Can you live off the interest of 3 million dollars a year?

Answer 1

You are certainly able to live off the interest of 3 million dollars per year if you don't have an extravant lifestyle. If you place 3 million into a savings account paying One percent (savings accounts are paying pretty poorly now adays but you could find some savings accounts paying at least that with that sum. $3,000,000 x 0.01 is equal to $30,000 . That is enough money for food, rent, utilities, auto insurance and all veritable needs. I'm a poor (financially impoverished, I have middle class values) person so $30,000 represents three time my usual annual income. I'm also single, no financial family obligations, and no vet bills since I have no close friends that bark, meow, fly, slither, spin a rotary cage, or let you put a saddle on to ride. $30,000 per year might not be enough only if you are a head of household with numerous dependents or you have a lifestyle that involves new brand name clothes, shoes, newer cars, cell phones where you go over your minutes, or cable TV services with hundreds of channels costing more than $50 per month, or a large extended family that you feel compelled to present birthday and holiday gifts to. It may also be difficult in a large city in California or New York where expenses are incredible, for example rent or house payments in excess of $1300 per month , parking fees of $19+ per day{might be much more, I saw that in 1989} if you must go downtown (although New Yorkers tell me public transportation is excellent there)