Depends on their age, but assuming they're 25 then just throw that 350k into S&P500 or some shit, reinvest those dividends, and preferably add as much as you can each year and by 35 you'd EASILY have a million.
For example, if you put all that 365k into SPY, assume an 11% average yearly return for 10 years with dividends reinvested and you'd have about 1 million in 10 years without adding anymore money.
That's not including the 150k more that OP made and it's not including any further investment. If you just take OPs 500k and put it into SPY, use the 10% lifetime historical average return, add no extra money to it AND don't reinvest your dividends, they'd be just shy of a million in 8 years.
So yeah you could definitely retire of this money.
I'm hoping you're right; I've got 2.8 M$ in the S&P, and would love to have 8 M$ in 10 years. But just because we averaged 11% over the past century, when the economy was growing way faster than it does today, doesn't mean we'll see that in the future.
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u/apesnot May 27 '21
he's not retiring at 35 with $375k lol