Poll of the Day > 1M today, or 1k every month for the next thousand months?

(+) Yeah! (+)

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$1,000,000 right now.

Plonk $900k into high-interest bank account. Use $100k to help close family and friends and improve a couple things in my life. Live off interest.

uh... did we really need two of these topics?
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Stop

Well, considering that 1000 months is just over 83 years, I'll take the million right now. My love affair with ham and bacon practically guarantee that I won't be around for another 83 years. Especially since I'm already 30.
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WastelandCowboy posted...

$1,000,000 right now.

Plonk $900k into high-interest bank account. Use $100k to help close family and friends and improve a couple things in my life. Live off interest.

There's no such thing as a high interest savings account. You would be lucky to get over 2% apy. Trust me, I do sales for a major bank. You could do well investing the money, but money markets and cds don't pay that much. Between the prime rate being set so low after the recession for so long, to Glass Steagall being repealed 20 years ago, savings now aren't what they were for our parents.

Old people complain that they used to used to get 5% and now get 1% in their savings, bit they tend to forget that mortgages were in the teens rather than the single digits back in their day. Hence why it made sense to save then. Now it's impossible; your savings depreciate due to inflation vs your low rate.
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Greenfox111 posted...

uh... did we really need two of these topics?

Yes
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If it's valued at whatever the value of the dollar is at the time, then i'd take the gradual annuity cuz inflation.
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MrMelodramatic posted...

Yes

They're exactly the same, guy.
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Is there an upside to taking $1000 for the next thousand months? I don't see one. It's not like you get more money in the long run. Or that I'm likely to live that long.
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Lol......1mill today is better in every way.

1.5% is easy/safe to get for anyone, but you can get much more if your not touching the money for awhile.

Even at 1.5% though 1mill nets you 15k a year easy.

5 year CDs can net you about 3%, which is 30k a year (while still having the full 1 mill as backup).

Of course just investing the money into homes, buying low, selling high, can easily gain you WAY more then 10% a year (Without investing much time at all, especially if you just bankroll someone else and split the profits).

Buying forclosed properties, fixing them up and selling them (flipping them) can often net you a 10-15% profit in only a few months, done multiple times a year, you can end up with very high returns and even splitting that, you can end up with a good 10%+ return rate a year, while doing absolutely no work yourself.

10% per year would give you both the 1 million and 100k a year (instead of only 12k).

Even a simple saving account can net you 15k instead of 12k though, so pretty much any option involving getting the 1 mill now.....is better....unless.....you are having to pay taxes on the initial 1 mill or something (and even then honestly).
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I dont even know if I feel like being alive for another thousand months
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Yeah, what's the upside to the $1k every 1k months?

The only thing that I can think of is the inflation, but that's it

green dragon posted...

Yeah, what's the upside to the $1k every 1k months?

The only thing that I can think of is the inflation, but that's it

The only thing I can think of is that $12K/year is not really enough to cause any major change in your tax liability.