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

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[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]

Sorry, are you trying to give investment and wealth management advice to those who are wealthier than you? Perhaps the people who are wealthier than you see things you don't see.

If we reversed the direction of the conversation and said "why don't homeless people get jobs" most folks with common decency would be appalled by such a statement.

So perhaps you know jack squat about the psychology, practicality, and planning of managing wealth at higher levels (even if personal consumption is low) Maybe it's just you, friend.[/quote]

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