The crazy thing is millionaires have more on common with us normal workers than they do with billionaires.
I get what you’re saying, that they are millionaires are closer to being broke than to being a billionaire, but they still have more in common with billionaires than normal workers. Once you reach the mid to high single digit millionaire you can pretty much choose your own adventure.
Lemmy is seriously underestimating the number of comfortable millionaires. Got $1M? You can retire and live modestly. Got $3M? That’s a new way of life, not radical, but much better. Got $10M? You’re well set for whatever happens.
3M invested is a nice retirement, not a new way of life. That’s a barely 6-figure a year payout. Of course, a chunk of a3m networth is likely your house.
In the US, 1 million is not enough to retire comfortably unless you are already retirement age and can collect social security and Medicare. It’s not like you can retire early on 1 million dollars. That doesn’t even buy you a house where I live.
I’m not quite at that level, but I’m getting there. My main concern would be health care. And that my house isn’t fully paid off. And with Trump manipulating the market, idk I get nervous. 2 million might work. But I know 1 million is for sure not enough, at least in the US.
I get what you’re saying, that they are millionaires are closer to being broke than to being a billionaire, but they still have more in common with billionaires than normal workers. Once you reach the mid to high single digit millionaire you can pretty much choose your own adventure.
Lemmy is seriously underestimating the number of comfortable millionaires. Got $1M? You can retire and live modestly. Got $3M? That’s a new way of life, not radical, but much better. Got $10M? You’re well set for whatever happens.
3M invested is a nice retirement, not a new way of life. That’s a barely 6-figure a year payout. Of course, a chunk of a3m networth is likely your house.
In the US, 1 million is not enough to retire comfortably unless you are already retirement age and can collect social security and Medicare. It’s not like you can retire early on 1 million dollars. That doesn’t even buy you a house where I live.
1 million is ‘not enough’ when you want a passive income that is higher than what half of working people earn.
I have a friend who made it big young (well earned IMO, they started working at 15) and they have about 2M in investments.
They make 4k/month after taxes just from the stock dividends every year.
That’s well enough for a comfortable life over here, as their house and cars are paid for - and the money keeps growing in investments.
I’m not quite at that level, but I’m getting there. My main concern would be health care. And that my house isn’t fully paid off. And with Trump manipulating the market, idk I get nervous. 2 million might work. But I know 1 million is for sure not enough, at least in the US.
Your math is a bit off
i think is when you reach 10s of millions in wealth is when things becomes very seperate from the plebs.