Economics on the small scale

Saturday, March 25, 2006

You may already be a millionaire...
Well, not really, but if you have a job paying at least $30,000 a year you essentially have the same income as someone with a million dollars in a bank account earning 3%.

Another way to think of it is: A good job is worth a million dollars as long as it lasts.

But back to the million dollars in a bank paying a safe 3%. A million dollars does not make you rich unless you're willing to eat into your capital (or put it at risk), in which case you may not stay rich for very long.

So which would you rather have: a million dollars in the bank or a good job ?

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