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re: If you owned absolutely nothing and we’re given $1.1 mil cash
Posted on 2/2/20 at 11:08 am to fallguy_1978
Posted on 2/2/20 at 11:08 am to fallguy_1978
quote:
quote:
You could retire early on $1 million?!
If had an extra 700k all of the sudden, yes, I could retire earlier.
The hypo says you have nothing before getting this.
1
Posted on 2/2/20 at 11:10 am to Y.A. Tittle
Well, I'd have 700k to start with and no mortgage 
Posted on 2/2/20 at 11:16 am to fallguy_1978
Need more than a mil after a house to invest and retire early my friend
Posted on 2/2/20 at 11:17 am to BatonrougeCajun
quote:Taking the hypo literally, you also own no clothes. Tough choice here going for food or clothes first. I guess it depends on the weather.
Buy lunch. I’m likely hungry being that I was a homeless vagabond right up to this point
Posted on 2/2/20 at 11:18 am to PenguinNinja
Buy a house. Pay debt.
Posted on 2/2/20 at 11:20 am to PenguinNinja
Probably give my kids a chunk, but a few acres, build a cabin and invest the rest.
Posted on 2/2/20 at 11:25 am to Korkstand
quote:
Taking the hypo literally, you also own no clothes.
I see homeless folks with cell phones....
Posted on 2/2/20 at 11:27 am to PenguinNinja
Could easily turn that into 20k a month income in first year, then double it the next year, and the next year. Then it would probably stay steady for a while as I grew the business size (personnel, equipment, budget) in preparation to massively increase volume afterwards... more of a simultaneous thing, but the first few years I'd maintain a very small staff and slowly take on equipment.
I'm about to start my plan soon anyways, but it will be at more of a snail speed since I don't have a million to start. It'll take 3 years just to get to 10k a month...but will speed up after that
I'm about to start my plan soon anyways, but it will be at more of a snail speed since I don't have a million to start. It'll take 3 years just to get to 10k a month...but will speed up after that
Posted on 2/2/20 at 11:28 am to PenguinNinja
Two chicks at the same time
Posted on 2/2/20 at 11:28 am to 225Tyga
quote:Depends on the standard of living you want or are used to. Single man with a cheap cabin/camp who hunts and fishes every day? Super easy to retire on one million. Much less really.
Need more than a mil after a house to invest and retire early my friend
Or you could retire to a cheap location and live like a king.
Posted on 2/2/20 at 11:33 am to Steadyhands
quote:If it were so easy to do that, we would have a whole lot more multi-millionaires than we do now.
Could easily turn that into 20k a month income in first year, then double it the next year, and the next year.
quote:You should have no problem borrowing the funds with such a solid plan that is so easy to execute.
I'm about to start my plan soon anyways, but it will be at more of a snail speed since I don't have a million to start.
Posted on 2/2/20 at 11:34 am to Korkstand
Annual Expenses will most likely eat up the leftovers of the 1 mil after a home purchase.
Posted on 2/2/20 at 11:35 am to 225Tyga
I’d buy a home and piece of land in barbourwville and live off food stamps
Posted on 2/2/20 at 11:36 am to 225Tyga
So hypothetically you can't work anymore? I wouldn't hang it up right now with that amount of money.
Posted on 2/2/20 at 11:40 am to PenguinNinja
Finish paying off my house.
Retire
Travel
Retire
Travel
Posted on 2/2/20 at 11:48 am to 225Tyga
quote:
Annual Expenses will most likely eat up the leftovers of the 1 mil after a home purchase.
Are you replying to my example of a single man living in a camp hunting and fishing every day? What would his expenses be?
No mortgage.
Most food is free.
Utilities cheap.
Insurance blah.
Little transportation expense.
Clothes.
What else? Should be easy to get by on less than 20k/year.
Posted on 2/2/20 at 11:49 am to PenguinNinja
I’d still own absolutely nothing as you can easily imagine TD has 250k posters, leaving me with 4 dollars
Posted on 2/2/20 at 11:50 am to TigerChief10
quote:
Get a really cheap cabin on the lake and invest the rest. I'm trying to go straight into retirement and live a simple, easy life. I dont need to ball out.
This, but instead of a lake cabin, I’d get like 50 or so acres and a simple cabin
Posted on 2/2/20 at 11:52 am to PenguinNinja
Pay off parents house.
I would turn their garage (its detached) into an apartment (which its already set up for) so they could rent it out and have income.
Buy a duplex (or 4 if i can afford it) live in one side and rent the other.
I would turn their garage (its detached) into an apartment (which its already set up for) so they could rent it out and have income.
Buy a duplex (or 4 if i can afford it) live in one side and rent the other.
Posted on 2/2/20 at 11:54 am to 225Tyga
You couldn’t live off $30-40k a year with no mortgage?
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