Could you live the rest of your life and become worry free on one million dollars? Financial worries are temporary if you will start managing your money today. Learn to save and invest to get one million dollars when you retire.
This is an interesting question since many of us are dreaming to have the first million. Making one million dollars is possible. However, become a worry free on one million dollars is questionable. What do I mean by questionable? Well, you can live a worry-free life with just $1,000,000 depending on your expenses and would you spend your one million dollars.
Worry Free on One Million Dollars
Assuming you are a 60 year old retiree and spending $25,000 per year. The one million dollars is enough up to 43 years. However, you should become very disciplined in spending your money especially if you know it is the only money you have.
The age of a person, expenses, incurring emergency expenses, lifestyle are the factors when answering this question. The longer you live the more money you will need. That’s why it depends, on how you would like to spend your one million dollars. So, the answer is yes! You can live a worry-free life with only one million dollar cash.
Worry Free on One Million Dollars if It’s Earning
The idea is to make the one million dollars work for you. That’s why, you should invest money to make money. Once you acquired the $1,000,000, you should not spend it, instead, you should find a way on how to make your money work for you.
Allocate your one million dollars so that you are not worrying in losing it. Diversify your assets by investing in different types of investments.
Imagine, if you have one million dollars that earns 8% per year. You will have a passive income amounting to $80,000 per year. You can invest your one million dollars in stocks, mutual funds or real estate. If you are at retirement age, you should balanced your portfolio preferably investing more money in low risks types of investments because you can’t afford to take high risks because of your age.
So, what do you think? Could you live a worry free on one million dollars? Is $1,000,000 enough for you to live comfortably and worry-free? Let me know your suggestions and opinions about this topic.