The magic number
Study made by Bloomberg News tells us that being a millionaire just doesn't cut it anymore. To feel rich, the number you need is 7.5 million $.
http://www.investmentnews.com/article/20110404/FR…
Is this number fair or not?
My walkaway number is $10 million, so in a way, this makes things easier!
Its relative, for kids who are born into wealth it seems average. I think to feel "rich" you have to do better than your parents. So your kind of fucked if you are bill gates kids lol.
^^^^Ummm...if I were bill gates' kid I would be the world's first trillionaire
Nope his kids are only getting I think under 20MM each. The rest is being donated. I would feel pretty poor going from living on a multi billion net worth to around 20MM net worth.
On 7.5 mill you could retire and never have to work a day in your life again (with a very high standard of living), as long as you invested it right. So yes, that's rich.
I'd walk away at 5 million.
I would feel rich with $2M, lol. That's like what? Top 1% in the whole world?
With 2 million with an average of 5% interest, you would have $100,000 before taxes, after taxes would probably be $75,000. This is pretty good if you have a family of 4 only. If you are single, then with a million you are set, since you could just gamble with the interest and trade off the interest of $50,000. It depends on how greedy you are if you are single.
Care to elaborate on how you can make $2mm in 5 years in IB with "proper saving"? Ever hear of taxes, living expenses and low interest rate environments?
3... is the magic number. Yes it is.
4M, I could sell covered calls on dividend paying stocks and make atleast 12%+ a year. 500k a year for no work is solid if you ask me.
Eku,
Fortunately I never had the opportunity to slave away at an investment bank (although I think it is a worthwhile educational experience and rite of passage) but I think most people would agree that GS, MS, JPM, etc. are not joke firms and they all pay their analysts and associates the numbers you threw out there.
Let's say a "non-joke" firm (whatever the fck that means) pays you $400k gross per year. You still would likely not end up with $2mm in the bank after taking into account taxes, living expenses, market volatility and low interest rates, etc. but maybe your high school investment bank just pays more.
Praesentium voluptatem cum est reiciendis suscipit. Quis voluptatibus consequatur dignissimos ea omnis. Illo hic asperiores qui.
Labore nisi ut architecto totam quis. Numquam ut ut nesciunt aut rem occaecati. Corrupti ipsam ut quis magnam molestiae.
Sit quia aliquid vitae consequatur quibusdam. Dolores impedit officia quibusdam veritatis laudantium. Ad autem similique ut aut qui. Quasi vitae id quae quas qui facere.
Consequatur dolore voluptate sed. Qui asperiores sequi minima id accusamus quos vel perspiciatis. Praesentium vero voluptatem voluptatem impedit facilis quae. Voluptas voluptatum et rem repudiandae non. Impedit molestiae molestias labore ut libero fuga. Temporibus sint occaecati consequatur aperiam ut rerum aut sint.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...