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Old 13-02-2021, 07:47   #91
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Re: Just for fun, what would you do with a million dollars

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I cannot agree more with this. If you are attached to the US (friends, family) then keep on doing what you have been doing, $1 million is not enough. Also, once you get out of the workforce, it is difficult to get back. If you are willing to explore the rest of the world, you can easily live off that $1 million. In addition to SE Asia, I would consider the Eastern Med and some the former EE countries for the winter. One way to minimize your largest costs in retirement (medical costs) is to live healthy now, exercise, work less, have good cruising friends vs. a toxic office.

There is also the question of would you rather live a great life between 42 and 72 and then whatever happens or would you rather budget for another 50 years, work for 15-20 more, then enjoy your retirement less healthy than you were 20 years earlier... and something can happen anyway. Our bodies were designed for a 45-50 years lifespan and the rest is all antibiotics, drugs, surgeries, maintenance. Not an easy choice for sure.

I too, thought that Doubleplay's post was one of the best responses to the OP. I also agree it's not an easy choice to make. Even less so, when you don't have only yourself, and your own future to consider.


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Old 13-02-2021, 10:20   #92
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Re: Just for fun, what would you do with a million dollars

Some may find the is interesting about assigning value. A narrow perspective but with some interesting initial thoughts.

https://www.inc.com/minda-zetlin/mar...-get-rich.html
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Old 14-02-2021, 02:01   #93
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Re: Just for fun, what would you do with a million dollars

This is all too speculative, here is what I'll propose to make it real. Send me a million bucks, or more if you like, in exchange I'll post a monthly accounting of how much is spent and for what, invested and retained. I'm not telling how the funds will be used, that would be missing the point besides I don't even know my self how'll it'll be spent although one can see from the monthly statements how it actually goes for real. I've spent money for most of my life, so I'm well suited for the task.
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Old 14-02-2021, 10:53   #94
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Re: Just for fun, what would you do with a million dollars

If you’ve ever watched old Perry Mason reruns from the 60s, you’ll see just how so called “big money” has changed. It’s fascinating just how many mixers were committed for $20,000 or $30,000. At one time, a million bucks meant a lot more than it does today. In 20 years, I can only imagines what it will mean.
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Old 14-02-2021, 10:58   #95
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pirate Re: Just for fun, what would you do with a million dollars

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If you’ve ever watched old Perry Mason reruns from the 60s, you’ll see just how so called “big money” has changed. It’s fascinating just how many mixers were committed for $20,000 or $30,000. At one time, a million bucks meant a lot more than it does today. In 20 years, I can only imagines what it will mean.
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Old 14-02-2021, 12:24   #96
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Re: Just for fun, what would you do with a million dollars

Just for fun?

I'm assuming a few things. You're 58, you're a U.S. person, you have saved $1 million, you can still work, and you can defer receiving Social Security payments until the maximum kicks in. In my scenario, you're making $100,000 and your max Social Security payment, if you start withdrawing at 67, is $44,000.

Being a good little saver, you will work til 64, max out on your 401(k) and IRA contributions ($32,000 til you retire) and do not start withdrawing on your social until you are 67.

Now, since we're dreaming, I've dialed in a $300,000 purchase on the boat (let's call it a new-to-me Island Packet 349 that was lightly used by its first owner; two swivel chairs and table starboard and pullman berth forward layout, please. Thanks.) I've also dialed in $60,000 annually in spending.

Now take a look at my graphics, which give you the outcome in a very poor (10% likelihood) market vs. the median market performance (I borrowed a formula that does 5,000 Monte Carlo simulations to derive this) over the course of the rest of your life (i chose 100 just for fun; but what you don't live, you leave).

Notice that if you buy the boat while you are still working, you never run out of money, even in the 10-percent likely poorest market.

But the longer you hold off, the more you risk running out of money.

Don't put off your dream!
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We ran aground at 2300. Dad fired off flares all night, to no avail. In the morning, Mom called the Coast Guard and demanded to know why they had not responded. "But ma'm," came the abashed reply. "Yesterday was July 4th!"
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Old 25-02-2021, 22:52   #97
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Re: Just for fun, what would you do with a million dollars

I lost my job at 51 due to COVID and had 1.7 million in cash after I sold everything. This is what I'm doing:

I spent 750K on a 2004 58' catamaran.

I'm currently doing a 250K refit in Greece, including making the boat sustainable with lithium and 2Kw with of solar.

I'll have about 650K left in investments when finished

At 4.55% rate of return (what my history in the last 30 years has been) that's about $2,400 a month. I'm budgeting 4K a month so that about $1,600 short which I'll take out of principal. As the principal goes down, so does the monthly income. I'm guessing I'll be down to about 400K in 8.5 years when I turn 60.

At 60 I get my military retirement after serving 26 years as a mix of reserve and active duty and retiring as an 0-5 (commander). That will give me about 4K a month. My wife and I will get our social security at 62 of another 3K a month total.

At 62 I'll, spend another 150K -250K refitting the boat again and we should be set indefinitely.

