Do rich people ever need to work?

The man in the picture, is one of sports best paid stars. He allegedly stopped loving boxing, yet needed to fight again due to money problems Rumors About Floyd Mayweather's Insane Gambling Debt Will Make You Feel Better About How Much You Lost Last Weekend

So it depends what you mean by? Do you mean:

• Wealthy and high income?
• Wealth and middle-income?
• High income and no wealth, in debt or low income?

Somebody who has no wealth, regardless of their income, needs to work or still run their business.

If you have even $100M a year coming in, but you spend it all like somebody like Mike Tyson did, you need to keep working because it is a rat race!

If you have $50M after tax coming in, but you are spending $50M every year or more, then you need to work.

If you are middle-income, 65, with a $2M portfolio due to good spending and investing habits, you don’t need to work.

So `rich` people can only quite work if:

• They have wealth
• They have a plan for passive income in retirement
• Their age, wealth and passive income plans make sense. In other words, a 30 year old won’t be able to make $1M last, unless they only spend $40,000 a year, inflation adjusted. A 75 year old, in comparison, should be able to make it work.

So the keys are planning, spending and investment habits and wealth over pure income.

Trying to make sure your income can always beat your expenditure is a losing game.

It is like people who wonder why they are still fat, despite doing loads of exercise. It is a losing equation; you can always put in, more than you put out.