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**Gumby** · 07-09-2007, 08:14 PM

Quote:

Originally Posted by tryan

There's a song "If I had a million dollars " and it rattles off a bunch of crap they would buy (fur coat, lama, .....) at the end the singer says "If I had a million dollars, I'ld be RICH." Everytime I hear the song I insert BROKE for RICH - yelling into the radio (infront of the wife/kids). Obviously anybody buying all that crap would be broke.

You got it by not spending.

If you have a million dollars ... stay the course.

I would buy you a monkey. Haven't you always wanted a monkey?

Ed_The_Gypsy · 07-09-2007, 09:48 PM

Quote:

If we only got $1MM, pay off debts (already deep into college now) and then see where we are.

Actually, that is what we are doing now. We might actually bust $1MM by the time we retire. Same story.

bbbamI · 07-09-2007, 10:47 PM

When I thought about a million dollars years ago, I dreamed about buying a new house for my parents. I never thought DH and I would see the day that our funds would pass six figures, but it was fun to think about it.

Now that we have passed the $1M mark, I only think about it as being a cushion for our retirement needs.

I don't mean to sound ungrateful, but it's kind of sad to think that it will take $1M, a pension and social security for us to live a comfortable life.

heyyou · 07-09-2007, 11:04 PM

There is that saying that you are rich if more money wouldn't change your address, your car, or who you sleep with.

kcowan · 07-10-2007, 06:33 AM

Well we have not changed our lifestyle. Still no flat panel TV. We do travel more often and with more luxury. But it has been like the frog in the boiling water, it has crept up on us.

Now what may be more instructive is to look at 2 friends, both self-made businessmen who have 5-10 times our net worth. One is on a 5-year work out with the buyers of his company. Since selling the business, he has stopped doing some of the things he used to do: NASCAR racing is the most obvious as it is no longer a business expense. He had bought the HDTV with Tivo and a new car (Jeep Commander, top end). But he still has his Ferrari that he bought new in 1992 and lives in the home he bought in the 80s.

The other is richer and no longer works, having gotten a cash deal for the company he founded. He still has a luxury condo on the water that he bought while working. He has a 58 foot yacht. He has a 38 foot RV. He has a 28 foot SeaRay and a Harley. He bought a luxury condo in PV, where we met him. He has a new Jeep Liberty that he keeps there. All this since getting the windfall.

But they live simply and argue about overcharges. They love shopping for bargains. So my conclusion is that it is very much an extension of their existing lifestyle. We would not buy the toys that our friend has. We believe that such stuff actually represents a burden to our ER lifestlye. But we might buy a villa in Tuscany.

calmloki · 07-10-2007, 07:29 AM

Hewoo. I am Elmer J. Fudd, millionaire. I own a mansion and a yacht.

An interesting question might be how a Fudd millionaire (yacht,Ferrari, etc.) lives before making the pile. I know as a LWBYM person that it's tough to change the inertia of the spending patterns that I've had in the past. So do the Fudd millionaires live and spend boldly when less well heeled? Are Fudd millionaires more likely to make their nut through bold moves; wilder gambles?

citrine · 07-10-2007, 08:15 AM

If I had a million dollars....I would pay off my parent's mortgage and invest the rest of it.
I would still work at mega-corp for another three years so I can collect my $275K at 55 years.
I would still do everything that I do today.

yona · 07-11-2007, 01:24 AM

If I had a million, I would have told my boss that I f***ing quit.

Hey, but I have 1 million.

Unfortunately, I can't quit now, as I need to keep my current status so my DW can get an Hong Kong passport next year.
But then I will tell my boss…

pj86 · 07-11-2007, 06:02 AM

If I received a million dollar, I would be pretty pissed off with the current EUR/USD exchange rate.

Nevertheless, I would put in an index fund and take 10% of the capital gains out each year. (While saving as much of my income as possible.)

walkinwood · 07-11-2007, 06:04 AM

Bongo,
How about?

"If I were a brain-washed consumer" or "If I were a lemming" or "If Richard Branson adopted me" (Note: may not work if Warren Buffet adopted you)

kcowan · 07-11-2007, 06:59 AM

Quote:

Originally Posted by calmloki

Hewoo. I am Elmer J. Fudd, millionaire. I own a mansion and a yacht.

