Saturday, August 25, 2012
than being a millionaire?
My immediate answer is : at least $999,000,000.00 better!
But someone else has put more thought into this Big Question.
Next, if we skip over the run-of-the-mill deca-millionaires and jump to someone with $100 million in assets, NOW for the first time are we just getting to the point where you have a good bit of flexibility.
Assume that with this kind of cash you begin to have access to some good hedge and venture funds, so maybe you'll be able to consistently get 8% on your money. And now that you're in the privileged class, we'll figure you can match Mitt Romney's 13% tax rate. This means you'll net out to about $7 million disposable income annually.
At this level you can do pretty much anything you'd reasonably want. Pay the mortgage on a $10m mansion as well as a $5m summer place in the Hamptons, put four kids through Ivy League colleges, fly first class anywhere you'd like, make half a dozen angel investments at $250K each, eat out every night at five star restaurants, vacation on the Riviera, and have a full-time cook, butler, nanny and chauffeur. I expect you'd even tithe $1m annually to good causes, which probably gets you named Man of the Year for a big local charity.
I recall being at some training in Ft. Lauderdale the week after the yacht show. There were many owners that stayed beyond. Hmmm. They must have had the time?
I took it all in along with the strong scent of money in the breeze and I concluded then, that I was a mere ant to be stepped upon.
I am an even smaller ant now after the last few years.
However, E. always keeps hope alive.
Related: Poignant Infographic