While the amount is considerably large, the aim of this post is to assess some factors that would influence how quickly you could spend 500 million dollars.
How Long Would It Take To Spend 500 Million Dollars?
It would take quite some time to spend 500 million dollars. In fact, it would take more than 8 years. Assuming that you spent about 1 million dollars a day, it would still take more than 3 years to spend half a billion.
If you had 500 million dollars, you could buy a lot of assets of luxury items. However, it is advisable to spend some of this amount on making long-term investments so that you (and your coming generations) have a strong and stable source of income.
How Can You Spend 500 Million Dollars?
While there is a myriad of ways to spend 500 million dollars, below are some suggestions:
- buy a private island
- buy a fleet of yachts
- buy a luxury penthouse in every major city
- buy a sports team
- buy your own country
How Can You Invest 500 Million Dollars?
You can invest 500 million dollars by putting some of it into stocks, bonds, or mutual funds. Over time, those investments could potentially earn you a lot of money. In fact, if you averaged an eight per cent return on investment each year, it would only take about 60 years to double your money.
However, you should be able to set and prioritize your financial goals as you plan to invest in the future.
While it may take many years for someone to spend 500 million dollars, the advisable way to handle large sums of money is to use it for purchasing assets, making investments and keeping some aside as savings.