If I Had A Million Dollars
- Mrs. W
- Aug 4, 2017
- 2 min read
I'd be rich...Just kidding, that song is catchy tho. And if I went on that huge vacation, quit my job, and buy that dream house I've always wanted, I wouldn't be rich for very long. I grew up thinking a million dollars was all the money in the world. The older I get, the more I think of retirement, the less and less it seems to be.
About a month ago I started a diet of life. I want to clear out my home, my mind, just make things simpler, cleaner. While having a silly conversation of what would you do if you were just given a million dollars, I decided to put some real thought into it, because maybe someone would like to give me money?
$1,000,000 after taxes is roughly $650,000. So there is almost half. If I take $50,000 of that for "fun" buy a newer car, pay off the house, have some play money, I could put that $600,000 in the bank and have my money working for me. To take a mediocre savings plan from my very ordinary bank I could get 3-6% back in interest, so lets round low, 4%, I could make $24,000 that first year, so long as I didn't touch the principle. Knowing we had a very nice nest egg going, with no mortgage and a reliable vehicle, my husband and I could go down to working part time jobs each if we wanted. We are 32 this year, if we continued on until we were 40, not touching anymore of that money, we could retire at 40 with $821,141, roughly, in the bank, and could continue to build that money more if we refrained from taking out more than $30,00, because at that rate, the money pile would never get smaller. $30,000 a year, house paid off, is very doable here in the Midwest. I really like my current job, I think I would stay, so that could take us even further.
While I realize not everyone is in my situation, I wonder, what would you do with a Million Dollars? And if you have an extra laying around, I have an account for it! Have a wonderful day!
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