Wouldnt it be great to be financially secureto never have to worry about money?
What would it take to get there? In fact, what exactly is financial security?
Ask 10 people to define how much money it takes to attain financial security and you will probably get 10 different answers. For some people, financial security is having $10 million in the bank. For others, its $50 million.
I doubt anybody would say $1 million. Being a uni-millionaire isnt what it used to be. With the median home price in the United States around $220,000 (the median price in my hometown, Seattle, is pushing $425,000), there may not be much left after paying off the mortgage. Even having the full million in the bank earning 5% per year will only produce an income of $50,000 per year. Thats not bad, but not enough to jet around the world and party with Paris Hilton, Mick Jagger, and Diddy.
What about $10 million? At 5%, that will generate an annual income of $500,000without working. Now were talking some real money!
The problem with defining financial security in these terms is that having $10 million, $50 million or even $1 million is a pie-in-the-sky dream for most...
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