Could you retire on $1 Million?
emmanuel Onuoha
78 replies
Replies
Maxwell Davis@maxwellcdavis
Not living in Singapore! No!
Share
@maxwellcdavis is it that expensive?
Launching soon!
You can if you know how to make that money grow.
@uma_venugopal yeah but you don’t have to work again.
Launching soon!
@emmanuelonuoha not exactly. If you know how to build a custom financial pipeline to put the money into it and make it grow, you can continue to work but the definition of that work will change. Maybe before you were working for a paycheck but now you have the financial freedom and you can work on projects close to your heart without the end result being monetary.
@uma_venugopal this makes sense. And I agree with you now
Not sure. Depending upon your life style you might or might not. But If you can make some really awesome investments you might. But its a bit of luck TBH
Possible, Just need to have a plan what to do with it.
No you can’t. Making your money grow isn’t retiring you still have to put effort to invest it
@emmanuelonuoha in todays economy a $1 million isn’t going to put you in a position of never needing to work again unfortunately
Depends on many factors such as location, lifestyle, family situation... In most cases, probably no, unless you can make some good investments with high compound interest...
I won't. While monetary benefits are just one way of seeing work, I just love working. And I don't think I'll be happy without doing what I love. So retirement isn't my cup of coffee. :)
A big No,
If you get 3%-5% anually on that 1 million you could actually live okay-ish in most of the world. But, this is not counting housing. Even in Slovenia, a small country in Europe where I live $1m won't get you much unless you want to live in some village.
Bottom line, yes but I would rather keep working till $5m+ then I can think about retiring, if I want to do it or not.
Promomix
Only if I had invested them somewhere where I am earning a good 5 to 10% return.
@goff_jira yeah keep the hustle going. Meanwhile what country are you from?
Kyligence Copilot
Of course not.. Only if I can buy an AI to make money for me with $1 million.
100% - One nice house with some land in the countryside anywhere in Europe to live in (500k)
2 small flats in mid-sized cities in Europe - live off the rent
@emmanuelonuoha it's all down to plan & location.
A Milli is also easily squandered in a few years if you live recklessly in any major city.
Could probs squander it in 2 years in NY haha
Afforai
Launching soon!
depending on where you are
No, it's boring not to work.
FAM - Social Finance
I would say yes as long as I made the right moves with it!
If the 1 million dollars is in India. Yes with this amount you can retire here and live a comfortable life
QuikFlow
In Germany you would have to live VERY frugally and/or be very lucky with your investments to retire on that money. That is, if you still expect to live for quite a few decades.
AlphaSquared
Depends on where, your life style, and age. But for an middle-class life style in any western country, that is more often that not a no.
Absolutely no! I target to have much more to invest further in impact-driven projects, especially in the field of cultural heritage preservation.