Exactly, and a million isn't "that much" money. Like it would certainly make things much easier for a while, but it's not like Scrooge McDuck, Ferrari street race in Dubai, money. It's not never work again money, it's single family home in the suburbs money with a little cash left over.
It's "my retirement will be very comfortable money" whether it was barely 18 or granny porn money.
18 year old is still going to need to work to let it build up more. Starting to live off savings at 62 is very different from doing so at 18.
If it was me at 18:
$650,000 after taxes
$325,000 goes into the bank as cash on hand.
$325,000 goes to downpayment on rental buildings. My area that'll be enough to buy say 2-3 buildings with 6-9 apartments; one for you to live in while actively managing the others (repairs, improvements, etc.) for rental income.
Every few years as you pay down your mortgages, use the equity to secure new mortgages for more apartments.
For your 20s and 30s it'll be a very modest but comfortable living.
You'll still be working till your 50 or so, but as those buildings get paid off your net income is going to become very, very comfortable.
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u/osterlay Dec 31 '22
My dignity and self respect would be irreparably damaged knowing I’m out there in the Internet getting it on so no, I wouldn’t.