Author: Steve Maughan
Date: 09:35:12 12/13/05
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I like the "Rich Dad - Poor Dad" definition of 'rich' where you are rich when the income from your assets is greater than your outgoings. IMO in the US $1M is not really rich it's only 'comfortable'. I'm 38 and if I had $1M in the bank and no debts (net worth of $1.5M) I'd still need to finance the following: Health Insurance $12,000 per year Property Tax (depends upon the house) $3,500 per year Car depreciation $8,000 per year Vacations - $3,000 per year University Fees - $100,000 over 15 years ~= $6500 per year Food $6,000 per year Heating / Electricity $3,000 per year Car & House Insurance $2,000 per year That totals up to $44,000 and doesn't really have account for any extravagances. Of course you could get some of these down but if you have $1M in the bank you probably wouldn't want to - but you'd still feel that you couldn't stop working. Life is expensive! Steve
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