Reply to At what net worth are you considered wealthy ?

Forum Index » Money and Finances

Reply to "At what net worth are you considered wealthy ?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$10M Liquid

you could generate 300 - 500k in income fairly easily off that

If you have large pensions then I could argue 3-5M, assuming you wouldn't need to tap into your liquid assets

[/quote]

What if you have $7 million ?  We sold our middle class home after 30 years and have no interest in buying another.  We have zero debt. We are 55 and the kids have no student loans and each have about $1.5 million   We have a kind of a large pension.   It’s kind of like a guessing game on how much to spend. [/quote]

You really want DCUM to confirm that you're wealthy and tell you how much you're allowed to spend? [/quote]

No.  I want the person who told the person how much he could withdraw with $10 million what the numbers would be at 7 million.  Just because I have money in the bank doesn’t mean I’m all that smart.   I can’t figure it out.  [/quote]

Between 3 and 4%. If you can get away with less, even better. In your case, it would be between $210K and $280K. Talk to a CPA about structuring it properly so taxes are minimized.[/quote]

Thank you for your help.  My kids have relatively low paying jobs and leaving as much as we can will allow them to pay their own kids tuitions.  [/quote]

Historically you can spend 4% (adjusted for inflation every year) over a 25 year period if you are at least 50% in stocks.

But the future is unknown and many would recommend a lower withdrawal rate, especially if you are only invested in US stocks. If your goal is to leave a lot of money to your kids, they will likely end up with a ton of money if you go 100% stocks and keep your withdrawal rate below 3%.

And there is no shame in seeking out a fee only financial advisor if investing isn't your thing.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics