iamr3d88
iamr3d88 t1_j6cgteb wrote
Reply to comment by limacharley in One day, being a millionaire is not going to be considered rich. by Coronazonewearmask
3-5 should cut it for most people. 4% "safe" rate means 3mil can live on 120k forever. That's good money. Especially when you don't have to save anymore.
iamr3d88 t1_j6cgpaf wrote
Reply to comment by Previous_Call_7215 in One day, being a millionaire is not going to be considered rich. by Coronazonewearmask
A millionaire is someone with a million in assets. It has nothing to do with what you earn. People could make 250k per year and never be a millionaire, while others can do it on 60k.
iamr3d88 t1_j6e84vn wrote
Reply to comment by Sir-Viette in One day, being a millionaire is not going to be considered rich. by Coronazonewearmask
Over 20+ years, I you take 4% per year out while making 7-10% on average, your portfolio will grow with inflation. That's not guaranteed, but it pretty much works out that way.