Quote:
Originally Posted by eweissenbach
As has been pointed out my many, a million dollars is not generational wealth in this day and time. In fact, if a person had a million dollars in liquid assets, and had no pension and minimal social security, they might struggle to get by long term in TV. I doubt that many truly wealthy people live in The Villages, as they can afford the Villages lifestyle anywhere and may prefer to live on the Ocean or Gulf, or in a cosmopolitan city. Most millionaires I know inherited much if not all of their wealth. The others I know are much like my children, who took a risk by going into big time debt fifteen years ago and built their business into the most successful of its kind in the area. I am certain there are many "millionaires" in TV by a minimal definition of that term, but no more than a very few really "wealthy". Whatever, I find it a great place to be on the meager amount I have been able to accumulate.
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Part of the success of this strategy is no payments - no mortgage, no car payment, no credit card balance etc. A million dollars making 3 % /yr is 30K. Add social security of say 20K and that equals 50K without touching any principal.That million will probably outlast your golf game.