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?
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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.
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