Right, but someone living comfortably on the interest of £1m, are we really calling them part of the wealthy class, but not someone who works for a 6 figure salary and has more wealth than the first guy while living in more luxury?
pretty easy. if you had a million in the bank at 4% return you’d have a income of 40K a year. if you could live on that income you’d be all set and not have to work.
so scale that up a bit, say 5 million in the bank at 5% return, that would be an income of 250,000K a year.
Korhaka@sopuli.xyz 4 weeks ago
TubularTittyFrog@lemmy.world 4 weeks ago
it’s relative to where you live.
where i live people make 300K a year and feel impoverished. if you go three hours away, making 30K a year is a total good salary.
hayvan@feddit.nl 4 weeks ago
That’s only part of the story. Seeking more wealth to spend more is not healthy in my opinion but humanly understandable.
There is an inflection point, I don’t know what level of wealth brings it, but after that it is not about earning more to spend more, it’s just growing your wealth for the sake of growing it. It becomes a game of increasing some numbers at the expense of everybody else.