/biz/ - Business & Finance

It's not that it's nothing. It's just that a million dollars in the 80s is like 4 million or so today. It no longer suggests the status or financial reach that it once did as a benchmark. The first day I'm a millionaire I'll probably go a little bit nuts just from crossing that threshold.

>>53322692
Its barely enough for a 68 year old to retire on and feed and house themselves anon.

>>53322692
being a millionaire doesn't mean that you are wealthy anymore and that sucks

>>53322692
posts like that are demoralization to keep you from thinking you can ever better your circumstances without toiling for some thankless corporation.

>>53322692
In our lifetimes a million dollars has gone from "instantly retire and live off in the interest" to "doesn't even buy you a house in the suburb you grew up in".

>>53322692
depends where you live
1 mil in SEA is alot

>>53322733
>posts like that are demoralization to keep you from thinking you can ever better your circumstances without toiling for some thankless corporation.
toiling for some thankless corporation won;t get you anywhere they only keep people on from 5-15 years (and very few will be kept on that long, very few) the vast bulk of 1st class honours graduates are on the scrap heap with some vested stock options worth less than 100K after 5 years and with the tax payed on the stock at vesting more like 50K net. Most will have another 5-10 years of decent earnings and then hit the income wall at 40. Dinosaur and scrapheap. You have a 5 in a million chance via luck of throwing dice and avoiding this. Most people who think they have money have nothing,. They have unrealised paper gains in property or 401Ks that they never realise because markets crash etc. Not just that but any kind of life with kids means that you are going to need 300,000-500,000 per child net and with an attached risk on the marriage/female that exposes you to potentially a hit of legal bills right off of 60% of everything and an ongoing yearly charge for 5-25 years. Income, capital gains, mandatory insurances, inflation, interest rates etc etc etc all mean your chances of ever having enough money to provide for a comfortable secure daily live where you are safe, fed and housed until you die are nil. Most people who have that inherit it and rarely pass it on to their kids. Human nature. Telling people they can escape fate is a lie. They will be born they will poor, they will suffer and they will die, they should be thankful as they will not be AS poor, suffer AS much or die AS young as the rest outside western civilisation. This is the way things are and always have been.

>>53322876
vesting schedules are the best weapon in any entrepreneur's rapebox. people will never stop falling for it. literally make them work hard as fuck and nail 'em 1 day before that cliff and watch them cry when the lawyer tells them its gonna cost 100k to sue kek,. or just dilute it to nothing and they never know anyway and neither does the buyer kek. working for a vc was the best education i ever received

>>53322692
$1 million in fucking treasuries will give you $40k a year without touching the principal. Stupid fucks like >>53322739 think that you need to buy a house with that $1 million.

>>53323004
now pay tax on that you fucking moron, inflation is meanwhile eroding your shrinking capital. You are financially illiterate.

>>53323004
After tax income on $40k of interest comes out to $36k in fucking California. You can 100% live off $3k a month in a LCOL area

>>53323214
Meant for >>53323202

It really depends on how much time and effort it took to attain it. Context matters.
1 mil at age 30 means you saved >100k per year since college, which naturally means you earned at least that much (including capital gains). Likely you're earning much more.

In the end though, that million only represents 8 or so years of earnings for you, at most. It doesn't feel like much because you still see 20-30 years ahead of you. You can't retire off it. If you're capable of saving that much money, you're likely spending at least 50-100k a year too, your real pre-tax income being likely closer to 300k which is typical for high end tech salaries.
To safely draw down on that 1 mil over an undetermined timeframe, you'd only want to be pulling out 30k/per (3%). This is relative poverty compared to what you're used to in that situation.

For someone who makes minimum wage and lives somewhere cheap (perhaps outside the US even), of course 1 mil seems like a lot. For someone who lives paycheck to paycheck, of course 1 mil seems lifechanging.
But the type of people that grow 1 mil in savings are savers. They don't see a stack of money and think about what they're gonna spend it on. They'll spend their whole lives growing bigger and bigger stacks until it can pay them truly mindboggling amounts of income when they finally do retire. For those people, 1 mil is nothing. Just another stepping stone on the road.

>>53323214
People like you should just fucking lurk. Interest is 4% and you are withdrawing that yearly meanwhile inflation is reducing your capital by 7% and you are sitting there sticking your finger in your anus and sucking it because you are retarded. Not just that but you also gave up another % in tax. People sometimes wonder why brainlets burn through money so fast and the answer is simple, they are too dumb to know they are dumb(you). You are carrying out reverse compounding on your capital at a rate of let's be generous and say 7% a year (and interest rates would not be 4 otherwise). No one has told you because your parents or teachers or however had good intentions but bad ideas, you are stupid.

