Are you living the "good life" with $10 million?

She's trying to live off of idle wealth.
It highlights the misconception of many that the wealthy assume no risk and just live off of interest.
It is the wealthy that provide most of the investment capitol for the economy to grow.

This is why taxing the wealthy is negative for the economy.
 
The thread's premise is a silly question to even address, but here is food for thought.

Let's say your average income is 100,000 USD a year (I know it isn't but let's pretend). Let's also say you get the full 10,000,000 (still pretending). Let's say you decided to space it out over 20 years. How would making five times your current annual income change your life? Keep in mind that for most people a 10 - 25% increase in pay by moving from one job to another or a career change IS a life changing event.

When you start to think of the money in those terms you realize that anyone who complains about 10 million being chump change has serious mental deficiency issues.
 
Wealth effects people in curious ways.

It seems that wealth breeds a need for more wealth (...its never enough....). as i think i posted in another thread, many (if not most) wealthy people will tell you they need more; and the typical "more" they cite is often about twice what they already have. someone with 50M net worth will say they need 100M to "retire and live the good life"; someone with 100M will tell you they really "need" 200M.

Unfortunatley I am not speaking from direct personal experience, but I know people in those situations (one family relative and several acquaintances) and have heard them say so.

Read the book "Richistan" which talks about the class system among the wealthy: 1-10M "lower class wealth" (a pretty insecure group and not truly considered "wealthy" by those in the upper wealth class); 10-50M is middle class wealth (they struggle with living the life of extreme wealth; they often wish they could be a bigger "donor" and get on some charity BODs); and the then there is 50M/100M plus group. From what I've been told, it takes about that much to have complete financial freedom.
 
Read the book "Richistan" which talks about the class system among the wealthy: 1-10M "lower class wealth" (a pretty insecure group and not truly considered "wealthy" by those in the upper wealth class); 10-50M is middle class wealth (they struggle with living the life of extreme wealth; they often wish they could be a bigger "donor" and get on some charity BODs); and the then there is 50M/100M plus group. From what I've been told, it takes about that much to have complete financial freedom

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I didn't read that book but I read "740 park avenue" (the world's richest building) and I left with a similiar impression regarding insecurity of the wealthy.

Then there is the fact if you have money, is it old or new? Then it is blood lines that matter if you have the right amount and right kind of wealth. There is good wealth and bad wealth (type of business), earned wealth and inherited wealth. It's like a trailer park mentality.

Frankly, enough wealth for me would be to live in a hotel, I don't feel like owning anything anymore. If I don't like my neighbors, I'll take a room on a different floor, need a change of scenery, get a room with a window. All I need is my thermos.:D
 
Quote from el pollo:

1.5 - 2MM will get you a decent crib these days in Manhattan!
More...

Check out what a 2mm apartment *rents* for. Even if I had 100 mill, I would not spend 2 mill on an apartment.

Why make 5% per annum (long-term - right now you will lose money for a few years) on your 2 mill when you can trade/invest it and make at least double that with less risk?
 
Quote from Port1385:

On CNBC tonight, there was a piece about the woman who created mediabistro.com. She sold it to Jupiter media and took home 10 million after taxes. During the interview, she was saying that having 10 million is not living the "good life".

Do you think having 10 million is living the "good life"? Quite honestly, I dont think it would be that hard to live a good life on 10 million. Even if the 10 million is placed away into money market accounts at an interest rate of 3% then that equates to 300grand a year which is enough to live a life of luxury for some time to come without working.
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It's all relative to what you are used too already and also to what you see around you. There are some people in America for whom $50,000 would be like hitting the jackpot and they would have "the good life" and everything they could have ever dreamed of. For others if they "Only" made $1million per year it would be a terrible hardship and majorly cramp their style. It really just depends upon the person and the circumstance. Some people have money like most of us have Tide Soap.
 
Quote from Brandonf:

Some people have money like most of us have Tide Soap.
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About 1.5-2% of US population has more than $1M net worth.

Less than 1% of world population has $1M net worth.

Of the above "millionaires", about 2% has more than $10 million.

If someone with $10 M "feels like shit" then they better drop all their "friends" and move somewhere else or get psychological help.

I guess if you have $500 million and want to feel miserable you can actually do it.

You can live very nice for $50,000 a year in many pleasurable places in the world. If you like cockroach apartments in New York city, I guess you can choose that too.

More money only gives you more choices, not necessarily wiser choices.

JW
 
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