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

post 1704357931 07-30-2024, 03:15 PM
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#31
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Originally Posted By MikeLowrrrey⏩
$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?
If you can grow it 7%/yr, with no further additions that 1M will be worth almost 2M in 10 years.
post 1704357981 07-30-2024, 03:16 PM
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#32
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I'm getting 4.5% on my hysa, which is the only 100% safe investment, so making 3k a month on 800k, plus that is taxed ofc. You wouldn't want to touch that principle, so try to live on 3k a month. It's doable but not fun. In order to be comfortable i'd say 1.8, million, buy the house fr 200k, put away the 1.6 million into a hysa making 4.5% interest, netting 6k a month in interest, to drop out.
post 1704358141 07-30-2024, 03:19 PM
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#33
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LOL this guy again. Why dont you just log off and try to get to that million so you can practice what you preach?
post 1704358271 07-30-2024, 03:24 PM
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#34
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Originally Posted By redmelly⏩
I'm getting 4.5% on my hysa, which is the only 100% safe investment, so making 3k a month on 800k, plus that is taxed ofc. You wouldn't want to touch that principle, so try to live on 3k a month. It's doable but not fun. In order to be comfortable i'd say 1.8, million, buy the house fr 200k, put away the 1.6 million into a hysa making 4.5% interest, netting 6k a month in interest, to drop out.
What are your plans for when interest rates drop and/or inflation eats away? Savings acct is fine for short term needs over the next 1-2 years or so, however long term money must be exposed to equity risk if you want to have a chance of maintaining purchasing power. Also interest is taxed as ordinary income at the highest rates. Capital gains are much better, and you have some control over when they're realized.

Remember, $1 million isn't all that much today and will be less - potentially MUCH less - in 20 or 30 years. What matters is your after tax purchasing power, not the absolute numbers.
post 1704358361 07-30-2024, 03:25 PM
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#35
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Originally Posted By Redundanteater⏩
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.
That's why you're reinvesting ~$400-500/month of your income off the $800k -- to help offset future inflation/risks. Put it in equities if you wish. Basically, the goal is to live like a responsible person making $60-70k/year just without the headache of a job which is essentially a 365 day/year commitment. If you feel any pressure in your budget there's nothing saying you couldn't work a day or two a week doing something.
post 1704358431 07-30-2024, 03:26 PM
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#36
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Originally Posted By donblaximus⏩
LOL this guy again. Why dont you just log off and try to get to that million so you can practice what you preach?
I already did it lol.
post 1704358461 07-30-2024, 03:27 PM
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#37
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Originally Posted By Redundanteater⏩
What are your plans for when interest rates drop and/or inflation eats away? Savings acct is fine for short term needs over the next 1-2 years or so, however long term money must be exposed to equity risk if you want to have a chance of maintaining purchasing power. Also interest is taxed as ordinary income at the highest rates. Capital gains are much better, and you have some control over when they're realized.

Remember, $1 million isn't all that much today and will be less - potentially MUCH less - in 20 or 30 years. What matters is your after tax purchasing power, not the absolute numbers.
True. You're making me think. I'd probably split it between a hysa and FXAIX. I've been getting about 8% on that over the several years.
post 1704358511 07-30-2024, 03:27 PM
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#38
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$1m won't go that far in today's economy OP. NEET is around 4.5M
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.

- Arthur Schopenhauer
post 1704358621 07-30-2024, 03:30 PM
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#39
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Originally Posted By JUSA⏩
$1m won't go that far in today's economy OP. NEET is around 4.5M
lol. sounds like that commonly trotted out advice that it costs $3m to raise a child or you need $5m to retire...Noseberg says the craziest things to keep you working.
post 1704358691 07-30-2024, 03:31 PM
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#40
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Can honestly say I never even considered retiring in my mid 20s. Srs, vry srs.
post 1704358741 07-30-2024, 03:32 PM
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#41
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Originally Posted By eddiehaskell⏩
I already did it lol.
Ok cool if you are retired with 7 figures in the bank, why not make threads showing how you are doing it vs theorizing over it?
Teach the kids who want to live a monk like retirement like you.

$1M was a goal of mine before I was 30 but not near enough to retire at any age.
post 1704358791 07-30-2024, 03:32 PM
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#42
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Originally Posted By tripod29⏩
Can honestly say I never even considered retiring in my mid 20s. Srs, vry srs.
if you were having fun working no need to retire.
post 1704358861 07-30-2024, 03:34 PM
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#43
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Originally Posted By donblaximus⏩
Ok cool if you are retired with 7 figures in the bank, why not make threads showing how you are doing it vs theorizing over it?
Teach the kids who want to live a monk like retirement like you.

