What if I was 18 years old and I won a million dollars and I decided to put all of it into a serious saver account and just live of the interest. These are my calculations of how I would spend it:
Interest per year = $26,313
Taxes per year = $3,624.77
$26,313 - $3,624.77 = $22,688.23
$22,688.23 divided by 52 weeks = $436.3
$30.00 for water and power etcetera per week
$100.00 for food per week
Left over after each week = $306.3
$200 of that for savings each week which = $106.3 left to spend on whatever
Note: I'll be living with my mother so I won't have to pay rent or anything, just water and power costs.
Could I just do this for like 20 years and then retire in theory?
Most Helpful Guy
That's a yupparo. Yes you can if the future value is to your likings. You can easily calculate 20 years of compound interest0