If you put $1M into a globally diversified stock market index fund then you can withdraw 3%-4% for the rest of your life. That’s an annual salary of $30,000 - $40,000. Alternatively you could leave it invested and let it double every 10 years. In 40 years it’ll be 16 Million.
Read about the financial independence movement and boggleheads.
What I said is simplified, but it captures the big picture.
If you’ve just received this 1M suddenly then the best thing to do is to put it in a normal bank account for a year and not touch it. This is because money is very psychological, you need to get used to having 1M before you can safely invest/spend it. If you start trying to spend or invest this money immediately then you’ll be broke within a year.
Read about the financial independence movement and boggleheads.
What I said is simplified, but it captures the big picture.
If you’ve just received this 1M suddenly then the best thing to do is to put it in a normal bank account for a year and not touch it. This is because money is very psychological, you need to get used to having 1M before you can safely invest/spend it. If you start trying to spend or invest this money immediately then you’ll be broke within a year.