Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » I you had $1,000,000 -- would you NEET for life?
  1. Results 31 to 60 of 95
  2. Page 2 of 4
  3. First
  5. 1
  6. 2
  7. 3
  8. 4
  10. Last

Thread: I you had $1,000,000 -- would you NEET for life?

post 1704353141 07-30-2024, 01:23 PM
-
#31
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Let's say you have $1,000,000 sitting in an account.

You could buy a house/condo in a relatively low COL area for like $200k.

You then have $800,000 left over and let's say you could invest it at a very safe return of 6.5%/year.

Your income is now $52,000/year and rent/mortgage $0.

Would you NEET/retire for as long as it takes you to get motivated to do something work related?

Would you consider traveling abroad to even lower COL areas where you could live well on little money?

Time is our most valuable asset -- can't buy it back and it's gone in the blink of an eye.
post 1704353501 07-30-2024, 01:29 PM
-
#32
  1. Redundanteater
  2. Registered User
  1. Redundanteater
  2. Registered User
  3. Join Date: Mar 2015
  4. Posts: 3,656
  5. Rep Power: 23193
Originally Posted By eddiehaskell⏩
Let's say you have $1,000,000 sitting in an account.

You could buy a house/condo in a relatively low COL area for like $200k.

You then have $800,000 left over and let's say you could invest it at a very safe return of 6.5%/year.

Your income is now $52,000/year and rent/mortgage $0.

Would you NEET/retire for as long as it takes you to get motivated to do something work related?

Would you consider traveling abroad to even lower COL areas where you could live well on little money?

Time is our most valuable asset -- can't buy it back and it's gone in the blink of an eye.
First of all, your expected return is way too aggressive. Returns are non linear, sequence matters, and you can't know ahead of time what's coming.

Unless you're already old, safe withdrawal rate is likely around 3.5%. So your 800K is giving you less than 30K/yr ongoing "sustainable" income. Little fear of depleting the principle but that's not near enough for me to live on.
post 1704353551 07-30-2024, 01:32 PM
-
#33
  1. JackyChin
  2. Registered User
  1. JackyChin
  2. Registered User
  3. Join Date: Nov 2023
  4. Age: 56
  5. Posts: 3,042
  6. Rep Power: 14673
No, I haven't
post 1704353671 07-30-2024, 01:34 PM
-
#34
  1. NKWulf
  2. Retired
  1. NKWulf
  2. Retired
  3. Join Date: Mar 2005
  4. Location: New York, United States
  5. Age: 52
  6. Posts: 25,186
  7. Rep Power: 148179
post 1704353681 07-30-2024, 01:34 PM
-
#35
  1. Silence2
  2. Banned
  1. Silence2
  2. Banned
  3. Join Date: Jan 2024
  4. Posts: 4,565
  5. Rep Power: 0
Post deleted by user
post 1704353801 07-30-2024, 01:36 PM
-
#36
  1. Cleveland33
  2. Registered Gooner
  1. Cleveland33
  2. Registered Gooner
  3. Join Date: Jan 2010
  4. Location: Philadelphia, Pennsylvania, United States
  5. Posts: 66,951
  6. Rep Power: 497612
I wouldn't even need a million
post 1704353931 07-30-2024, 01:38 PM
-
#37
  1. 6gorillion
  2. Registered User
  1. 6gorillion
  2. Registered User
  3. Join Date: Oct 2023
  4. Age: 56
  5. Posts: 4,536
  6. Rep Power: 29697
I'd immediately relocate to a LCOL country like D.R. and live out my days like a king.
post 1704353981 07-30-2024, 01:39 PM
-
#38
  1. AnaboLecter
  2. Registered User
  1. AnaboLecter
  2. Registered User
  3. Join Date: Nov 2023
  4. Age: 56
  5. Posts: 1,638
  6. Rep Power: 23348
Yep, I'd move to Thailand and live like a king
post 1704354061 07-30-2024, 01:41 PM
-
#39
  1. NKWulf
  2. Retired
  1. NKWulf
  2. Retired
  3. Join Date: Mar 2005
  4. Location: New York, United States
  5. Age: 52
  6. Posts: 25,186
  7. Rep Power: 148179
Originally Posted By AnaboLecter⏩
Yep, I'd move to Thailand and live like a king
my cousin was injured on the job and got paid millions for it. He now lives in the Philippines and travels to all those areas. He does live like a king
post 1704354251 07-30-2024, 01:45 PM
-
#40
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By Redundanteater⏩
First of all, your expected return is way too aggressive. Returns are non linear, sequence matters, and you can't know ahead of time what's coming.

