Oink

Unless you have very good investments, I reckon after taxes you'd be lucky to clear $25,000 per million. Then you have inflation to consider.

marclouis

i think 10m pretty much allows you to be stateless. Official residence somewhere you don’t pay tax on interest earned.
At 2% interest, that’s 200k a year, i know for the first few years there would be a lot of travelling involved. After that (if the liver holds out) i don’t know.

triumphguy

With 10mil I could get 6% return for life no prob! And get most of it taxed as capital gains.

Alan2005

You are expecting a 6% return on that $10mill. That's not very realistic today, and as Oink says it needs to be taxed. To make your $10M last you draw an interest income you need to budget for "savings rate - inflation" (if you believe the inflation figures). I actually thing you'd be lucky to get the $25k per mio that Oink has suggested without eroding your capital value.

Personally, I think $10M is not enough to simply forget about money and do everything I'd like. I reckon I'd need at least $40M for that, and if I had $100M so much the better.

Oink

6% would be an extremely good secured rate. If this is your sole income, what percentage of the 600,000 would you have to pay in Canada?

Alan2005

Even if you could get a 6% rate on your cash; it would be pretty stupid to sit with $10M in the bank. I'd buy a few gold bars and put them under the mattress.

Alan2005

Interest is income is it not?

Anyway, who cares. $10M is not enough for me. I'd be spunking that much per property in various cities around the world, and I'd want more than $600,000k per year to travel between them and live the high life as I have very refined tastes.

Oink

That's why I picked 100,000. It is in Canadian dollars so about 55 million pounds. That'd be enough if you didn't go mad and start being the big shot and donating more than you can realistically afford. People do you know, they get drunk on the adoration and feeling special for doing nothing really.

Alan2005

I did always think that 5M GBP was the minimum I'd need to retire and not have to worry too much about money ever again - living idly rather than extravagantly. Long gone are the days when I'd retire if I found 1M in my bank account one day.

Oink

<snipped>

DaveLovesDee

What would you do about the begging letters asking for money?










Would you still be sending them?

lancashirebird

For me i am happy where i am.........................
The general stuff like look after my friends and family, make sure there lifes are better as well............

Can't fly at the moment so that side is out of it, can't drink either, so thats a downer
OH can have the car of his dreams or maybe 2 or 3
I would still be going for the house that we love, difference would be that i would be paying someone to do it up for me
(o and a private jet for my friends/family back in the uk )