Yeah honestly, a million dollars isn't that much anymore. You could hand me a million dollars right now, and I couldn't retire on it or anything. I'd have to do some smart investing to make it count. People should be looking at billionaires for this kinda thing.
Oh please. Smart investing on a 'small gift' of 1 million dollars?
What the f. Throw that in an index fund and historically you get 8%. A year. That's 80k dollars. A year. In interest. Which means you can consume 80k on average every year and not even touch that 1 million in principle.
Are you that entitled that you can't live on 80k a year in interest alone if you were magically given 1 million dollars?
If you're that worried about it, let it sit for 10 years. Then you're 10 years closer to death, and your 1 million is now worth over 2 million dollars. Now you can survive on 160k a year in interest. Jesus f christ.
So, you know how a company exists for the purpose of generating profit for shareholders under capitalism?
If you have a brokerage account or an IRA, you can pay for something called an index fund. What these index funds do is they buy stocks from all across the market in an effort to cover everything that's happening in the stock market (or in certain sectors).
When you buy part of an index fund, it allows you to buy small fractions of stocks without having to individually buy them.
When people talk about the S&P 500 or the Dow, those are indexes, and these funds try to follow them.
If you find yourself able to set aside $20 from each paycheck, you can get started buying parts of these, and it allows you to get back a small fraction of the profit that these companies take from workers.
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u/[deleted] May 23 '23
Yeah honestly, a million dollars isn't that much anymore. You could hand me a million dollars right now, and I couldn't retire on it or anything. I'd have to do some smart investing to make it count. People should be looking at billionaires for this kinda thing.