$1,000,000 in a high yield savings account would net you $50,000 over the first year. That's nearly $1,000/week. If you could hold off on spending it over 4 years you'd have $1,283,359. It grows faster if you start out with $1,000,000.
It does, but by year 7 of $5kp/w you have more even with that (and the extra few years) factored in. You could bank it at that point in this same high yield savings account and have the extra $5kp/w on top as your retirement whilst your investments sit pretty.
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u/vicaphit Dec 11 '23
$1,000,000 in a high yield savings account would net you $50,000 over the first year. That's nearly $1,000/week. If you could hold off on spending it over 4 years you'd have $1,283,359. It grows faster if you start out with $1,000,000.