2.5M considered wealthy

[ironchef]

I remember sitting at a swanky San Francisco bar with a friend, 2 college students with part time jobs, dreaming of what it would be like if we had $1M when we retire.

We still laugh about that era as we aim for $5M before 65!

For me being wealthy is to fly business or 1st class wherever I fly without thinking about cost. I'm definitely not there!

Unless your $5M came from lottery or inheritance, when you get there you will still fly economy because old habit doesn't go away.

 

[ironchef]

If I can not retire from $2.5 million right now, then something is wrong with me.

Because after you get there you will be shooting for $25 million. Nothing is wrong with you, it is human nature, hard wired into our genes.

 

[jys78]

Of course it is wealthy. Let's say you have a house worth 1.5 million, and it is paid off. That leaves you with a million in cash.

A no brainer?

Carrying that house (insurance, taxes, maintenance, mortgage interest and/or opportunity cost of having equity tied up in it) will likely be >100K pa. Your remaining 1M won't last too long with this sort of allocation!

 

[ironchef]

Carrying that house (insurance, taxes, maintenance, mortgage interest and/or opportunity cost of having equity tied up in it) will likely be >100K pa. Your remaining 1M won't last too long with this sort of allocation!

@Overnight did say no mortgage.

Yes, $1M will last you about 10 years, unless you are an ET and get a > 30% return day trading ES.

 

[VicBee]

Unless your $5M came from lottery or inheritance, when you get there you will still fly economy because old habit doesn't go away.

Having had and having lost from a young age, I learned (it was very hard at first) to live to my abilities and not my wishes.
I don't fly as much as I used to but I'm also not as young as I used to. I now only fly economy+ but starting next year I will spend 6 months in Mallorca and 6 months in Singapore. These 15 hour flights will quickly take me back to gold or platinum status with opportunities to upgrade to business.
Of course, if TSLA goes to 500 then it's business til death do us apart.

 

[cesfx]

The privilege of wondering how many millions are enough...

 

[semperfrosty]

Having had and having lost from a young age, I learned (it was very hard at first) to live to my abilities and not my wishes.
I don't fly as much as I used to but I'm also not as young as I used to. I now only fly economy+ but starting next year I will spend 6 months in Mallorca and 6 months in Singapore. These 15 hour flights will quickly take me back to gold or platinum status with opportunities to upgrade to business.
Of course, if TSLA goes to 500 then it's business til death do us apart.

Not long to go now Vic!

 

[VicBee]

Not long to go now Vic!

.... To be fair, the whole market took a dump and it's not over based on after market.
I had SMCI on my radar following some fluff about a split.... -20%!