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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (63126)	4/22/2006 12:26:07 PM
From: Dale Baker	Respond to of 206114

Yes, it is very relative, all in the eye of the beholder. That guy in the bar probably had $20K of credit card debt, a mortgage and a lease on his SUV. For him, being debt-free and having a million in the bank would be rich. I figure comfortable is having the house you want, no debt and $2-3 million in financial assets on top of that. But it depends on how much cash flow you need to support your lifestyle. $100K coming in from tax free munis every year would do just fine if you aren't throwing huge garden parties with caviar or chartering jets now and then. Beyond that you are starting to hit rich (but not wealthy, the way I distinguish the two - that's where you need the $10 million plus).

To: tom pope who wrote (63126)	4/22/2006 12:26:45 PM
From: Ken Adams	Read Replies (1) \| Respond to of 206114

...if you can't write a check for it, you can't afford it. My sentiments, exactly. I have no idea what "rich" is. I have no debt other than a few hun a month to Visa. For me, that's rich enough.

To: tom pope who wrote (63126)	4/22/2006 3:23:38 PM
From: Bearcatbob	Read Replies (2) \| Respond to of 206114

One good way to look at it to ask what type of nest egg is needed to yield a comfortable income. I was listening to a financial call in show this morning and the guy made the point that a million is not anywhere near enough. Say the yield is 5% and then figure in taxes - you do not have a basic middle class life style. Yields beyond 5% start getting into risks not acceptable. I suspect that many people retiring in the next 10 years will have had many years of company 401Ks and will be north of a million. Bob