Could you retire on $1 Million?
emmanuel Onuoha
78 replies
Replies
Aditya Narayan Rai@adityarai
Not sure. Depending upon your life style you might or might not. But If you can make some really awesome investments you might. But its a bit of luck TBH
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@adityarai depending on the country too
Not living in Singapore! No!
@maxwellcdavis is it that expensive?
@emmanuelonuoha Usually in the top 3 of most expensive cities 😀
@maxwellcdavis haha I believe
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You can if you know how to make that money grow.
@uma_venugopal yeah but you don’t have to work again.
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@emmanuelonuoha not exactly. If you know how to build a custom financial pipeline to put the money into it and make it grow, you can continue to work but the definition of that work will change. Maybe before you were working for a paycheck but now you have the financial freedom and you can work on projects close to your heart without the end result being monetary.
@uma_venugopal this makes sense. And I agree with you now
Possible, Just need to have a plan what to do with it.
@jeanstewie yeah exactly
No you can’t. Making your money grow isn’t retiring you still have to put effort to invest it
@emmanuelonuoha in todays economy a $1 million isn’t going to put you in a position of never needing to work again unfortunately
@apostolos_toptsis well you just don’t have to work again
@apostolos_toptsis I agree with that depending on the nation you are in
Depends on many factors such as location, lifestyle, family situation... In most cases, probably no, unless you can make some good investments with high compound interest...
@create_snappy I totally agree with you
I won't. While monetary benefits are just one way of seeing work, I just love working. And I don't think I'll be happy without doing what I love. So retirement isn't my cup of coffee. :)
@senthil99nathan interesting take
A big No,
If you get 3%-5% anually on that 1 million you could actually live okay-ish in most of the world. But, this is not counting housing. Even in Slovenia, a small country in Europe where I live $1m won't get you much unless you want to live in some village.
Bottom line, yes but I would rather keep working till $5m+ then I can think about retiring, if I want to do it or not.
Promomix
Only if I had invested them somewhere where I am earning a good 5 to 10% return.
@margret_rhyme that’s what I’ll do too.
@goff_jira yeah keep the hustle going. Meanwhile what country are you from?
@emmanuelonuoha It's Thailand.
Kyligence Copilot
Of course not.. Only if I can buy an AI to make money for me with $1 million.
@lidongsjtu easily doable
100% - One nice house with some land in the countryside anywhere in Europe to live in (500k)
2 small flats in mid-sized cities in Europe - live off the rent
@emmanuelonuoha it's all down to plan & location.
A Milli is also easily squandered in a few years if you live recklessly in any major city.
Could probs squander it in 2 years in NY haha
@cillian_burns totally agreed
Afforai
Launching soon!
depending on where you are
No, it's boring not to work.
@anna_shults a lot of people feel that way
FAM - Social Finance
I would say yes as long as I made the right moves with it!
If the 1 million dollars is in India. Yes with this amount you can retire here and live a comfortable life
@jagtarsingh2 was telling someone else the same thing.
QuikFlow
In Germany you would have to live VERY frugally and/or be very lucky with your investments to retire on that money. That is, if you still expect to live for quite a few decades.
@kevin_brendel I heard Germany is expensive to live in
AlphaSquared
Depends on where, your life style, and age. But for an middle-class life style in any western country, that is more often that not a no.
@axel_wikner I totally agree. It all depends on the nation
Absolutely no! I target to have much more to invest further in impact-driven projects, especially in the field of cultural heritage preservation.
@maria_loleyt not a bad plan either