Not just surviving but perhaps THRIVING on the interest on a Million Dollars
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Few of us have the opportunity to live off the interest on a million dollars, don't we wish!
Coincidentally as of August 21, 2011 and just for the fun of it and without risk, you could have entered a neat contest at http://milliondollar.cnbc.com. This contest lets you take on the bubbas of Wall Street for fun and potentially win a million real dollars, I'm in for the fun of it. If you're a DIY money manager at heart, this contest is for you!
How much money is the interest on a million dollars?
The short answer is, it depends. We both know it depends on the interest rate charged, the risk involved in whatever the money is invested in or gambled on among other things. If it is the US budget, I think it is referred to as budget dust! The sorry state of most savings and loans lets them pay 3-5% interest while those icons of interest generosity the interest bearing checking accounts pay 1-1.5 percent most of the time.Said another way, it's $10,000 on a million bucks for a year at a lousy 1% but kick it up to 3% and ya got $30,000 bucks to live on. Can you live on that? Don't know if you can but you can betcha there is someone who can.
So excluding the really risky stuff, treasury bills and notes, gold and silver coins, savings bonds, pounds, loonies, great Gibraltar pounds, lire, shekels can all over time add up to a million dollars and provide the interest generating principal you need. How do you tell what is enough? What's the difference between what it takes you to live now and the interest on a million dollars a year. Remember at 1% you get $10,000 a nominal 5% is 5 times as much or $50,000 per year. DIY money managers can figure out how to get the best return on investment at the lowest risk.
No matter what you do, think carefully about using bonds as a low risk alternative. You could lose any benefits of low risk by getting clobbered by inflation though, just saying. Look into the CNBC contest that starts in 3 days. I am getting ready to play.
Coins, bills and other instruments and things of value
If I had an extra Million dollars or two, I'd......
What the world would be like were you to suffer a million dollar windfall
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Camden
May 14, 2012 @ 7:44 am | delete
- Travel the world with my family.
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COUNTRYLUTHIER
May 14, 2012 @ 11:34 pm | delete
- Got harp music? Hope that and more comes true some day. thanks for visiting!
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Millionairemomma
May 14, 2012 @ 5:44 am | delete
- I would move to Paris and live there FOREVER. This was fun to read and answer.
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Louidam1
May 13, 2012 @ 3:35 am | delete
- I would pay off my bills, set up my daughter's college funds, donate some of it.
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soaringsis May 5, 2012 @ 2:34 am | delete
- I would donate to St. Jude plus animal shelters and others.I would also continue to
strive to become a seasoned writer and artist.
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How I survived living on the interest on my $Million dollars
While a million dollars is a lot, current interest rates may make it tough to survive in the lifestyle to which you've become accustomed!
Coin of the Realm
If you loved 20 (Twenty Pages) - BCW Pro 3-Pocket Currency Storage Page - Dollar Bill & Currency Collecting Supplies, you might also enjoy:
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If you are accustomed to handling fairly significant sums of money, the whole million dollar thing is no sweat. Financial advisers say that those that come into a windfall of finance often lose it quickly due to a lack of planning or education. While waiting for the Million Dollar ship to come in, invest in some financial literacy. Books and magazines like Money will be useful in learning to make the interest on the Million go farther. See the movie "Trading Places". While old, it has some relevant truisms, and\, Eddie Murphy was at the top of his game long ago!Create your plan for what you plan to do, have it engrained in your mind. I'd personally love to be able to fund some great charities with half a million dollars. And, while that won't put me in a Oprah status anytime soon even though she's retired, it certainly will allow me to start some things back home in Mississippi such as a learning academy for deserving students and an introduction to Science, Technology, Engineering and Mathematics, some of my favorite fields of study.
Make doing something the goal of the Million dollars and maybe you'll find yourself actually living off and not just surviving on the interest on a Million Dollars.
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Mississippian by birth and the Grace of God. Glad to meet you too! Currently a landlocked retired navy squid who has sailed the Atlantic, the Pacific,... more »
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