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if u had 2 million dollars what would u do with it?

  • Thread starter DeletedUser40473
  • Start date
Emberguard

Emberguard

Well-Known Member
If we’re looking to build retirement funds - a portion set aside and the rest property investment to rent out
 

DeletedUser28147

Invest it until it's doubled then use half to buy a house and a new car and get a dog and then invest the other half and keep investing it to keep making more money so I don't have to work anymore.
 
Emberguard

Emberguard

Well-Known Member
B1ackWo1f said:
Have you never heard of bills? Property taxes? Gas?
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Yes but if you’ve got $2mil lump sum you can set up an A- uh, money generating investment

So stephs right. If you can’t do it on 2 mil you never would. For one thing you’ve already got less :p
 

DeletedUser40061

Id move my aging parents in a home of thier own. Currently they live in an apt. I, myself would love to get a cat. Upgrade the family car, take trip to nevada and do some gambling, getting away from our cramped life. Id also donate to local meals on wheels charity
 

Houston Don

Member
Stephen Longshanks said:
If you couldn't live the rest of your life on $2 million, then you will never have enough.
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It depends on a variety of factors including where you currently live, what kind of quality of life you desire, and what you are starting with. Some of those commenting here make it sound like $2 million is all you need regardless of anything else which isn't true. The average price of a house in California is around a half million dollars and that is without any furniture, insurance, or provisions for all the associated taxes & fees. Sure, you could live in Mississippi, Arkansas, or other low cost areas but most people probably wouldn't want that.
Then, if you are planning to generate income from the money, or what is left of it after you buy whatever you think you need from the cash, consider that banks pay almost nothing these days, bonds are in the tank, and the stock market is increasingly unpredictable. Even the so called "experts" lose their shirts on a regular basis and many have been proclaiming a massive market adjustment is pending. You could invest in a McDonald's franchise, those cost around $1.5 million or so, and you would expect to make between $100k to $150k a year if you worked hard, or you could become a slum lord and play the odds, but unless you are starting with substantial other assets and/or a well paying job, the amount is not enough to guarantee long term success. :)
 
Emberguard

Emberguard

Well-Known Member
Big Daddy Don the 69th said:
It depends on a variety of factors including where you currently live, what kind of quality of life you desire, and what you are starting with. Some of those commenting here make it sound like $2 million is all you need regardless of anything else which isn't true.
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You make it sound like if you had $2 mil that’s it for the rest of your life

Most people have no choice but to work with nothing, close to nothing or with debt and still manage to improve their situation. If you can’t work it out by the time you’ve finished using up $2mil debt free then no amount of money will be enough as it’s not the money that’s the problem. It’s the management of it

All the $2mil needs to do is help set up the resources to get the ball going, it doesn’t need to last the rest of your life to be successful. If you wanted an education $2mil would cover that without getting into debt, something most people will never have the opportunity to do
 
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Houston Don

Member
Emberguard said:
You make it sound like if you had $2 mil that’s it for the rest of your life

Most people have no choice but to work with nothing, close to nothing or with debt and still manage to improve their situation. If you can’t work it out by the time you’ve finished using up $2mil debt free then no amount of money will be enough as it’s not the money that’s the problem. It’s the management of it

All the $2mil needs to do is help set up the resources to get the ball going, it doesn’t need to last the rest of your life to be successful. If you wanted an education $2mil would cover that without getting into debt, something most people will never have the opportunity to do
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Well, you did agree with Stephen when he said: "If you couldn't live the rest of your life on $2 million, then you will never have enough." Others made it sound like they could invest that much and never lift a finger the rest of their lives. I merely pointed out the realities of that sum in this day & age as being a far cry from setting someone up for life. Even assuming no taxes, it would at best be a starting point but that is not what you and Stephen were claiming, in your own words above: "So stephs right. If you can’t do it on 2 mil you never would." Those lottery shows on cable show people spending away like sums in no time at all, the statistics on lottery winners or athletes in general showing that almost all of them go through much more than $2 million within a few years.
 

DeletedUser

Big Daddy Don the 69th said:
Some of those commenting here make it sound like $2 million is all you need regardless of anything else which isn't true.
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It is true. $2 million is enough to live on for at least 50 years without even earning interest on it. Much longer with simple interest. The secret to life is learning to be content whatever the circumstances. Because material things are not what make life good. People that think they do are exactly the ones that would not be content with $2 million, and they would discover that with that outlook on life, no amount of money would be enough. I think it was John D. Rockefeller who was asked how much it would take to make him happy, and his answer was, "One dollar more." This was one of the richest men of his time. The thing is, once he got that dollar, his answer would be the same. That one dollar more is never enough, you always need another.

So, no, you couldn't live in luxury on $2 million, but you could live comfortably for the rest of your life. And if being comfortable isn't enough, you will sadly discover that nothing else is ever enough, either.
 

Houston Don

Member
Stephen Longshanks said:
It is true. $2 million is enough to live on for at least 50 years without even earning interest on it. Much longer with simple interest. The secret to life is learning to be content whatever the circumstances. Because material things are not what make life good. People that think they do are exactly the ones that would not be content with $2 million, and they would discover that with that outlook on life, no amount of money would be enough. I think it was John D. Rockefeller who was asked how much it would take to make him happy, and his answer was, "One dollar more." This was one of the richest men of his time. The thing is, once he got that dollar, his answer would be the same. That one dollar more is never enough, you always need another.

So, no, you couldn't live in luxury on $2 million, but you could live comfortably for the rest of your life. And if being comfortable isn't enough, you will sadly discover that nothing else is ever enough, either.
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$40,000 a year won't cover your basic needs in many communities and truly safe investments are not currently keeping up with inflation but it's true that if you lower your standard of living/quality of life enough, you can probably survive on less. It may mean living in a rural community or making other changes but unless you are starting with a house, car, and everything else as well as no debt, I suspect our versions of comfort are markedly different. That's okay, statistics bear out that people suddenly handed a large amount of money almost inevitably use it up, but there are always exceptions. :)
 
Emberguard

Emberguard

Well-Known Member
@Big Daddy Don the 69th

There are options for living cheaply within $2mil for the rest of your life. Just very limited options

There’s a big difference between living based on your means and living based on a lifestyle you want to keep

If you can’t afford the area you’re in then guess what? You have $2m, go find somewhere cheaper. Sell everything you have aside from bare minimum so you're not lugging it around if it's cheaper to re-purchase then moving it

I agree with Stephs statement that you could live on $2mil for the rest of your life. I also think it doesn’t have to be used in that way. You could use it to set yourself up to generate more money.

The area I live in you can expect rent for $300-600 a week. Groceries a family might spend between $100-300 per week. Yet I know a couple that lives on only $30 per week total by camping. I know another couple that don’t have to fork out for rent or very little because they do housesitting. The rent fee is them looking after the property on behalf of the owners so it’s not burgled while on holiday.

If you can adapt you can live off of $2mil without supplement. If you can’t you need to use the $2mil to set up a passive income or better income

Most people never have so much as $50k in the bank. So if you have a lump sum $2mil and you can’t do either then you have a serious money management problem that can’t be fixed by throwing money at it.
 
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