A Proven Coaching, Plan and System for Your Life’s Financial Report Card, Revenge or Legacy
In this message we will focus on you having a $1 million to $10 million net worth and the U.S. net worth percentiles of what most Americans think the magic number is to be considered rich.
For the record, we believe having at least 10 million dollars is the ideal amount of money to retire early today. Given interest rates have come down over the past 40+ years, the value of cash flow has gone up. Inflation is also pick up.
Retirees and investors need a lot more capital to generate the same amount of risk-adjusted returns.
$10 million can currently generate about $350,000 a year in risk-free income and up to $470,000 in low-risk income based on today’s interest rates and yields. With $350,000+ in income, you should be able to live a wonderful life, especially if you don’t have debt.
Today, in a big city you need about $300,000 to live a middle-class lifestyle with a mortgage and two kids. The question becomes, if you had 10 million dollars, what would you do with it?
Freedom With Your $10 Million
Going through this fun message makes us re-appreciate the value of freedom. If you have all the money in the world, but don’t have the freedom to do what you want, is it really worth being so rich? We don’t think so. Do your best to optimize your life for freedom while discovering what is the minimum amount of money you need to be happy.
Because we already have the freedom to choose how to spend all our time, $10 million doesn’t do much to change our life. However, if we were stuck in a job we didn’t love, then we’re sure we’d negotiate a severance package tomorrow.
It’s kind of sad that 10 million dollars only earns you around $150,000 – $300,000 risk free every year in interest. But $200,000 – $250,000 a year so happens to be the ideal income for maximum happiness, so why not shoot for such a financial nut? Happy saving and investing everyone!
How would you spend $10 million? What is really the point of accumulating so much wealth beyond what you are comfortable spending? Would your way of spending $10 million differ if it took you ages to reach $10 million versus inheriting or winning $10 million? Do you think your life will change much with such a large windfall?
The IRS allows you to pass on $11.7 million when you die tax-free, and $23.7 million per couple as of 2021. If you’re able to accumulate such levels of wealth, you might as well figure out how to spend or give away every dollar above those thresholds.
What is a Reasonable Net Worth for You?
We believe the best piece of advice came from David Rockefeller, CEO at Chase Bank who said, “told us that it’s not about the money, it’s about the legacy you leave behind. Then he said, “Let’s face it, you will never see a hearse with a luggage rack.”
Schwab’s 2022 Modern Wealth Survey found that “more than eight in 10 Americans (82%) agree that their personal values play an important role in how they manage their finances.”
Almost eight in 10 Americans (79%) say they try to use their purchasing power to support brands that are aligned with their beliefs.”
Seventy-three percent agree that their values also guide their investment choices.
According to Schwab’s 2024 Modern Wealth Survey, Americans said that it takes an average net worth of $2.5 million to qualify a person as being wealthy, a bit of an uptick from $2.2 million in the surveys from 2022 and 2023. (Net worth is the sum of your assets minus your liabilities.)
* People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth
* The top 2% will have a net worth of $2.7 million
* The top 5% will have $1.17 million
* The top 10% will have $970,900
* The top 50% will have $585,000
According to the most recent Federal Reserve Board Survey of Consumer Finances, which is released every three years and was last updated in October 2023, the median net worth of all families (meaning half made more and half made less) in 2022 was $192,900, and the mean, or average, net worth was $1,063,700.
Are you making $192,900 annually with an average net worth of $1,063,700?
Consider the average family’s net worth by age in 2024, according to the same survey:
* Younger than 35: $183,500
* 35-44: $549,600
* 45-54: $975,800
* 55-64: $1,566,900
* 65-74: $1,794,600
* 75 or older: $1,624,100
According to the previously mentioned 2024 Modern Wealth Survey by Schwab: The generations think to be considered rich you must have….
* Baby Boomers: $2.8 million
* Gen X: $2.7 million
* Millennials: $2.2 million
* Gen Z: $1.2 million
The generations also have different ideas about what average net worth it would take for them to feel “financially comfortable”…
* Baby Boomers: $780,000
* Gen X: $873,000
* Millennials: $725,000
* Gen Z: $406,000
* All Americans: $778,000
WHAT NET WORTH DO YOU WANT?
Inflation has been eroding the value of the dollar for years. Quite frankly, a million dollars is not THAT much money anymore.
If you want proof that a million dollars won’t go that far, let us show you what $1,000,000 can buy you today.
You can get an old, run down looking tiny house in San Diego for $1 million. You get “two” bedrooms with 840 square feet, and it looks like an old barn.
This isn’t just a San Diego thing. In San Francisco, a million home is simply the median home price.
You need to start thinking beyond a million dollars—more like $10 million.
If you need more convincing, let’s do the math and we’ll show you a million dollars isn’t even enough to comfortably retire on.
If you retire today at 65 with $1 million in cash (after taxes) and no new income from any source, you would have to live off of $40,000 a year ($3,250 per month) for the next 25 years before you ran out of money.
Consider that assisted living can cost up to $76,000 a year and those twenty-five years are cut to twelve, which means you are just about broke at 77.
And all this assumes no inflation or critical life events: lawsuit, divorce, college for the kids, or heaven forbid even more serious situations like cancer, a car accident, a family member in trouble, death of the breadwinner, economic downturn or loss of a job.
We know the idea that “a million dollars isn’t enough” may be hard for you to swallow, but your opinion doesn’t change the reality: A million dollars is simply not what it used to be. We know first hand how fast an emergency can devastate a household.
WE BELIEVE $10 MILLION SHOULD BE THE TARGET!
$1 million is fine if you have just one year left to live. If you have 30+ years left, you’ve got a problem because you’ll be worried about your little pile of depreciating paper running out so you’ll be forced to live frugally, pinching pennies.
To make your money last longer than your clock, you need much more than $1,000,000. You need more zeros than minutes. That’s the problem with money— time.
If you’re in poverty thirty years from now it won’t be because you’ve bought a latte every day, but because you didn’t think big enough and didn’t produce enough each day.
ACTION STEPS TO REACH A MILLION DOLLAR TARGET
- Save to Invest,
- Don’t Save to Save
- Don’t be a Pretenders Spender!
- Avoid Debt That Doesn’t Pay You
- Work Harder but More Importantly Work Smarter
- Invest in Yourself to Increase Your Income
What Will It Take to for You to Hit Your Target?
Remember $10 million is the new $1 Million.
So now that you know the numbers, what net worth are you shooting for? When do you want to have it? What will you do to get it?
If you really want a life or business that truly helps you and other people — even if you don’t know how to do it — contact us.
We work with people all over the world. We’ve helped thousands of people start and succeed balancing their life or business — even when they didn’t believe it. We can help you, too.
Contact, join us if you want to change your financial life. You’ll never be alone; we will guide and support you every step of the way.
Liberating the Financially Oppressed,
Reitenbach-Kissinger Institute
Sydney Reitenbach and Michael Kissinger
Text: 650-515-7545
Email: mjkkissinger@yahoo.com
Offers Results Only Coaching: Exceptional Profit Results-Proven Strategies and Universal Law Skills in Management, Marketing, Operations, Finance Every Business Owner Wants-Needs to Achieve Their Essential Transformation
Review: How to Make Your First $1 Million and More
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