>>53323394
>For someone who makes minimum wage and lives somewhere cheap (perhaps outside the US even)
A million Euro or Pounds Sterling is not considered very much in western Europe or the UK respectively. After purchase fees and annual property taxes are considered it is enough to get a quite average middle class house with three bedrooms and pay the property tax/inhabitation tax/council tax/stamp duty house insurance on it for a decade (maybe)

>>53322692
It's enough if you don't plan on having a family, like myself

>>53322692
It is nothing you poorfag

>>53323492
>It's enough if you don't plan on having a family, like myself
I'm assuming you are outside civilisation somewhere? Even in developing EU eastern Europe a million won't get you a place to live and feed you. You'd have to go to some complete shithole and live with the dangers of impoverished neighbours and poor medical, communications, transport and healthcare.

>>53323499
It's not nothing, its a good lump of working capital but it is no where near enough to take you from lets say 30 or 35 to the day you die in any kind of comfort anywhere in civilisation

A million Dollars is nothing.
Could not even buy a decent house with that.
>But, but muh i saw that you can buy für 250k
Retard take. No one wants to live in your crime infested shithole. Get over it.

I mean, it's better than nothing, but gone are the days of retiring because you have a million bucks. I think it's possible if you are willing to live very frugally and in areas of the country no one else wants to live (or overseas in cheaper locations), but you are going to have to make sacrifices. Is it really that much money if the first thing to understand is it requires a lot of sacrifices? For example, even $3 million these days is a totally different lifestyle you can maintain as far as retiring early. It needs to be said over and over 'six figures' being successful was coined in the 80s. It has been 40 years since 100K/yr was a lot of money. Same thing for a million bucks.

>>53323517
A million will get you a decent house in a decent area with a bit of change somewhere in civilisation (roads, schools, hospitals, law etc) by which I mean North America or Europe and possibly somewhere quite nice but a decent 600K house is going to attract property taxes, maintenance and insurance as well over a decade. I own a lot of houses. They are a cost book to me and I should sell them. I don't go and stay in them anyway and renting is too high risk and low reward these days but every year I spend time doing nothing more than allocating and transferring property taxes. The money goes. Every year.

>>53323517
>the chud says as he slams his Cheeto dusted fingers on his keyboard screeching… he thinks to himself, “When I finally have a house I’ll be happy!”

>>53323484
I was meaning more like those South American or Asian areas that people go to take their winnings and laze around forever. If you're really into that life, then I could maybe see 1 mil as an acceptable end goal.

If you want to stay in the developed world though, then yeah, 1 mil is really just gonna buy your first house or sit in savings. The benefit is that you'll no longer be paying rent/mortgage, but you'll still need money for day to day.
Poorfags that suddenly win 1 mil might blow the rest up on vacations or gambling and get a few years of fun.

>>53323506
I live in a UK council home by myself (fit for like a family of 5 but is basically one floor) and I also receive benefits, I have about £1.2mil thereabouts in savings accounts/investments (most of it from crypto) and about 200k of that is in crypto still.

I go to SEA often for months at a time, so you're right about the places I go being shitholes but I manage, it's a plus if you're White + young in SEA so you don't really have to pay for sex but I do buy whores when I can't be bothered with the back and fourth dating stuff. I went to places like Japan/Singapore but they did get a bit expensive but definitely worth it for a short time. I "work" as a creative of which I receive basically negligible income from online and have a pretty relaxed life, but I strictly swore off ever having a family or kids and for some men that's a hard thing to resist as they grow older, as I'm nearing 30 and sometimes I think about it but I'll never choose to have that life.

>>53323534
It is not worth the risk to try overseas for anyone. Someone from civilisation going to uncivilization is facing corruption, lawlessness, mass poverty, poor infrastructure, political and social instability, disease, unstable local currency, poor medical infrastructure, poor internet and communications infrastructure and is a foreigner and a target of crime. Religious, cultural and language barriers come into it. Civilisation would like brown people to go home. Brown people places have a chunk of their populations that don't like foreigners either. Foreigners get murdered in places like the Philippines, Cambodia, Laois etc etc constantly. No one cares either locally or in the west because they are rather nasty sex tourist types who no one cares about and the bodies are cremated so there is no autopsy and investigation. You're best chances of sucessful living are the the place you are most familiar with and know most about. This applies to brown people as well as people form teh civilised world. A place like London, Paris, Berlin will eat you alive if you are brown, poor and not born there just as Manilla, Calcutta or Lagos will eat you alive if you are rich and not born there.

>>53323577
I'm sorry, I find sex tourists and people who use prostitutes in impoverished countries a bit disguising. You replying is a bit like stepping in dogshit.

