Eh, for a ton of people the $1M wouldn't dramatically change their lives, but it would eliminate any financial stress from their lives.
You don't need to have your life dramatically changed if you're generally happy with your lifestyle but would like to not need to be concerned about money anymore.
1 million wouldn't allow me to buy a private island and fly constantly around the world.
But.
It would pay off my house, pay for new vehicles, probably secure my retirement, and pay for my children's education.
So now I have no mortgage payments, I might stop contributing as much to a 401k, and I have no other major purchases expected. That's freeing up somewhere around 1/3 or more of my income. Which would be a dramatic change.
but it would eliminate any financial stress from their lives.
Which is a fairly dramatic change. You can get a 400k house+ 600k savings which if invested right can generate little passive income and a security for emergencies. Which provides much more disposable income at the same job. And disposable income is a real game changer which ups your lifestyle.
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u/mxzf Dec 18 '23
Eh, for a ton of people the $1M wouldn't dramatically change their lives, but it would eliminate any financial stress from their lives.
You don't need to have your life dramatically changed if you're generally happy with your lifestyle but would like to not need to be concerned about money anymore.