if I were to give someone my bank details so they could make a lodgement, what is stopping them from making a withdrawal instead?
By: Viva La Eire!
For example : Jeff Hardy would be a great candidate for getting in the match because of so much momentum hes gotten lately.
So what do you say?
By: Brandon
People have differing needs when it comes to lifestyles. What will be acceptable to one might not cut it for another. So, you have to give some thought to identifying what lifestyle would be acceptable to you and what it would cost you to live that way. For example, a minimum for me might be a beach bum sort of life style, but with a roof over my head (maybe an efficiency apartment) and a vehicle (maybe a VW beetle) to drive around in (visiting different beaches).
So, are you eager to figure out what your minimum is, and how long it will take you to save it? Happiness might be available to you sooner than you think.
Lizz: I enjoyed reading your response. Hope your dream comes true. But with just 1.25M (not 3M) in the bank at a 4% interest rate, you would receive a check for $4,167 each month (or $50K per year). I think you multiplied 70 years times 50K and got 3M. You can do that if you like, but in doing so, you’re not taking into consideration the interest you would be earning. Also, keep in mind that the $1.25M principal would never go away. You’d be spending only the interest you receive each month. The principal would still be there in the bank and continuing to earn interest after you die (presumably for your heirs) unless you go out of your way to deliberately spend the principal too. In closing, let me add that your Social Security checks would more than take care of the effects of inflation. As a matter of fact, SS increases each year to cover the cost of inflation. The increases are referred to as COLA (or cost of living allowance).
MG: Thanks for your additional input.
SS: Hope you’re successful in getting your $3M. That would give you about $120K per year. You’d be living very well in my opinion. Although I don’t personally have a need for that much, I’m glad you do, and I hope you reach your goal. Big spenders are good for the country’s economy. Enjoy yourself. And if you ever find yourself exiting a posh boardwalk restaurant and see a guy on the water’s edge tossing seashells into the ocean without a care in the world, that might be me.
TCSM: You win man. You get the best answer and those ten points (for whatever they’re worth). I’ve got a couple thousand of them I need to use by thinking of questions to ask. Yahoo Answers is bugging me to use them. Anyway, the $400K you wrote about happens to be my target amount. Should have it solidly in place in 4 to 5 years. Then, I should be able to live off of only the interest earned from money in the bank. That will allow me to save my pension($16K) plus Social Security ($30K) each year. So, my principal will be growing by those amounts every year, and the added interest those amounts will bring in should more than easily cover the effects of inflation. For a guy who didn’t earn much and didn’t do much financial planning during his years of employment, I feel very fortunate. The big things in my days now are trying to eat right, working out, and enjoying what mother nature has to offer. Wish you the best of luck in your attempts to reach your goals.
By: Old Guy
In a way aren’t they draining the economy?
By: Astro K
