I’d buy a moderately nice place in the city I want to libe in, provably 1mil absolute max, depending on property taxes. I would then invest the remainder, ensuring that with relatively stable investments I could live comfortably on the interest going forward, with the interest covering property tax and my expenses.
Yeah that would be me too. Where I live you can get a pretty nice place for $400k+, so let’s say $500k off the principal, so $4.5 million left over. If you can get, say, 5% interest on that then you’re getting $225k per year for doing absolutely nothing. Even if you can only get, say 2% interest, that’s still about $90k/year which is not extravagant but doable.
90k a year without a mortgage is like, 150k a year with a mortgage, so that’s very doable even for a decent lifestyle of traveling and hobbies. At that I would probably pick up something like bartending or something that doesn’t make much but would be interesting as a part time job. Slinging beer at a brewery could be a fun way to make some spare cash
I would retire.
I’d buy a moderately nice place in the city I want to libe in, provably 1mil absolute max, depending on property taxes. I would then invest the remainder, ensuring that with relatively stable investments I could live comfortably on the interest going forward, with the interest covering property tax and my expenses.
Yeah that would be me too. Where I live you can get a pretty nice place for $400k+, so let’s say $500k off the principal, so $4.5 million left over. If you can get, say, 5% interest on that then you’re getting $225k per year for doing absolutely nothing. Even if you can only get, say 2% interest, that’s still about $90k/year which is not extravagant but doable.
90k a year without a mortgage is like, 150k a year with a mortgage, so that’s very doable even for a decent lifestyle of traveling and hobbies. At that I would probably pick up something like bartending or something that doesn’t make much but would be interesting as a part time job. Slinging beer at a brewery could be a fun way to make some spare cash