Comments | scruffycritter: Writer's Block: It's payday!

scruffycritter

Writer's Block: It's payday!

Nov 15, 2011 18:04

Comments 4

kalabetakyanda November 16 2011, 00:32:20 UTC

Hi,
Nice idea. But is it really possible to get anything over 5% these days? And tax free??
I'm in my early 30's, hoping to live till I'm 70. And my thinking is that with 1mil, I'd still have to work for about 10 years while the money is invested, and then retire in my early 40's---and live modestly after that. It's a nice dream :)

scruffycritter November 16 2011, 01:56:18 UTC

For a cool mill, I'm sure there is some fund out there that can do reasonably well. Even if not tax free, cap gains beat regular income tax rates.

One day rates will go up, and then it can go into something long term.

But hey, like you said. If it's a pipe dream, I can smoke whatever I want to imagine it :)

fixx November 16 2011, 22:57:29 UTC

Actually, I know where to get 16%, but not tax free. The trick is to find a money manager who will play the market well. I turned over 100k to him three years ago and now that account has 150k. I'm planning to put a little more in there now that he's proven to be so consistent even in this economy.

And no, it is not a ponzi scheme. I get the statements from the brokerage. It is totally real, and rather fun to read about. A a hunk of the investments this year were in Disney.

If I put another $150 in there and start skimming the returns that will be $48k minus tax annually, above what I'm ordinarily living off. I may have to hold a few more parties. Maybe I'll just let it accrue. Is my math wrong or is that a million in 10 years?

ericavdg November 19 2011, 08:02:08 UTC

Remeber, you first have to pay a huge chunk of it in taxes, something people always forget when they hear that Karl cashed out of a start-up.