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Old 07-20-2014, 11:17 AM   #161
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Yes, everyone here is a multi-millionaire except YOU!!
LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.
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Old 07-20-2014, 11:28 AM   #162
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... Contentment is a do-it-yourself project and I think I am there.
Congratulations, you win the quote-of-the-day award!
You are now entitled to one free at-a-girl (female equivalent of at-a-boy).
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Old 07-20-2014, 11:38 AM   #163
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Congratulations, you win the quote-of-the-day award!
You are now entitled to one free at-a-girl (female equivalent of at-a-boy).
Aw, thanks!

Honestly I didn't always feel that way, but I do right now.
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Old 07-20-2014, 11:41 AM   #164
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LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.
I think most of us grew up thinking of "a million dollars" as some amount of wealth that categorized someone as "filthy rich". Yet today a million bucks really isn't all that much. Sure, it's still a lot of money but $1,000,000 doesn't buy the carefree, decadent lifestyle that it used to. It's enough to substantially fund a modest retirement if it's all in liquid savings and investments that can be easily generate income, sure, but it's not "rich" any more.

Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.
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Old 07-20-2014, 11:42 AM   #165
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Maybe there is an inflection point, but it cannot be $75k annually per household.
The inflection point will be all over the map.
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Old 07-20-2014, 11:44 AM   #166
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LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.
Hey, it amazes me, too. I can't imagine what on earth one would do with several million dollars other than give it to charity. Life is pretty doggone good from where I sit.
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Old 07-20-2014, 11:46 AM   #167
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Playing golf 2 - 3 a week with DW, traveling 2 - 3 times a year, doing as little (or much) house chores as I want to, being healthy, ..., I feel like millions. Does that count?

When I quit OMY & RE, I am sure I'd feel like many millions.
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Old 07-20-2014, 11:53 AM   #168
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Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.
May be $10M is equivalent to $1M when the term millionaire was used to indicate richness. So the new term may be deca-millionaire.
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Old 07-20-2014, 11:53 AM   #169
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I think most of us grew up thinking of "a million dollars" as some amount of wealth that categorized someone as "filthy rich". Yet today a million bucks really isn't all that much. Sure, it's still a lot of money but $1,000,000 doesn't buy the carefree, decadent lifestyle that it used to. It's enough to substantially fund a modest retirement if it's all in liquid savings and investments that can be easily generate income, sure, but it's not "rich" any more.

Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.
I agree about "rich" being a relative term.

Along those lines, I think being retired on $1M in investments might be pretty tough in Manhattan, Honolulu, Seattle or SF, even with a paid off home, from what I have read here. But in many other parts of the country, this would be substantial wealth and enough to feel reasonably rich IMO.
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Old 07-20-2014, 11:57 AM   #170
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if I had oodles of money I wouldn't be able to be disgusted by those fat cats. I'd be one of them ... and fat.

Most Americans want to think of themselves as saintly middle class types I believe.
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Old 07-20-2014, 12:08 PM   #171
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Most of us here are the envy of most Americans on a money basis
I've spent the past week driving from northern Virginia to Denver and I took the opportunity to do it the way that my working class family would have done it when I was a kid. I've been sleeping in under $50 hotels, eating at fast food, staying with my still working class sister, etc. The only luxury that I allowed myself was playing golf on small town courses ($20 green fees). I've been through small towns in VA, WV, KY, IN, IL, MO, KS, and CO on this trip ranging from disastrously poor to clean and neat. Total daily cost (gas, golf, food and lodging) was just under $100/day.

My wife flew into Denver last night and met me at our better quality hotel where we will spend the week. I greeted her with, "It is really amazing just how wealthy we are." When you see the opportunities and comfort that a net worth of even $900K brings you compared to most of the people in the US (let alone the developing world) it really makes me glad that we made the choices we did. I'll make the return trip the same way that I came out. Most of my future travel will be at a slightly higher level of luxury than this one, but this has been a great reminder of just how lucky I am.

I've had a great time on the trip. I really enjoy small town golf and driving, once you are out of the East Coast mess, is sort of fun. The only negatives have been musty hotel rooms and noisy AC. Just like growing up. It doesn't take a lot of money to have a good time, but it is nice to have options for your comfort.
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Old 07-20-2014, 12:13 PM   #172
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I guess I am really rich already, in a sense. Contentment is a do-it-yourself project and I think I am there.
This is why I want to be just like you when I grow up.
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Old 07-20-2014, 12:22 PM   #173
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I agree about "rich" being a relative term.

Along those lines, I think being retired on $1M in investments might be pretty tough in Manhattan, Honolulu, Seattle or SF, even with a paid off home, from what I have read here. But in many other parts of the country, this would be substantial wealth and enough to feel reasonably rich IMO.
Speaking of being "relative," I think it's important to distinguish between a single and a couple. One million bux X 4% = $40k/yr. IMHO, there aren't too many places a couple could live and feel "rich" on $40k/yr. They'd get by OK but be far, far from "rich" by any definition of "rich" I've run across, even is small town, Midwest USA.
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Old 07-20-2014, 12:25 PM   #174
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This is a great thread. It has meandered through the entire range of thoughts I and probably most others on this forum feel when considering how much is enough to retire. When under extreme stress at w*rk or when I have reminders of my aging process and eventual mortality the threshold drops real fast. It sure would be nice to retire tomorrow with 5M or more investible funds but that won't happen for me. That would require a minimum of 5 years of OMY. So for like many on this site the very personal decision of when to pull the trigger is agonizing.

