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Originally Posted by SteveFromNY
But back to the topic - what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.
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Back in the days when I was making decent money (a bit under $100K) I thought winning the lottery could be a curse. (Forgetting taxes) Win the Mil and that's okay -- just some bonus money to do stuff with, doesn't really affect your lifestyle and you can do some things you've wanted to do for yourself and others -- but win 2 or 3 Mil and you're in trouble. Win that much and you'd be expected to make major changes in your life, e.g., quite your job, buy a new house, fund numerous relatives, respond to every charity in existence, take care of all your near and dear friends. And we're talking about doing this on $100-$200K a year. I always kinda thought if the payoff was less than 7Mil, it was best to burn the ticket, though I might have been able to force myself.