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One of the things the MFL got me to think about is "What's your number?" In America we still roll with the idea that a millionaire is the guy with the mansion on the hill with servants, driving a Rolls Royce and lighting cigars with $100 bills.
Reality from my perspective is a million dollars aint going to cut it. Not that a million isn't a lot, the perception of the millionaire above and reality today are 2 different things. For me being financially free would mean I could lead a very comfortable life and never have to work again.
So lets do the math MJ style. Like Steve Martin said in his comedy album (dating myself I know) "Get a million dollars". A million dollars you can invest is my definition of a millionaire, not living in a house worth a million that you owe $800,000 on. Next if you set a very reasonable goal of a 5% return on that money that means without touching the principle you'll earn $50,000 on your investment.
Huh, $50,000 is about the median household income income in America, and that's before taxes. Now I don't know about you but $50K is pretty far from living large. So as far as my goals go being a millionaire is just getting warmed up.
As Emeril says "Let's kick this up a notch" and go for the multimillionaire status. Let's face it, it's got a nicer ring. To get to the multimillionaire tier in my book you need $2 million in investable assets. So if we do the math again that $2 million returning 5% a year will get you $100k a year. That's my bottom number, and heck if I go over that number I think I can live with that.
So what's your bottom number? :95mph:
Reality from my perspective is a million dollars aint going to cut it. Not that a million isn't a lot, the perception of the millionaire above and reality today are 2 different things. For me being financially free would mean I could lead a very comfortable life and never have to work again.
So lets do the math MJ style. Like Steve Martin said in his comedy album (dating myself I know) "Get a million dollars". A million dollars you can invest is my definition of a millionaire, not living in a house worth a million that you owe $800,000 on. Next if you set a very reasonable goal of a 5% return on that money that means without touching the principle you'll earn $50,000 on your investment.
Huh, $50,000 is about the median household income income in America, and that's before taxes. Now I don't know about you but $50K is pretty far from living large. So as far as my goals go being a millionaire is just getting warmed up.
As Emeril says "Let's kick this up a notch" and go for the multimillionaire status. Let's face it, it's got a nicer ring. To get to the multimillionaire tier in my book you need $2 million in investable assets. So if we do the math again that $2 million returning 5% a year will get you $100k a year. That's my bottom number, and heck if I go over that number I think I can live with that.
So what's your bottom number? :95mph:
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