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/biz/ - Business & Finance

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19277631 No.19277631 [Reply] [Original]

Is $3 million a lot of money?
Still feels like pleb money when I think about it

>> No.19277637

Consider that most people will never make close to that in their lifetime

>> No.19277655

>>19277631
Yes. Fuck yourself humblebragger.

>> No.19277670

It depends on how much effort was put into getting it. $3 million over a lifetime isn't much. $3 million from a single year of returns is a lot.

>> No.19277881

3 mil will give you 56029.86 a year adjust for inflation, forever. Its not as much as people think it is.

>> No.19277898

you'll life comfortably but you wont be flying around on private jets

>> No.19277902

>>19277881
and if 3 mil just landed in your lap, you have 1.5 after taxes

>> No.19277915

Pump

>> No.19278008

Simple maths

3,000,000 before taxes

3,000,000 x 23.8% (assuming no state income tax and you held for over a year for long term capital gains) = 714,000 in taxes

3,000,000 - 714,000 = 2,286,000

now if you put that 2,286,000 into the s&p500 it will return on average 7-10% a year over a 10 year period.

Inflation is 3% a year

If you withdraw 3% a year, and account for 3% inflation, you are left with 1-4% growth and your nest egg will also increase at or greater than the inflation rate

3% of 2,286,000 = 68,580 before taxes

long term capital gains on that is 18.3% so 68,580 x 18.3% = 12,550.14 in taxes

68,580 - 12,550 = 56,030

3 million is enough to survive at a lower middle class level forever. But It is not as much as people think it is.

>> No.19278038

>>19277631
my mom is worth $3 mil from her divorce. its enough for her to never work again. shes pretty frugal anyways; thus far shes spent less than shes made in passive income.
id consider it a lot of money, in that you never have to work. it helps that she lives in a small town

>> No.19278052
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19278052

>>19277631
3 million blowies? ever or just while on lockdown?

>> No.19278085

>>19277631

A million dollars in 2020 is the $100,000 of the 90s

Sounds like a lot, doesn't get you much. It's like being middle class for a few years

>> No.19278125

>>19278008
Exactly why I’m not selling LINK until I am making at least $150K per year via this same calculation off of 90% of my stack (the remaining 10% will be staked forever)

>> No.19278154

>>19278125
based. my plan as well.

>> No.19278185

>>19278125
Mentally ill, legitimately mental illness

>> No.19278287

>>19277631
Yes, you can buy a lot of things with $3 million.

>> No.19278394

>>19278008
Why would you put it all in an index fund though? You could make so much more by spreading it across property, index, crypto and individual stocks.

>> No.19278517

>>19278185
you had 3 years faggot

>> No.19279174

>>19278394
Not OP but its far less work to manage, way less risk, and pretty much an idiot proof sure thing once you have a nest egg.