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We are certainly not rich right now, though there is a slight chance to make it to $10 millions one day if we work until 65 and keep making the kind of money we are making now. Of course if $10 million dollars is not "rich" today, then it surely won't be in 32 years. And since we plan on retiring early we probably will never accumulate anywhere near that amount of money. But you know what, it's OK, I don't strive to belong to that kind of "elite". I would be happy with a portfolio large enough to afford me a nice but non-obstentatious lifestyle. But I would like to say that even if one day I have a portfolio in the $10 million category, I would without a doubt keep my money at Vanguard and skip the fancy private banker. My cousin's husband is a private banker in Switzerland and the more he talks about his world and the less I want to belong... I guess I am too darn cheap...
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DINKs, mid 30s, still working. FIRE portfolio = 25 x annual living expenses. Goal: FIRE Portfolio = 40 x annual living expenses and ESR by 2013.
Last edited by FIREdreamer; 03-08-2008 at 08:24 PM.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 11,357
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More and more rich people certainly believe they need at least $25 million. In a recent survey by Chicago-based Spectrem Group, 25% of affluent folks said it takes $25 million to be rich, and another 8% said $100 million. Those two groups combined weren't all that much smaller than the 45% who cited $5 million. (from Barrons Article
Ok guys, get off your duffs and get to work!
Ha
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“I’ve had a perfectly wonderful evening. But this wasn’t it.”-Groucho
Being regarded as rich doesn't appeal to me nearly as much as being retired and doing what I want with the rest of my life.
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
Net worth hit $2.1M in December, but still can't get the wife to agree on a target for when to jump. I always wondered how people made it all the way to $5M or $100M without deciding to retire way before then. I can't imagine bothering to go over $5M. My target was always $2.3M.
Never expected to be rich, I'm just looking for healthy, comfortable & reasonably secure. Aren't rich and ER somewhat mutually exclusive anyway (this audience, myself included)?
__________________ Retiring May 2010 --- maybe.
You only live once... If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and and never will be. Thomas Jefferson
$10 M is not a huge amount to JP Morgan and the like.
If he wants personal attention, he will have to work with a smaller concern.
Plus if he has a retirement account, he is not likely to generate much in the way of fees.
__________________ Planned FIRE 2011
Disclaimer: I make no warranty or guarantee about the accuracy or completeness of this information. I am not a financial planner, my comments only represent my opinion.
My old work friends already think I'm rich since I retired at 52. Don't want to ruin their image of me by going back to work to achieve that magical 10 mil number.
Of course I could work from now on and never hit 10 mil.
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