I view anything over $1 million dollars to be a large amount of cash. Under a million is still nice, but its not enough where I would feel truly comfortable. A million dollars invested wisely enough can be turned into multi-millions in a 7 year time frame. Even just socking it away in the Vanguard Wellington Fund and you would nearly double your cash to 2 million. On the other hand 300,000 just turns into 600,000 in that same mutual fund. It could be turned probably into over a million with aggressive enough investing. 600,000 is still a nice amount of cash, but its not a million.
$1,000,000 is a nice chunk but I think if you live a simple life you can easily retire on $2-3 million. would say $2-$4 million
ror, my anutie has around 1mln in savin'; with costs of goods and life in general nowadays it ain't nuttin'.
Lot of factors here like your age, location, lifestyle. 1 mil paying 5 % risk free and after taxes would be fine for some, but for someone in NYC it would not even pay the mortgage.
What's the problem? You just have to wait 2 more years to reach your multi million goal. Patience....
430k cash in the closet....from uncle Orli...doing a 25 year stint in Pennsylvania somewhere...i almost shit me pants..
I look at things in 7 year cycles. A 10 percent gain each year for 7 years will double any given amount of cash (when taxes are not factored into the equation).
I think anything like 10 million dollars of Cash is a lot. I am not talking about savings, 10 million is fine where I live. You can pretty much buy a decent house for about 2 million USD and chill on Robson Street in Vancouver for about 1500 a day.