this post was submitted on 17 Dec 2023
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Five People Founded Tesla, But Only Elon Musk Became Extremely Rich (open.substack.com)
submitted 11 months ago by 4realz@lemmy.world to c/technology@lemmy.world
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[–] Pipoca@lemmy.world 9 points 11 months ago

7 million is "retiring doctor" or "retiring Google engineer" rich.

It's generally considered safe to withdraw 4% of your nest egg the first year, and adjust that for inflation moving forwards. $7 million can sustain a $280k/year retirement. That's certainly rich, but there's a world of difference between that and a billionaire. A billionaire can safely spend $40 million a year.