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Why anyone would work to accumulate that much is beyond me. $10M with a very conservative 3% withdrawal rate is $300K per year. How much income does one need????
My income isn't that high yet buts it's not to terribly far away so and based of four current spend rate we should hit our target early in our 50s
I don't think anyone said that a net worth of $10 million isn't wealthy. The question is whether a net worth of in excess $10 million is excessive. In this day and age I really don't think it is, despite the fact that it's more than I would ever need.
It's very prevalent that someone will come along and contradict nearly anything another person posts.
When I say net worth that does not include your home.
It only includes cash, stocks, funds, etc.....
If you have $10,000,000 net worth and $500,000 yearly cash flow ( could be from Options trading or a business) do you think anything beyond that is excessive?
its not excessive.
whether or not its enough depends on what your hopes and dreams are. my hopes and dreams aren't just limited to me and my wife. they include my children as well. so I want to amass significantly more than I would expect would last me through my golden years.
of course 10 mil isn't excessive. 150 mil is getting there, but still not what I would call excessive. You have family to think about, generations yet to come. Considering the brutal taxes on inheritance, you need to amass as much as you can.
of course 10 mil isn't excessive. 150 mil is getting there, but still not what I would call excessive. You have family to think about, generations yet to come. Considering the brutal taxes on inheritance, you need to amass as much as you can.
What brutal tax on inheritance? The exemption amount is over 5mm right now before any taxation would occur.
Yeah, 5 mil. when you have 150, 5 isn't much. I believe that 5 mil exemption is only for generation skip.
5.34mm is for anyone 10+ for married couples which would cover more than 98% of the population. Even outside of that why shouldn't gift/estates be taxed? Anytime you get income from other sources it has to be taxed and throw out double taxation but that already occurs everywhere
Currently though 150 for a single person would transfer 92MM
When I say net worth that does not include your home.
It only includes cash, stocks, funds, etc.....
If you have $10,000,000 net worth and $500,000 yearly cash flow ( could be from Options trading or a business) do you think anything beyond that is excessive?
Depends what my goals are and what I want to do with it all.
If I just want to take a few normal trips, live in a normal house in a nice area, sure, that money most likely satisfies my needs for this lifestyle, and anything else would be excessive.
But if I want to invest in innovative businesses (or any businesses, but I think start-ups with be fun), own a professional sports team, leverage my wealth into a political power base, influence politics, start my own charity, etc, well it probably is not only not excessive, probably not enough.
5.34mm is for anyone 10+ for married couples which would cover more than 98% of the population. Even outside of that why shouldn't gift/estates be taxed? Anytime you get income from other sources it has to be taxed and throw out double taxation but that already occurs everywhere
Currently though 150 for a single person would transfer 92MM
I just think it's bullsh** to take so much of a persons money before it gets to their family. Plus, then that 92 is cut down again the next time it's transferred, then again, etc. Makes it hard to amass a family fortune when it keeps getting chopped down by a greedy government every generation.
Government shouldn't be allowed to profit from someones demise, tax them on the income they make while they are alive. I don't consider transferring wealth to family members after death as income on their part. It's just staying in the family, what other choice do they have except to give it all away or something?
My income isn't that high yet buts it's not to terribly far away so and based off our current spend rate we should hit our target early in our 50s
If you have anywhere near that kind of money, why not do something more meaningful with your life?
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