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You can comfortably live the rest of your life in America with decent investment of 1.5 million USD. Why are so many peo

Posted: Tue Jan 25, 2022 2:20 pm
by LaurentG
You can comfortably live the rest of your life in America with decent
investment of 1.5 million USD. Why are so many people worried about
going way past that to billionaire or ultra-rich?

None of my wealthy friends are “worried”about making more money.

Like me, they just do their thing. Why worry?

But even in America, there are only a few rural -cheap places where (if
you were young) you could live for the moment (alone without a family)
on the 2% a year $30,000 you could get these days on your $1.5M. After
Fed-State-Local tax that would leave you with around $20,000. After med
insurance $8000. After food and clothes you’d be negative. Forget about
a car or a nice apartment. Forget about the fact that inflation reduces
your capital’s purchasing power by 50% every 7 years.

Better not quit your day job!

It depends on how old you are & where you live!

Will $1.5 million be enough to live on for the rest of your life? If you
are 98, I am sure it is enough almost anywhere in the world—even Monaco
or Trump Tower- New York City.

But . . .

If you are 18, no way! In Monaco where I live, $1.5 million barely buys
you one decent parking space. It must be similar in NYC. But in that
little town of Campione (near Lugano, Switzerland) where people too poor
to live in Monaco all the time (like me) stay, you could rent a dinky,
dark, tiny studio for a mere $500 a month. Or even build your own
“lean-to” in the Italian hills where the immigrants camp. If you went
fishing for your protein and grew your own potatoes & spinach, you could
last all your life on the same $1.5 million —without working. And if you
did work, you wouldn’t need to spend any money from your $1.5 M stash.
So you wouldn’t need to worry about making a Billion.

Peter Taradash <> PS- My other 1000+ Quora
answers will probably be more useful to you … I doubt that too many
QUORA readers have the problem of possessing $1.5 million in cash
without a clue as to what to do with it. But bottom line, even if you
live frugally, $1.5M is not enough to last all your life (without
working) —1) Most places in the 1st world 2) if you are young.

You will need a business, profession or trade as explained in my book,
Portable Trades. To live comfortably and cope with inflation —if you are
20 — I suppose you would need to earn and stash away about $15 Million …
Also read a lot of good books on how to make your money last for a
lifetime of comfy retirement. My other “money”answers on QUORA will also
help you do that.