$1M was a goal of mine before I was 30 but not near enough to retire at any age.
I've already said how I did it many times on here.
post 1704359041 07-30-2024, 03:39 PM
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#44
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Originally Posted By JUSA⏩
$1m won't go that far in today's economy OP. NEET is around 4.5M
You can fuk off to Thailand is you're really serious. There's multiple countries you can live like a King on $1,000,000 investment
post 1704359151 07-30-2024, 03:43 PM
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#45
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Originally Posted By MikeLowrrrey⏩
You can fuk off to Thailand is you're really serious. There's multiple countries you can live like a King on $1,000,000 investment
Yeah, I mean worst case scenario you leave or get a part time job (remember you don't have rent/mortgage and preferably no car payment or any other debt).
post 1704359241 07-30-2024, 03:45 PM
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#46
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Originally Posted By eddiehaskell⏩
I've already said how I did it many times on here.
I dont get it, then why ask the question? If you have already shared your situation (assuming it closely related to this one), then havent you gotten your insight from the reponses from that one? Like people would say "great job, I would do that too!" or perhaps "Yo $1M isnt enough"

So whats the point of this thread?
post 1704359301 07-30-2024, 03:46 PM
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#47
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If I had a million dollars

Id buy you a fur coat....but not a real fur coat that's cruel

I'm disappointed my fellow Canadian miscers

No Barenaked Ladies reference?

Tsk tsk tsk
post 1704359321 07-30-2024, 03:47 PM
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#48
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Originally Posted By donblaximus⏩
I dont get it, then why ask the question? If you have already shared your situation (assuming it closely related to this one), then havent you gotten your insight from the reponses from that one? Like people would say "great job, I would do that too!" or perhaps "Yo $1M isnt enough"

So whats the point of this thread?
To ask if people would essentially NEET if they had $1M. Some obviously say "hell yes" and others say they would need more money. So I'm taking in the different perspectives.
post 1704359751 07-30-2024, 03:57 PM
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#49
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Have about $1 mill invested, no. Would get bored, also not really enough these days.
post 1704360121 07-30-2024, 04:05 PM
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Post deleted by user
post 1704360201 07-30-2024, 04:07 PM
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#51
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Originally Posted By donblaximus⏩
Ok cool if you are retired with 7 figures in the bank, why not make threads showing how you are doing it vs theorizing over it?
Teach the kids who want to live a monk like retirement like you.

$1M was a goal of mine before I was 30 but not near enough to retire at any age.
Lmao

Spoiler!
OP doesn’t have a hundred dollars in the bank, much less $1M
post 1704360461 07-30-2024, 04:15 PM
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#52
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Originally Posted By eddiehaskell⏩
To ask if people would essentially NEET if they had $1M. Some obviously say "hell yes" and others say they would need more money. So I'm taking in the different perspectives.
But you have already made your decision? Wouldnt you ask that before you make the decision so you could be better informed?
post 1704361991 07-30-2024, 04:47 PM
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#53
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Originally Posted By donblaximus⏩
But you have already made your decision? Wouldnt you ask that before you make the decision so you could be better informed?
i was sort of a pioneer when I did it...most said it was impossible and not many had done it.
post 1704364391 07-30-2024, 05:30 PM
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#54
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Originally Posted By eddiehaskell⏩
i was sort of a pioneer when I did it...most said it was impossible and not many had done it.
OP now claiming to be the first to go on welfare

In for pics of EBT/SNAP card 000 000 001
post 1704365521 07-30-2024, 05:51 PM
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#55
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$1M really isn't that much anymore, especially with how fast the purchasing power of the dollar is declining and given that tax rates will likely go up to pay for all the irresponsible spending. It's especially not enough if you have 40+ years of life left and will need to keep paying bills for the foreseeable future. You probably need closer to $3M nowadays to have a prayer of retiring without living a super spartan life.

Regardless, I would never fully retire. I'd quit my consulting job and invest or pursue passion projects that pay me some modicum of income if I hit $3-4M at a relatively young age (say mid-40s). I'd be bored as chit sitting around all day while others are being productive, but I also don't want to grind away at a consulting firm and be available around the clock for some idiot client either.
post 1704365531 07-30-2024, 05:51 PM
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#56
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So you're just gonna pretend inflation doesn't exist with this plan or something? LMAO good luck
post 1704365681 07-30-2024, 05:54 PM
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#57
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Not enough/10
I loe e.
post 1704366591 07-30-2024, 06:09 PM
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#58
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Originally Posted By Silence2⏩
This

You need wayyy less to be comfortable. It’s all a psy op to keep you slaving away.
bingo. you need $3m for a kid...i mean $6m...better make it $8m. wanna retire? $7m...no $12m...but with inflation better make it $17m.

99% of people never get to these numbers but keep working their lives away.
post 1704366771 07-30-2024, 06:11 PM
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Pay off the remaining 250k on my cash flowing, multi unit house.

Dump 150k into crypto.

50k into TFSA to max out.

400k into taxable trading account DCA'ing

200k for a sports car and chilling on for a few years.

And keep working.
post 1704368611 07-30-2024, 06:50 PM
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#60
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Originally Posted By j1rr⏩
Pay off the remaining 250k on my cash flowing, multi unit house.

Dump 150k into crypto.

50k into TFSA to max out.

400k into taxable trading account DCA'ing

200k for a sports car and chilling on for a few years.

And keep working.
which sports car?
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