US you can live for around 40k/yr. Not luxury, but if youre fine with rural to semi rural, you can do well on interest alone.
Last time I looked into it, it was closer to 4 million to "never work again" if you were in your mid-30s. Nowadays, even that figure is probably not enough. Your point still stands, however.
Let's run an experiment. Someone give me 1 million dollars, post-taxes, and I'll try my best to never work again. Any takers?