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Could you retire on $1 Million?
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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.
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
Depends on the country that you are living in. In US, maybe No. But in India, definitely yes.
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
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...
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
Absolutely no! I target to have much more to invest further in impact-driven projects, especially in the field of cultural heritage preservation.
I thought I could but $1M is too little now, giving all the inflation is happening everywhere 😅
@emmanuelonuoha You are right!
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NO.
Also, whether $1 million is enough for retirement depends on factors like your lifestyle, expenses, investment strategy, and inflation.
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.
Nope, I've got two kids to put through university and help buy their first home *nervous laugh*
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