4 ms·
Really? $5M is $100k a year for 50 years. I can live comfortably off of $35k a year a long as I'm not in San Fransisco or something. With just $1M I could live
by lifeformed 7y ago
Really? $5M is $100k a year for 50 years. I can live comfortably off of $35k a year a long as I'm not in San Fransisco or something. With just $1M I could live indefinitely off investment income, which would be like $50k a year. Double those expenses to support a family, and you're still under budget.
- Red_Leaves_Flyy 7y ago$35k pre or post tax and what's your total tax rate?
- lifeformed 7y agoEither one is fine. $35k post tax is super comfy and easy to do, while $35k pre-tax is a little trickier, and would be 15-20% tax rate depending on your state. Monthly budget of $1100 rent and utils, $300 food, $150 car, $60 entertainment, $300 misc, plus $150 for (bad) health insurance. That's $25k/year. Not exactly a comfortable lifestyle but a few hundred dollars extra in a few categories wouldn't dig into $5M much.
- Red_Leaves_Flyy 7y agoEveryone's situation is different, but I wouldn't be so quick to assume yours is reflective of most. I take home 20k/30k, etr of 35%. Everything else seems pretty far under average, or in the case of rent, unrealistic. My prices are reflective of a high tax/cost of living city in the northeast. Just rent on a studio within a thirty minute drive averages $1k, only including trash, snow. Add $100 for basic cable internet. Double that car cost, 150 almost covers gas and insurance. Doesn't include paid parking. Some jobs and Some parts of the area can get public transport to workfor them, I can't. $60 is pretty low for a decent cell phone plan. Be more like 120 in reality. health cares an extra $800/mo (after insurance pays) if I were to follow my health care providers reccomendations.