What is wealthy? Net worth of more than 500 times your yearly expenses.
Why? This is to ensure that one is safe financially in the worst of situations.
If this does look like too much: Imagine one has accumulated 500 times their expenses.
& given the age-related problems; Net of investments their expenses go up 15% YoY for 30 years (conservative viewpoint).
By the 31st year, one is just left with a single year of expense.
& given the age-related problems; Net of investments their expenses go up 15% YoY for 30 years (conservative viewpoint).
By the 31st year, one is just left with a single year of expense.
Being financially independent & Wealthy are two very different things.
All wealthy people are financially independent, however, all financially independent people are not wealthy.
All wealthy people are financially independent, however, all financially independent people are not wealthy.
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