7 million is “retiring doctor” or “retiring Google engineer” rich.
It’s generally considered safe to withdraw 4% of your nest egg the first year, and adjust that for inflation moving forwards. $7 million can sustain a $280k/year retirement. That’s certainly rich, but there’s a world of difference between that and a billionaire. A billionaire can safely spend $40 million a year.
7 million is “retiring doctor” or “retiring Google engineer” rich.
It’s generally considered safe to withdraw 4% of your nest egg the first year, and adjust that for inflation moving forwards. $7 million can sustain a $280k/year retirement. That’s certainly rich, but there’s a world of difference between that and a billionaire. A billionaire can safely spend $40 million a year.