What would you do with $3 million?? (1 Viewer)

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buzd said:
Not to be a party pooper, but $3 million isn't as much as y'all seem to think it is.
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Well, you are a party pooper despite your avatar :hihi:

It's likely enough to retire on if managed well, but you wouldn't be able to set yourself up in a mansion with unlimited hookers and blow, hence my partial retirement, beach house (500K), and 25-30K Corvette with awesome side pipes.:ezbill:

And beer. A lot of beer.
 
buzd said:
Not to be a party pooper, but $3 million isn't as much as y'all seem to think it is.
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If you have really simple desires, no more kids to go through college, are a fair way into a mortgage or done with it, then it's easily retirement money. For every million you don't spend right away you can probably even with picking bad munis get 40k/year after taxes. So if the 3 million is already after taxes, you're near 50 with at least some start at retirement it's not unreasonable that you could make it through with a good vacation and one or two unplanned expenses a year until SS kicks in. Then no medical insurance, no mortgage left, and you can even live it up.

It wouldn't be much if you're idea of the good life is flying to Paris or Tokyo for dinner once a month and owning planes and the like. If you just want to fish, watch the game, hike, catch up on some shows on Netflix, then it'll probably get her done.
 
Pay off everything... and let my wife retire so she can stop *****ing.
 
You know what I would do if I had 3 million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

Oh, I missed the point.
 
Galbreath34 said:
If you have really simple desires, no more kids to go through college, are a fair way into a mortgage or done with it, then it's easily retirement money. For every million you don't spend right away you can probably even with picking bad munis get 40k/year after taxes. So if the 3 million is already after taxes, you're near 50 with at least some start at retirement it's not unreasonable that you could make it through with a good vacation and one or two unplanned expenses a year until SS kicks in. Then no medical insurance, no mortgage left, and you can even live it up.

It wouldn't be much if you're idea of the good life is flying to Paris or Tokyo for dinner once a month and owning planes and the like. If you just want to fish, watch the game, hike, catch up on some shows on Netflix, then it'll probably get her done.
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Well that's kind of my point. If you want to drop everything and retire early, you can probably get by comfortably on 3 million. But you really can't touch the principal, and every time you do, you hurt your immediate and long term income - so no really fun cars, or exotic tips at the drop of the hat, etc (and of course this is assuming no additional retirement nest egg, etc).

I know if I am retiring early, and I have a couple of million in the bank, I'm going to want to have some fun, and 3 million isn't going to cut it (not because I'm going to blow through it, but I'll want more cash flow than interest and dividends alone are going to provide).

So, yeah, I'll clear my debt, put aside a little to play, and invest the rest, and plan for an earlier retirement, but I don't think I'm retiring right away.
 
Easiest question in the history of SR... I'd retire.


Buzd is right, $3 million ain't as much as it used to be.. But if you're disciplined and don't have extravagant tastes, you can fund a comfortable retirement with it assuming you're not young enough (20s or 30s) for it to run out... Even at that young an age, you could make it work... A funny thing happened to me around the time I turned 40; I used to constantly ask myself what I wanted to do when I grew up, what I would do as an occupation once I really figured things out.. Then I turned 40 and all of a sudden it was "How can I get the hell out of this rat race??" ... Now I spend time on early retirement forums, do my best to practice LBYM (Living Below Your Means) and my main motivation is not to have to answer to some snot-nosed punk boss when I'm in my 60s or older.... We'll see if it works out, but if I had $3 million, I'd peace out tomorrow.
 
Mr. Blue Sky said:
Easiest question in the history of SR... I'd retire.


Buzd is right, $3 million ain't as much as it used to be.. But if you're disciplined and don't have extravagant tastes, you can fund a comfortable retirement with it assuming you're not young enough (20s or 30s) for it to run out... Even at that young an age, you could make it work... A funny thing happened to me around the time I turned 40; I used to constantly ask myself what I wanted to do when I grew up, what I would do as an occupation once I really figured things out.. Then I turned 40 and all of a sudden it was "How can I get the hell out of this rat race??" ... Now I spend time on early retirement forums, do my best to practice LBYM (Living Below Your Means) and my main motivation is not to have to answer to some snot-nosed punk boss when I'm in my 60s or older.... We'll see if it works out, but if I had $3 million, I'd peace out tomorrow.
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I have more fun living beyond my means
 
Mr. Blue Sky said:
Easiest question in the history of SR... I'd retire.


Buzd is right, $3 million ain't as much as it used to be.. But if you're disciplined and don't have extravagant tastes, you can fund a comfortable retirement with it assuming you're not young enough (20s or 30s) for it to run out... Even at that young an age, you could make it work... A funny thing happened to me around the time I turned 40; I used to constantly ask myself what I wanted to do when I grew up, what I would do as an occupation once I really figured things out.. Then I turned 40 and all of a sudden it was "How can I get the hell out of this rat race??" ... Now I spend time on early retirement forums, do my best to practice LBYM (Living Below Your Means) and my main motivation is not to have to answer to some snot-nosed punk boss when I'm in my 60s or older.... We'll see if it works out, but if I had $3 million, I'd peace out tomorrow.
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I'm 55, I believe with 3 mil I can punch out for good even with car and beach house :hihi:
 
Pay off all my bills, buy a small home or a nice condo, then work 16 more years until the age of 55. 3 million compounding in a nice fund for 16 years would allow me to retire and live large at the age of 55. If I retired on 3 million today I would have to budget myself to less money than I make today if I wanted to make it last 40 years.
 

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