One Out of Every 20 Americans Is Now a Millionaire

Economy & Finance
121

Make sure you bring data to show it’s true. :rofl:

122

Wait… what are we talking about? :rofl:

123

Well, you know, if you tell something, anything here without any data, somebody, a nut guy, mad at the world and himself will tell you that ain’t good because you are showing some emotion. :crazy_face::sunglasses:

Gosh! It must be so boring living without emotions. :crazy_face::crazy_face::crazy_face::crazy_face:

Happy Thanksgiving!

124

Happy Thanksgiving!!! :turkey: :money_mouth_face: :wink: :joy: :rofl:

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Happy Thanksgiving. I was wondering the other day, How much would make you feel wealthy in the Bay Area?

126

My ex-coworker said you would need $5M to retire in Silicon Valley. But he said it back in 2012… :rofl:

127

5M x Number of people in your household

128

Too greedy… :rofl:

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129

Greed is good. Greed is American. Greed is patriotic. :us::us::us:

130

Thanks for dissing the national culture… :rofl:

131

I felt wealthy in the BA but I feel twice as wealthy in Tahoe.
Being rich is no fun if everyone else is… lol

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132

Then Detroit is the place for you to be… :rofl:

133

Enough is fine, no need to be super rich. Can’t take it to the grave

2 Likes
134

you can leave it to your heirs.

135

How much is enough?

136

According to my ex-coworker would be $5M for the whole family.

According to @manch would need to be $20M for a family of 4… :wink:

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137

Each member (Members) of the house, reserve 250k for emergency expenses. = Members*$250k

Keep life expectancy 99 years (far off), if we live beyond 99 years it is bonus for us.

Subtract current age from 99 years (balance age) = (99-Age)

Assume no loans at retirement time and thereafter. If not, add that amount ($L) in your reserve.

Calculate average spending ($Spend) for an year including vacation. Multiply by 1.2 (20% factor safety or error in our calculation)

Assume inflation 5% (worst case) and multiply for the rest of the years (99-age)

Add all of them. If you have it now, that is enough, feel free to take vacation and enjoy your life ! Any thing more goes to heirs as inheritance…

1 Like
138

What about the old 4% rule?

139

4% is also calculating same life expectancy and similar calculations. Whatever I gave was thumb rule calculations, but it works nicely.

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[quote=“Jil, post:137, topic:3478, full:true”]

Each member (Members) of the house, reserve 250k for emergency expenses. = Members*$250k

Keep life expectancy 99 years (far off), if we live beyond 99 years it is bonus for us.

It is a bonus to live more than 99 years? Not likely. The quality of your life will be very bad!!! Better to go in your sleep when you are in your late 70s.