It is if you own a house mortgage-free. Dividend income on let’s say $1.5 million would be around $60,000/year. That’s pretty comfortable if your expenses don’t include shelter.
That’s why my advice to young people is always to do what you have to in order to establish working credentials, then move somewhere cheap, buy a house and work remotely as much as you can. You’ll get it paid off in no time and that level of freedom cannot be overstated. Then you can start really saving.
On the downside, you’ll probably be living somewhere small and uncool and that may not be enough incentive to leave the bright lights of the city.
> On the downside, you’ll probably be living somewhere small and uncool and that may not be enough incentive to leave the bright lights of the city.
This seems like social life suicide. I'm in my 30s, single, and omitted dating much in my 20s (because -- surprise surprise -- I was working way too much). I can't really move to the middle of nowhere where the dating pool is non-existent.
Realistically though, 1.5MM brings in much more than $60k a year most of the time (an aggressive portfolio could return that much in a month, on occasion). So one could buy a place in a cool area with a cheap 30 year loan immediately before quitting. Live there for as long as you want, then sell it if you get the urge for a cheaper, less exciting lifestyle.
Even if one overspends a little extra in those initial years paying a mortgage on a nicer place, much of that will be recouped upon sale, since places in cool areas tend to appreciate quit quickly and mortgages are highly leveraged.
I saw some of your personal details before removed. You have.. $xM available, and still working to death?
"Where to get private health insurance?" Google it? I think pretty much every state has a BlueCross insurance company you can call up to ask. You'll probably spend between $500 and $1000/month, per person in your family, depending on state and age.
I despise employer-provided insurance - we have an entire culture of people who feel extra-dependent on 'employers' and who don't seem to know how to find out basic information.
You have a more than comfortable nest egg. Go pursue your passion before it's too late.
A handful of Vanguard funds (VIGAX, VITAX, VFIAX, VWNDX) and the like.
The GP was talking solely about dividends, but most funds will re-balance and distribute long-term capital gains to you if you wish. If, in 2020, you held $1.5MM in a mix of those funds and instead of reinvesting dividends, long-term, & short-term capital gains, and instead redirected them to your bank account. You'd have something like $80k distributed and your market value would have increased to like 1.7-1.8MM.
Not that 2020 was a typical year or anything. But the past 8 or so years have told a similar story.
If you have $6M, you can live the next 60 years on $100k/yr by simply storing it under your mattress. You should talk to a financial advisor, you almost certainly can retire now if you want to, even if you're 18 years old.
Online dating has changed this and you now can find decent sized dating pools anywhere you go. Unless you're very picky of course. You can also increase your matches to say 100 miles. Chances are your match will move in with you because you're already on top of your finances
Or you can date where you are, and then move somewhere cheap together
> Online dating has changed this and you now can find decent sized dating pools anywhere you go
This is a dubious claim, but I don't want to get into it, because I've debated this on HN ad nauseum.
> Or you can date where you are, and then move somewhere cheap together
What attractive, educated, socially-active woman in her 20s will want to move to the middle of nowhere once you get together or marry? I want to be around friends, family, alumni, and I'd wager so would she.
If by "affordable" you mean $200 - $300k for a decent house, there are A LOT of places in the USA that are NOT small and uncool where you can buy an affordable house.
That’s why my advice to young people is always to do what you have to in order to establish working credentials, then move somewhere cheap, buy a house and work remotely as much as you can. You’ll get it paid off in no time and that level of freedom cannot be overstated. Then you can start really saving.
On the downside, you’ll probably be living somewhere small and uncool and that may not be enough incentive to leave the bright lights of the city.