Millionaire without winning the lottery?!
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What is the main topic discussed in this episode?
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You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes. Okay, Kate, if you could, this is a question that's come in. How would you use a million dollars if a magic wand was waved and it appeared in your bank account today?
I'll give you a boring answer and then I'll give you a fun answer. So my boring answer is I'd invest it potentially in something like the Vanguard High Yield ETF. I think that's the name, VHY. VHY. And because I've already got my investment plan, I've got my diversified portfolio, if I chuck it in VHY, I'm getting maybe $70,000 including franking credits of... distributions each year, which I can use to supplement my lifestyle, go on holidays, give more generously, and just have a great life. And then that million dollars... Passive income. Yeah, passive income. That's the dream. You can replace your income. And yeah, I can just keep living my life because for a lot of people... The million dollars doesn't end up changing their life like they thought it did, would, and then they just keep wanting more and more and more.
So I think just putting that money aside, getting a bit of extra passive income and just adding that to your life and just maximizing your experiences is a good idea.
So that's your boring answer, which I think is super exciting. What's the exciting one?
Oh, you've just gone the most insane couple-a-year holiday ever.
Couple-a-year holiday. Yeah.
Yeah, maybe a year you'd stay at the most lavish hotels. Yeah. Gamble it. Private chefs. Gamble in Monaco, Monte Carlo. I mean, you could spend a million dollars really quickly if you just did private everything.
Absolutely. I don't think it would go that far. But the experience would pay dividends. Yes.
Yeah. But it would probably make life feel quite dull after you ran out of that million dollars. All the studies I've read of lottery winners, often the money's gone after a couple of years and they actually end up being more miserable than before because they had that money for a short period of time, but they spent like crazy. Everybody wanted a piece of it. And then suddenly they end up inflating their lifestyle and then they can't afford to live that lifestyle. Because you think at a million dollars, You're really rich, you can buy a mega mansion, but you can't usually. A million dollars doesn't go that far with a mansion. You might get a really nice apartment, but then there's all those costs that go along with running the property.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–7:08
2
What would you do with a million dollars?
7:08–9:33
3
How can passive income change your lifestyle?
9:33–26:26
4
What are the key components of the investing equation?
26:26–33:45
5
How long should you plan to invest to become a millionaire?
33:45–38:16
Speakers
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Sounds like good money advice... But is it?