Millionaires?

[FIREdreamer]

Originally Posted by 2B

Back at the turn of the 19th century, a "gentleman" was defined as someone that had 10,000 pounds (British). They could by gov't bonds and live a comfortable London life full of leisure activities with just the interest. We would probably call these people their equivalent of being "millionaires."

Originally Posted by CaseInPoint

These days, there's a (somewhat) new concept of the "Middle Class Millionaire," which goes to show how being a millionaire just ain't what it used to be...

Yes but nowadays who needs to hire 10 footmen, a butler, a small army of servants, and buy trunk loads of sterling flatware, candelabras and serving utensils just to entertain a "small group" of 40 of your nearest and dearest friends? I'll do just fine as a middle class millionaire thank you very much...

[Goonie]

Originally Posted by Razor

Just wondering how many millionaires are on this forum.
A yes or no will suffice unless you want to ellaborate.

Yes

[Bikerdude]

Originally Posted by 2B

Back at the turn of the 19th century, a "gentleman" was defined as someone that had 10,000 pounds (British). They could by gov't bonds and live a comfortable London life full of leisure activities with just the interest. We would probably call these people their equivalent of being "millionaires."

"A man who has a million dollars is as well off as if he were rich. " Circa 1915
John Jacob Astor

[bentley]

Originally Posted by FIREdreamer

Yes but nowadays who needs to hire 10 footmen, a butler, a small army of servants, and buy trunk loads of sterling flatware, candelabras and serving utensils just to entertain a "small group" of 40 of your nearest and dearest friends? I'll do just fine as a middle class millionaire thank you very much...

FD; I'm with you 100%. I'm very comfortable being middle middle class.....
I just want to stay there.

b

[Dawg54]

If the market keeps tanking at the rate it did in June, I will need to change my vote in a few weeks.

[retire@40]

I know people who are millionaires because they live in a million dollar home, but they struggle to pay the real estate taxes because they are cash poor.

Then I know millionaires who live in a old crusty small house but have a million dollars in cash, stocks, and bonds.

There are different kinds of millionaires.

[Razor]

Originally Posted by retire@40

I know people who are millionaires because they live in a million dollar home, but they struggle to pay the real estate taxes because they are cash poor.

Then I know millionaires who live in a old crusty small house but have a million dollars in cash, stocks, and bonds.

There are different kinds of millionaires.

Some friends of mine in their mid 70s are millionaires several times over. They live in the duplex they own, he has a lawn mower repair shop in his garage and works 8 to 10 hours a day, drive 5 and 10 year old vehicles, they clip coupons and buy expired meat at the grocery store, they let their tiny lawn burn up instead of spending a couple bucks to water it, they are really tight and their net worth keeps growing. I keep telling them to enjoy their money instead of leaving it to their undeserving children, but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.

[Notmuchlonger]

Bah heres something sickeningly positive.. I know I know things are so bad..but hey

YouTube - Bruce Springsteen - Better Days

[unclemick]

Originally Posted by Dawg52

If the market keeps tanking at the rate it did in June, I will need to change my vote in a few weeks.

Thrice/not thrice?

Yep - over/then 2000-2002 dip, over/then Katrina, over/if Mr Market keeps dipping in this downturn?

heh heh heh - all in portfolio a tad over 3% yield - livible in hard times Oh and BTW - Pssst Wellesley!

[Purron]

Looking at these results I am not surprised we have so many people trying to sell us stuff. Hats off to our mods for keeping them at bay.

[cute fuzzy bunny]

Originally Posted by CaseInPoint

excluding one's home.

Why would I do that? I consistently make a ton of money flipping my primary residence. In fact I've made almost as much doing that over the last 7 years than I have using other investments. Plus its tax free.

Sure, you run all over the issues of refusing to emotionally accept that your home is an investment, as well as people who choose to live in places where real estate doesnt appreciate.

I could just as easily choose to lose money in the stock market or find myself emotionally unavailable to asset classes that are profitable.

[unclemick]

Originally Posted by Razor

Some friends of mine in their mid 70s are millionaires several times over. They live in the duplex they own, he has a lawn mower repair shop in his garage and works 8 to 10 hours a day, drive 5 and 10 year old vehicles, they clip coupons and buy expired meat at the grocery store, they let their tiny lawn burn up instead of spending a couple bucks to water it, they are really tight and their net worth keeps growing. I keep telling them to enjoy their money instead of leaving it to their undeserving children, but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.

There is a certain perverse joy in being a really cheap bastard - a perhaps heartwarming habit pattern. But one of the quirky results of losing almost everything in Katrina (at 12 yrs into ER) - was 'you can't take it with you' and 'you can't stop the clock' aka the most tricked out wheelchair in the rest home may not thrill you at all.

Soo - trying to loosen up - but I do suffer flashbacks of frugal.

heh heh heh - .

[socca]

Originally Posted by Razor

...but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.

Perhaps being able to live the way they want is the greatest wealth of all

[Khan]

Originally Posted by unclemick

There is a certain perverse joy in being a really cheap bastard - a perhaps heartwarming habit pattern. But one of the quirky results of losing almost everything in Katrina (at 12 yrs into ER) - was 'you can't take it with you' and 'you can't stop the clock' aka the most tricked out wheelchair in the rest home may not thrill you at all.

Soo - trying to loosen up - but I do suffer flashbacks of frugal.

heh heh heh - .

I admit to a certain feeling of failure when I have less than $500 unspent in the checking account at the end of the month.

[lazygood4nothinbum]

i've repeated bikerdude's quote a few times since i read it last year to explain to others my financial position:

Originally Posted by Bikerdude

I live well, not rich, more like independently middle class.

[Marquette]

Originally Posted by CaseInPoint

Yes, that's right.

In my own research, I've found that most estimates say $11M.

These days, there's a (somewhat) new concept of the "Middle Class Millionaire," which goes to show how being a millionaire just ain't what it used to be...

$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!

[SteveR]

Here is a poll done last year on net worth of those members that participated in the poll. It might give a bit more information that just who has $1MM.

Annual "Watcha Worth" Poll

Here is another one:
http://www.early-retirement.org/foru...lts&pollid=694

And yet another one with a discussion on home value vs net worth.
http://www.early-retirement.org/foru...lts&pollid=679

Search on Net worth poll and get see a lot more.

[Dawg54]

Originally Posted by Marquette

$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!

Whooaaa Nellie! I'm headed to the food stamp line Monday morning.

[CaseInPoint]

Originally Posted by Marquette

$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!

The $11M is just what's needed these days for the spending power of the millionaire of the past.

I'd bet that with $11M in the bank (or a heck of a lot less), you could be very comfortably retired in MN. No need to go ice fishing for dinner, that's for sure.