At what point do you consider someone admirably rich? At which point, if any, do you consider them immorally rich?
What does financial success look like to you? And is there a point where you feel people should be satisfied and stop being greedy?
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BlueVeins · 22-25
I think the lower bound for what I'd consider rich in a cool way is $1,679,500. You remain cool up until $17,857,142.86, at which point you're beginning to degenerate. By the $40 million mark, you've reached complete goblin territory.
ViciDraco · 41-45, M
@BlueVeins Haha. 40 million is close to my dream amount. Actually I think it was about 30 million I figured I could live what I would consider a wealthy lifestyle purely off of returns like dividends and interest AND reinvest enough back in to protect against inflation so that I was never actually drawing down and could leave the lump sum to a special cause when I passed.
Realistically if I was just going to spend every dollar and not worry about leaving anything behind I wouldn't need anywhere near that.
But yeah, properly managed 40 million can be the beginning of dynastic wealth.
Realistically if I was just going to spend every dollar and not worry about leaving anything behind I wouldn't need anywhere near that.
But yeah, properly managed 40 million can be the beginning of dynastic wealth.
BlueVeins · 22-25
@ViciDraco From what I've seen, happiness is at its maximum at $500k in income a year.
If you invest in SCHD -- which is an index fund that specializes in dividend stocks -- you get a 3.5% rate of dividend yield, which grows faster than inflation. Taxed at long-term capital gains rate. Dividend stocks tend to yield ~20% less in a recession.
$500k / .80 / .035 = $17,857,142.86. It is this logic which leads me to believe that nobody needs more wealth than that, unless they have cancer or something.
If you invest in SCHD -- which is an index fund that specializes in dividend stocks -- you get a 3.5% rate of dividend yield, which grows faster than inflation. Taxed at long-term capital gains rate. Dividend stocks tend to yield ~20% less in a recession.
$500k / .80 / .035 = $17,857,142.86. It is this logic which leads me to believe that nobody needs more wealth than that, unless they have cancer or something.