41–50 of 89 posts
When thinking about a startup exit, lottery win, or finding out that I'm a long lost heir to a fortune though, I'd like to be able to buy a house and start or buy a small local business (restaurant, cafe, club, etc.) with the $4M left over. In SF that probably puts me in the $6-8M range.
To put it into perspective here's Felix Dennis's wealth classification table: £1m-£2m: The comfortable poor £2m-£5m: The comfortably off £5m-£15m: The comfortably wealthy £15m-£40m: The lesser rich £40m-£75m: The comfortably rich £75m-£100m: The rich £100m-£200m: The seriously rich £200m-£400m: The truly rich £400m-£999m: The filthy rich More than £999m: The super rich http://www.businesswings.co.uk/articles/Felix-De…
To be clear, this table is considering those with £1m-£2m in assets to be the poor?
$2M/30years => $66k/y.
Earlier quoted context omitted.
500k at 7% per year (common number used for the growth of the market as a whole, and thus the average growth of index funds) means $35k/year, not an unreasonable salary to live on.
Even assuming that 35k would be satisfying, that doesn't give you much headroom if something goes wrong.
To put it into perspective here's Felix Dennis's wealth classification table: £1m-£2m: The comfortable poor £2m-£5m: The comfortably off £5m-£15m: The comfortably wealthy £15m-£40m: The lesser rich £40m-£75m: The comfortably rich £75m-£100m: The rich £100m-£200m: The seriously rich £200m-£400m: The truly rich £400m-£999m: The filthy rich More than £999m: The super rich http://www.businesswings.co.uk/articles/Felix-De…
What percentage of people have over $1,000,000 worth of wealth? I've lived in NYC all my life and I would guess for most people their biggest source of wealth is nothing or their house, generally worth under a million.
To put it into perspective here's Felix Dennis's wealth classification table: £1m-£2m: The comfortable poor £2m-£5m: The comfortably off £5m-£15m: The comfortably wealthy £15m-£40m: The lesser rich £40m-£75m: The comfortably rich £75m-£100m: The rich £100m-£200m: The seriously rich £200m-£400m: The truly rich £400m-£999m: The filthy rich More than £999m: The super rich http://www.businesswings.co.uk/articles/Felix-De…
$5,000,000 with a rather conservative investment strategy yielding 5%/year would give you 250k annually to play with without impacting the principal.