Last Updated on August 23, 2020
A famous person was Marlon Brandon.
He was rich enough at one time to buy an entire Hawaiian island. He earned a million dollars for a few minutes in a Superman movie. As I recall, he died broke, in a rented furnished studio apartment in Los Angeles. Like Michael Jackson and many other celebrities, he burned through his money on “alligators” homes, yachts and stuff that ate up all his money in overhead.
I believe in living modestly well below your means. In the old days, someone like me could live “on the interest on your interest.” That is impossible today as the interest on $1 million is around $10,000. Half that after state, federal and local taxes is $5000 per year.
Not much for a millionaire, is it? $5,000 won’t even pay for annual expenses in connection with even one of my 3 modest old beat-up cars.
The interest on my interest ($100) won’t even buy me a surf and turf dinner for two (no drinks, no dessert!) at a local chain restaurant.