so basically i'm in financial crisis since my weekly allowance is like $100 (excluding chores & incentives)
I'd say about 10m+ minimum. That's the size of the smallest accounts Goldman's private wealth bankers will take on. Looking at the graph, that's about accurate. Top 1 %. And can't be illiquid pure "paper wealth". Needs to be about 10m of investable assets.
Wealthy to me means having enough money to not worry about money ever again while living a moderate lifestyle. This is all age dependent of course. At 5 million, I am going to still be concerned about maintaining my wealth over 4-5 decades.
Does anyone on here watch the reno show Hometown? 3400 square foot houses in Mississippi are going for like 120,000 My 1500 square foot 3 bed 2 bath in upstate NY cost a measly 347,000 that's on a 1/4 acre lot. Don't get me started on the taxes up here.
If you can't live comfortably on $5 million for the rest of your life, you have other concerns you should be addressing.
Just put it in some mutual funds and live off the earnings (250K - 500K/year) and never even touch the principle. You could certainly live a "moderate lifestyle" with that kind of money.
I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities.
Even this is open for interpretation of "wealthy". You'd not have to work, but you'd still have to pay for your home, insurance, etc. Its not like you're flying private or owning an Aspen ski home here. According to jugdish, this would be wealthy, and you'd be living upper middle class lifestyle without working...but wealthy?
