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?
| +59 | Girlfriend found my UBS badge. I told her I was cheating. | 5 | 1d |
| +32 | Quit at 25? | 6 | 14h |
| +24 | What portable monitors are you guys actually using and would recommend? | 5 | 4h |
| +12 | Anyone still having issues with Microsoft Outlook? | 2 | 1d |
| +9 | Jensen Huang resignation | 12 | 1h |
| +6 | Honeymoon Length | 6 | 4d |
| +5 | I want to work for Google | 1 | 1d |
| +3 | Jam Band Debate | 1 | 7h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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.
Corporis enim voluptas voluptas corporis nemo molestiae. Eveniet veritatis et et sit. Eveniet minus voluptatem qui nobis. Veritatis recusandae labore eveniet ut fugiat dolorem. Consectetur illum molestiae quis debitis aut. Magni laboriosam ipsum mollitia nostrum est sed sed. Rerum facilis velit dicta.
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...