Uplifting News
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If I had $9 million dollars I would be done. That's line a six figure annual salary if you put it in the safest of safe investments.
Rich people suck
You need enough capital that you can make enough in capital gains and dividends in a 4% down year.
Most people in this country could live off of $2,500,000 if it's stashed in an index fund. $9,000,000 is more than anyone ever needs.
You can get 4% from a high yield savings account. That's insured. That's still $360,000 a year (taxed as income). You don't need to expose yourself to a lot of markets and "down years" . I mean, if the us government collapses and insured accounts are lost we all have bigger problems.
At 2.5mm you'd still be fine at 4%. Six figure salary for doing jack squat.
Of course, not everyone can budget and they might burn into their principle. But, like, don't do that. 🤷
Yields are down a bit right now, unless you're willing to go with a sketchy, not sure if FDIC insured "bank."
Currently I'm seeing rates of around 3.5%, or 3.63 APY.
Sure but inflation will eat into that over time. The point of the market approach is you can withdraw that amount in real dollars for 30 years and have the same amount over time after accounting for interest
That's a good point. I think that's why most financial advice recommends a mixed portfolio. Index funds that follow the market, but also like bonds and safer things.
If I luck into seven figures of money, I think I'd hire a professional to give advice. Or at least do a lot of research.
For now, but you make a solid point. It depends on one's risk threshold, but I appreciate you adding that in.
If I had $9 million dollars I'd buy nine green dresses but not real green dresses, that's cruel.
I'd buy all the fanciest ketchups. Dijon ketchup!
Thats why you're not rich. You have to be monomanic to keep wanting more money
Most of getting that rich is choosing the right parents.
9mil is only a abay yacht, gotta get a bigger yacht!