Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Millionaire stuff
Old 11-14-2006, 06:02 AM   #21
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 56
Re: Millionaire stuff

I'll just say my HDTV is the one thing I've purchased in the last couple of years that reallly seems worth it. HD, Dish, Netflix and Tivo have revolutionized the way we watch TV around our house. We used to be part of the anti-TV movement, but now we are happily rotting our brains with high-quality, no commercials stuff.
__________________

__________________
dt123 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: Millionaire stuff
Old 11-14-2006, 06:06 AM   #22
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: Millionaire stuff

I have to agree with the statements that it's the monthy bills that do you in. Sure I can afford the big house, fancy car, latest gagets and electronics but I don't want the on going payments, bills and taxes that go along with owning those things. The only real splurge I have is cable internet and right now the company pays for that, I'll pickup the cost when I leave here.
__________________

__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 07:55 AM   #23
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 166
Re: Millionaire stuff

Quote:
Originally Posted by HFWR
Most of the channels I like to watch - HGTV, Food Network, DIY, History Channel - are available only on cable.

Of course, none of those are hi-def either...
FYI - HGTV and Food Network are HD on Dishnetwork. Different schedule from the SD channel but stunning HD pictures.

With the latest HD DVR to kill ads some TV is now enjoyable.
__________________
nil illegitimus carborundum
F M All is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 08:57 AM   #24
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 105
Send a message via Yahoo to OkieTexan
Re: Millionaire stuff

I like the term "balance"; but for me, since ER I have had to set some priorities. It has been fairly easy so far because when I was working I had no time to take a vacation. I would fall asleep in the chair while watching the TV (so no need for a bigger HD model). So I see some decisions ahead about thnigs I had no choice about when I was on the job all the time. The rules have changed about money and it may take a while to get used to it.


__________________
OkieTexan
OkieTexan is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 10:03 AM   #25
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Millionaire stuff

Moderation is the key. You can have the big tv and cable. Or the boat and slip rental. Or the macmansion. Or the pair of new german autos. Or the luxury vacations. Or ER. But not all of those at the same time.

I plan on spending money on moderate vacations (hopefully a cruise or two per year, or something similarly costly). And new cars when the current ones die/become maintenance chores. Don't really care for the rest. It might set ER back by 11.2456 months, but who cares if you're living an enjoyable life in the meantime?
__________________
justin is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 10:37 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: Millionaire stuff

Getting back to the thrust of the main article, every one of us that is ERd or planning to ER, or just saving for a rainy day will benefit from simply watching their expenses constantly. No matter what your balance sheet indicates, if you do not limit your outflow, you will eventually find yourself at the bottom of a well with no visible escape route (Gates, Buffett, and Trump families excluded if they are on this forum.)

Quote:
Millionaires are rarely created by constantly seeking out the highest returns on investments, or constantly moving money from one investment to another to chase higher returns.

Millionaires educate themselves about investing and seek professional advice, choose high-quality blue chip stocks or mutual funds with good long-term performance records, invest consistently, and hold onto these quality investments over a long period of time.

As you can see, this proven method of becoming a millionaire is not rocket science, and it really is attainable for many Americans.

Back in the day it was really some feat to exclaim that you were a millionaire. We Americans seem to like goals and being a millionaire has been the secret goal of more folks than will now admit it. But $1,000,000 is really no big deal today as real estate and 401K(k) balances have eased many folks over the million dollar hump.

I would venture to guess that there are many of my fellow citizens who are millionaires and don't even realize it, or even know how to calculate it.

Millionaire or not, affluent (Half-millionaire) or not, scrimper or saver, keeping a close eye on personal expenditures is always a requirement.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 10:46 AM   #27
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Millionaire stuff

Quote:
Originally Posted by mickeyd
Back in the day it was really some feat to exclaim that you were a millionaire. We Americans seem to like goals and being a millionaire has been the secret goal of more folks than will now admit it. But $1,000,000 is really no big deal today . . .
Due to inflation, being a millionaire today is just about meaningless.

