Re:Early Retirement (2006)
by tonyedgecombe on Wednesday August 04, 2021 @01:30PM
(#28063789)
Most Ferraris are financed, I remember reading an article that said more than half of UK Ferrari owners have a net worth of less than a million pounds.
Re:Early Retirement (2006)
by throwaway894345 on Wednesday August 04, 2021 @01:42PM
(#28063926)
I’m talking about the specific meme, not particulars of Ferrari ownership. That’s an interesting digression, however.
Right, which is why people should save 10-15% starting from a young age.
> Even at a safe withdrawal rate of 4%, $2M is "only" $80k a year.
That's quite a lot more than the median household income and by the time you're withdrawing your retirement that $80K is purely spending money--your house should be paid off and you're not setting 15% of that $80K aside for retirement any more. $80K/year is a lot of spending money to most people.
> You're not driving around in Ferrari's and eating caviar on that (parodying a rich lifestyle here). Of course there are levels, and one could live modestly in a LCOL area on that, but that's not what most people have in mind. Particularly for a "millionaire".
The meme of a millionaire driving Ferrari's and eating caviar is dated due to inflation. Most people with any real-world experience with money (including my no-higher-education, blue-collar family) understand that millionaires don't live like that these days due to inflation.