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How to make 7 million in 7 years …

Who needs more than $1,000,000?

Almost everybody will need more than $1,000,000 to retire on … most a lot more!

Look at this excerpt from an excellent report (that I would highly recommend you spend the $5 bucks on) from Retire Early:

Perhaps the most troubling aspect of safe withdrawal rates is that very few folks will have the financial assets required to [even bother] … While we’re blessed to live in a rich and prosperous country, only a tiny sliver of the US population can comfortably retire on their savings alone. “

In 1998 the median family income in the US was $38,885 so using a fairly safe inflation-adjusted withdrawal rate of 4% would require nearly $1 million in assets.

Since most folks acquire a bit more wealth as they age, about 5% of the 47-year-olds could boast $1 million nest eggs in 1998.

That’s why the Retire Early report goes on to say:

More worrisome, is the fact that few people with million dollar portfolios would be comfortable living on $40,000 per year. Most feel that level of wealth should support a more expansive lifestyle…

… it doesn’t, at least not safely.

There’s an old adage in wealth building, “The first million is the hardest. The second million usually comes a lot easier and quicker.”

Why?

To fund even a modest retirement, you’ll need a significant wad of cash. Prudent folks will begin saving aggressively today!

Good advice indeed!

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7 Responses to “ Who needs more than $1,000,000? ”

  1. [...] the mind will follow; it’s why I say on my About page: If your target is just an amount like $1 Million in 15 years, then you do NOT need to read this blog – you will get far more benefit for your time invested in [...]

  2. [...] Now, I agree that this is indeed an elegant and simple long-term SAVING strategy for the Average Joe who thinks that they can save their way to wealth … $1 million by 65 … whoohoo! [...]

  3. [...] of wealth that researchers and academics like to trot out e.g. $170,000 income per year; or $1,000,000 in assets not including primary residence; or even the often quoted Millionaire Next Door [...]

  4. [...] it WILL stop you from being poor, broke and you may even be able to retire before 70, on the equivalent of $30k or $40k a year – not in today’s dollars, but in the inflation-ravaged dollars of the day that you [...]

  5. [...] will have realized that you can’t retire on $1,000,000 in 15 to 20 years. And, inflation will serve to ensure that investing greatly in either Bonds or CD’s [...]

  6. [...] … only ‘important’ of course, if you intend to retire on more than the Pauper’s Million [...]

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