Blawgletter once had a pyramid scheme case. A high-level schemer loved to tell marks how many millionaires belonged to the group. Dozens, right? But under oath she admitted that anyone who made $1 million over a lifetime qualified. So, $40k per year x 25 years and — bingo — welcome to the millionaire club.
We thought of her when we read a NYT story today about Silicon Valleyers whose net worth tops a million bucks. The point: they don’t feel rich. And they envy people who have more dough. But they feel bad about it.
With T-bill rates hovering at 4.76 percent, even $10 million yields a risk-free return of less than $500,000 a year. Who can live on that?