Reading financial posts on Blind where folks claim 5mm is the bare minimum to retire (yes, even in VHCOL) make me strongly suspect very few on this app actually grew up working or middle class in the US. Curious to see how true that is. 375 + paper money #money
Indian on H1B grew up working middle class
That 5M has a buffer of 50%, for unforeseen life circumstances 😎
I grew up poor AF and I know how shitty it is. I have a chance now to accumulate wealth. I’m gonna do it before I retire.
Most of us who grew up in poverty don’t want to go back to living in poverty You think I want to retire by eating butter noodles and black pepper, stir fry ramen and sleep for dinner for the rest of my life? No thanks. I deserve better
I don’t have a problem with that mindset (to an extent I subscribe to it myself) - that’s just a completely different objective function. 2mm can retire “middle class” in the US. I’m shooting for well over 5 because I want to be the force that transforms my family’s future permanently (but also know 5mm is totally nuts to claim as a “minimum”)
I think a big part of it is age of retirement, the amount of travel / safety net, and projected future gains Also - kids!!! They are not very cheap, im learning as I financially plan for my newborn daughter
Lol we should define what is “working class” because i think it’s a bit misleading. If your parents have a college degree, it’s very unlikely they are part of the working class but more middle class. None of my parents have a college degree, my dad is a taxi driver and my mum work as an administrative assistant and she used to work in a farm. I still don’t think they are working class but more middle class.
Agree with others, being poor gave us the drive to save for high NW. Can we quit now? Of course. But our brain won’t let us. Beyond our own cushion, we keep working so our parents are secure, our kids are secure. Grandkids? Maybe I’ll let them work it out. My kids tho are living the middle class life. We don’t spend in excess. But they have everything they basically need. I see very little drive for anything beyond friends and video games. How they will turn out? We’ll find out in 10 years.
Why do we need to keep our parents and kids secure? We're going to pay out both ends? Sounds like a bad deal.
My parents gave up their white collar jobs to work in kitchen of a restaurant so me and siblings can have a better life here and gave me the opportunity to make high TC. They are retired with low savings and living on SS. They don’t expect anything from me. But it’s my hope that I would always have enough to take care of them if they are in need. You wouldn’t understand it, but I think other immigrant kids may understand better on how they feel some level of connection with parents. As for kids, sure, I could kick them out at 18, but I like my kids so not sure why I wouldn’t help them with basics if I can afford it.
We've seen how the Feds print money to inflate everything beyond our reach to keep us working. So $5M is the minimum to keep up with the influx of new money.
But that inflation generally inflates your nest egg by the same amount. Its not as if the price of iphones double while apple stock goes down. It moves in lockstep
Well when you retire your expenses outpace inflation a lot and the math says 5M is a safe amount to last through your retirement.
Upper middle class. I have seen people placing the wrong bet in business and it destroyed their nested eggs. I don’t think most people know how fragile their net-worth is and they assume things will grow either forever with no risk or they will grow at the same rate forever. Many chase risky bets that will easily wipe them out. So I don’t blame them for thinking 5M is needed
A 5M NW is not even upper middle class. Most people think they are in the middle class but they are in the working class.
5M is 96th percentile of NW in the US. How is this not at least upper middle class https://dqydj.com/net-worth-percentile-calculator/
Middle class is around 90th percentile. Upper class is above 99.
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Is this enough weight for bench press
I’m american and know several H1Bs whose families are much wealthier back in india and china. Some own farms, export/merchant businesses, etc.