I want to be a billionaire, so freaken bad.
Odd that one million seemed like so much before you get older, start making money, and paying bills. Nowadays a million can only get you a house and a nice car. People often forget that once you have expensive things, you have expensive maintenance. For example a half million dollar home, with 3000 square feet, would end up costing 30 to 40 thousand dollars a year in fees and taxes. This is also the case with the car, insurance, maintenance, premium gas, and high visible parking will set you back 10 to 20 thousand a year. So on top of that million, you better have at least a 100k a year salary to pay for food and living. At least if you want to continue living in North America.
The better approach to retiring on your million dollars, would be invest in property with high concentration of upper-middle class workers. Using your million, you can buy 2 condos with half a million. Rent out these 2 condos at 1.3K a month, yielding about 1.5K net money every month, after condo maintenance, taxes, repairs, property management, etc. Buy yourself a comfortable condo in a nice area for about 300k, this will cost about 600 a month. So you have about 900 a month cash coming in. Place 100K in a high interest savings account, I suggest Australia, but you’ll have to have a good accountant to avoid massive taxes. 100k will produce about 5K a year in interest. Keep 100K split between pcfinancial checking / high interest accounts, because transaction fees suck.
So now you have about 1k a month coming in all the time, so you move yourself to countries like China, India, Thailand, Ukraine, or Mexico. Take 6 month long vacations to this location. Because the longer you stay at a location the cheaper it gets. For example, if you were staying at a location for 6 months you can rent a fancy apartment with cleaning services for almost the same amount as the locals. Cost of living will be lower, so you can eat out every night. Also you can take up jobs like teaching English overseas, or write a book about how you are living it up, because you’ll have so much free time.
So that is one way you retire on a million dollars.
If I ever become billionaire, I would definitely try what RJ is doing in the comic at a fancy restaurant. The hidden text comes from the Seto Kaiba in Yu-gi-oh: The Abridged Series.