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What minimum amount of money in your bank account would make you feel comfortable never working again? (lemmy.today)
submitted 1 week ago by to c/asklemmy@lemmy.world
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[–] 5 points 1 week ago* (2 children)

About a million to two million. Enough that with a high interest savings account, I'd be making like $1000/day on the interest. That $1000 a day is my per diem.

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  • [–] 6 points 1 week ago

    To get 1k/day from 2 mil you'd need an annual interest rate of close to 20% from your savings account. At a more reasonable 4% you'd get around 80k a year or over 200 a day, still a good amount. If you're using that to live on you'll want a bit more to beat inflation long term but it'll be a while before that's even noticeable.

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  • [–] 6 points 1 week ago

    You're gonna have to check your math, homie. $1,000 a day is $365,000 a year. With $2,000,000 in the bank, you'd need a return of 18.25%. That's not a high interest savings account. That's investing heavily in risky stocks and getting lucky every time for the rest of your life.

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