There is something about a million dollars that seems to evoke strong feelings in people. Compare the following two posts about a million dollars.
“84 Year Old Social Worker Saves 1.4 Million Dollars” at Get Rich Slowly. Most people found this to be an inspiring story but there were some who felt that she must have had a miserable life if she was able to save a million dollars. And there were others who said that what she did couldn’t be done now.
“What Would You Do With a Million Dollars” at Bargaineering. Most people here feel that a million dollars isn’t really that much money.
My thoughts are that a million dollars is still a lot of money and I could comfortably retire if I had that sum right now. Saving a million dollars is a reachable goal for most people with an average income. I believe I could save a million dollars if I made that a primary goal. I’d prefer to spend less time working though so I’ll attempt to live like a millionaire rather than be a millionaire.
Well living with a million right now is more then enough, i mean 85k each month in income.
However, a million for retirement, simply isn’t enough, you wouldnt last a long time with it.
Assume a lifestyle based on 50K, that only gives you 20 years and retirement goes on for a bit longer then that.
Ha, I’d take it!
I remember once I was working with a young man who barely made minimum wage. We were discussing an upcoming lotto that happened to be a 3 mil jackpot, and he said he would be unhappy if he won that “measly” 3 mill. Then he said, “You know, a million dollars just doesn’t go very far these days.” I thought this was funny, because how would he know! I’m pretty sure I could streeeeeeetch that hypothetical mil, based on the fact that I’m pretty good at stretching my nowhere-near million dollar income (or savings and investments). Plus, a million is a great goal to shoot for, but there are no guarantees. You never know what will happen in life, and when you retire you’ll just have to figure out how to live on what you DO have – be it $500,000 or $5 million. That’s why it’s good to be Frugal – ’cause you never know!
Tom- Your example assumes that you’re not making any money off the million dollars. Since I live on about 15K a year I don’t think I’d go up to 50k a year.
Tessie- I agree completely.