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Re: 800 million dollars or more

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Are you saying that you might not have the money right now but you definitely will have it later? And you want to live off that future money now?

 

That's an entirely different situation.

 

And if that is the case, then what happens in the unlikely event, but possible, that you don't hit the winning lottery ticket?

 

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Re: 800 million dollars or more

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well, that's a really wide-open question, and I'm not certain that I understand it fully.

 

But I have put a lot of effort over the years into understanding my personal finances, investing, and paying for retirement. Of course, I had to do this on my own, I didn't have a rich uncle and I don't play lotteries.

 

Anyway, I think you're saying you get $800 million but you want to spend only 1/2 of it during your own retirement...perhaps leaving the rest for your kids.

 

Let me put it this way. I could live on one million $ per year, quite easily! I could do this for the rest of my life, which might be 40 years. Call it 50 years. So to give me that million per year I need 50 million dollars. Say double that to account for inflation (which won't be anywhere near that). So, I'll take that $100,000,000 (one hundred million dollars) and I'll have a million a year to live on (I assume I'll be paying taxes on this $800 million somehow as well). And that uses up only 100 million, a fraction of the original 800 million (fraction being 1/8 or one-eighth, which is 12.5%)

 

And on my million per year I won't care about my pension or Social Security.

 

Hopefully this gives some insight. If not, ask away with more questions. Or maybe someone smarter than me will be along in a minute to help out.

 


@WilliamS541265 wrote:
if someone who has no state pension or 401k (ira) late in life either wins the lottery assuming they cash out all at once or they have some rich uncle who has like one billion dollars stashed somewhere like in some bank or something but told them that they can only have the money when that rich uncle dies which would mean that maybe the money wouldnt be theirs until like 50-65 years of age, how could they use only part of the money to live off of it for the remainder of their life? could they live off that money if they got their hands on it but only late in life? if they either won the lottery or some inheritance but late in life, how could they put some of that money to use for retirement? could they live off of it if they got it in their possession but late in life or not as retirement money? how could they put like 50% at most of that money for retirement if they acquired it but late in life? savings or cds accounts? what if they dont live in the united states but in some third world country instead? what kind of financial advisor would be able to help them out in a case like this assuming it was close to one billion dollars? acquiring this much money but late in life, what options would they have to using at best half of it for retirement if at all so they can enjoy their old age rather than working anymore? can someone please help me? thank you.

 

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800 million dollars or more

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if someone who has no state pension or 401k (ira) late in life either wins the lottery assuming they cash out all at once or they have some rich uncle who has like one billion dollars stashed somewhere like in some bank or something but told them that they can only have the money when that rich uncle dies which would mean that maybe the money wouldnt be theirs until like 50-65 years of age, how could they use only part of the money to live off of it for the remainder of their life? could they live off that money if they got their hands on it but only late in life? if they either won the lottery or some inheritance but late in life, how could they put some of that money to use for retirement? could they live off of it if they got it in their possession but late in life or not as retirement money? how could they put like 50% at most of that money for retirement if they acquired it but late in life? savings or cds accounts? what if they dont live in the united states but in some third world country instead? what kind of financial advisor would be able to help them out in a case like this assuming it was close to one billion dollars? acquiring this much money but late in life, what options would they have to using at best half of it for retirement if at all so they can enjoy their old age rather than working anymore? can someone please help me? thank you.
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