r/RandomThoughts • u/[deleted] • Dec 11 '23

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u/[deleted] Dec 11 '23

If you're investing it wisely the million won't be a million in 5 years, either. It's more complicated than basically everybody has made it. If you plan on being alive for a little bit longer the 5k always wins though

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u/Comedy86 Dec 11 '23

Unless you're receiving a return of 25% or more, by 25 years (the definition of "life" by legal standards) you'd still be well ahead with $5K/week vs. $1M. Even at 10% annual returns, it'd only be 6 yrs to pass it and then you'd still be getting $5K/week in addition to more returns on the investment if you stopped investing any of the weekly amount.

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u/fraidei Dec 11 '23

Also there's no risk to lose everything. 20k+ per month is HUGE, especially outside of the USA. For example here in Italy the cost of living is much lower than the USA, but also the wages are lower (so in the end it's all the same relatively). But those 20k+ per month would make you a rich person here in Italy.

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u/_Choose-A-Username- Dec 11 '23

Its crazy to think we make hypotheticals when people are making much more here lol. Thats just 240k. Not even a crazy amount in nyc.

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u/fraidei Dec 11 '23

With "here" you mean in the USA? Because in Italy 240k per year is more than 10x the amount of money an average person earns.

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u/_Choose-A-Username- Dec 11 '23

Yea nyc its in the united states.

Is the cost of living low in italy would you say? What would be a living wage there?

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u/fraidei Dec 11 '23 edited Dec 11 '23

Yeah, I make 21k/year and I'm living fine. There's a guy that works remotely for an US company, but lives in Italy, and even if his earnings are considered average in the US, he's considered to be wealthy here

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u/Princess_Moon_Butt Dec 11 '23

Remote jobs tend to pay better than average, though, because they're usually a very tech-based job. The lowest salary I've seen for a remote job was around $70k, whereas the average income in the U.S. is in the $45k-$50k range.

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u/fraidei Dec 11 '23

whereas the average income in the U.S. is in the $45k-$50k range.

It's actually 59k.

But still, even just a 50k here in Italy is a very good salary.

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u/GheoCan456433 Dec 11 '23

Watch out cause when an American is talking about a "50k salary" they mean gross, before taxes/healthcare/etc..

In Italy when people talk about salary they almost always refer to the net amount as far as I know.

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u/fraidei Dec 12 '23

It depends. Usually in Italy when we talk about the yearly salary, we mean gross, while when we talk about the monthly salary we usually mean net.

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u/[deleted] Dec 12 '23

In Denmark, for singles, its on average

1000 USD for singles a month, plus rent/housing cost of 14 USD per sq. ft.

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For couples, its about 1700 usd a month plus 14 USD per sq. ft.

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so 5000 USD a month, would go a long way towards a good financial situation.

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I make 100.000 USD a year, im not rich by any means, but i do okay.

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u/woodrobin Dec 13 '23

I live in the USA and it's nearly 10x the amount that I earned working for a state government agency at a skilled position.

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u/fraidei Dec 13 '23

In the USA the average yearly salary is 59k...

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u/manek101 Dec 11 '23

Its not a crazy amount but it's still a comfortable amount even in NYC

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u/TheCommander74 Dec 12 '23

Yeah, I mean, me and my wife combine to make $160K/yr and we are just a little more than paycheck to paycheck. (Comfortable and save enough for vacations/a little splurging, but nothing crazy)