Millionaires?

[Culture]

rogersteciak,

Love your diagram; straight to the point. However, it is only for those who can understand a mass-flow diagram. While they seem obvious to me, most people cannot understand them.

[ladelfina]

Hmm. It just looks like a cistern, which is not an uncommon item (see your bathroom).

They should use such simple diagrams to teach personal finance in schools.

[Steve O]

yes

[cyclone6]

Yes. 1.5 mil as of today.

I'm 45, and planning to "retire" come Aug 1. Spend 6 mos here in the States, and 6 mos in Thailand/SE Asia. Hopefully a 3.5% withdrawal rate will keep me going until I stop going. A few years ago it would have been a foregone conclusion - now with worldwide food and energy inflation its a little less certain.

Rebalance, readjust and adapt as needed. If I only knew what tomorrow would bring...but just the thought of living a little bit on-the-edge is exhilarating. Beats the hell out of the daily w*rk routine.

[bbbamI]

Si......

[Spanky]

Originally Posted by CaseInPoint

I'd bet that with $11M in the bank (or a heck of a lot less), you could be very comfortably retired in MN.

.. or even expensive places such as the Bay Area or New York City. I guess it really depends on the definition of living comfortably.

[clifp]

Well I hope Andy is using this poll, when he talks to advertisers. 81% have a net worth of a million dollars wow. Of course we'll keep it a little secret that reasons most of are millionaires is we don't buy anything

[shotgunner]

Add me in as a millionaire under the standard definition of not including the value of one's residence. I didn't celebrate the milestone, it's just a number. I drive vehicles for 10 years (toyota trucks) and a hang laundry on the line. I live frugally, but I enjoy my hot tub, going out to eat whenever I want, and shooting skeet with Parker shotguns. To me I like living frugally in some areas of life so I can really enjoy others.

[Midpack]

Originally Posted by Razor

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.

I wouldn't listen to you either. 'The best things in life aren't things...'

[HFWR]

Originally Posted by 2B

Back at the turn of the 19th century, a "gentleman" was defined as someone that had 10,000 pounds (British).

I think I'd prefer 10,000 pounds (Columbian)...

Originally Posted by clifp

Well I hope Andy is using this poll, when he talks to advertisers. 81% have a net worth of a million dollars wow. Of course we'll keep it a little secret that reasons most of are millionaires is we don't buy anything

Let me lower than percentage; no...

But I am a "thousandaire"!

[Bimmerbill]

Nope...

Maybe if I stretch it and add in the value of my Cola'd pensions, but since I'm not receiving them yet, I won't.

[Razor]

Originally Posted by Midpack

I wouldn't listen to you either. 'The best things in life aren't things...'

Working themselves to death, constantly worrying about money, making more money and not wasting money are not the best things in life.
It is affecting their health and their happiness. That is why I am concerned. I care about there well being while their children are thrilled that they keep making more money that they will inherit sooner.

[Razor]

Originally Posted by socca

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

It is more about being set in their ways. They really aren't all that happy because they worry about money constantly.

[huskerblue]

Someone should talk to your friends about leaving some of their wealth to charity in the form of endowment. If more people did this instead of leaving scads of money to kids who are simply waiting for them to die, the world would be a better place. That's a bit cynical but coming from a career deeply involved in this issue, I have come to believe this very deeply.

To answer the original question, yes but I don't think that number means anything anymore.

To answer the other question, I remember updating my Microsoft Money one day about four years ago and the net worth showed seven figures for the first time. I called DW into the office, showed her the computer, we smiled, kissed and went back to living life.

[OAG]

Just a destination in a journey!

[Goonie]

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.

OK, let's see here now.....hmmm:

They "drive 5 and 10 year old vehicles".......me too.

"they clip coupons".......me too.

"and buy expired meat at the grocery store"......me too.

"they let their tiny lawn burn up instead of spending a couple bucks to water it"..........me too (nature intended it to go dormant when rain is lacking).

"they are really tight".....me too.

"their net worth keeps growing".....mine to.

"they are set in their ways".....me too.

They "will live the way they want until they can't anymore".....me too.

"You would never know that they are rich".....me neither.

"They don't act it".....me neither.

So with the exceptions of not being in my 70's (50's) and not having "multi" in front of millionaire, not living in a duplex (just a small old house), not working 8-10 hours a day (only about 5 or 6 in the yard, gardens, or workshop), and not having kids (undeserving or otherwise), my habits & ways pretty much match theirs and I'm happy as a lark. Of course my friends and neighbors always hear me talking about being "just a poor old retired guy on a fixed income not knowing where my next meal is coming from", and they really think I mean it, and that I'm not actually happy. But....ummm....they're wrong! I just like messin' with people! (BTW, this being the 1st Sunday of the month, my next meal is the FREE spaghetti dinner that one of the churches downtown puts on for the community. )

Oh and a couple of things to add to the list above:

I only buy clothes "on sale" or at secondhand stores.

