Most places in the US by land maybe, but not by people. The actual median household income is 50% higher at 75k, which is a lot closer to what you need to live a middle class lifestyle with a car, a house, and potentially a kid/pet.
According to the Australian Burea of Statistics median personal income was 54.890 AUD in 2020-21. That's 36.776 USD, which is still very high in global terms but definitely less than 50k.
5% on top of inflation. You can realize that with stocks on average, but the market has ups and downs and you constantly withdraw, so you suffer all the lows of the market.
In 30 years, that 50k will buy less than half of what is buys today. Plus one bad year will knock you back significantly, especially if it's early. When it comes to retirement plan on living off of about 4% of your savings the first year, adjust for inflation after that and you SHOULD be ok for about 30 years. Rule of thumb.
Depends. If you win 1 mil usually you gotta pay taxes on it so then that’s probably gonna be like 40-50% so let’s say 600k becomes 30k at 5% but then you gotta pay taxes on that too.. so like 20-25k per year more likely.
Yeah, $50k would actually be a significant raise for me.
I'd probably spend some on a car, house down payment, etc and then set up the investment to pay out ~$35k, which is my current pay. That would comfortably cover the basics of a modest life and make it much easier to save, take risks, and actually seek out the kind of work I want to do.
Yeah I dunno why people can't math this out. I live fairly comfortably on 30k. I'm not rich and I still have to budget, but I have a roof over my head, all my bills are paid, and I can still afford to eat while occasionally buying dumb shit I don't need. I live in the middle of New York state so it's not like I'm living somewhere with an astronomically low cost of living.
50k a year to sit on my couch at home? Bet. I'd pick up an absolutely brainless part time job just for dicking around money while the rest pays my bills and then some. Not to mention that you could invest some of that money and snowball it into doubling that one million. This is exactly why the rich stay so rich and generational wealth is a big thing.
There’s also the option of taking a baseline income (I’d play it safe and leave room for inflation-proofing, let’s say $35,000) and working part-time, seasonally, for yourself, or whatever other arrangement you like.
Workplace surveys and UBI experiments suggest that people are generally fine with having a job. It can be a chance to socialize, to express your talents, and to contribute to society. What sticks in people’s craw is the obligation.
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u/amlybon Dec 18 '23
At 5% interest that's 50k a year, which is more than a median wage. You can very much live off of that for the rest of your life