How People Get Rich Now

Re:How People Get Rich Now by quantumofalpha on Monday April 12, 2021 @12:58PM (#26781847)

Get out of your bubble. There's a whole world outside of Bay Area/NYC, where $150-200k/y is still a batshit crazy amount of money and $1M can last you happily ever after, even with kids. Accumulating $1-2M NW is totally within reach for most employees at US FAANGs after a decade or so of work.

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Re:How People Get Rich Now by offtop5 on Monday April 12, 2021 @01:30PM (#26782362)

A good friend of mine lives in Asia off 400$ or so a month.

If I was to retire near him I'd be able to make a million last for a very very long time.

Whoever says 200k isn't a lot of money is full of crap. You can live very well off 70k in most of America.

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Re:How People Get Rich Now by monktastic1 on Monday April 12, 2021 @01:40PM (#26782463)

I'll partly agree. I live in a HCOL city, and $200k is way more than enough, even with a kid. But $1M with a safe withdrawal rate of 3.5% gets you $35k/yr, which won't leave you "happily ever after" anywhere in the US with kids, particularly with healthcare concerns. Of course, one could move abroad, but that's not always feasible.

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Re:How People Get Rich Now by darkwizard42 on Monday April 12, 2021 @01:58PM (#26782738)

Agreed and I'd go so far to say just 5 years at FAANG (assuming you join at a mid-level eng, not L3/L4 fresh university hire) would get you into the $1-2M NW.

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