I guess that’s what they mean by “FU money”.
But these days, I don’t think just $1 million is enough to guarantee a secure rest-of-your-life.
No kidding!
For perspective:
If the 39 year old man thought he was rich, this could have woken him up. $1.3M placed in a very good investment fund would yield about $33k per year for the rest of your life. Do you think you can live the rest of your life on $33K?
EC
“these days, I don’t think just $1 million is enough to guarantee a secure rest-of-your-life.”
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The problem is not knowing how to manage money is epidemic in this country.
People get themselves into credit card debt because nobody has discipline these days.
Of all the life lessons taught by my parents one was “if you can’t buy it outright DO WITHOUT”......of course there are exceptions like homes and vehicles but personally, I would never get deep in debt over “toys”.
A million would be plenty if managed properly.....my wife and I both retired before 60, have roughly 1/4th of that in 401k and IRAs and we’re fine.
We have 1 credit card and use it very sparingly....if it gets to $400 we pay it off.
I have a half-mil or so in the retirement fund but basically, I just live off the SS distribution each month. I'm now to the point of IRS required minimum disbursements. After paying the tax, the remainder goes into the checking account. My Wells Fargo guy keeps things balanced and humming along.
I am the odd duck - not a miser, per se, but I have no compulsion to buy a new this or that; I have only the mandatory living expenses. There is the occasional extra expense (new roof, needed extensive landscaping) but those are one-time things.
If every American was like me, the economy would tank big time.