GreenvilleGrows
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Ok, so who's rich?
Ok, so who's rich?
Ok, so who's rich?
Ok, so who's rich?
Ok, so who's rich?
I would feel rich if I was any of those things. lol
Honestly if I ever snagged a job making over like 75- $90 thousand a year? I totally would feel rich:2razz:
In what state and locality. 1.5 million in Arkansas is very different from 1.5 million in New York.
Wealthy = anyone not living paycheck to paycheck
I'll throw out the number $75k/year (income), just because of the study showing that's when you stop being unhappy because of lack of money.
Ok, so who's rich?
See, for 5 mil net worth, you could generate around $350,000 to half a mil in income annually, without working other than managing your investments. You have to pay taxes on that of course.... right now, 15% cap-gains probably, which means probably $300-425k after tax. That's a nice income. You could hire four or five houshold servants and still live quite comfortably on the rest: property, nice house, cars, boat, vacations, no real worries about medical care or unexpected expenses, Suzie's braces or Jimmy's college.
worth noting, after federal taxes alone, that 75K is about 60K, and 90K becomes 71K. you would have to make $96,000 to bring home your bottom figure of 75K, assuming you live in a state with no income tax, such as Florida.
If you think you can reliably earn a 7% return on your entire net worth in the long term, please enlighten the rest of us -- for most, such a yield is very unrealistic. The problem is compounded when you take inflation into account.
If you allow $2M (40% of net worth) for a house and a more realistic 2% yield on the remaining $3M
I meant after taxes but those numbers would make me feel good too 60K is above what I make now. lol Of course 60K would not make feel rich but it would make my life hella easier.