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$5 million in the bank -- rich?

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  • $5 million in the bank -- rich?

    Jon Miller has stated that a couple with $5 million in the bank is "pretty well off," but not rich. Do you agree with him?
    48
    $5 million is rich
    79.17%
    38
    $5 million is "pretty well off"
    14.58%
    7
    It's enough to buy a small banana plantation in the devloping world
    6.25%
    3
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

  • #2
    Over 2 million is rich IMO.
    We need seperate human-only games for MP/PBEM that dont include the over-simplifications required to have a good AI
    If any man be thirsty, let him come unto me and drink. Vampire 7:37
    Just one old soldiers opinion. E Tenebris Lux. Pax quaeritur bello.

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    • #3
      5 million liquid would normally be associated with several times that amount in fixed assets. Either way it is rich.
      Gaius Mucius Scaevola Sinistra
      Japher: "crap, did I just post in this thread?"
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      From a 6th grader who readily adpated to internet culture: "Pay attention now, because your opinions suck"

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      • #4
        Let me try it out and I'll tell you.
        Click here if you're having trouble sleeping.
        "We confess our little faults to persuade people that we have no large ones." - François de La Rochefoucauld

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        • #5
          I'm interested in knowing what you're assuming their real rate of return on invested assets to be.

          Because with 6% real rate of return and 31000 (constant dollars) annual contributions it takes 40 years to get to 5 million.
          12-17-10 Mohamed Bouazizi NEVER FORGET
          Stadtluft Macht Frei
          Killing it is the new killing it
          Ultima Ratio Regum

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          • #6
            $5 million is rich
            Life is not measured by the number of breaths you take, but by the moments that take your breath away.
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            He also hates Texans and Australians, he does diversify." ~ Braindead

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            • #7
              I assumed 5.5% real rate of return and $31,000 constant dollars plus 1% real increase per annum in contributions. 40 years.
              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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              • #8
                Both of those are retardedly overoptimistic and still put retirement date 40 years out.

                ???
                12-17-10 Mohamed Bouazizi NEVER FORGET
                Stadtluft Macht Frei
                Killing it is the new killing it
                Ultima Ratio Regum

                Comment


                • #9
                  What figures would you propose? And yes, that puts retirement 40 years out, like most people will do.
                  I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                  • #10
                    Dan, nobody making 120k a year with 4 kids is going to retire with 5 million in the bank unless they hit the lottery.

                    That's just not going to happen.

                    1.5-2 mill is much more likely under a robust set of assumptions (still quite a bit of saving).

                    But don't get me wrong; I think that a pair of 65 year olds with 1.5 million in the bank is going to live a comfortable upper middle-class existence.
                    12-17-10 Mohamed Bouazizi NEVER FORGET
                    Stadtluft Macht Frei
                    Killing it is the new killing it
                    Ultima Ratio Regum

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                    • #11
                      Originally posted by DanS View Post
                      What figures would you propose? And yes, that puts retirement 40 years out, like most people will do.
                      That puts retirement 40 years out FROM THE MOMENT YOU START PUTTING 31k A YEAR AWAY.



                      Why don't you find me some 25 year olds who sock that much away and already have 4 kids.

                      12-17-10 Mohamed Bouazizi NEVER FORGET
                      Stadtluft Macht Frei
                      Killing it is the new killing it
                      Ultima Ratio Regum

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                      • #12
                        The assumption was that they max out their 401(k)s. They have 4 kids and are in their jobs by the time they're 28 or 29.
                        I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                        • #13
                          4 kids by 28-29 and they both have careers well up and running and no debt?



                          12-17-10 Mohamed Bouazizi NEVER FORGET
                          Stadtluft Macht Frei
                          Killing it is the new killing it
                          Ultima Ratio Regum

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                          • #14
                            Who said no debt? They are house poor, and by now, under water big time. They have $2k a month in education loan payments.
                            I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                            • #15
                              The realistic age for that is much more like 35 than it is 28-29

                              So yeah, if you're willing to work until you're 75 and live like a monk until then you too can have 5 million when you retire.

                              12-17-10 Mohamed Bouazizi NEVER FORGET
                              Stadtluft Macht Frei
                              Killing it is the new killing it
                              Ultima Ratio Regum

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