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If you have 500k in cash in a normal bank account, you are either so financially illiterate that you absolutely need a financial advisor or you are rich enough
by TheCoelacanth 9y ago
If you have 500k in cash in a normal bank account, you are either so financially illiterate that you absolutely need a financial advisor or you are rich enough that you can easily afford a financial advisor.
- seanmcdirmid 9y agoOr you are saving for a down payment for a house in the Bay Area? There are plenty of other good reasons why someone who wasn't rich would have 500k in the bank without significant other investments.
- abritinthebay 9y ago500k as a down payment? Yeah... that would come under rich. In that situation you either are rich enough to save that much AND/OR are rich enough to afford payments on a house where that is a sensible down payment rather than a transfer of equity from a sale.
- seanmcdirmid 9y agoYa, to buy a small simple house. Rich is always relative.
- abritinthebay 9y agoI live in the Bay Area and just bought a house: 500k is not required. 500k in savings here is still rich - it ain’t THAT relative
- exikyut 9y agoI'm very very curious what your idea of an expensive house would be. I only ask because I (and probably most) view $500k as a downpayment as impressive. The best way to describe my perception of this type of mindset is that reading your comments reminded me (in a non-negative way) of reading https://redd.it/67zv7a https://redd.it/67zv7a, a serendipitous thread (which I found via https://redd.it/682xc3 https://redd.it/682xc3) that veered off into an interesting discussion about the relative views of being rich. Myself, I've never experienced this personally, which is why I perk up and take notice wherever I see it.
- TheCoelacanth 9y agoSomeone who can afford a $2.5 million house can easily afford a financial advisor.