I buy bread at the "day old" bread store.

And when I need to replace my 8-10 year old car, I buy gently 'pre-owned' (a.k.a. used).....just did it again 2 years ago.....saved over $5K (bought a used '06 in '06 with a full warranty).

Originally Posted by Razor

It is more about being set in their ways. They really aren't all that happy because they worry about money constantly.

Some folks are set in their ways, and that's just the way it is. I know I am. There's nothing wrong with that. Other people's perceptions and opinions of whether folks are happy or not, are just that, perceptions and opinions. Some people think that I'm too frugal and/or just scraping by. That's just a misperception on their part....I'm just frugal enough and by no means, just scraping by. My neighbor thinks I'm too cheap to run the A/C and that's the reason I always sit outside under the shade tree when it's hot. However, I don't run the A/C most of the time because the house stays relatively cool without it, and I actually prefer being outdoors in the fresh air and sunshine.

Of course there really are folks out there in the world who aren't really happy unless they're miserable. Maybe your friends are in that group. But only they know for certain.

[shotgunner]

Greedy charities exist and can be no better than greedy children waiting for you to die. It was only a few years ago the head of the United Way was in the news for his extravagant ways. There is only one way to be sure the money is well spent and that is to spend it well yourself :-)

[Razor]

Originally Posted by Goonie

OK, let's see here now.....hmmm:

They "drive 5 and 10 year old vehicles".......me too.

"they clip coupons".......me too.

"and buy expired meat at the grocery store"......me too.

"they let their tiny lawn burn up instead of spending a couple bucks to water it"..........me too (nature intended it to go dormant when rain is lacking).

"they are really tight".....me too.

"their net worth keeps growing".....mine to.

"they are set in their ways".....me too.

They "will live the way they want until they can't anymore".....me too.

"You would never know that they are rich".....me neither.

"They don't act it".....me neither.

So with the exceptions of not being in my 70's (50's) and not having "multi" in front of millionaire, not living in a duplex (just a small old house), not working 8-10 hours a day (only about 5 or 6 in the yard, gardens, or workshop), and not having kids (undeserving or otherwise), my habits & ways pretty much match theirs and I'm happy as a lark. Of course my friends and neighbors always hear me talking about being "just a poor old retired guy on a fixed income not knowing where my next meal is coming from", and they really think I mean it, and that I'm not actually happy. But....ummm....they're wrong! I just like messin' with people! (BTW, this being the 1st Sunday of the month, my next meal is the FREE spaghetti dinner that one of the churches downtown puts on for the community. )

Oh and a couple of things to add to the list above:

I only buy clothes "on sale" or at secondhand stores.

I buy bread at the "day old" bread store.

And when I need to replace my 8-10 year old car, I buy gently 'pre-owned' (a.k.a. used).....just did it again 2 years ago.....saved over $5K (bought a used '06 in '06 with a full warranty).



Some folks are set in their ways, and that's just the way it is. I know I am. There's nothing wrong with that. Other people's perceptions and opinions of whether folks are happy or not, are just that, perceptions and opinions. Some people think that I'm too frugal and/or just scraping by. That's just a misperception on their part....I'm just frugal enough and by no means, just scraping by. My neighbor thinks I'm too cheap to run the A/C and that's the reason I always sit outside under the shade tree when it's hot. However, I don't run the A/C most of the time because the house stays relatively cool without it, and I actually prefer being outdoors in the fresh air and sunshine.

Of course there really are folks out there in the world who aren't really happy unless they're miserable. Maybe your friends are in that group. But only they know for certain.

My friends are nearing the end of their lives. Worrying about money when they have 10 times more than they need at that point in their lives just seems like a waste of years that they could be enjoying themselves. They should be carefree.

[rec7]

Originally Posted by shotgunner

Greedy charities exist and can be no better than greedy children waiting for you to die. It was only a few years ago the head of the United Way was in the news for his extravagant ways. There is only one way to be sure the money is well spent and that is to spend it well yourself :-)

I laugh when I hear that people do not want leave money to their children because they think they will blow it. Like a stranger in these charities will not blow it. I hate to see money blown or wasted. But if someone is going to blow money it would be a little better if they were related to you. At least they would get some funny out of it. When asked what I would do if I had children I thought would blow it. I said set it up to pay them x each month for the next 20 or 30 years. They might get some smarts in that much time and if they do not you limit the blow rate.