Millionaires aren’t what they used to be. People think of millionaire and they envision Paris Hilton’s lifestyle, or maybe Donald Trump. Possibly Oprah or some Hollywood Megastar. In essence, these are the right model, no different than the millionaire status from the gilded era at the turn of the century.
Sadly, that really requires $25-$100 million or more to really obtain.
What’s the cold reality? Unless you want a pretty good chance of being broke in the next twenty years or so, you can’t count on your million to give you more than $50,000 a year adjusting for inflation. If you’re younger and want to live 30 or more years, that ability to withdraw is even lower, $40K or less.
Of course, $40,000 is just about what a mortgage, HOA and taxes will run you on a median SD condo with pristine credit and minimum down.
Woohoo! Let’s hear it for the millionaires. Someone let the UTC condo conversion people know they’ve got a new target market. Ah, financially independent living at it’s finest.
