• PM_Your_Nudes_Please@lemmy.world
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      2 months ago

      There’s a reason self-made millionaires all agree that the first million is the hardest. Making money is much easier when you’re living on interest and dividends from your existing cash. At a certain point, things reach a critical mass and you begin growing wealth without even trying, simply because interest, stocks, dividends, etc are growing faster than you can reasonably spend it.

    • KairuByte@lemmy.dbzer0.com
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      2 months ago

      When you’ve got $1k in the bank, and you need 100% of that to live, you can’t really save.

      When you’ve got 1 million in a proper savings account, you’re getting enough a year to technically live off of through just interest.

      Properly invest that 1 million and you can comfortably live off the interest alone, and even compound that interest.

    • stoly@lemmy.world
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      2 months ago

      I think it is once you’re there, assuming that you’re not the “working wealthy”. At that point, you just have to not screw up in a big way.