Unless you're already old, safe withdrawal rate is likely around 3.5%. So your 800K is giving you less than 30K/yr ongoing "sustainable" income. Little fear of depleting the principle but that's not near enough for me to live on.
you can get nearly 6% on a cd. and why are you spending down the $800k? you're living on the interest...maybe even less so you can back into investments $400-500/month.
post 1704354331 07-30-2024, 01:47 PM
-
#41
  1. wasp9166
  2. straight out da bronx
  1. wasp9166
  2. straight out da bronx
  3. Join Date: Nov 2008
  4. Location: NY
  5. Posts: 52,577
  6. Subscribers: 3
  7. Rep Power: 511073
You don't need a million dollars to shave your legs kid
post 1704354351 07-30-2024, 01:47 PM
-
#42
  1. Silence2
  2. Banned
  1. Silence2
  2. Banned
  3. Join Date: Jan 2024
  4. Posts: 4,565
  5. Rep Power: 0
Post deleted by user
post 1704354551 07-30-2024, 01:51 PM
-
#43
  1. JackyChin
  2. Registered User
  1. JackyChin
  2. Registered User
  3. Join Date: Nov 2023
  4. Age: 56
  5. Posts: 3,042
  6. Rep Power: 14673
Originally Posted By eddiehaskell⏩
you can get nearly 6% on a cd. and why are you spending down the $800k? you're living on the interest...maybe even less so you can back into investments $400-500/month.
So 56,000/yr...before taxes and inflation.

Sounds like $30k/yr at best unless you're planning on returning to work in your 60s

Also, with so many years of unemployment your Social Security is going to be basically nothing...and odds are you'll be running out of cash right as you start to really need it.

Is it doable? Yes, if you really have to make it work. Especially if you're able bodied and have family help.

But your hobbies and options are going to be badly constrained. It'll be even worse if you get sick.
post 1704354701 07-30-2024, 01:54 PM
-
#44
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By JackyChin⏩
So 56,000/yr...before taxes and inflation.

Sounds like $30k/yr at best unless you're planning on returning to work in your 60s

Also, with so many years of unemployment your Social Security is going to be basically nothing...and odds are you'll be running out of cash right as you start to really need it.
$52,000 with no mortgage/rent and a net worth of $1M. who cares about SS.
post 1704354821 07-30-2024, 01:57 PM
-
#45
  1. guest89
  2. Forever aBOARD
  1. guest89
  2. Forever aBOARD
  3. Join Date: Sep 2003
  4. Location: United States
  5. Posts: 41,691
  6. Rep Power: 169649
No. But if I had 1 million. I'd likely just work for myself doing something easy/enjoyable.


F350 diesel. Maybe get a flatbed trailer, box trailer, and dump trailer. Do odd jobs advertising on FB and Craigslist as a truck/trailer for hire.


You can actually make good money doing it. I just don't feel like doing it full time. But it would be cool just working 2-3 days a week and making a few thousand per week cash. To mostly just be driving my truck towing a load.
post 1704354941 07-30-2024, 02:01 PM
-
#46
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By guest89⏩
No. But if I had 1 million. I'd likely just work for myself doing something easy/enjoyable.


F350 diesel. Maybe get a flatbed trailer, box trailer, and dump trailer. Do odd jobs advertising on FB and Craigslist as a truck/trailer for hire.


You can actually make good money doing it. I just don't feel like doing it full time. But it would be cool just working 2-3 days a week and making a few thousand per week cash. To mostly just be driving my truck towing a load.
and that would all be play money considering you have $52k income and no mortgage/rent.
post 1704354991 07-30-2024, 02:01 PM
-
#47
  1. Silence2
  2. Banned
  1. Silence2
  2. Banned
  3. Join Date: Jan 2024
  4. Posts: 4,565
  5. Rep Power: 0
Post deleted by user
post 1704355161 07-30-2024, 02:06 PM
-
#48
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By Silence2⏩
Why is misc so risk adverse lmao

Just throw it all into BTC or SOL and you’ll have multiple millions in a few years easy peasy

Smh at misc high inhibition
well the goal is ensuring you never work again. no reason you can't throw some of your monthly income in it though.
post 1704355461 07-30-2024, 02:15 PM
-
#49
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By NKWulf⏩
my cousin was injured on the job and got paid millions for it. He now lives in the Philippines and travels to all those areas. He does live like a king
sounds pretty good
post 1704355491 07-30-2024, 02:16 PM
-
#50
  1. SexualDeviance
  2. Registered User
  1. SexualDeviance
  2. Registered User
  3. Join Date: Apr 2010
  4. Age: 37
  5. Posts: 46
  6. Rep Power: 0
lol $1million is nothing in 2024...

brb, getting a house in a major metro and all the money is gone.

