A neighbor invested , and became a millionaire . He was doing so well , he quit his job , prior to retirement age . He had invested in Enron . He was a millionaire on paper . The company was lying to the investors , while the executives quietly sold off their stock , before announcing the company had gone bankrupt . This suggests rules two and three . Don't put all your eggs in one basket . Don't count your chickens before they're hatched . ( In this case , don't count your money , until it's in your pocket .)
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Very common error... One million dollars isn't much to retire with...
Cutiebeauty
Level 9
Dec 16, 2019
1
Agree...but many have no more than just their social security...many companies no longer offer any kind of retirment plans for employees. In my new area, it is sort of sad to see so many older people working at minimal wage jobs just to make ends meet or to pay for expensive drugs...the last prescription I picked up was over $400...and I have insurance!
Sad that scumbags and scammers target the elderly a lot.
@thinktwice I have to agree . In some cases , it's even worse than that . There are those who paid into a company managed retirement plan , only to have the lord high mucky mucks , make off with the entire companie's retirement investment .
@thinktwice yes, that's true but a different topic altogether... I'm talking about those who hit the lottery and think one million will last a lifetime.... Spending 50k a year will only last 20 years... But of course they will spend more than that and probably won't invest for the long term...
But of course you're correct about social security and prescriptions...
@Cutiebeauty They would have to earn no interest and spend like crazy...even with a modest 3%, they could have about $250,000 left after 25 years if they only took out $50,000 (unrealistic due to inflation...)
@thinktwice in a non interest bearing account, they would only have the one million dollar principle... 50k a year would be a modest income considering rents of 1600 to 2000 dollars a month...
Now if they invested in savings bonds or short term CDs (certificates of deposit) they would enjoy a return of more than 3%... But I doubt they would make smart decisions like this if they quit working after winning one million dollars...
@Cutiebeauty ha ha true...a windfall of money does not mean the person is smart enough to benefit from it...whereas people who do invest and spend wisely can't spend it fast enough 
@thinktwice your so intelligent and beautiful.... 
@Cutiebeauty I am delighted that you are having kids...we need more people like you to try to bring the gene pool back to a good place! Back at ya, GF!
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