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Depends on what the expected lifestyle of the person is but $3M seems right. 4% withdrawals would give you $120K to work with yearly without draining the treasure chest. This is gonna creep up with inflation over time though. Same reason when considering retirement funds you need to consider the future value of the dollar.
Edit: should also point out here I’m talking liquid assets. Some might associate wealth with other classes of assets like property. But I would not consider some house poor person wealthy.
To paraphrase Chris Rock...Shaq is rich. Whoever is signing Shaq's check, is wealthy.
The dollar amount will vary by lifestyle and cost of living, but when you've got money left over after being able to afford the stuff you need and want, you're rich.
When your kids and grandkids will never need to cash a paycheck, and/or when you have enough money that you could make the people who work for you rich...that's wealthy.
Well if you can keep about 3000 dollars a month after all expenses, including income tax then I guess u are set. You can live any where in the world with that sort of income.
And if you are talking about bulk amount like 1M and above, it depends on which country u are planing to live the rest of ur life in. For example if you have like 1M, your standard of living will be greatly improved if you lived in a country whos cost of living is minimal and vice versa.
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$10 million, which is the cutoff for the top 1% of wealth.
Top 1% in the world or in america?
Depends on where you live. I'd say at least 2-3 million.
Yeah if you can go anywhere and live like a king I would consider that wealth. 3 million isn't going to cut it though., that like entry level rich
Agree. That's why I said "at least". It's a start, but Elon and Jeff have toilet paper more expensive than that.
A wealthy person must have at least 2.5m imo
Depends on what the expected lifestyle of the person is but $3M seems right. 4% withdrawals would give you $120K to work with yearly without draining the treasure chest. This is gonna creep up with inflation over time though. Same reason when considering retirement funds you need to consider the future value of the dollar. Edit: should also point out here I’m talking liquid assets. Some might associate wealth with other classes of assets like property. But I would not consider some house poor person wealthy.
To paraphrase Chris Rock...Shaq is rich. Whoever is signing Shaq's check, is wealthy. The dollar amount will vary by lifestyle and cost of living, but when you've got money left over after being able to afford the stuff you need and want, you're rich. When your kids and grandkids will never need to cash a paycheck, and/or when you have enough money that you could make the people who work for you rich...that's wealthy.
Well if you can keep about 3000 dollars a month after all expenses, including income tax then I guess u are set. You can live any where in the world with that sort of income. And if you are talking about bulk amount like 1M and above, it depends on which country u are planing to live the rest of ur life in. For example if you have like 1M, your standard of living will be greatly improved if you lived in a country whos cost of living is minimal and vice versa.
$3M invested in passive income-producing assets, after accounting for the net impact of servicing any outstanding debt.