What do you consider rich?

[MFMan]

Bill Gates is rich

 

[Nonerz]

No I am no hater. Just voicing my opinion.

Yes you are. That's just my opinion!


But really, I understand what you're saying about the fluff and stories...it's the principles that I like. Have you ever played his CashFlow game? I've had fun playing it but I think I'm ready for 202.

 

[AustinTX]

I'd say about 5 million; you can safely remove about 3.5% from a trust per year through all market condidtions, and that would leave you about 175K / year, minus taxes which could be as low as 18%-20% if your structure the funds properly and only take out long term or very long term stock assets; plus there's bonds. That'll put you in the top couple of percent of income earners, and let you stay there forever (assuming you leave some in, so you can increase the withdrawl to adjust for inflation).

 

[MattTheSkywalker]

I'd say about 5 million; you can safely remove about 3.5% from a trust per year through all market condidtions, and that would leave you about 175K / year, minus taxes which could be as low as 18%-20% if your structure the funds properly and only take out long term or very long term stock assets; plus there's bonds. That'll put you in the top couple of percent of income earners, and let you stay there forever (assuming you leave some in, so you can increase the withdrawl to adjust for inflation).

what the hell are you gonna do with $175K? get a good seat to observe people with real dollars?

 

[AustinTX]

what the hell are you gonna do with $175K? get a good seat to observe people with real dollars?

Well, it'll put you about in the bracket of those making $250-300K year and allow that to be adjusted upward at the rate of inflation, except you're retired *forever*, or you could plan it to last for 40 years, and keep probably 300+K after taxes/year.

It could put you on an even higher lifestyle than that income would normally convey, since you no longer have to save a big bunch of money to put you in the position to retire anymore. Can't go blow 10million on a yacht, but living in the top couple of percent of income, and not having to work, lesser expenses, house probably paid for, leaves a lot for travelling, etc. I'd say that is rich. Not super-rich, but certainly 5M would qualify as rich. You don't have to be in the top .0001% at 100M to be rich, although with my tastes, that would be preferrable, LOL.

 

[louden_swain]

sounds cheesy to most. . .

A person who can find true love.