Maybe if it was $3million
post 1704355611 07-30-2024, 02:18 PM
-
#51
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By SexualDeviance⏩
lol $1million is nothing in 2024...

brb, getting a house in a major metro and all the money is gone.

Maybe if it was $3million
wouldn't try to live in a major metro if this was your goal. you'd buy on the outskirts of a city of ~500k-1.5m people.
post 1704355741 07-30-2024, 02:21 PM
-
#52
  1. SexualDeviance
  2. Registered User
  1. SexualDeviance
  2. Registered User
  3. Join Date: Apr 2010
  4. Age: 37
  5. Posts: 46
  6. Rep Power: 0
Originally Posted By eddiehaskell⏩
wouldn't try to live in a major metro if this was your goal. you'd buy on the outskirts of a city of ~500k-1.5m people.
Then you are living on $500K. If we assume 4% withdrawal rate, that's basically 20K per year..you are asking to living on poverty standards for the rest of your life!

lmao
post 1704355821 07-30-2024, 02:24 PM
-
#53
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By SexualDeviance⏩
Then you are living on $500K. If we assume 4% withdrawal rate, that's basically 20K per year..you are asking to living on poverty standards for the rest of your life!

lmao
i don't think you're grasping this. you buy a $200k house/condo and the $800k invested at 6.5% grosses you $52k/year without touching it.
post 1704355831 07-30-2024, 02:24 PM
-
#54
  1. volleys
  2. hit me up on myspace
  1. volleys
  2. hit me up on myspace
  3. Join Date: Dec 2011
  4. Posts: 11,785
  5. Rep Power: 104626
No, I need more than a million to pay for kids college/house down payments.
post 1704355931 07-30-2024, 02:26 PM
-
#55
  1. ezmac31
  1. ezmac31
  3. Join Date: Jun 2009
  4. Location: Michigan, United States
  5. Age: 43
  6. Posts: 20,160
  7. Subscribers: 1
  8. Rep Power: 247931
Originally Posted By SexualDeviance⏩
Then you are living on $500K. If we assume 4% withdrawal rate, that's basically 20K per year..you are asking to living on poverty standards for the rest of your life!

lmao
That’s how he lives now
post 1704356041 07-30-2024, 02:28 PM
-
#56
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By ezmac31⏩
That’s how he lives now
Ask a lot of retired people with no mortgage/rent/debt how much they really live on per year and many will tell you less than $30k/year.
post 1704356531 07-30-2024, 02:41 PM
-
#57
  1. SexualDeviance
  2. Registered User
  1. SexualDeviance
  2. Registered User
  3. Join Date: Apr 2010
  4. Age: 37
  5. Posts: 46
  6. Rep Power: 0
Originally Posted By eddiehaskell⏩
Ask a lot of retired people with no mortgage/rent/debt how much they really live on per year and many will tell you less than $30k/year.
Yes except I am not a retired person with a bad knee. I am a 35 yr old who can travel, play sports, explore, etc
post 1704356711 07-30-2024, 02:46 PM
-
#58
  1. eddiehaskell
  1. eddiehaskell
  3. Join Date: Oct 2009
  4. Age: 42
  5. Posts: 16,178
  6. Rep Power: 33829
Originally Posted By SexualDeviance⏩
Yes except I am not a retired person with a bad knee. I am a 35 yr old who can travel, play sports, explore, etc
how would living on $52k/year (equivalent to around $70k for those renting) stop you from playing sports or exploring? you might not do extravagant travels, but you're trading in 2-4 weeks of vacstion that most people get to not have the stress of being a worker 365 days a year. quite the excellent trade off if you ask me.
post 1704357171 07-30-2024, 02:58 PM
-
#59
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
$1,000,000 wouldn't be enough for me, but it would put me about 15 years ahead. From what I've read, money stacks up real quick once you hit $1,000,000

I'd honestly keep working while letting the $1,000,000 collect interest. Can someone run the numbers on investing or the interest $1,000,000 adds up to in 10 years?
post 1704357891 07-30-2024, 03:14 PM
-
#60
  1. Redundanteater
  2. Registered User
  1. Redundanteater
  2. Registered User
  3. Join Date: Mar 2015
  4. Posts: 3,656
  5. Rep Power: 23193
Originally Posted By eddiehaskell⏩
you can get nearly 6% on a cd. and why are you spending down the $800k? you're living on the interest...maybe even less so you can back into investments $400-500/month.
Interest rates are not fixed. That 6% won't be forever. You need equity exposure to offset inflation over time, which introduces risk. Read about safe withdrawal rates. In today's environment I wouldn't be comfortable withdrawing more than 3.5%/yr.

Obviously if you're old or otherwise have a short time horizon, higher WR can work.
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts