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Old 08-22-2016, 03:58 PM   #21
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Without knowing inflation in the future, I can only guess that in 3016 I'll be a Billionaire !!!!

Boy I feel rich now.....
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Old 08-22-2016, 04:16 PM   #22
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Originally Posted by braumeister View Post
....How many helipads does your megayacht offer?
If I can land my $25 drone on my pontoon boat does that count? If so, then 1, otherwise, 0.
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Old 08-22-2016, 04:35 PM   #23
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I was intrigued to see that the word "millionaire" was first used in 1719 in French, used in English in a letter by Thomas Jefferson in 1786, and first used in print in 1826 (in a novel by Benjamin Disraeli).

Many of us bandy about the word while thinking of it in absolute terms, but actually I believe very few here are real millionaires in the original sense.

According to Wikipedia (and I don't think the calculations are far off), a million US dollars in 1900 is equivalent to $28,400,000 in 2015:
  • $24,766,584.77 using the consumer price index,
  • $21,224,697.05 using the GDP deflator,
  • $61,441,702.95 using gold[14]
  • $114,128,571.43 using the unskilled wage,
  • $162,813,054.25 using the nominal GDP per capita,
  • $641,531,874.47 using the relative share of GDP,

Similarly, the first actual US dollar billionaire was John D. Rockefeller in 1916. As of last year, there were 1,826 US dollar billionaires worldwide according to Forbes, with the largest number (536) of them in the USA.

Kind of makes you stop and think, doesn't it. Most of us are comfortable, and many of us are quite well off, but I think we clearly recognize that we're not in that class. How many helipads does your megayacht offer?
I may not own a megayacht but I have as many helipads as the richest Billionaire in 1900.

Boy I still feel rich.
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Old 08-22-2016, 04:44 PM   #24
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I'm not a millionaire when you convert my money to 1900 dollars, but I bet that I enjoy a higher standard of living...
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Old 08-22-2016, 04:49 PM   #25
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Man, my standards are really really low. I've got indoor plumbing. 'nuff said
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Old 08-22-2016, 04:52 PM   #26
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The definition of "millionaire" is relatively fixed. The practical measure of wealth it represents, of course, is watered down over time with inflation. It used to symbolize an amount of wealth that represented absolute financial independence and then some -- not so much any more. I think you have to get over $5M, maybe closer to $10M, to get there today.

Quicken first told me of hitting $1M around 2011 (70% of which was in retirement accounts) and it's almost $1.3M now. That said, it's still a considerable and blessed nest egg, but now it merely means a nice cushion and supplementary retirement income. It doesn't mean mansions and butlers and maids and vacation homes any more. We certainly don't have a Mr. Carson or a Mrs. Hughes around here....
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Old 08-22-2016, 04:53 PM   #27
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The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo
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Old 08-22-2016, 04:55 PM   #28
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The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo
In terms of technology and medicine, for sure.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Old 08-22-2016, 04:59 PM   #29
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In terms of technology and medicine, for sure.
Technology covers a lot of things: transportation, clothing, food availability, housing, heating and cooling, refrigeration, electricity, etc...
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Old 08-22-2016, 05:07 PM   #30
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The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo

Or even solidly upper-class in some respects. On a recent hot/humid summer day, DD and I toured an historic 39-room mansion. While we enjoyed the tour from an educational standpoint, we couldn't wait to get back to her working-class 2BR apartment with window air-conditioner...
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Old 08-22-2016, 06:13 PM   #31
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I choose to look at through a different prism, $1m today would be equal to having about $35,000 dollars using the same rate of inflation in 1900. The average wage in 1900 was $449.80 annually. 4% of $35,000 is $1400.
WADR to Braumeister, I think this is a better way to look at it.
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Old 08-22-2016, 06:27 PM   #32
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The very wealthy had a cook to make them whatever they wanted - they only had to ring a bell.
Whatever they wanted? Well as long as it was local, in season, hadn't spoiled...
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Old 08-22-2016, 06:37 PM   #33
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Whatever they wanted? Well as long as it was local, in season, hadn't spoiled...
...and they didn't die from TB, pneumonia, polio, flu or half a dozen other 'minor' infections that we don't even think about today.
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Old 08-22-2016, 06:50 PM   #34
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When the will of a long, long dead relative finally surfaces, I sure hope my $1MM cash inheritance was stored in the form of gold coins rather than paper bills.
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Old 08-22-2016, 07:22 PM   #35
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Hey those Confederate notes in mint condition will be worth a real fortune!
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Old 08-22-2016, 07:34 PM   #36
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So, I am far, very far, from the millionaire class as first defined in 1719. But who cares? I bet the millionaires back then were miserable from the summer heat, not having cool AC like I do now.

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Nope, not in that class for sure.

No yacht, no helipad, no helicopters. No maid, no butler, no driver either. No mansion, no gardeners, no wife, no children, just a dog.

I really suck.
My cat died a year ago, and I am in need of much kitty love. Other than that, I still have my loving wife of 36 years (40 years knowing her), two self-supporting children who buy me gifts (consumables like booze) for my birthday.

I have no maid, not even house cleaning service, but I do not like people cleaning after me. I enjoy cooking for myself, when I want to eat something my wife does not know how to make. Life is great as is. If I have more money, I am sure I will find a way to waste it, but it would only bring up my happiness level an iota. No yacht, but I have a class C motorhome that has let me stop and sleep by the side of the road before. That counts for something, right?

By the way, the sumac-marinated chicken smelled heavenly when I roasted it last night. I was hungry, and the aroma drove me crazy.
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Old 08-22-2016, 09:53 PM   #37
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I have enough money that I could buy a mansion, a yacht, a Rolls Royce, hire a butler and a maid, and all the other things millionaires are supposed to have. But then I would have to go back to work! No thanks.
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Old 08-22-2016, 10:10 PM   #38
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... No yacht, but I have a class C motorhome that has let me stop and sleep by the side of the road before. That counts for something, right?
......
Don't you call that a land yacht
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Old 08-23-2016, 01:38 AM   #39
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The very wealthy had a cook to make them whatever they wanted - they only had to ring a bell.
If you believe this source (https://en.wikipedia.org/wiki/History_of_pizza), there was no pizza at all in the U.S. until the late 19th century!
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Old 08-23-2016, 06:30 AM   #40
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I haven't worked for the last 10 years and I'll never have to w*rk again. That's enough for me.
I've been ERed for nearly 8 years and never have to work again, either. I can too!
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