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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dale Baker who wrote (63111)	4/22/2006 12:19:26 PM
From: tom pope	Read Replies (3) of 206114

LOL, define your terms, Dale. Is there a distinction between very comfortable and really rich in your mind? Assuming the individual lives solely off the income from financial assets (no other sources of income), I'd say comfortable starts at net assets around $4 to $5MM; rich would have to start well, well north of $10MM. In fact, $10MM wouldn't cut it here on Hilton Head Island, where ocean fronts go for around $8MM, and there are a lot of them. It will be interesting to see what others say. "Net" means net of all debt. There was an article in the local paper recently about how much a family should earn to live comfortably in the Southeast. I thought the number was generous until I read the fine print - it included $50K each for the primary and secondary homes. That "typical" family carries a lot of debt, imo. One good thing I did when the bubble stopped bubbling in 2000 was to pay off all debt. Makes for peace of mind. At my age, if you can't write a check for it, you can't afford it.

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