Reply to How does life change once you hit $1 million?

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Reply to "How does life change once you hit $1 million?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The day you make your first million is just day 1 of the journey to make $2M. [/quote]

A million is savings is an accomplishment many people in our country and the world can only dream of.  Celebrate when you hit the number, OP![/quote]

Thank you. I'm so tired of DCUMers telling hard working people they are barely scraping by and will never be able to retire until they have $10+M. It's ridiculous.[/quote]

This. Most people retire with a lot less and often nothing. This board trends affluent and this area has lots of professionals earning higher incomes and accustomed to certain lifestyle, not that of penny pinching and devoid of luxuries.

I am going to rationalize below why some think they need 10m to retire.

10 M is what you need to have if you want to retire earlier before medicare kicks in, the earlier, the bigger your retirement fund must be.   You want to be able to afford health insurance, and continue having the same UMC lifestyle with expensive home maintenance (+ vacation home), travel, dining out, etc.  This mean you need to clear close to what you are earning now if you want the same lifestyle you have while working.  If your goal is to leave the money to your kids then you need to have enough to invest conservatively to live off your investments without touching the principal much.  This is probably where 10 mil comes into picture where making 5% gives you passive income of 500K a year, which is very comfortable to live on. [/quote]

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