You can't get a 350 sq meter rooftop home in Oslo with only 1 million dollar.
That would barely get you a flat in SF/NYC/HongKong/London. It really takes $10M to be comfortable.
That would barely get you a flat in SF/NYC/HongKong/London. It really takes $10M to be comfortable.
That's not my current net worth, to be sure, nor would I necessarily stop earning income if it were.
It's just a nice example to highlight of a world-class city that isn't that expensive all things considered.
But tech workers native to Montreal who consult remotely for SF/NYC tech companies or VCs after spending some years doing a US work stint for networking purposes can definitely build up savings rapidly. I know one such example personally.
At least, this is based on historic stock data However, I was taught in undergrad econ, that this 4% return above inflation is considered the risk premium, over what a CD would get you. So there is a real risk of losing everything. Which means hedging is a good idea, some of the money to buy a reasonable house, some %age of rest in bond fund, and quarterly rebalancing can go a long way to preserve a lot of wealth in a black swan event.
I have less that 10% of that in my investment portfolio and don't actually have a FTSE 100 tracker I have around 20 investment trusts and individual shares.
The interest won't cover the rent in a major city, especially the rent for a place big enough for a family.
Like everyone else, I don't get to choose.
Do you realize that people have roots, family, friends? Do you realize that border and immigration control is a thing? It's disingenuous to consider changing city as a trivial option.
When someone has $1M, it's because he is in a location that made it possible in the first place.
He was probably betting a few millions on what appeared to be a relatively safe trade, then a rare succession of events lead to a 1:100 ratio in the other way.