If he only has seven figures, he needs to stop spending like that. Most people who make money all at once blow it within seven years. You can only spend about 4% a year of your net worth. Even that's pushing it with today's returns.
For the ones that don't know: 4% [0] is supposed to be the amount your wealth grows, on average, every year. If you spend at most 4% of it, you end up never eroding it.
To be pedantic, your wealth will erode at the rate of inflation if you spend the exact amount it grows (if you are measuring wealth in dollars, that is). The proper amount is S=G/I where S = spend rate, G = growth rate, I = inflation rate.
The description above is inaccurate: the four percent rule is the amount that will exhaust your principal over the expected length of your retirement. It's also a conservative number, in that over the period of time studied, the principal never ran out for anyone withdrawing 4%. You can often withdraw more.
However, if you're retiring at age 30, the 4% rule is probably way too ambitious (unless you're actively managing your investments).
