People say 1 million USD is not a lot of money.

[Anonymous No.56134437]

I agree its not a lot of money if you don't own a home or want to live like a rich CEO of a fortune 500 company. But how many people here have actually had 1 million USD in post tax money in your account? I seriously doubt any more than 5% of the people who come here have ever seen this amount in their accounts let alone post tax gains.

[Anonymous No.56134460]

>>56134437
get ready for an onslaught of LARPing $400k/year codeniggers and "dude i totally had $23 million in crypto last year but i lost it all."

[Anonymous No.56134472]

>>56134437
That must be the skinniest yank in America.

[Anonymous No.56134474]

>>56134437
It is a lot. I’ve been working for 6 years sr a high income (200k+) and only have this amount in my investments and this includes 401k

[Anonymous No.56134494]

>>56134437
1 million isn't a lot because at 5% interest, you're only pulling in $50k a year, which is okay pay nowadays, but won't be anything great 10 years from now. With 2.5 million, you'd get $125k a year, use half of it for a decent income, and throw the other half back into the market to grow your principle.

[Anonymous No.56134498]

>>56134437
I usually use the metric of, "how long will this money last me, if I stopped working?" metric. A million dollar will last about 10 years, its a decent sum of money, life changing amount for most people, but its not enough fuck you money.

Hence, I still have to work 10-15 years at least, to provide financial security for my family.

[Anonymous No.56134527]

1 million cash is about 15 years savings from a high paying job (if you save about 70k per year). And you're getting it as a lump sum instead of over 15 years, yes it's a lot of money.
How many people in the world have an income of $180k+ or save 70k per year, or like you said, have ever had a million dollars in their bank account.

[Anonymous No.56134530]

I only need $2500 per month (or $4k if want to be greedy) to live like a king , traveling and fuck whores for the rest of my life.
With 1 mil i'll probably spend half on safe crypto assets and the rest in boomer savings account for passive income.

The ones saying $1mil is not money probably lives in a expensive shithole like dubai or california

[Anonymous No.56134575]

>>56134530
Nah pretty much every relevant area of the US is expensive these days not just CA, even LE BASED RED STATE is a lot now

[Anonymous No.56135767]

>>56134437
You are right

[Anonymous No.56135798]

>>56134498
You spend $100,000 a year?

[Anonymous No.56135942]

I have about 150k in cash right now and 700k on etrade. of the 700 i'd guess i've put in between 200 and 250 so 4-500 gains. mid 30s. Owe 200 on an 800k house. I've maxed my 401k every year since 2011 so I've put in about 240k and it's somewhere between 700 and 800 now. Wife is similar. IRAs both have around 60 put in and sit around 150 each.

For every 1 real life crypto bro there's 1000 millionaires that did it 100 bucks from a check at a time over 20 30 or even 40 or 50 years. read the book the millionaire next door. people think millionaire means lambos its really just middle class with a little security. I've got co workers who blow the same 4 grand a month I put into 401k and investments on a truck payment. I drive a now 13 year old econobox. It's really just about the choices you make over your life compounding in time.

[Anonymous No.56135974]

>>56135798
I do, just my house payment + tax + insurance is damn near 40k a year. Add, medical, food, house repairs, gas, utilities and a vacation and yeah 100k goes real quick. I don't know how people making 60 or 80k are still living a middle class life. Credit cards and more debt I guess, inflation has been absolutely killer these last couple years.

[Anonymous No.56135988]

>>56135942
This. I’m 29 with an 800k NW. About half of it came from straight up contributions from paychecks, the rest is a mix of moderate market gains in index funds, real estate gains, and a small amount is from crypto gains. There’s no secret to getting to a few million by middle age it’s mostly about having a consistently decent income and the discipline to save a good chunk of your paycheck for a few decades.

[Anonymous No.56135992]

>>56134527
>1 million cash is about 15 years savings from a high paying job (if you save about 70k per year).
lmfao

[Anonymous No.56136140]

>>56134527
uh no
>>56135992
yeah, people are dumb.

let's do the math in easy mode, you save 20,000 a year and earn a 8% returns. After 20 years you have 1.1 million dollars, 400k of which you put in and 600k of which came from gains. learn this shit now because it's important so you dont have to work at walmart and eat cat food when you're old and broken.

[Anonymous No.56136308]

>>56136140
what are you trying to say, that a million cash is or is not a lot of money? That's ultimately the question here, not how to most efficiently make a million from investing. If someone gave you a million in cash tax-free, would you scoff at it and say it's not much?

[Anonymous No.56137173]

>>56134437
1 million is a shitload for the average person, just thinking in terms of how long it would take to save up that much working on a standard shitty wage… we are talking decades. The typical person will waste their ENTIRE YOUTH just to get 1 million from working. People who say it’s not a lot these days usually don’t have anything near this level of wealth.

Even $100,000 is a massive chunk of your life that you will have to sacrifice to obtain.

The average person would have a very difficult time saving $500 a month. This is 1/2000th of a million or 166 years of saving at this rate. Yes you have compound interest to help but still…

[Anonymous No.56137196]

>>56134437
A mil in cash would change my life drastically. Just paying off my house would change everything. I already have everything I want.

[Anonymous No.56137204]

>>56134437
>But how many people here have actually had 1 million USD in post tax money in your account?
Nobody has 1 million in cash in their account obviously, that would be stupid.

[Anonymous No.56137708]

>>56136308
>what are you trying to say

if you think you have to same a million dollars to have a million dollars you're either stupid or being intentionally obtuse. Nearly everyone who is a millionaire makes it to that networth taking advantage of compounding over time. The longer the time the less you have to save. Start at 20, get below average inflation adjusted 8% and you're a millionaire at retirement age after 45 years for 200 bucks a month. Wait until 30 though and it's way more than double that, because math is math.

No a million dollars is not a lot of money and if you're not on track to get there in 10 to 15 years you're not just not trying. Most of the people who owned a 300 or 400k house in 2018 are millionaires on paper now from RE. For doing nothing other than buying a house and waiting. Didn't school start? Sure is summer in here, still.

[Anonymous No.56138192]

>>56134437
Depends the kind of life you want to live.

1m isn't a lot of you don't want to work.
If you're business savvy 1m could be life changing

[Anonymous No.56138217]

>>56137196
Why are you black?

[Anonymous No.56138223]

>>56134437
my cousin makes 34k/sec welding for Spotify. trade bros always wining

[Anonymous No.56138230]

>>56134437
Sheriff McDonald

[Anonymous No.56139609]

>>56134437
>completely and totally impervious to recoil
what an absolute unit
>>56137708
unless you are an autistic savant, starting saving at 20 means that you didn't even attend college, much less attain a graduate or professional degree. and i think it's highly unlikely that the trend of high-earning jobs requiring more and more education will reverse itself. if anything, i expect that trend to accelerate due to automation and outsourcing

[Anonymous No.56139623]

Once you get over 500k in liquid assets, the benefit is it dramatically decreases the stress you experience in life. Get laid off, no problem, have that buffer. Health emergency, no problem, etc. still have to work, but that comforting feeling of knowing you got some buffer is really nice.

[Anonymous No.56139691]

>>56135974
Europoor here, most people live with less that 26k a year, just move

[Anonymous No.56139718]

>>56134460
Ah, not a larper. But I had 10 million doge that I sold at June of 2019 and had 69 eth that I sold at February of 2020
Both biggest money failure of my life

[Anonymous No.56140115]

>>56134437
Them union boys b eating good.

[Anonymous No.56140174]

Is it too late to start now though with the S&P500 pulling ATHs