Kids, a million dollars really isn't all that much anymore. I know it appears to be alot if you are making minimum wage and living in your parents basement. But if you are out in the world and paying your own way, your own insurances etc (because you are living on your million dollars without having a job), you may not even be able to live to retirement age on that much money, much less continue on into your golden years with a reasonable level of finances.
Just sayin...do the math and tell me I am wrong...
Say you are 25 years old and will retire at 65. One million dollars is only $25,000 per year (not counting a hit of about 38% in taxes). Then at 65 you will have about zero dollars remaining.
Don't tell me about making wild interest on your money. Interest rates are near zero. Inflation is going to further erode the value of your money.
One million dollars is not nearly enough to get you through life comfortably.
interest rate in offshore banks are 5% , if you put a 1 million , you get 50 000 clean . Your telling me you can't live of $50 000 a year ?
If you are taking out the interest rent each year in cash, the million stays as a million. Each year the million gets less worth regards to theincrease of living cost each year. In 30 years that million maybe is worth 50 000 usd in todays value. Its inflation. Rich people are worried with that the cash shrinks if they do not do anything, thats why rich people invests in start ups, trading and more. If not they do that they will in the future not be rich anymore.ITS A ENDLESS GAME.