"A Dollar in 1950 will buy only 13 cents worth of goods today, 87% less than before."


http://www.financialsense.com/editor...2006/0106.html
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 10:49 AM   #28
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Re: Millionaire stuff

Quote:
Originally Posted by Patrick
"A Dollar in 1950 will buy only 13 cents worth of goods today, 87% less than before."
- Just to be picky

Shouldn't this quote actually be...

A dollar today will only buy 13 cents worth of goods as it did in 1950, 87% less than before.
__________________
MasterBlaster is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 02:57 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,739
Send a message via Skype™ to kcowan
Re: Millionaire stuff

Always remember to enjoy the journey. Those that love things should not defer their enjoyment. Similarly those that love travel should do it.

My mother deferred her Hawaiian vacation until my dad was retired. She died of breast cancer one month before his retirement. The Dad never went because it would be no fun without her.

Never put off until tomorrow anything that is really important to you.

Just don't dribble away your wealth on a dozen meaningless things.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 03:40 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: Millionaire stuff

Quote:
Those that love things should not defer their enjoyment. Similarly those that love travel should do it.
You're helping me make my point. We have a friend who is a school teacher with about 25 years on the job. She has been divorced for 20 years. Just last weekend we were at a social gathering and the subject of retirement came up and she informed me that even with the DB plan that she has with the school district that she can not retire for 15-20 more years! She has been to Europe 7 times in the last 10 years and has never gotten around to starting "one of those mutual fund things" (as she calls the 403b). So she has a had a fine time trapsing around Europe, but now looks for my sympathy that she does not have enough saved/invested to retire. I'm sorry that she decided to spend her savings on travel instead of saving for retirement. Most of us can not have it both ways.

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 07:30 PM   #31
Full time employment: Posting here.
shiny's Avatar
 
Join Date: Jun 2005
Posts: 673
Re: Millionaire stuff

I know that "Your Money or Your Life" sometimes gets a bad rap here for its investment plans, but after reading it in my 20s I started analyzing things based on whether I felt it was "worth it." That changed everything for me.

Most travel is worth it, eating out mostly isn't (at least when it costs over $25) it helped me prioritize and quit spending money on things that meant nothing to me and save that money for ER.
__________________
I'm made of atoms, you're made of atoms, and we're all in this together. Ben Lee
shiny is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 09:27 PM   #32
Recycles dryer sheets
 
Join Date: Mar 2004
Posts: 228
Re: Millionaire stuff

A bigger house can be worth it. We bought our first house for $49,000 and sold it in 7 years for $94000; we moved up to a 2000 sq foot house (twice the size) for (gulp)$160,000 in 1996. Taking out a $110,000 mortgage kept me up nights for a couple years. Then we paid off the mortgage with some windfall money three years ago. Now the house is worth $300,000, so I got a pretty good return for my windfall money (I remember agonizing over "pay off the mortgage or invest the money?" I definitely made the right decision.)

Sometimes it's true--you have to spend money to make money. Luck helps, too.
__________________
LRS is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 09:36 PM   #33
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Millionaire stuff

Quote:
Originally Posted by Patrick
Due to inflation, being a millionaire today is just about meaningless.

"A Dollar in 1950 will buy only 13 cents worth of goods today, 87% less than before."


http://www.financialsense.com/editor...2006/0106.html
I realize you had good intentions, but a million dollars is 40K/year for life. That's anything but meaningless.
__________________
azanon is offline   Reply With Quote
Re: Millionaire stuff
Old 11-14-2006, 10:13 PM   #34
Full time employment: Posting here.
mountaintosea's Avatar
 
Join Date: Aug 2006
Posts: 553
Re: Millionaire stuff

Quote:
Originally Posted by MooreBonds
MTS, if you have a portfolio of $846k PLUS a pension, unless the pension is worth $20 bucks a month, you are already well beyond the "Big M status" in portfolio equivalents.
I' m aware of that fact, but I guess it is the journey. My pension will be good. However having gone through the effort of saving and investing makes it seem more so. Besides pensions are always being attacked these days. Nothing is guaranteed. So I personally don't count my house nor my pension.
I also know that pensions these days are like gold and I know that I am lucky to have one. Am I being overly cautious? Probably!
__________________
mountaintosea is offline   Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 06:00 AM   #35
Full time employment: Posting here.
 
