I’m not sure you’re trying to say that I did, but I didn’t mean that 10 million was the minimum needed to say a person is rich.
I was saying my standard for rich was in the neighborhood of 10 million, compared to 1 million. If you have 1 million, your 6% would be 60k, but you don’t get interest on your house where you’re living, so if you purchased a house in today’s market that might be 250k, and now you’re down to 45k. Certainly not a salary where you can live in luxury.
6% interest in 10million is 600k plenty to live on unless you have multiple houses, personal cruise ships or private jets.
Where are you getting 6%?
Historical average of the stock market, who the fucking knows now. I get shit because I’m not saving at the moment.
A safe withdrawal rate on funds invested is usually 3-4%, not 6%.
Not that $300k isn’t more than sufficient for a high quality lifestyle. Your point is more than valid.
I’m not sure you’re trying to say that I did, but I didn’t mean that 10 million was the minimum needed to say a person is rich.
I was saying my standard for rich was in the neighborhood of 10 million, compared to 1 million. If you have 1 million, your 6% would be 60k, but you don’t get interest on your house where you’re living, so if you purchased a house in today’s market that might be 250k, and now you’re down to 45k. Certainly not a salary where you can live in luxury.
A house for 250k? Lucky!!
About $2million is enough for a trust fund one can live relatively comfortably on. $10million and you can live in excess indefinitely.