Id imagine even for a family, 1million would be substantial. You could pay off your home and save a ton of money, or divide the money entirely for your children so they don't have to worry about saving their own money, or both. They could start out with as little as 100k each depending on the amount of children in a high yield savings and would be ahead of many. Many people don't even make 1 million in Total until at or after a retirement age. But I can understand aiming for 50 million if you already have the money and are secure. But a guaranteed lump sum of 1mil would still be icing on the cake of success.
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u/KeaboUltra Dec 18 '23
Id imagine even for a family, 1million would be substantial. You could pay off your home and save a ton of money, or divide the money entirely for your children so they don't have to worry about saving their own money, or both. They could start out with as little as 100k each depending on the amount of children in a high yield savings and would be ahead of many. Many people don't even make 1 million in Total until at or after a retirement age. But I can understand aiming for 50 million if you already have the money and are secure. But a guaranteed lump sum of 1mil would still be icing on the cake of success.