An interesting question might be how a Fudd millionaire (yacht,Ferrari, etc.) lives before making the pile. I know as a LWBYM person that it's tough to change the inertia of the spending patterns that I've had in the past. So do the Fudd millionaires live and spend boldly when less well heeled? Are Fudd millionaires more likely to make their nut through bold moves; wilder gambles?

The ones I know made their pile through bold moves.

They always liked the good life and this was one of the drivers to get them to take chances, but there were many others. I would not classify either of them a big egos. But then they ARE Canadian Eh?

Neither one of them bought any of their toys before they made it big. So they were LBYM. They hated debt and were stressed when their businesses had to take any on. They would pay it off as vociferously as ERs here pay down their mortgages.

If they had a few extra million, they would not change their current lifestyles. Why? Because they already have more than they need and are LYBM at that.

bongo2 · 07-11-2007, 09:02 AM

Quote:

Originally Posted by walkinwood

Bongo,
How about?

"If I were a brain-washed consumer" or "If I were a lemming" or "If Richard Branson adopted me" (Note: may not work if Warren Buffet adopted you)

I've tried, "if I didn't care about money I'd. . ." and "if I had ten million dollars. . ." or "if I spent a lot more. . ." but none of them have the ring of "if I had a million dollars." "If I had a billion dollars" has a nice ring, but feels unnecessarily extravagant.

sweetana3 · 07-11-2007, 09:14 AM

I usually say "if I were Warren Buffett" or "If I were "Bill Gates"........

Their stratosphere is so foreign to me.

Eyerishgold · 08-22-2007, 03:18 PM

I just tell myself I'll wait until I'm FI to buy whatever item I'm looking at. I imagine myself 17 yrs from now buying anything I want because I was smart and made some sacrifices when I was young.

DallasGuy · 08-22-2007, 04:02 PM

About 8-10 years ago, one of my sister's friends once said non-chalantly..."oh, the first million was the hardest" and she wasn't trying to be funny or brag about how well she and her husband were doing. I thought it was hilarious though...there I was sitting there with a few hundred $thousand thinking that I'd never hit a million. It felt like an impossibility at that point. Once I reached that $million$, I thought "yeah, it was hard, but WHAT NOW?". The thrill lasts a few days, you feel more secure and then you go on with your life very much the same as it was before. Sure, you might splurge a little more occasionally, but your spending patterns remain basically the same. I'm still frugal and look for bargains, but I now force myself to "pry open that wallet" occasionally and enjoy life. The main benefit for me having a $million was that I was that much closer to FIRE'ing.

OAG · 08-22-2007, 05:03 PM

The first Million is the hardest. That is why I skipped it and I am now working on the second million as it is supposed to be easier.

It is strange how this on-line banking, on-bill paying, on-line ability to move money around has become. We have not spent any real green money at all in a long time; only the change we pick up in the parking lots. I have had a $100 bill tucked away in my wallet for the past two or three years just in case.

aenlighten · 08-22-2007, 05:54 PM

I would just buy more investments, perhaps some that don't necessarily have a great return like antiques. If it were a few million, a second home would be nice. (No reason to wait for a flat panel anymore, they really are quite cheap now.)

SteveR · 08-22-2007, 10:11 PM

From a poll done in 2006 http://www.early-retirement.org/foru...rth-20185.html
There were roughly 68% of the 147 who responded who had a net worth of $1MM for more. That is a a pretty high percentage (assuming they all responded truthfully) which means there are a LOT of millionaires on this board. Like has already been said...a $million is not what it used to be but it is not peanuts either.

$1 MM will generate $40k per year in income for 30+ years. (SWR of 4%). $40k/year is not exactly living high on the hog but is still plenty if you don't have a lot of expenses.

Congratulations to all those that have made this milestone. Keep up the good work to all those closing in on it. For those that have COLA pensions at 70%+ of your base pay.. you most likely will never need $1MM. But, it is fun to dream about having and EXTRA $million to spend as you want without concern for having to live on it the rest of your life.