this post was submitted on 25 Oct 2024
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Where are you getting 4% annual compound returns, though? That's faster than the historical growth in global GDP over the equivalent time period.
Yes, it's equally as unrealistic as leaving money idle for 532 yrs.
The only point I was making was that multiplying $5,000 a day by so many years is a silly comparison as it ignores the dominating factors to building wealth.
Billionaires shouldn't exist but also they don't exist because they stuff X dollars under their mattress every day.
Sure.
It ignores the existence of wealth by focusing on income. And it neglects where income comes from.
Something of a joke about the modern billionaire is how much debt they're carrying around. You don't become a billionaire by having a high salary. You become a billionaire by getting access to enormous volumes of low interest credit, in order to monopolize a limited stock of productive capital. It isn't like being an employee with a sky-high salary so much as it is a member of an elite club with access to amenities nobody else is allowed to use.