Could you retire on $1 mil?

[Panmisiek]

Say you won $1 mil in lottery. Is that money enough for you to retire?

In place where I live you can perfectly retire on that. Just buy as many houses as you can and rent them out. After everything you will be looking at $4000-6000 steady income every month. And ofc properties value goes up with time so you can sell them at later stage of your life.

 

[MaureenCretis]

If you’re in your late 50s or older, today, a million bucks should see you right until you throw a 7.

 

[Gabicho]

No.
But I'd take $40 millions.

 

[VulcanNervPinch]

If its 1M after tax and I can get about 10% return and live on that, absolutely.

However, it would probably be more complicated. The investments would probably be somewhat of a nature where the returns didn't flow back right away and had to stay "sunk in" for awhile, in which case it might cause problems with short-term funds for living and eating into the principal too much.

 

[Sharon Peters]

2 chicks at the same time.

 

[drstrangelov]

No, but I'm in my early 30s. Thats less than 4 years income for me right now.

 

[bushman505]

Not really, unless you had zero debt, already owned a house free and clear, got a million AFTER taxes and were good at investing.

 

[Krixes]

If you're happy living in a trailer, or a very small home and can live off a few hundred $$ a month you'll be fine. It all depends on the quality of life you'd like to maintain.

 

[neverwas]

If I was younger,no. Now ,easily.

 

[Quinton Overeem]

No, would need more to take care of my own family/house AND spend some quality time with high-end hoes. So I'd make that mil work for more.

 

[BehindTheShadows]

I live a pretty simple life plus I’m not a big spender so I think it could be done

 

[DarkneT]

Easily

Invest all into rental properties

Job done

 

[Drain Bamage]

You can barely buy a 3br house for that in most cities

 

[Krixes]

Easily

Invest all into rental properties

Job done

That's what I do now...

 

[DarkneT]

That's what I do now...

Good work I want to do the same but it's the initial down payment i can't get

Since I'm a carpenter my renovation skills are on point too so I want some run down ones

One day

 

[DarkneT]

You can barely buy a 3br house for that in most cities

No joke in England you could buy 10 and rent them all out for 700 a month

 

[Krixes]

Good work I want to do the same but it's the initial down payment i can't get

Since I'm a carpenter my renovation skills are on point too so I want some run down ones

One day

You being a Carpenter would payoff instantly. My Wife and I started back in 2009 when the housing market collapsed, we bought up some properties in Arizona, and Michigan. We just recently went in on a nice home with my mother in Cape Coral, Florida. That place is making us a killing since we just rent it out at max a week at a time. I sometimes run into non paying tenants out in AZ but nothing that hasn't been resolved.

 

[bushman505]

It really breaks down to ~ 2000 dollars a month over 40 years.

 

[ralphc1]

Since I'm already retied, I certainly could. I don't even spend all of my social security money. I haven't touched any savings or pension money yet in 2 years.

 

[Fadetoblack918]

I live in New York so probaly not but if i were to move someplace that didnt have such a high cost of living, then maybe