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#71
05-23-2007, 07:21 AM
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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 is one of those instances in which a mode is better to get a true average american income than a median because the top earners skew the median so much. so while i know 45k is probably a little more than what most people make, im not sure how much more. [/ QUOTE ] OK, this discussion has already gone too far, but top earners don't skew a median that much. They skew the mean a lot, but not the median. Someone has to be making the most money. It doesn't matter if that number is $1 mil or $25 mil. A mode would not be a good measure of how much money the majority of Americans make. 
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#72
05-23-2007, 08:36 AM
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Re: empiremaker2 is playing 2-4 nl right now
to say a person can't retire off of $2 Million is what is absolutely retarded..
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#73
05-23-2007, 09:02 AM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
to say a person can't retire off of $2 Million is what is absolutely retarded.. [/ QUOTE ] Hey, surely you must be forgetting that Breitling watches are a life essential.
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#75
05-23-2007, 10:51 AM
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Re: empiremaker2 is playing 2-4 nl right now
not really sure about the 2 mil #, thats not what i was commenting on....
duck- i was LOLOLOLOL'ing at you saying EM2 could retire off his earnings from pre frist poker. umm, he made about $1mil, of which at least 35% goes to taxes, which leaves $650k. and since its occured over a couple of years in college and em2 likes to spend money, we can conservatively rule out retirement in the near future, no?
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#76
05-23-2007, 12:25 PM
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Re: empiremaker2 is playing 2-4 nl right now
I wonder if people have really thought through the maths of retiring at a young age on a fixed sum. You can't use the "headline figure" of 5% or whatever interest you think you can safely earn as your income: you have to subtract taxes, obviously, but also inflation if you expect to be doing this indefinitely. A cautious, but not ridiculously cautious estimate might be an income of 1.5% after taxes and inflation. Even that is probably hard to guarantee.
And even if you can manage that, you're allowing only for price inflation, not wage inflation, which means you risk ending up being stuck with a 2007 lifestyle in 2057. (A worry, if extrapolating from 1957 is any guide.) If I really had no plans for making further income and no easy option to fall back on if I needed, anything less than $2 million would leave me feeling seriously uneasy.
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#77
05-23-2007, 01:25 PM
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Re: empiremaker2 is playing 2-4 nl right now
lol@2mill not being enough to retire on....
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#78
05-23-2007, 02:01 PM
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Re: empiremaker2 is playing 2-4 nl right now
It's plenty if you're a cat. If you're a human, and your tastes tend towards the frugal, and you don't ever plan to get seriously ill or have kids or live in a big metropolis,it might be adequate. If you take investment risks and they pay off, it might be more than adequate. But it isn't enough to guarantee you a risk-free middle-class income for the rest of your life: check out the maths.
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#79
05-23-2007, 02:07 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
to say a person can't retire off of $2 Million is what is absolutely retarded.. [/ QUOTE ] If a 20 year old kid invest 2 million cash, you can easily retire off this amount. If you invest right and get the best brokers in the United States, that 2 mill could be 40 million in 50 years. It's not like he's gonna put the 2 million in his 0% interest earning checking account....... and sit back and say, "YEP, I'M RETIRED!!!"......
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#80
05-23-2007, 05:09 PM
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Re: empiremaker2 is playing 2-4 nl right now
[ QUOTE ]
It's plenty if you're a cat. If you're a human, and your tastes tend towards the frugal, and you don't ever plan to get seriously ill or have kids or live in a big metropolis,it might be adequate. If you take investment risks and they pay off, it might be more than adequate. But it isn't enough to guarantee you a risk-free middle-class income for the rest of your life: check out the maths. [/ QUOTE ] Pretty hard to be frugal too when you're young rich and jobless. Working 40 a week at least keeps you from overspending out of boredom.
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