Can someone spend his entire life on $1 million assuming he lives an average life like a school teacher?

Question

Assume someone $1 million ..

can that person live his entire life (assuming lifespan of 70 years) using this amount of money and not working a bit ....

simply iam asking can someone spend his entire life on $1 million assuming he lives an average life like a school teacher?

Answer 1

I think that depends greatly on lifestyle and location. If one wouldn't mind living the "simple" life with very few perks, that would definitely help to stretch out a million dollars. Also, choosing the proper climate to reside in would be highly important.

Location is an important factor to consider. For instance, in certain parts of Arizona the average cost of utilities in the summer (May through September) runs from $300 to $450 depending on the size of the dwelling and how well insulated it is. Also, you wouldn't make up the difference in the winter months as temperatures drop well into the low 30s.

However, if you resided along the Central Coast of California, you wouldn't need air-conditioning as the summer temperatures there are very mild and quite enjoyable. The cost of living is a little higher in California as are the property taxes in many areas.

One would also need to consider what they would NEED to make their life enjoyable and fulfilling. If one could be perfectly content without concerts, theater, gourmet food, extended travel, etc, then I believe it would be completely doable.

I suppose one's ability to live 70 years on $1 million boils down to how and where they want to live.  

Answer 2

1m / 70 = 14, 285.71 per year.

Yes, you could live on £14k per year, but there'll be no mansions :o(