>>53323543
>>53323559
Sorry won't buy your bags boomer.
Its SEA for me thanks.

>>53323605
There are no bags to buy because I wouldn’t sell my house anyway. Because I actually like it

>>53323602
>I'm sorry, I find sex tourists and people who use prostitutes in impoverished countries a bit disguising
You post like a girl. I can imagine an American valley girl typing this, "Uhm sorry, but that's just like, so disgusting". You remind me a lot of one seething Filipino poster who kept posting FUD about visiting SEA. My life is comfy and you can seethe about it.

>>53323577
Your gonna regret that enjoy being 60,70,80 and alone in your house all by yourself no one to visit you dumbass but you made money right?

>>53322876
Holy demoralization

>>53323630
It's funny, if I had his money instead of going to southeast asia I'd go to scotland and find a 18 year old scottish schoolgirl to marry

>>53323630
I won't regret it, but I am pretty sociable and have a big family on both my mum and dads side, but in the end everyone dies alone, if you haven't got that yet you're probably underaged. I will never be a wage slave and I will never be tied down by a wife and kids, that's not the life for me and I don't judge those that lead that sort of life either. I have determined this to be the best way to live my life with the money that I have if I never plan on having a wife + kids of my own.

>>53323658
I still prowl for some puss once I'm back home, I don't live in SEA, I just go there for months at a time. I don't plan on marrying and I despise having strings attached when it comes to women, which always happens when I'm back at home.

>>53323659
I think if you have good genes then you are morally wrong to not procreate. If you have bad genes then I would do the same as you.

You say you're in the UK, I bet you're white (I hope) then have kids

>>53323675
Maybe I'll squirt some out at the cum bank and think of you while doing it, if that's the case

>>53323611
Lowlife scum. The fact you don't know you are already says a lot about you. You're in the sewer with the paedos and the fags.

>>53323709
Cool down, stop stirring yourself up like that.

>>53322692
thats $30,000 per year
basically poverty

tl;dr. A million dollars compounding at 4.5% PA means you're going to be earning ABOVE minimum wage 20 years from now, but BELOW median wage.

A million is definitely something, compounding it up whilst working means an early retirement depending on your age. High yield term deposits/saving accounts can get you about 4.5% interest PA in Aus.It may be below inflation for now, but it's still $45k a year before tax.

Assuming you don't add any further money, after 10 years you're generating a bit over 67k / year. At 20 years you're generating around 108k.
Adding $1000 a month, that jumps to 75k/year after 10 years and 120k after 20.

In 2003 the median wage in Aus was 32k, now it's 73k. If the same growth is expected (2.3*) then the median wage in 2043 will be $167k. If the minimum wage ($23/hour) also increases by that much to $50 an hour (91k / year) then you're earning more than minimum wage (earning approx $15/hour above minimum).
Assuming you own your house then you should be able to live comfortably in retirement. You will still need to watch your money but you will be able to afford nice dinners out and take some reasonably comfy long holidays.

>>53323706
If you're gay don't go to the sperm bank anon don't spread your gay genes

>>53323609
>I wouldn’t sell my house anyway.
>MY HOUSE
You only have one house? At your shilling level i would have guessed you are a bigwittet RE developer.

>thinks his house is worth 1 million because the "ZESTIMATE" told him so
>thinks 1 million USD is lots of money
>thinks someone will buy his bags after years of fixer-uppers in a rapidly decaying neighborhood
The absolute state of coping boomers.

$1 million in JEPI will yield $100k per year in dividend income. Dividends can be cut but historically they probably won't drop more than 30% and $70k is still good yearly income.

>>53322692

Thanks OP. This board is completely delusional. Nearly everyone on here pretends to be a 100K+ WFH gigachad that gets mad pussy. If you actually believed all of them it would heavily warp your perception of what a good salary actually is. In reality, these larpers probably earn 50K/yr max and haven't even kissed a girl. They're full of crap, don't let this board skew your perception of wealth.

>>53322692
No it isn’t. 1 million is poverty tier bro

>>53323850
I am a 6 figure wfh and I’m telling you 1 million is poverty tier. It’s called taxes and inflation you stupid fucks.

>>53322692
It's not nothing
If I had 1 million to invest in crypto right now I would at least have 5 milions (after taxes) by the end of the next bullrun.

>>53323884
finally someone gets it

>>53323760
I’m not a boomer but anyway the amount of salt you have is telling Chud

>>53323858
>>53323863
Hahahahaha I think I’m going to make a YouTube channel of /biz/posts like this because they would make great content

Proofs?
W2, paystubs, company badge, etc?

>>53323909
Edit: I thought you said you were a millionaire

Still retarded