Quote:
Originally Posted by PiKA2001
Oh that poor 20 something year old thing only winning 1 mil....  
Honestly, if someone gave me almost $600k right now (at 30) I could probably live out the rest of my days pretty comfortably with maybe only a part-time job waiting tables or working at Starbucks to augment my income. |
I could, on my own, but not with kids. I think my daughter will end up costing me twice that by the time I'm done raising her...lol.
So, you could buy a small house for $100K or so (these days, after it has been completely remodeled), you could get a new car for $30K or so (modest one). That eliminates mortgage payments and gives you a vehicle for 7 or 8 years, probably... more if you don't drive much. So you have about $470K left. From there, you need about (monthly):
$200/month utilities (heat, electric, water)
$500/month groceries/gas
$250 car insurance/home owners insurance
$250 property tax
$200 clothes/entertainment/spending money
That's $1400/month. Not counting investment interest (because you could lose your shirt in the stock market and can only get *maybe* 5% on a CD/money market), that'll carry you for 335 months or 27 years. The interest you do get would basically be your adjustment for inflation. I could do it, but not with the kids. I doubt I'll live longer than 27 more years...
That doesn't really cover extra stuff like vacations, home repairs/remodels, car repairs or future cars once yours dies either... It also didn't include internet, phone, or cable service.
I definitely wasn't justifying her being on food stamps. That is just wrong. I was just pointing out that this wasn't a huge jackpot lottery.
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