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Re: Millionaire stuff
Old 11-15-2006, 03:24 PM   #41
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Re: Millionaire stuff

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Originally Posted by kcowan
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.
The above quote was in response to Az's point that $1M will buy you a $40K SWR. The whole purpose of an SWR is to allow the principle and the nest egg to grow along with inflation. If you select an infinite SWR (possibly/probably a bit less than an initial 4%) both the withdrawal and the nest egg will hold their buying power in today's dollars so 50 years from now the healthy SOBs would still be smiling.
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Re: Millionaire stuff
Old 11-16-2006, 11:17 AM   #42
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Re: Millionaire stuff

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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.
I was in New Zealand last week and I made $5K while I was there. But I had to w*rk while I was there.
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Re: Millionaire stuff
Old 11-16-2006, 05:06 PM   #43
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Re: Millionaire stuff

I had been away for 4 weeks, and I, DW (who works full time), and the two kids still at home were all ready for me to be back home. That's the problem for me with international travel these days. I spend months in Asia each year, so it's more of a treat for me to be at home than in Bali or New Zealand. Something's wrong with this picture, isn't it?
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Re: Millionaire stuff
Old 11-16-2006, 07:31 PM   #44
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Re: Millionaire stuff

Your post is certainly on target.

My father died at 52 from cancer. I am 54 now and that fact still affects decisions I make and my views on life. A million bucks would not have saved him.
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Re: Millionaire stuff
Old 11-17-2006, 05:11 AM   #45
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Re: Millionaire stuff

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Originally Posted by justin
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 like to say that I can do anything I really want. I just can't do everything.

JG
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Re: Millionaire stuff
Old 11-17-2006, 09:43 AM   #46
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Re: Millionaire stuff

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Originally Posted by OkieTexan
Your post is certainly on target.

My father died at 52 from cancer. I am 54 now and that fact still affects decisions I make and my views on life. A million bucks would not have saved him.
"INVEST as if you'll live forever, LIVE as if you'll die tomorrow"

My sister, who died at 47 August 30th, lived by that motto her last 6 and a half years, and I think she died with few regrets, other than wishing she had more time.........
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Re: Millionaire stuff
Old 11-17-2006, 09:53 AM   #47
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Re: Millionaire stuff

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Originally Posted by FinanceDude
"INVEST as if you'll live forever, LIVE as if you'll die tomorrow"

My sister, who died at 47 August 30th, lived by that motto her last 6 and a half years, and I think she died with few regrets, other than wishing she had more time.........
Sorry about your sis. Cancer?
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Re: Millionaire stuff
Old 11-17-2006, 10:13 AM   #48
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Re: Millionaire stuff

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Sorry about your sis. Cancer?
Breast cancer in 93, went into remission 98, mesthatized to the liver in 2000, died this year............
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Re: Millionaire stuff
Old 11-17-2006, 12:19 PM   #49
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Re: Millionaire stuff

So young. I'm very sorry, FinanceDude.
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Re: Millionaire stuff
Old 11-17-2006, 12:58 PM   #50
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Re: Millionaire stuff

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So young. I'm very sorry, FinanceDude.
I think I joined the forum after she died, so I doubt I posted on here about it. She never did estate planning (why listen to a YOUNGER brother, even if he is an FA), so the estate is a mess, I hate TIAA-CREF, and the holidays won't feel the same this year..........

Other than that, things are normal........... :P
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Re: Millionaire stuff
Old 11-17-2006, 02:25 PM   #51
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Re: Millionaire stuff

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Originally Posted by FinanceDude
I think I joined the forum after she died, so I doubt I posted on here about it. She never did estate planning (why listen to a YOUNGER brother, even if he is an FA), so the estate is a mess, I hate TIAA-CREF, and the holidays won't feel the same this year..........

Other than that, things are normal........... :P
First holiday season is tough. Not sure if 2nd is gonna be much better. After my brother died in 2005, I have become closer to my niece. She is a student at the Univ of AL. I went over a couple of weekends ago to watch a football game with her.(my school, Miss State won ) She is doing well. Never was a great student in high school but she has buckled down after all this and has become a good student. Pursuing a nursing degree.

Got off track there. The old saying is somewhat true. 'Time helps'. Good luck!
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Re: Millionaire stuff
Old 11-17-2006, 04:50 PM   #52
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Re: Millionaire stuff

Scrinch said: 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.



Amen, Brother.
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Re: Millionaire stuff
Old 11-17-2006, 07:39 PM   #53
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Re: Millionaire stuff

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Originally Posted by scrinch
I had been away for 4 weeks, and I, DW (who works full time), and the two kids still at home were all ready for me to be back home. That's the problem for me with international travel these days. I spend months in Asia each year, so it's more of a treat for me to be at home than in Bali or New Zealand. Something's wrong with this picture, isn't it?
So where in New Zealand, and what is the nature of the work?

