a lot of my friends have decent money or live in really nice houses ... Talking $1Mil and Up
it's a circle of people the Wife and I have known for many years.
some time earlier this year this was brought up by one of the couples
They own their own business which has been around for 30+ year, and they work like animals ....
Anyway someone at the table asked them or I believe said to them, You guy must be close to retirement ...
Well it was like telling them to F off, because the wife said they are nowhere near retirement !
They seem to be always busy and very successful ... unless that's because they usually say so. But We kind of believe that since they own a very known brand
in their industry...
So the wife says, we are not there ... and NEED $5 Million in order to retire !!
a slight argument broke out with two other couples with them. Both saying that you don't need $5 Mil to retire, who told you that ?
and so you know, the two other couples are probably worth between $20 - $50 Mil ( one couple lives in a $2.1 Million home, the other a $3.5 Mil house )
they are not retired either, and both believe $2 Mil is enough to retire if you wanted to.
Long island is a huge nut to live. Even if you have a $500,000 house, your taxes are probably around $15,000
depending where on LI you live
The two couples above pay $30K and $42K in taxes.
in the long run, you need a lot of money to live in this area...
Now you can be smart and sell that Tax Hell of a house and move down South
My place in Florida, taxes $4300, up here in NY .... Forget about it !