Comment on You wanted the secret to getting rich? Here it is
1rre@discuss.tchncs.de 1 day agoMost, sure, but Europe, Korea, Japan, Singapore, Australia, New Zealand and more are still a significant part of the world where $1M puts you firmly in the same “well-off and comfortable, but certainly not rich in the way billionaires are” territory you’d be in the US
Worldwide, I think it’s definitely safe to say most millionaires’ lifestyles are much closer to average than they are to billionaires’ (ie still having to make regular payments for housing, but mortgage rather than rent, and still having to perform most tasks for themselves rather than having PAs to do it for them)
Ava@piefed.blahaj.zone 1 day ago
If you have $1m, you can draw something like $30-40000 a year reasonably safely. That's obviously a lot of money, but isn't what most people in the mentioned countries think of as "living large" if it's your whole income, especially for a couple/family. That puts you at about the median individual income for Japan and NZ, a bit above in Korea, and below for most of western Europe and Aus.
Obviously that's without working, but that's kinda the point. It's wealth, but not enough that most people in those places would be comfortable not working if that's how much they earned. Hell, in the US that wouldn't even cover childcare for a few kids in many locales.
1rre@discuss.tchncs.de 1 day ago
The $1m isn’t in cash… You forget that the average house price in London is around $900k, and for Sydney it’s $981k.
That means your pool for your car, furnishings, investments etc. are either minimal, or you have a mortgage, and definitely can’t live passively off $30-40k per year unless you’re living in cheaper than average housing (one would call this “not super wealthy”) and definitely not if you’re supporting a family.
Ava@piefed.blahaj.zone 1 day ago
None of what I said is disagreeing with your point. You're reading into my response opposition that wasn't offered.