Are you living the "good life" with $10 million?

On CNBC tonight, there was a piece about the woman who created mediabistro.com. She sold it to Jupiter media and took home 10 million after taxes. During the interview, she was saying that having 10 million is not living the "good life".

Do you think having 10 million is living the "good life"? Quite honestly, I dont think it would be that hard to live a good life on 10 million. Even if the 10 million is placed away into money market accounts at an interest rate of 3% then that equates to 300grand a year which is enough to live a life of luxury for some time to come without working.

 

Not in NYC. An apartment goes for that alone.

 

She obviously can't trade. She would be living the 'good life' if she could.

 

You can rent out a very decent and comfortable apartment in NYC with that kind of cash. They showed the apartment she is living in now. It wasnt small by any means and seemed to be comfortable enough.

The vast majority of people in NYC make it in tiny shoebox walkup apartments. You could find a doorman newly built high-rise with lots of room for between 3-5k a month.

 

I do not need 300K a year to be happy. 10 million would be very good.

In general the key is to be happy with what you have. In general people want more than they have.

 

i think it's people want more than they 'need".

 

yeah i thought that was a lil crazy but never lived in a place like nyc...the freedom to have that as your bank roll to follow markets all day would be priceless

 

Of course you can live a great life on $10mm. The overwhelming, vast majority of people live on significantly less than that, and many still happen to live comfortably.

I don't buy the arguement for one second that NY is so expensive that $10mm is not enough, but even if it is, she could easily buy a smoking house in 98% of the rest of the US with just $1mm, and live a very comfortabe life with the rest.

Heck, even in Chicago you can get a banging house in a hip area for $1-1.5mm.

I happen to think Chi is 10x better then NY anyway, but I'm sure most Manhanites would disagree.

 

Yes, but Daley and Stroger would consume at least 8.5 million of your money in taxes, fees, fines and licenses leaving you to need to work a job to pay for the entitlement programs and kickbacks.

 

True, but NYC has it's fair share of the same....