Hi I strike a 12M (after tax) lottery. I am thinking of indulging in a 100k Patek perpetual calendar watch. Should I do it? What should I do with rest of money? Can I retire? Thanks
Congrats man! I think reinvest or do sth cool for the society will draw more attention than a mere watch 😁
Can you live on 480K/yr? Yes, you can retire now. 4% rule says you'll get almost 500k for the rest of you life with almost no risk of ever running out.
4% SWR is specifically for a 30 year retirement. Perpetual SWR is more like 3.5% although many argue for 3%.
You can retire if you put all of it in investments and live off of the returns. But consider how you'll find meaning in life if you do retire. Contributing something meaningful to the world will give your life meaning and happiness that you won't find in a life of leisure.
Thank you very much for all the kind and helpful advise folks!
Oh lyft, how do you get 4% with no risk? Thanks
He means little risk of losing it all, not no risk of losses. Invest in the S&P500 and sell shares whenever you need cash, being careful to try and keep the total balance invested at or above where you started. The market will fluctuate, but even after recessions it has always increased.
Too low, at least 250k on a watch.
PMing you my Venmo
Nope. Don’t indulge in free money. Easy come, easy go. First it’s a watch. Then a supercar. Then a house in every one of your favorite cities. Then your back to where you started, or even worse, broke. Don’t do anything with it for at least a year. Don’t even invest it. After a year, you’ll have thought of plenty of ways to spend it. The emotional hold it had on you will be different and the sense of urgency to do something will subside. And most people will probably have already shown you their true colors before you actually started parting with it because of guilt. Then when the dust settles, enjoy it.
Yups that's what I would do.
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