How much money do I need to deposit in a savings account so that I won’t need to work again?
Posted by admin @ Friday, Mar. 6th 2009
asked:
I want to live comfortably and travel 5 times a year without ever working or running a business.
I want to live comfortably and travel 5 times a year without ever working or running a business.
That means I need $ 400,000 interest per year.
So how much money do I need to save in a bank savings account.
Posted in Personal Finance
March 7th, 2009 at 2:11 pm
$1,000,000,000,000,000,000,000,000
March 9th, 2009 at 8:41 am
You will need at least 70.0000 gbp
March 9th, 2009 at 1:49 pm
At the moment, banks are not giving much in interest at all. Interest rates are way down, and it does not look like they will get anywhere near reasonable in the next few years.
To get 400,000 a year interest requires a very large amount of money if it is interest at under 2% per annum.
You will need to bank at least $20,000,000 (that’s twenty million dollars) to make that much interest at two per cent per annum.
Good luck.
March 10th, 2009 at 3:15 am
ha with interest rates at 0.5% (in the uk) 100,000 will get you 500 a year 1,000,000 will get you 5,000 10 million will only get you 50k a year so 80,000,000 would get you 400,000 on 0.5 % interest rates idk what interest is in the us but 80 million if its 0.5%