Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
What is a millionaire?
Old 03-10-2006, 07:33 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 260
What is a millionaire?

OK OK

Many say $1,000,000 ain't what it used to be and I guess it is not. (still plenty to me).

So keeping that in mind how would you define the term millionaire by todays standards?



__________________

__________________
GTM is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: What is a millionaire?
Old 03-10-2006, 07:46 PM   #2
Recycles dryer sheets
SC's Avatar
 
Join Date: Feb 2006
Posts: 212
Re: What is a millionaire?

While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.
__________________

__________________
SC is offline   Reply With Quote
Re: What is a millionaire?
Old 03-10-2006, 08:00 PM   #3
Recycles dryer sheets
just_hatched's Avatar
 
Join Date: Sep 2005
Posts: 90
Re: What is a millionaire?

Quote:
Originally Posted by sc
While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.
So perhaps one such equation might be to take the reported middle class household income, today would be around $50,000 according to some reports.

Multiply by 100 = unattainable by most of the middle class.
__________________
just_hatched is offline   Reply With Quote
Re: What is a millionaire?
Old 03-10-2006, 09:15 PM   #4
Recycles dryer sheets
SC's Avatar
 
Join Date: Feb 2006
Posts: 212
Re: What is a millionaire?

Works for me! 8)
__________________
SC is offline   Reply With Quote
Re: What is a millionaire?
Old 03-10-2006, 11:19 PM   #5
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: What is a millionaire?

Quote:
Originally Posted by GTM
still plenty to me
just did quick google on world weath distribution so following stats are questionable web stuff. but even if the numbers are in the ballpark, they paint an interesting picture....

of current 6.5 billion world population, 3 billion people (year 2000 stats) live on less than $2/day; 1.3 billion people live on less than $1/day (not sure if that is part of original 3 billion). by 2030, when population will be 9.3 billion, the world bank projects 5 billion people living on less than $2 per day.

in a june 2005 report cnn money shows 2.5 million millionaires (excluding home value) in the u.s. (population about 300 million). they refer to those with assets of $5-30 million as "mid-tier millionaires." so i guess $1 million is just a plain ol' millionaire. wikipedia shows 8.2 million americans with a net worth of at least $1 million. again, of a population of 300,000,000 people.

i read someplace way back that those in the u.s. living at the poverty level live better than 80% of the rest of the people on the planet.

so to be a millionaire here is to be in the top, what, 2-3% of a population whose welfare members live better than 80% of the rest of the world?

regardless of inflation since 1970, a millionaire is still a millionaire and a million is still plenty for me as well. sometimes it helps to count more our blessings & less our change.
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 12:07 AM   #6
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 260
Re: What is a millionaire?

A consideration in "what is a millionaire" needs to be what assets do the net worth consist of.

Someone with a home with $400,000 in equity a 401k with $350,000 a Roth with $125,000 a new Lexus, some stocks and a months salary in his saving/checking account is probably a millionaire.

But how much cash could he come up with in 3 days without taking a substanial hit.

My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.



__________________
GTM is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 12:20 AM   #7
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: What is a millionaire?

Quote:
Originally Posted by GTM
My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.
so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 12:32 AM   #8
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 260
Re: What is a millionaire?

Quote:
Originally Posted by lazygood4nothinbum
so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.
No neither would be, must be able to get that mil real easy.
Selling a home takes time so even a 100k house and 900k in cash would not qualify per ?
__________________
GTM is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 07:39 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,352
Re: What is a millionaire?

It's always amazing what people consider to be their net worth.

I have a friend who adds clothes, household items, jewellery, etc. That sounds great until you have tried to give-way sell those types of items.
__________________
OldAgePensioner is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 10:10 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: What is a millionaire?

It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 10:25 AM   #11
Recycles dryer sheets
 
Join Date: Feb 2004
Posts: 81
Re: What is a millionaire?

Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion.* www.globalrichlist.com
__________________
roadkill is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 10:56 AM   #12
Recycles dryer sheets
 
Join Date: May 2005
Posts: 115
Re: What is a millionaire?

Forbes now has 800 some people on their Billionaires list -- a big increase from last year.

Maybe a Billionaire is the new millionaire? I wonder how many millionaires there were in the world at the turn of the century? (19-20 that is).
__________________
Professional slacker, traveler and builder of a few websites: <br />Mexico: PuertoVallartaSatellite.com<br />Costa Rica: PuertoViejoSatellite.com<br />My personal blog: dougdo.com
dougdo is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 11:16 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: What is a millionaire?

22.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 11:16 AM   #14
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
Donald Trump said something similar only to his first wife and she had the same reaction.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 12:28 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: What is a millionaire?

I have MUCH better hair than The Donald. I actually have hair in fact!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 01:00 PM   #16
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
So she married you for your good looks and not the money?

Come on!
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 01:04 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: What is a millionaire?

I'm pretty sure it was for the plumbers butt crack I display when working.

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: What is a millionaire?
Old 03-11-2006, 05:52 PM   #18
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: What is a millionaire?

Quote:
Originally Posted by dougdo
Maybe a Billionaire is the new millionaire?
i'm picturing the billionaire or the guy who lives on less than $2 per day shaking their respective heads thinking "a billion dollars/two dollars sure doesn't buy what it used to."

Quote:
Originally Posted by roadkill
Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion. www.globalrichlist.com
thanx roadkill. gr8 site. you should post more. just forwarded to everyone i know who ever bitched about money (and, um, that would be everyone i know.)
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: What is a millionaire?
Old 03-12-2006, 12:48 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
But at that time, would that have been divided by 2.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: What is a millionaire?
Old 03-12-2006, 01:03 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: What is a millionaire?

Still works. But We Are One.
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
24 year old trying to get to millionaire by 35, punch holes in me plan AirJordan FIRE and Money 229 03-04-2007 04:06 PM
another millionaire next door chuck FIRE and Money 3 06-28-2006 06:33 AM
Book Report - Millionaire next door cute fuzzy bunny Life after FIRE 72 10-18-2004 07:52 PM
Good book - The Millionaire Next Door Telly Other topics 18 08-20-2003 04:37 PM
Joe Millionaire BigMoneyJim Other topics 3 02-18-2003 08:35 PM

 

 
All times are GMT -6. The time now is 04:57 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.