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Re: Millionaire stuff
Old 11-17-2006, 08:24 PM   #54
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Re: Millionaire stuff

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Originally Posted by windsurf
Scrinch said: 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.
Amen, Brother.
Let me add my agreement with this outlook. I buy a $50,000 car, and the dealer now has something with far more flexibility and potential than what he had on the lot - a big entropy machine; and I have that entropy machine. I didn't always look at things this way, and it may be partly an effect of aging. But $5 spent on sugar, coffee and milk at Starbuck's will attack my arteries, and take away my chance of doing way nicer things with that $5 - like maybe getting a massage next time I am in Thailand. And if I never go, I can just look at that bill in my wallet and fantasize about what it could buy me somewhere else.

If I have $1mm, 2, or more in the bank, I have a powerful ****-you machine. Something I imagine others beside me have felt the need of. A recent example: I am sitting in a health club discussing membership possibilities with a friendly soft-sell type young guy. Suddenly his attention wanders and he looks a bit nervous. He says to me- “Shit, there's one of our divisional managers, and he sees me talking to a prospect out of uniform.” Feature that the guy had interrupted his lunch to show me around, and I was considering prepaying for a lifetime membership. But he was scared because he didn't have his tunic on! Next he says, "Is it Ok if I tell him you are already a member, and I am looking at something for your friend who wants to join? I said sure. Later I went back to do the deal, and he thanked me for helping him cover his transgression! Probably if he had $10,000, let alone $1mm he would have felt less subservient.

As far as travel, at this stage in my life it is mostly annoying. I would consider going for educational goals such as language. Sex tourism doesn't appeal to me, as I actually prefer mature women, especially ones that I can converse with. As to “the sights”, I have the internet. I would like to spend some time in Rome, but I would maybe be too annoyed at what everything cost to fully enjoy it.

To go fishing, I know some states are better than mine, but mine is good, and I can only eat so much anyway. If I am willing to bushwhack upstream a creek from any of our rivers I’ll find enjoyable and solitary fishing. Plus a good workout getting there and back!

Most of what I enjoy costs a bit, but not much. Most of all I enjoy being solvent with great and growing margins.

Ha
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Re: Millionaire stuff
Old 11-17-2006, 08:43 PM   #55
 
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Re: Millionaire stuff

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Originally Posted by HaHa
Most of what I enjoy costs a bit, but not much. Most of all I enjoy being solvent with great and growing margins.
Ha
Well, I forgot about the folks that truly enjoy watching the pile get bigger. :

I think most all of us here are solvent, and now are spending the pile to realize all of the dreams that they ever had when they were un-solvent.
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Re: Millionaire stuff
Old 11-17-2006, 09:51 PM   #56
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Re: Millionaire stuff

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Originally Posted by HaHa
I actually prefer mature women....
So, basically, you want to be a gigolo. That sounds like an outstanding ER plan. Have fun and get paid for it.
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Re: Millionaire stuff
Old 11-17-2006, 11:29 PM   #57
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Re: Millionaire stuff

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Originally Posted by wab
So, basically, you want to be a gigolo. That sounds like an outstanding ER plan. Have fun and get paid for it.
So many men, so little time

Where do you can I check references on gigilos
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Re: Millionaire stuff
Old 11-18-2006, 08:46 AM   #58
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Re: Millionaire stuff

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Originally Posted by HaHa
Most of what I enjoy costs a bit, but not much. Most of all I enjoy being solvent with great and growing margins.
Quote:
Originally Posted by Cut-Throat
Well, I forgot about the folks that truly enjoy watching the pile get bigger. :
(turns his head and hands away from his calculator long enough to raise his hand and smile, before turning back to calculate today's growth and war chest balances).
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Re: Millionaire stuff
Old 11-18-2006, 11:07 AM   #59
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Re: Millionaire stuff

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Originally Posted by wab
So, basically, you want to be a gigolo. That sounds like an outstanding ER plan. Have fun and get paid for it.
Sounds like a franchise opportunity, but I hear the competition is stiff... :
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Re: Millionaire stuff
Old 11-18-2006, 12:16 PM   #60
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Re: Millionaire stuff

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Originally Posted by Cut-Throat
Well, I forgot about the folks that truly enjoy watching the pile get bigger. :

I think most all of us here are solvent, and now are spending the pile to realize all of the dreams that they ever had when they were un-solvent.
Until I was well into my 30s I was very casual about money. If I got a few thousand ahead, I would go to Mexico until I was flat again.

Then came the period of raising kids, where although I tried to be frugal, I realized that it was their one and only childhood, so I felt some expenses were important, though not strictly necessary.

Then I saved some money, and perhaps more importantly caught some breaks. Also about this time I realized that I was likely a short-timer or at least a malcontent in the world of work, so I figured I had better learn to prioritize and pile up some money.

Then my frugality took another jump when I was introduced to this board. I realized that certain expenses would likely always be high for me- food for one. So I have to look carefully at others.

Lastly, although I would not want to be so churlish as to point out that you, dear C-T, have "other sources of funds". It is different for those of use who have no safety net other than rather paltry social security.

Ha
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