$10 million is the new $1 million
Let's be honest. $10 million is the new $1 million and you can't even buy a decent family house with $1 million in MCOL/HCOL. $5 million is definitely adequate for living a moderate lifestyle but is nowhere near luxury. I believe $10 million now defines the true wealth. Just a little rant. Reached $1 million net worth at age 28 but my life hasn't changed. Can't even buy a decent 2 bedroom condo/apartment in NY TC: 280k
A 2 bedroom condo in most of Manhattan costs anywhere between 550k-950k. A 20% down payment is like 150k. You were saying? Are you one of those people who think people drop 2M cash on a house? Idiot!!
I am near the 8 figure category, and trust me, I don't feel anywhere near wealthy. Probably because every one of my relatives is double, triple, or more my NW.
More like 3M is the new 1M. 10M is an exaggeration
3m is not enough for a family of 2+ to retire on if you're in your 30s. It's not "F U" family money.
It’s enough if you don’t get caught up in material possessions and frivolous spending. A 3 mil portfolio with 3% withdrawal rate can sustain someone in perpetuity with 95+% confidence. That’s $90k a year which is more than the median HH income in America and that’s a pretty good life for most
Not everyone is supposed to live luxury.
I'd love to see the average Blinder live the life under the salary of the average person 🤪
I can retire at $4M.
You only are rich if you stop moving the goalposts. I'm gonna quit when I get my first cardboard house with a fiber connection
This is a rant about inflation, not about what the ideal FIRE number is. Everyone knows inflation is bad and way worse than official stats.
I disagree, it’s not… People just cry about it because they think it’s a “human right” to own a house instead of rent, and owning a house is not included in CPI. American society has to pick one or the other: a house is an investment used to build wealth, OR should be included in inflation/“be affordable” which would make it a terrible investment. They are mutually exclusive
I think your problem is that you don’t understand wealth and think you need to do activity A or activity B to be considered wealthy? Why are you even looking at buying in NYC? Or buying at all? Do you think you have to?
Correct. Also the sky is blue? But 1m is an awesome start. If that's your retirement and you never save another penny you will have 34m by 65.
yup, when the final jerome powell dick riders finally capitulate and admit that printing 50% of the money supply actually did result in inflation, then you can be damn sure it wasnt just 50% - shadow bullshit and deep state bullshit probably made it more like 10 to 1
JP and yellen will defend printing even in their death bed
Then again can hardly blame them when politicians love buying votes by giving free stuff