That's the plan. We're on step 2 right now so we'll see if my calculations work out. If not, we'll supplement ourselves with charters and being dive instructors.
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Old 26-02-2021, 21:34   #98
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Re: Just for fun, what would you do with a million dollars

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Originally Posted by Borisimo View Post
I lost my job at 51 due to COVID and had 1.7 million in cash after I sold everything. This is what I'm doing:

I spent 750K on a 2004 58' catamaran.

I'm currently doing a 250K refit in Greece, including making the boat sustainable with lithium and 2Kw with of solar.

I'll have about 650K left in investments when finished

At 4.55% rate of return (what my history in the last 30 years has been) that's about $2,400 a month. I'm budgeting 4K a month so that about $1,600 short which I'll take out of principal. As the principal goes down, so does the monthly income. I'm guessing I'll be down to about 400K in 8.5 years when I turn 60.

At 60 I get my military retirement after serving 26 years as a mix of reserve and active duty and retiring as an 0-5 (commander). That will give me about 4K a month. My wife and I will get our social security at 62 of another 3K a month total.

At 62 I'll, spend another 150K -250K refitting the boat again and we should be set indefinitely.

That's the plan. We're on step 2 right now so we'll see if my calculations work out. If not, we'll supplement ourselves with charters and being dive instructors.
The OP's question stated $1 million, you over qualify. You may overcome this obstacle and continue to participate in this thread by sending me the difference which I will put to good use; there are no strings attached, I'm doing this as a favour for one in need.
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Old 26-02-2021, 21:53   #99
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Re: Just for fun, what would you do with a million dollars

Let's see....

Let's call it 200,000 for a boat, and another $300,00 for the cruise kitty.

That leaves half a million to split between booze & broads.

Otherwise, I'd just waste it.
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Old 26-02-2021, 22:22   #100
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Re: Just for fun, what would you do with a million dollars

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The OP's question stated $1 million, you over qualify. You may overcome this obstacle and continue to participate in this thread by sending me the difference which I will put to good use; there are no strings attached, I'm doing this as a favour for one in need.
Pretty sure there'd be a hefty tax write-off in this depending on the revenue code in your country
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We ran aground at 2300. Dad fired off flares all night, to no avail. In the morning, Mom called the Coast Guard and demanded to know why they had not responded. "But ma'm," came the abashed reply. "Yesterday was July 4th!"
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Old 26-02-2021, 22:32   #101
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Re: Just for fun, what would you do with a million dollars

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The OP's question stated $1 million, you over qualify. You may overcome this obstacle and continue to participate in this thread by sending me the difference which I will put to good use; there are no strings attached, I'm doing this as a favour for one in need.

Ha!!!! Thanks for the humor!!

Right now I overqualify for therapy going through this refit with the wife, 2 dogs, and 3 parrots on board, in winter.
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Old 27-02-2021, 15:52   #102
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Re: Just for fun, what would you do with a million dollars

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Pretty sure there'd be a hefty tax write-off in this depending on the revenue code in your country
I don't see how it be could be construed as a tax write off, more likely it'd be treated as taxable income (USA), in any case, I'm rescinding the offer as he's going to need that $700k and may have to go into debt as per his latest disclosure reveals, "Right now I overqualify for therapy going through this refit with the wife, 2 dogs, and 3 parrots on board, in winter.".
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Old 27-02-2021, 16:45   #103
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Re: Just for fun, what would you do with a million dollars

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I don't see how it be could be construed as a tax write off, more likely it'd be treated as taxable income (USA), in any case, I'm rescinding the offer as he's going to need that $700k and may have to go into debt as per his latest disclosure reveals, "Right now I overqualify for therapy going through this refit with the wife, 2 dogs, and 3 parrots on board, in winter.".
You could do that, or you could make yourself into a 401(c) 3 charity: Capt. Gill's Guppies, which gets kids out on the water who might not otherwise have a chance to sail. Now, the donation of the boat is the mother of all tax write-offs.

I'm sure we can work your therapy into operating expenses...
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We ran aground at 2300. Dad fired off flares all night, to no avail. In the morning, Mom called the Coast Guard and demanded to know why they had not responded. "But ma'm," came the abashed reply. "Yesterday was July 4th!"
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Old 27-02-2021, 17:08   #104
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Re: Just for fun, what would you do with a million dollars

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You could do that, or you could make yourself into a 401(c) 3 charity: Capt. Gill's Guppies, which gets kids out on the water who might not otherwise have a chance to sail. Now, the donation of the boat is the mother of all tax write-offs.

I'm sure we can work your therapy into operating expenses...
I recently read a book titled ******** Jobs; if I were to continue with this endeavor I'm sure it would qualify as one.
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Old 27-02-2021, 17:11   #105
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Re: Just for fun, what would you do with a million dollars

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I recently read a book titled ******** Jobs; if I were to continue with this endeavor I'm sure it would qualify as one.
Guess I can't write the book's title, so let's call it B S Jobs. Yes, it's a real book.
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