Is 20 million dollars a lot of money? Yes…yes it is. I don’t believe you will find anyone who feels differently unless they are a billionaire. Then they might see this as chump change. For the rest of us, twenty million is more than we will need in our lifetime.
Is 20 Million Dollars a Lot of Money
This type of money is truly life-changing money.
If you don’t have any money and 20 million dollars falls into your lap, then you are pretty much set for life as long as you don’t go too crazy.
Let’s take a look at what this much money means for you.
$20,000,000 Dollars as a Salary
If you are making 20 million dollars a year as a salary, then you are most likely a CEO of a major corporation.
Some of this money would be in stock options and not cash.
Even so, you would have enough cash flow to do anything you would like.
You could hang out with famous people and get into all the VIP rooms you wanted to.
You would be a member of the elite.
Typically, you wouldn’t even need a nest egg, but you could certainly build up a huge one with this much extra cash.
$20,000,000 Dollars as a Gift
If someone gives you millions of dollars as a gift, I have a feeling you were already rich.
Most of us don’t know anyone with this much money to just hand over.
Chances are your family is already rich as well.
You might receive this as a trust fund, which would be awesome.
You might inherit this kind of money as well.
But for most of us, we can only dream of this kind of gift, or of winning the lottery.
$20,000,000 Dollars for Retirement
You can have a very nice retirement on this money.
As far as retirement savings goes, you will be quite comfortable and living the retirement dream.
You can even retire early and enjoy yourself instead of working yourself to the bone until the typical retirement age of 65 or older.
There are many retirement plans that with this much money will keep you fabulously comfortable in your senior years.
Things to Buy with $20,000,000 Dollars
You can buy a lot with 20 million dollars.
- A penthouse apartment in NYC
- A small used Learjet
- 20,000 iPhones to hand out to strangers on the street
$20,000,000 Dollars to Live On
Whether this is a one-time lump sum you have received or you are making this kind of money each year, you will be living very well.
Chances are you will have two or three homes.
Your kids will go to a private school and the best colleges.
You will have real estate investments as well as investing in the stock market.
You can travel as much as you want and go shopping on a regular basis.
You’ll also have several expensive cars.
$20,000,000 Dollars to Invest
With 20 million dollars, you have a lot of options when it comes to investing.
You would want to talk to a financial advisor to see if you should invest in real estate, the stock market or something else to get the best rate of return.
If you invest this as a lump sum and want to live off the interest, you could do that as well.
At 10 percent interest, this money would provide you with a $2 million dollar a year income without touching the principal.
What Can’t You Do With $20,000,000 Dollars?
While 20 million dollars is a ton of money, there are some things you can’t do with it.
- You can’t buy a sports team
- You can’t buy a large company
- You can’t buy a large private plane
What is $20,000,000 Per Year an Hour
If you are making this kind of money, then you aren’t working hourly, but just for fun, let’s see what this would work out for us regular folks with a normal 40 hour week.
You would be making $9,615 dollars per hour.
Man-oh-man that’s a lot of money.
That means for one 8 hour workday you would make $76,920 before taxes.
That is more than the average annual income for a family here in the United States.
How Much Per Month is $20,000,000
Now, for the whole month, you would be making $1.7 million dollars.
I don’t know anyone who couldn’t live well on that kind of money.
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Can You Buy a House with $20,000,000 Dollars?
Yes, you can certainly buy a very nice mansion for 20 million dollars.
You could even buy a really nice place in a super expensive city with a high cost of living such as New York City or San Francisco.
While you might not be able to buy a penthouse on 5th Avenue in NYC, you could buy just about anything else anywhere else.
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To Sum it All Up:
While 20 million is a great deal of money, if you go crazy spending money and buying houses, you can run through it faster than you might think. If you are a bit more conservative with your money, this will last you your whole life and you should be able to live off the interest very comfortably.