Understanding Jane Street

Re:Understanding Jane Street by mkl95 on Tuesday August 02, 2022 @04:45AM (#32316436)

> Look at all the rich people in the world, look at how old they are, and ask, are they retired? No! People who are driven and smart don't suddenly earn their first $5m go off and buy an annuity. They're more likely to go off and found their own trading shop at 30 than they are to retire.

This kind of debate needs to be backed up by numbers or it won't be very productive. To get started we should know the percentage of millionaires in their 30s who are still working, and the ones who aren't working but are looking for a job.

Personally I can think of several things I would do with $5m other than buying an annuity. If you have that kind of money you are basically set for life if you make a few right choices.

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Re:Understanding Jane Street by TrackerFF on Tuesday August 02, 2022 @05:07AM (#32316562)

Yes, all depends on how you spend your money. $5m will get you something decent in Manhattan, but you could live like a King somewhere else. I have a friend that retired off just over $1m as he moved back to his small hometown. House cost $30k, drives the same car for 15 years, lives frugally.

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Re:Understanding Jane Street by darkwater on Tuesday August 02, 2022 @08:27AM (#32317667)

If you live in a place where a house costs $30k and on top of that you live frugally, you can probably retire with half of that already.

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Re:Understanding Jane Street by altdataseller on Tuesday August 02, 2022 @09:23AM (#32318159)

What would you do with $5m?

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