Comments by "Joe Swanson" (@joeswanson733) on "The Market Exit" channel.

  1. first gen makes the money, second gen maintains the money, third gen starts spending the money, 4th gen just splurges. we'll use bill gates for example since he is the one taht made the fortune. even though he grew up in a upper upper middle class family. so he's gen 1. his kids are gen 2 and they seem like they're smart or well educated because well how could you not be. so the rreal test would be what will happen to the gates third and 4th generation or beyond. i mean we have the rockefeller family where they have broken the rule of past 4th gen where the descendants of john d are still doing ok but that's only because their family trust was so huge that there's just no way for any of the John D to really end up destitute unless they became drug addicts or something.
    1
  2. depends on the time horizon we have to factor in inflation and am i still working or my money generating me returns. if we do the classic put it in the markets and earn 10% reeturn than you would need at least $ 1million to get $100,000 in returns to sustain you. to live a ordinary life. if you want to live a nicer life you would need around $ 2 million to get $200,000 in returns to live a even nicer life you need $3 million to get back $300,000 a year. in the usa 1 percent income is starting at $600,000 and up so to do that you need at least $6 million assuming the markets average 10% return . it's been calculated if you take all the world billionaires wealth and take their money and divide among all the humans everyone getts $192,500
    1