Re:The 9.9 Percent Is the New American Aristocracy
by anonymouskimmer on Thursday May 31, 2018 @09:29AM
(#17196112)
"$1m in net-worth quite comfortable but not "rich" by even a very liberal definition of the term in most cities (remember most of that is going to be locked up in a primary residence)."
Selling the $1M house nets about $800k after capital gains. 5% investment interest on that nets about $40k/year without touching the principal.
It's definitely possible for a family of two to live on this amount fairly comfortably in a quite decent apartment in a quite decent neighborhood away from the coasts. I know because I was, and making debt service payments on top of it.
Get a part time job as a package handler at UPS or FedEx - for the exercise, of course - and you're sitting pretty.
A middle-income lifestyle without having to work meets the cutoff for my definition of rich.
Selling the $1M house nets about $800k after capital gains. 5% investment interest on that nets about $40k/year without touching the principal.
It's definitely possible for a family of two to live on this amount fairly comfortably in a quite decent apartment in a quite decent neighborhood away from the coasts. I know because I was, and making debt service payments on top of it.
Get a part time job as a package handler at UPS or FedEx - for the exercise, of course - and you're sitting pretty.
A middle-income lifestyle without having to work meets the cutoff for my definition of rich.