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#41
05-22-2007, 04:28 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] Sure, there could be problems, and you need to be smart and flexible, but it's simply not the case many people can't get through life on $2 million. [/ QUOTE ] Especially when you consider that most people don't earn $2 million when working their entire lives. [/ QUOTE ] That's not true. The median income in the US is around $45k. That's somewhere around 45 years work to earn $2 million. If you start work at 20 and retire at 65... [/ QUOTE ] At a savings rate of -2% or so, how long would it take to save $2MM while earning $45K per year? [/ QUOTE ] He didn't say save, he said earn. I took that to mean that most people won't actually make $2 mil at their job in their lifetime. Obviously most people won't save $2 mil in their lives. Most people won't save $100k in their lives. 
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#42
05-22-2007, 04:30 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Sure, there could be problems, and you need to be smart and flexible, but it's simply not the case many people can't get through life on $2 million. [/ QUOTE ] Especially when you consider that most people don't earn $2 million when working their entire lives. [/ QUOTE ] That's not true. The median income in the US is around $45k. That's somewhere around 45 years work to earn $2 million. If you start work at 20 and retire at 65... [/ QUOTE ] This figure does not take into account inflation rates. I would figure that an individual working a job now that pays 22k per year would be making nearly double that in 50 years for the same job. Although I dont know the exact math of how to set up a recursive function mathematically to determine the exact answer, I believe ballpark estimate puts the earn at around 2 million. Obviously, 2 million now is likely to be worth more than it will in 50 years, and it would be silly not to imagine that n individual could invest and manage the 2 million in an intelligent manner so as to be able to afford not working a day job for the rest of his life.
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#44
05-22-2007, 06:19 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
why in god's name would you want to retire at 20 [/ QUOTE ] To drink, smoke, and watch movies....What else do you need in life?
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#45
05-22-2007, 06:26 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
[ QUOTE ] why in god's name would you want to retire at 20 [/ QUOTE ] To drink, smoke, and watch movies....What else do you need in life? [/ QUOTE ] Don't forget golfing
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#46
05-22-2007, 06:43 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] Luckily I made enough to retire while eventhough i sucked at poker [/ QUOTE ] Right... [/ QUOTE ] What? He IS right. He and a lot of other people made a ton off of Party, probably enough to retire on unless he continues his super-balla ways. [/ QUOTE ] u really have no idea what ur talking about. [/ QUOTE ] why do you say that? I didn't mean he could take his winnings, put it into a savings account and live off of it for the rest of his life. I meant that with his lifetime earnings from Party INVESTED correctly he pretty much doesn't have to work another day in his life. [/ QUOTE ] BWAHAHAHHAHA! Invested in what exactly? Seriously what world are you guys living in? [img]/images/graemlins/confused.gif[/img]
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#50
05-22-2007, 08:15 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] Sure, there could be problems, and you need to be smart and flexible, but it's simply not the case many people can't get through life on $2 million. [/ QUOTE ] Especially when you consider that most people don't earn $2 million when working their entire lives. [/ QUOTE ] That's not true. The median income in the US is around $45k. That's somewhere around 45 years work to earn $2 million. If you start work at 20 and retire at 65... [/ QUOTE ] This figure does not take into account inflation rates. I would figure that an individual working a job now that pays 22k per year would be making nearly double that in 50 years for the same job. Although I dont know the exact math of how to set up a recursive function mathematically to determine the exact answer, I believe ballpark estimate puts the earn at around 2 million. Obviously, 2 million now is likely to be worth more than it will in 50 years, and it would be silly not to imagine that n individual could invest and manage the 2 million in an intelligent manner so as to be able to afford not working a day job for the rest of his life. [/ QUOTE ]We're doing this whole example in today's dollars. Obviously you aren't going to earn 45k a year for the rest of your life (that's like getting a pay decrease each year b/c inflation keeps going up). However, our final figure of 2 million dollars is put into today's dollars too. Inflation doesn't mater in this case b/c it's a constant. also [ QUOTE ] you guys really dont have any clue how much it would cost to retire at 20 do you? [/ QUOTE ] enlighten us please. I think 2 million is pretty close to what you'd need. Keep in mind I don't live in new york city.
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