This forum has a wealth of knowledge and a lot of wealthy members. With so many wealthy people it is no wonder that we are vetting the meaning of $1M. This same rational discussion held in a town hall of more average people financially would likely be interpreted as bragging by totally out of touch rich folks. What is being discussed are the problems of the rich, a mighty good set of problems to be inflicted with. I can only imagine the extra layers of though and stress that being filthy rich would add.
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Old 07-20-2014, 01:50 PM   #175
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Sea Kayaker and NW Bound, DH and I bought waterfront property on Whidbey Island in the early 90s for our future retirement home (saved for it and paid cash). We held on to the property and finally built a 1700' 2BR/2B home via UBuildIt program about 7 years ago without a mortgage. We spend our weekends and vacation time on the island and I will be living on the island full time after 8/1 (DH will join 6/16). Our property is on stable midbank bluff, but we have water/boat slip access just down the road. We have a beautiful view of Camano Island and Mt. Baker. I have a nice size garden area for vegetables and flowers and we kept the small old cabin for our tool/garden shed. I do crab using my kayak using a small ring trap. Allows me to putz and enjoy the sea life. Also good clamming and mussels from our tidelands. The house was designed and built with a water view from every room (except 2nd bath and laundry room) for those stormy winter days

Truly our dream realized. NW Bound, I say go for it!!!!



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Old 07-20-2014, 01:53 PM   #176
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Originally Posted by jjquantz View Post
I've spent the past week driving from northern Virginia to Denver and I took the opportunity to do it the way that my working class family would have done it when I was a kid. I've been sleeping in under $50 hotels, eating at fast food, staying with my still working class sister, etc. The only luxury that I allowed myself was playing golf on small town courses ($20 green fees). I've been through small towns in VA, WV, KY, IN, IL, MO, KS, and CO on this trip ranging from disastrously poor to clean and neat. Total daily cost (gas, golf, food and lodging) was just under $100/day.

My wife flew into Denver last night and met me at our better quality hotel where we will spend the week. I greeted her with, "It is really amazing just how wealthy we are." When you see the opportunities and comfort that a net worth of even $900K brings you compared to most of the people in the US (let alone the developing world) it really makes me glad that we made the choices we did. I'll make the return trip the same way that I came out. Most of my future travel will be at a slightly higher level of luxury than this one, but this has been a great reminder of just how lucky I am.

I've had a great time on the trip. I really enjoy small town golf and driving, once you are out of the East Coast mess, is sort of fun. The only negatives have been musty hotel rooms and noisy AC. Just like growing up. It doesn't take a lot of money to have a good time, but it is nice to have options for your comfort.
Mostly when we are traveling around we stay in the lo-buck places - some, ok most, are pretty gawd-awful, but some are downright charming (thinking of the 4 unit in Congress Az and an old adobe motel in Santa Fe). We most recently stepped up to $100+ rooms, and while I much prefer the better beds, I have to say my expectations jumped up pretty much immediately. The same exact breakfast at day two's Holiday Express didn't thrill me. Be interesting to see how we feel about the dive motels after this run of better quality places. Suspect it will be like butter vs. margarine, which is fine till you have butter and then...

One thing about the dives - they by far make for the best stories!
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Old 07-20-2014, 02:00 PM   #177
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Hey, it amazes me, too. I can't imagine what on earth one would do with several million dollars other than give it to charity. Life is pretty doggone good from where I sit.
You can say that because you have a pension. Some of us have to be self sufficient.
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Old 07-20-2014, 02:09 PM   #178
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You don't sound very happy - you must be making <75K

No, I am fine. But put yourself in the shoes of a young family with two middle/elementary age kids living in a metro area - and tell them that any more $ than 75 will not make their life easier/enjoyable/fun. Yeah right.


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Old 07-20-2014, 02:16 PM   #179
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I did a walk in San Francisco across Presidio Heights over to Land's End, passing "mansions" with great views of the bay and Golden Gate Bridge.

These properties go up to almost $20 million.

Now can the novelty of that view wear off? Does it lead to greater happiness than a home without sea views?

People who own these kind of properties are likely to own other prime properties in places like Hawaii.

I remember in Sydney, there were apts overlooking the harbor and the most expensive of them were said to be worth tens of millions. Honestly, I thought the homes to the NE of the harbor looked more appealing, overlooking a less busy part of the whole bay there. But presumably that view of the bridge and the Opera House was the "in" thing, a great or indicator of status.
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Old 07-20-2014, 02:55 PM   #180
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I did a walk in San Francisco across Presidio Heights over to Land's End, passing "mansions" with great views of the bay and Golden Gate Bridge.

These properties go up to almost $20 million.

Now can the novelty of that view wear off? Does it lead to greater happiness than a home without sea views?

People who own these kind of properties are likely to own other prime properties in places like Hawaii.

I remember in Sydney, there were apts overlooking the harbor and the most expensive of them were said to be worth tens of millions. Honestly, I thought the homes to the NE of the harbor looked more appealing, overlooking a less busy part of the whole bay there. But presumably that view of the bridge and the Opera House was the "in" thing, a great or indicator of status.
I walked through Land's End and the Sea Cliff neighborhood last weekend. The view was superb - when the fog finally lifted. But few houses in Sea Cliff actually have a wide open ocean view, so there must be other attractions - like a clean, quiet, and safe neighborhood.

As for the novelty of a nice view wearing off, I think it does to a certain extent. I am currently renting an apartment with sweeping views over San Francisco. After two and half years, I still enjoy the view but I am not as wonder-stricken by it as I was at the beginning. But it's still so much better than staring at a wooden fence or the back wall of the neighbor's house (been there done that).
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