Is a million dollars enough?

[facePuncher7]

As a kid, $1m seemed like enough money to do everything a person could ever want to, and maybe at the time that wasn't far off the mark.

Since then (last 30 years) inflation has brought that milestone into a more achievable range and also lessened its value.

Is $1m still a number, in your area, that would have you thinking "that's it, I don't need to do anything ever again"?
Has the number lost any significance for you since you were younger?
It isn't reasonable to say $1b is the new $1m as that milestone isn't reasonably achievable, so then what is?

 

[Takes Two To Tango]

1 million is still good money, but it won't make you retire I would say. Yeah you can't have financial freedom with just 1 million. But don't get me wrong I'd take that money in heartbeat if I won it somewhere, even 100k or lower. Any extra money would be nice.

As for the new milestone, I agree 1 billion is too much of a stretch, i'd say something 20-30 million about there.

 

[Slobodan]

As a kid:

Now:

 

[pugilistico]

Not these days. Give me a million dollars and I would probably invest most of it in a fund and move to a cheap country where I can comfortably live off the dividends.

 

[ssBaldy]

Very nice amount of money to have, especially if extra, but very far from "fuck you" money. That's more like 10 million.

 

[Bobby00]

It depends where you live or want to live. There are countries you could live the rest of your life with 1 mil and if you live normal wont even spend all of it in your life. If you live in western europe your gonna have trouble even finding a house to buy for that depending what country for sure not anywhere near a city. I never planned on leaving but shit's gone too expensive with now farts being regulated and taxed.

 

[Contempt]

Not when the average houses where I live are over $1million

 

[Adamant]

It would be nice for a few years of easy living but not enough to say fuck it and retire and buy a bunch of things and take a ton of vacations and still have enough to live on for the rest of your life.

 

[Kowboy On Sherdog]

Invest it

 

[stevenandrew]

As a kid, $1m seemed like enough money to do everything a person could ever want to, and maybe at the time that wasn't far off the mark.

Since then (last 30 years) inflation has brought that milestone into a more achievable range and also lessened its value.

Is $1m still a number, in your area, that would have you thinking "that's it lotology, I don't need to do anything ever again"?
Has the number lost any significance for you since you were younger?
It isn't reasonable to say $1b is the new $1m as that milestone isn't reasonably achievable, so then what is?

$1 million today doesn’t hold the same weight it once did due to inflation, higher living costs, and other factors. While it's still a significant amount, it might not provide the same financial freedom as it would have in previous decades. The new "milestone" could be $5 to $10 million, depending on your location and lifestyle, to ensure lasting financial security without worries. This figure might vary based on personal goals and expenses.

 

[cooks1]

Well.......There are lots of kinds of '$1 million'. $1 million 'total net worth' ? Probably not. $1 million in cash invested at your time of retirement, to go along with a 600K house you own outright and can downsize into a 350K home, adding the 250K to make it 1.25M which you can use the interest on to subsidize SS? That's probably enough to get by. That would give you probably around $3000 a month to go along with say a $2000-$2500 SS payment. $5000-$5500 a month should be enough for a retired person who owns their home outright to get by. Your not traveling the world in a G-5. But you should have a reasonably comfortable golden years and not want for too much.

 

[Jesus X]

Well if I put that money in a high yield fund that has a 9 percent return which would be something like 90,000. I could easily live of 90,000 a year without even wasting the 1 million.

 

[Sonny Qc]

It isn't reasonable to say $1b is the new $1m

1 millions seconds
=
11 days

1 billions seconds
=
31 YEARS


A billion dollars is insanity

 

[Bacco]

Google say
1,000,000 United States Dollar equals 979,350.40 Euro

Can buy 2 decent size apartments in my city or 3 smaller ones

Not fuckyou money but with rent would make very good monthly side gain, while the value of the apartments themselves would rise in few years above initial 1M sum

Essentially would keep work my job but gaining much more from rent, then consider in some years if sell or keep

 

[FyrFytr998]

As stated……1 million isn’t enough to live off of by itself forever, but it’s certainly enough to set you up so that the investments made with it will keep you quite happy. Now take it and relocate to another country that the cost of living is low, and you can retire a king.

 

[Cartiac]

As a kid, $1m seemed like enough money to do everything a person could ever want to, and maybe at the time that wasn't far off the mark.

Since then (last 30 years) inflation has brought that milestone into a more achievable range and also lessened its value.

Is $1m still a number, in your area, that would have you thinking "that's it, I don't need to do anything ever again"?
Has the number lost any significance for you since you were younger?
It isn't reasonable to say $1b is the new $1m as that milestone isn't reasonably achievable, so then what is?

$1M is a good amount of money, I wouldn't say it is enough to do everything a person could ever want to do now or 30 years ago but it allows you the opportunity to really think about what it is you actually want.

Yes, that thinking has changed significantly since I was younger. As a poor kid growing up, being a "millionaire" was not in my realm of possibility. I thought that was Robin Leach, Lifestyles of the Rich and Famous type stuff. The numbers do lose significance over time. For someone like me that initial $1M number was a significant milestone, but after that even when that first number changes it doesn't feel any different. I would say what really changes is your milestones become defined by things other than $ figures.

 

[khukurikoo]

Depends where you are in life. A 20 year old kid starting out, then no. Agree the real number is now 5M to 10M. A 50K salary over 40 years is 2M and that's not enough for most.

 

[plataoplombo]

In a way it's freedom money. You'd still need to work but you can tell the boss to fuck off anytime. The peace of mind knowing that at the end of the year you can receive anywhere between 40-100k is a powerful thing.

All this assuming you can manage money

 

[Fedorgasm]

1 million dollars?

That's a nice weekend.

 

[Beechwood]

I guess it depends on your age and where one lives. 1 million dollars for retirement is more money than most Americans retire with. I forget the number but only a small % retire with a million.

If just starting out in life, 1 million is helpful money when invested. It would be difficult to stop working though and live off of that, i would imagine.