LinkedIn User Breaks Down Why $10 Million Isn't Enough for Retirement
- Thread starter the elastic
- Start date
Just disregarding his math, the easy and logical thing to do would be to leave NYC and live in a cheaper area.
Kats from LA & San Diego peeped game and just moved to a neighboring state. They get a dramatically reduced cost of living and still get to enjoy Cali on their off days.
Kats from LA & San Diego peeped game and just moved to a neighboring state. They get a dramatically reduced cost of living and still get to enjoy Cali on their off days.
Is he hiding $10 million in a mattress? He won't have to pay taxes for a whole year on that. $10M at a modest 5%interest is $500K before he pays the tax man. So, he's got $6.9M left. And, he's making modestly $350K off that a year. Doesn't even have to pay cash for the house, get a 10 year mortgage and pay it down faster so interest is reduced; say in 5 years. You can even buy it with a secured loan and probably get it at a really low interest rate (2% or so?). That's $160K/ year for 5 years.
So, he's STILL profitting $200K a year in interest. $100K is his living expenses, so he's still netting $100K a year on top of his $6.9M minus whatever taxes he pays per year in capital gains. I'd guess that's 30% altogether so say he takes home $350K the first year and $245K after that.
Maybe he loses about $5K a year for 5 years until the house is paid off with VERY safe investments. He's not putting a dent in $6.9 million, then in 5 years he's caking.
In reality he's investing some and getting way more than 5%. This guy only loses money if he's a dumbass.
So, he's STILL profitting $200K a year in interest. $100K is his living expenses, so he's still netting $100K a year on top of his $6.9M minus whatever taxes he pays per year in capital gains. I'd guess that's 30% altogether so say he takes home $350K the first year and $245K after that.
Maybe he loses about $5K a year for 5 years until the house is paid off with VERY safe investments. He's not putting a dent in $6.9 million, then in 5 years he's caking.
In reality he's investing some and getting way more than 5%. This guy only loses money if he's a dumbass.
Art Barr
INVADING SOHH CHAMPION
Is the math mathing?
I am tired of people acting like a mil is so easy to acquire. Then acting like It just fell from the sky. While never actually telling you how this ten mil was acquired.
Nor how would ypu flip the shyt from other sources.
I am tired of these ho ass cap'n ass people. Stfu.
You get that type of mills. You should know the stock market to the bank.
plus And what to do with it.
If not.
Stfu with all this cap ass shyt.
They could barely pay Dr j and Walter payton a mil back in the day.
Stop trying to make It.
like a mil easy to get.
Take yo cap ass tha fukk on.
Art Barr
Last edited:
Tres Leches
Empire Business
inflation is real he right
10,000,000 is more than enough to retire. Most people won't earn that in a life time.
You should be able to generate 5% on that a year which is 500,000.
Even if the maths is off and you decide to buy a decent home, you should still be able to generate 6 figures comfortably.
It is not enough to retire if you want to live a really extravagant lifestyle.
You should be able to generate 5% on that a year which is 500,000.
Even if the maths is off and you decide to buy a decent home, you should still be able to generate 6 figures comfortably.
It is not enough to retire if you want to live a really extravagant lifestyle.
Folks acting like life is guaranteed
We all aren't going to live till our 80s and 90s
We all aren't going to live till our 80s and 90s
African Peasant
Veteran
He reminds me of one dumb coli poster who sad that 1000 000 is not a life changing sum 
Tribal Outkast
Veteran
Move
Not to mention you could invest some off the cash To earn money while you’re living in relatively risk free securities and earn 5% annually
5% of 2 million alone is $100k That covers most of the annual expenses he’s talking about . He’s just an idiot lol
