Trying to explain this to people I know is nearly impossible. They always think “but when I’m rich I want all the money and no regulation!” Well guess what you work at Walmart and will never be rich so I guess let yourself get endlessly exploited then. There is no ethical billionaire. Maybe not even millionaire tbh.
I think at around 5 million you no longer need to labor to live. You can put that in safe investments and just coast. That’s maybe not super rich, but it’s definitely above a milestone.
As things are, every Millennial and anyone in a later generation is going to have to be a millionaire to retire to a reasonable level of comfort. It could also be true that there are no ethical millionaires. Where does that leave us?
Ditto. I am putting money away in my 401k like a good little citizen but I have no clue how that money will EVER be enough to support myself (not to mention any one else I might have around) in my old age.
It’s not that hard to be a millionaire by retirement if you have a decently good paying job. Assuming you’re making $84k a year (good money, but hardly “capitalist pig” level) and invest 6% of your income every year in your retirement account (~$5k a year) at a roughly 7% average interest rate (historical stock market average) for 40 years that gets you to $1mil.
Trying to explain this to people I know is nearly impossible. They always think “but when I’m rich I want all the money and no regulation!” Well guess what you work at Walmart and will never be rich so I guess let yourself get endlessly exploited then. There is no ethical billionaire. Maybe not even millionaire tbh.
ik a few ethical millionares
At this point I don’t even consider 50 million net worth “rich”. There are 2 classes of people. Billionaires and their cronies, and everybody else.
I think at around 5 million you no longer need to labor to live. You can put that in safe investments and just coast. That’s maybe not super rich, but it’s definitely above a milestone.
As things are, every Millennial and anyone in a later generation is going to have to be a millionaire to retire to a reasonable level of comfort. It could also be true that there are no ethical millionaires. Where does that leave us?
Can’t speak for y’all, but I’m firmly in “will never be able to retire” territory.
Ditto. I am putting money away in my 401k like a good little citizen but I have no clue how that money will EVER be enough to support myself (not to mention any one else I might have around) in my old age.
My plan is to die in the water wars. Looking at the state of things, it won’t be long now.
It’s not that hard to be a millionaire by retirement if you have a decently good paying job. Assuming you’re making $84k a year (good money, but hardly “capitalist pig” level) and invest 6% of your income every year in your retirement account (~$5k a year) at a roughly 7% average interest rate (historical stock market average) for 40 years that gets you to $1mil.
Very true