Join Date: Nov 2003
Posts: 926
Re: Millionaire stuff

Quote:
Originally Posted by shiny

Most travel is worth it, eating out mostly isn't (at least when it costs over $25) it helped me prioritize and quit spending money on things that meant nothing to me and save that money for ER.
Saving for ER is good, but as far as "prioritizing"..........................
I am sure you realize this but just in case...............a lot of folks couldn't care less about traveling but would get a lot of pleasure out of
"eating out", even if it cost $50.00. It's called different strokes.
Remember, the money has no value unless it's spent. OTOH, you don't want to run out.
Right Cut-Throat?

JG
__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
Mr._johngalt is offline   Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 07:14 AM   #36
 
Posts: n/a
Re: Millionaire stuff

Quote:
Originally Posted by Mr._johngalt
Remember, the money has no value unless it's spent. OTOH, you don't want to run out.
Right Cut-Throat?

JG
You would run out only if you are math challenged.
__________________
  Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 11:28 AM   #37
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
Re: Millionaire stuff

Quote:
Remember, the money has no value unless it's spent.
Do you think having money in the bank has any stress-relieving value? Said another way....how many couples with $1 million in the bank argue about money? I for one find most of the value of the money that I have comes from the security it imparts, not from the stuff that I buy with it. I get this value every day without necessarily spending a penny.
__________________
scrinch is offline   Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 12:37 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Millionaire stuff

Quote:
Originally Posted by scrinch
Do you think having money in the bank has any stress-relieving value? Said another way....how many couples with $1 million in the bank argue about money? I for one find most of the value of the money that I have comes from the security it imparts, not from the stuff that I buy with it. I get this value every day without necessarily spending a penny.
I know a couple folks who have $1 million or more in the bank, and have never heard them fight about money.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 12:53 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,739
Send a message via Skype™ to kcowan
Re: Millionaire stuff

Quote:
Originally Posted by Azanon
I realize you had good intentions, but a million dollars is 40K/year for life. That's anything but meaningless.
The point was that in 50 years it would only have the buying power of $5200 if the past is repeated again. This means that the cost of ER living has to be much less by them (less travel, simpler living, low health care costs). It is a sobering comparison.

Of course the million would grow larger than SWR in a number of those high inflation years and that would build the equity base beyond $1 million.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Re: Millionaire stuff
Old 11-15-2006, 01:00 PM   #40
Recycles dryer sheets
 
Join Date: Oct 2004
Location: Seattle
Posts: 85
Re: Millionaire stuff

Quote:
Originally Posted by Cut-Throat


I don't think many people lying on their deathbeds are glad they skipped that once in a Lifetime dream trip to New Zealand because they have an extra $25-$50k in their portfoilo.
Luckily I am not on my deathbed yet, but my wife and I sure enjoyed our trip to New Zealand earlier
this year. And we came in well under $5K so that was a bonus.

gwix
__________________

__________________
gwix98 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
Cleaning out the stuff Martha Other topics 19 05-01-2007 08:36 AM
another millionaire next door chuck FIRE and Money 3 06-28-2006 06:33 AM
Valued possession or useless stuff? RockMiner Other topics 13 12-04-2004 03:52 PM
Baby stuff cute fuzzy bunny Other topics 36 11-04-2004 12:22 PM
Book Report - Millionaire next door cute fuzzy bunny Life after FIRE 72 10-18-2004 07:52 PM

 

 
All times are GMT -6. The time now is 07:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.