Buffalox@lemmy.world 13 hours ago
If you have the money Elon Musk has, it’s not really work, it’s a hobby.
Because you can do whatever the fuck you want all day every day. Not a single day is work if you are a billionaire.
Even if you are a millionaire. If you had a million invested in a simple index fund you would have got paid about 130k last year for doing absolutely nothing - just for holding wealth.
If you’re working, it is people with investments like that who are literally depriving you of either higher wages or better state provision of stuff you need.
Even just being really conservative on the ROI and going with 4.5% gains, if a person has $1,000,000 invested, that’s $45k a year to do nothing. The US median income is around $65k for reference. In lower cost of living places, a person can definitely live off of $45 a year assuming no debt. It won’t be the most comfortable life and it’s probably not worth retiring, but any other income could supplement for QoL upgrades, or further be invested, meaning more ROI, and compound interest, which means even more money.
Exactly.
DomeGuy@lemmy.world 12 hours ago
If you are 20 years old, expect to live to 100, and can imagine maybe spending $1 million per year, your maximum lifetime expenses are only $80,000,000. Once you have a large enough share of this that investment returns can earn the rest, you do not ever need to work again
The threshold for “no need to work” is way lower than $1,000,000,000. More than 12 times lower, in fact.
Nollij@sopuli.xyz 11 hours ago
Your point is valid, but the math is oversimplified. Due to inflation, $1m in 1946 (80 years ago) is worth about $18m today.
Still, $1b is way more than enough to live an entire life of luxury, without ever needing to worry (in any serious way) about money.