Wednesday, August 11, 2010

How Much It Costs To Be Considered "Rich"




Depending on where you live, and whether you want to be rich and still working, or rich and just relaxing, you're looking at needing to have between $2 Million to $12 Million in the bank collecting interest, and between $100,000 and $300,000 coming in annually to support your "rich" lifestyle.

CNN Money had a great article the other day on how rich you have to be in order to be considered "rich" by Americans.

Here's the story:

How rich is rich?
How much money do you need to feel rich?

Wealth is a subjective concept, but one thing is universal in most definitions: being able to live a comfortable life without having to work.

Does $250,000 make you rich?

Experts peg the figure to be somewhere around $2 million to $12 million in savings.

On the high end of that range, a single person living in an expensive part of the country (say, New York City), wanting to retire at 35 would need at least $300,000 a year to feel rich, according to Steven Kaye, president of Watchung, N.J.-based wealth management firm American Economic Planning Group. He based that number on real-life figures his clients tell him they need.

A yearly income of $300,000 would allow for taxes, a $3,800-a-month apartment (the average price in Manhattan), and a monthly spending allowance of around twelve grand, he said. Not too bad, especially since you could do this all without a pesky job.

To generate $300,000 a year beginning at age 35, you'd need a nest egg of just under $12 million. That assumes a conservative investment portfolio generating a return of 5% a year, an inflation rate of 2.5% a year and Social Security benefits of $25,000 a year starting at age 62.

If you live in a low cost part of the country, $100,000 a year should be enough, said Kaye. In that case, you would need savings of about $4 million to retire at 35.

But if you're willing to stay in the workforce until age 65, a mere $2 million would be enough.

Oh, what I'd do for a "mere $2 million"... Or $1 million. Or $100,000. Or really, even $5000. Maybe even $500. Ok, ok, even $50. Yes, I'm a whore... ;)

--jackandcokewithalime


(Image:
http://www.flickr.com/photos/argenberg/91885776/sizes/o/ by Argenberg on flickr
)

3 comments:

www.kfm24.com said...

now this is what I like to see your blog is off the chain man I love it I'm gonna be a multi billionaire someday http://www.kfm24.com

Blogger said...

QUANTUM BINARY SIGNALS

Get professional trading signals sent to your cell phone every day.

Start following our signals NOW & gain up to 270% per day.

Emily Jessica said...


=======================================
23a11b298Here are best materials for you!
John Smith Mar 23, 2018 at 8:36 PM
LEARN HOW TO BECOME MILLIONAIRE ONLINE
This is one of best online course about how to become millionaire online.
It is difficult to become a millionaire, so perhaps this course is only rated 4.4*.
Source: How to become millionaire online in one year




Jennifer Lee Mar 21, 2018 at 7:36 PM
LEARN FREE HOW TO MAKE MONEY ONLINE BY AFFILIATE MARKETING
This is a free course by Affilorama, the leading internet marketing academy, rated 4.7 * by 87k+ students.
source: Free training affiliate marketing online





Juan Carlos Mar 27, 2018 at 8:36 PM
12 SECRETS TO GET ANY GIRL TO LIKE YOU
This is one of top secrets that help you get any girl to like you.
Rated 4.7* by 5600+ students.
Link: 12 secrets to get any girl to like you





Mike Jones Mar 29, 2018 at 9:36 PM
LEARN FREE PIANO ONLINE:
This course is organized by LearnPianoIn30Days. This site offer 14 days free training for only $1.
More details: $1 Trial to learn piano in 14 days





David Smith April 1, 2018 at 10:36 PM
13 SECRETS TO CAPTIVATE ANY MAN:
This is one of top secrets that help you get any girl to like you.
Rated 4.7* by 5600+ students.
Link: 13 secrets to captivate any man





Emma Emily April 2, 2018 at 10:36 PM
LEARN FREE GUITAR ONLINE:
This course is organized by Play Worship Guitar. This site offer 21 days free training for only $1.
More details: Trial 1$ learn guitar online in 21 days





Peter Ho April 3, 2018 at 14:36 PM
12 SECRETS TO BECOME FAMOUS MAGICIAN?
This is best course online about how to become a magician!
This training course offer free trial and 60 days money back guarantee
Link: Trial to Learn Mentalism Effects and Magic Tricks




Jennifer Tran April 3, 2018 at 19:36 PM
HOW TO LOSE 1 POUND OF BELLY FAT EVERY 72 HOURS?
yes it can. Bruce Krahn and Dr. Heinrick created this program specifically for men and woman.
The core of the program is a formula by Heinrick that is supposed to work well against belly fat and its associated health issues
Here are link: Link: Secrets to lose 1 pound of belly fat every 72 hours




Brittany Jones April 3, 2018 at 19:36 PM
HOW TO SELF-DEFENSE WITHOUT ANY MARTIAL ARTS TRAINING?
yes it can. Real self-defense system, designed By Swat Team Leader, even without any martial arts training.
Here are link: Link: 8 secrets for self-defense without any martial arts training




Penny Albritton April 3, 2018 at 19:36 PM
GET YOUR SEXIESTBODY EVER BY YOGA?
Here are link: Link: 9 secrets to get your sexiest body ever by yoga