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Comment on People who say 'the rich get richer, the lazy live for free, and the middle class pays for it all' don't realize how expensive it is to be rich and how close middle class is to being below the poverty line.

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TubularTittyFrog@lemmy.world ⁨8⁩ ⁨hours⁩ ago

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.

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Korhaka@sopuli.xyz ⁨8⁩ ⁨hours⁩ ago
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?

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- TubularTittyFrog@lemmy.world ⁨6⁩ ⁨hours⁩ 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.
  
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