If you were gifted $1 million... (1 Viewer)

[Goskers07]

Could you live the rest of your life without having to go back to work?

I'm a bit young with some bills, but I think I could live fairly frugal a couple years while investing a good chunk and then live pretty comfortably after that.

 

[Black5hirt]

 

[Adolph Coors]

Could you live the rest of your life without having to go back to work?

I'm a bit young with some bills, but I think I could live fairly frugal a couple years while investing a good chunk and then live pretty comfortably after that.

no. not even close

 

[Juro]

Probably not at the ripe age of 35.

Assuming it’s a million with taxes never involved, I’d pay off my current property and not worry too much about my mortgage premium. With only property taxes and home insurance to worry about, I would live pretty fairly.

 

[dsbigred1]

Could I? Yes. Would I? No.
I am just shy of 40, and that could provide enough yearly income in dividends to cover my day-to-day as I have no current debt.
But I wouldn’t retire right away. I’d work 5 more years to let that accumulate.

 

[BluesBucksNHuskers]

It’d be close. If I were single I’d be retiring in a second at the ripe age of 37. Wife and Kid are expensive.

 

[Mustangblood]

No, but paying off all the current equipment and getting a couple other pieces that we really want on the farm would be great. Also being able to pay inputs with cash and not paying operating interest would sure be nice.

 

[iruletheskool]

Yes, easily

 

[LoudHogRider]

The person "gifting" you $1M has to pay the taxes on anything over the Federal gifting amount (and no sane person signs up to pay more taxes), which leaves us with only one logical conclusion about how you're getting the $$$. Don't do it, Brother. Presuming you manage to commit the perfect crime and avoid jail, patricide will weigh heavy on you over time, regardless of the inherited windfall !!!

 

[iruletheskool]

The person "gifting" you $1M has to pay the taxes on anything over the Federal gifting amount (and no sane person signs up to pay more taxes), which leaves us with only one logical conclusion about how you're getting the $$$. Don't do it, Brother. Presuming you manage to commit the perfect crime and avoid jail, patricide will weigh heavy on you over time, regardless of the inherited windfall !!!

1M is the lifetime gift amount

 

[LoudHogRider]

1M is the lifetime gift amount

You're living pretty frugally at $17K/year right now, tho

 

[HCFord1]

Absolutely not, not even close.

 

[RedSeaRising]

With 3 soon to be 4 kids and being in my 30s, I think I could live comfortably for a while on that. $1mm would buy at least 6 months of my formula and diapers & pull ups, easy

 

[Baron Winnebago]

The person "gifting" you $1M has to pay the taxes on anything over the Federal gifting amount (and no sane person signs up to pay more taxes), which leaves us with only one logical conclusion about how you're getting the $$$. Don't do it, Brother. Presuming you manage to commit the perfect crime and avoid jail, patricide will weigh heavy on you over time, regardless of the inherited windfall !!!

Let's assume this is a hypothetical and we don't have to Jim it all up. And yes Jim has two uses here: 1) being an insufferable douche and 2) talking about tax implications

 

[LoudHogRider]

Let's assume this is a hypothetical and we don't have to Jim it all up. And yes Jim has two uses here: 1) being an insufferable douche and 2) talking about tax implications

 

[thE kErnEl]

Yes, I could live the rest of my short life on a net worth of $12 million.

 

[SoCal_Corn]

Could you live the rest of your life without having to go back to work?

No fuckin' way

 

[doublewing]

One million isn't as much as you think it is.

If I were a few years out from retirement as is, then yes - that would expedite things. If you're 20 years or more out from retirement age then it's not feasible even if you were single.

 

[iruletheskool]

One million isn't as much as you think it is.

If I were a few years out from retirement as is, then yes - that would expedite things. If you're 20 years or more out from retirement age then it's not feasible even if you were single.

Even with savings account interest rates over 5%?

 

[Cash68847]

Even with savings account interest rates over 5%?

It depends where you live but 50,000 doesn’t go that far anymore. I would invest it and leave it myself.