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How Long Will $1 Million Last You?

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Can money buy happiness? Last year, both Forbes magazine The Wall Street Journal researched this question. Their conclusions were, well, inconclusive.

“Well, maybe,” Forbes said.

“It’s true to some extent,” the Journal said.

Here’s the problem: How much money do you need to be happy? To be more specific, how much do you need to stop working? Earlier this year, the staffing firm AccounTemps asked employees what they would do “if you were to suddenly strike it rich.” Only 23 percent would quit their job, while 36 percent would stay put.

Of course, “strike it rich” means different things to different people. Let’s take a graphic look at “becoming a millionaire”…

$ 298,100 to buy a new home

That’s median price as of December 2014. And that’s for not an especially fancy one. Source: Census Bureau

$ 245,000 to raise a kid to adulthood

Includes housing, food, transportation, clothing, health care, education, child care, and “miscellaneous expenses.” And since the average American family has two children, double that. Source: Department of Agriculture

$ 16,000 on a 2015 Toyota Corolla

This is the cheapest trim option for the best-selling car of all time, the Toyota Corolla. Since the average American buys nine cars in his lifetime, and he lives an average of 79 years, that’s two new cars in 18 years. Sources: AutoBlog, Kelley Blue Book, CNBC, CDC

$ 6,598 for food

That’s per year, so multiply by 18. And yes, about half of it is spent on eating out. Source: Bureau of Labor Stastics

$ 1,246 for a vacation

That’s per person, so if you’re the average family, multiply by four. You’ll want at least one per year, right? Source: American Express

The post How Long Will $ 1 Million Last You? appeared first on Debt.com.

This article by Michael Koretzky was distributed by the Personal Finance Syndication Network.

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