Reply to Why do people with millions of dollars still work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No one takes the time to study investing, so they have to slave away for decades.  Most people don't know there are stocks yielding 10%+ dividends with minimal risk.  If you can get a 7% overall withdrawal rate for the rest of your life, which is very doable, you check out at $2M - no one needs more than $140K income in retirement.

But since people are told to buy bonds and other nonsense, they can only safely withdraw 2.5% or 3% of their portfolio and so must slave away until they're 65.[/quote]

This is half true and half nonsense.

Yes you should have a very equity heavy portfolio your whole life.  Yes a safe withdrawal rate above 2.5% can be done.

No there is not minimal risk for any equity investment.  Hopefully you build a portfolio that counters this.

[b]In terms of no one needs more than 140k a year.[/b]  What are you talking about.  I spend 25-35 a month.  Income is seven figures.  I save a lot also.  But I want 35k a month in retirement spend.  For that you need a lot more than 2 million.  Everyone is different.[/quote]

PP is right that you don't need it, you want it. [/quote]

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