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View Poll Results: How much to be a "millionaire"
$1 Million 116 62.37%
$3 Million 27 14.52%
$5 Million 28 15.05%
$10 Million 10 5.38%
$25 Million or over 5 2.69%
Voters: 186. You may not vote on this poll

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Re: What is a "millionaire"
Old 03-03-2007, 01:05 PM   #21
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Re: What is a "millionaire"

Quote:
Originally Posted by TromboneAl
Remember the TV show "The Millionaire"? It ran from 1955 to 1961. I was 9 in 1961, so I probably remember the reruns.

The show followed the lives of everyday people about to be given a million dollars, tax free, by the wealthy (but never seen) John Beresford Tipton, through his representative, Michael Anthony.

That's what I think of when I hear the term "millionaire."
I agree that, by definition, a millionaire is someone with 1 million smackers. But to have the same amount of spending power that those people got in 1960, you'd need $6,838,378 today.
Got a couple years on you Al - remember the show and agree with your amount and/or Dog52's. A million just ain't a million anymore.
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Re: What is a "millionaire"
Old 03-03-2007, 01:48 PM   #22
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Re: What is a "millionaire"

I believe a millionaire is anyone with $1 million dollars or more. A million is still a lot of money. Depending on whether you are a pre retired or a post retired millionaire I think everyday you could be thankful you have that much, but maybe also wonder if it is enough to last.

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Re: What is a "millionaire"
Old 03-03-2007, 03:43 PM   #23
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Re: What is a "millionaire"

So are you a millionaire if as a couple you have a million dollars in the bank? Technically speaking, I guess DH and I should divide what we have in half and I guess as individuals that is our true net worth.
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Re: What is a "millionaire"
Old 03-03-2007, 05:30 PM   #24
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Re: What is a "millionaire"

I'll take T-Al's and calmloki's approach. I think back to key times in life and what "millionaire" meant at the time. Assuming 3% annual inflation (which is not entirely accurate, I'm sure, but it'll do) here are my key years:

1959 - $ 4.01 M (birth year)

1969 - $ 3.07 M

1977 - $ 2.43 M (HS graduation)

1981 - $ 2.16 M (college graduation)

Why is 1969 important you ask? Peak viewing period of Gilligan's Island reruns and identifying Thurston Howell III (the "millionaire") as really wealthy.

So I voted for $3M.
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Re: What is a "millionaire"
Old 03-03-2007, 06:24 PM   #25
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Re: What is a "millionaire"

By definition, net worth of $1 million or more.

Obviously, a millionaire in Vietnam is inly worth $60 U.S.D.
1 US Dollar = 16,678.0 Vietnamese Dong
1 Vietnamese Dong (VND) = 0.00005996 US Dollar (USD)
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Re: What is a "millionaire"
Old 03-03-2007, 06:41 PM   #26
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Re: What is a "millionaire"

My idea of a millionaire is someone who wakes up in a comfortable environment and can choose the direction the day will take. Regardless of the choice that individual has the financial capability to insure the following day the same process could occur.
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Re: What is a "millionaire"
Old 03-03-2007, 07:32 PM   #27
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Re: What is a "millionaire"

It's interesting that TromboneAl thinks of the TV show "The Millionaire" when he hears the term, because that's exactly what I think of when I hear it. $6.8 Million sounds about right of what it would take to meet those standards of 1961.
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Re: What is a "millionaire"
Old 03-03-2007, 07:37 PM   #28
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Re: What is a "millionaire"

Quote:
Originally Posted by Spanky
By definition, net worth of $1 million or more.

Obviously, a millionaire in Vietnam is inly worth $60 U.S.D.
1 US Dollar = 16,678.0 Vietnamese Dong
1 Vietnamese Dong (VND) = 0.00005996 US Dollar (USD)
I'm Vietnamese. As soon as I go back there, I will be a billionaire. Yeah!

A billion dong is about 60,000USD, a small sum in this country, but quite significant in VN, considering the OER (official exchange rate) GDP per capita is only $625 USD. So 60,000/625 is 96.

For perspective, that 96 ratio translates into 4 million USD in this country (96 * 42,000).


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Re: What is a "millionaire"
Old 03-03-2007, 08:07 PM   #29
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Re: What is a "millionaire"

The Map of the U.S. is very interesting. There are only 65K millionaires here and they we are only 2% of the population. I still can't get used to the idea. It's almost time for that "dessert" now.
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Re: What is a "millionaire"
Old 03-03-2007, 08:11 PM   #30
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Re: What is a "millionaire"

Quote:
Originally Posted by califdreamer
I'll take T-Al's and calmloki's approach. I think back to key times in life and what "millionaire" meant at the time. Assuming 3% annual inflation (which is not entirely accurate, I'm sure, but it'll do) here are my key years:

1959 - $ 4.01 M (birth year)

1969 - $ 3.07 M

1977 - $ 2.43 M (HS graduation)

1981 - $ 2.16 M (college graduation)

Why is 1969 important you ask? Peak viewing period of Gilligan's Island reruns and identifying Thurston Howell III (the "millionaire") as really wealthy.

So I voted for $3M.

To compute actual inflation rates you can use :
http://woodrow.mpls.frb.fed.us/Resea...calc/index.cfm

1959 : 7.06 M

1969 : 5.59 M

1977 : 3.39 M

1981 : 2.26 M


Your choice of years mean a lot to me also, because I'm the same age as you.

However it did take me a couple more years to get thru college.
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Re: What is a "millionaire"
Old 03-03-2007, 09:41 PM   #31
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Re: What is a "millionaire"

Quote:
Originally Posted by perinova
The mean income is from $60K downto $35K, so at 4%SWR you need $1.5M in NJ or $875K in MS.
From these stats being a millionaire will become more and more common and it already doesn't offer more than an average lifestyle (if you are not working).
$1.2M affords you median income
$2.2M affords you the top 20%
$3.9M affords you the top 5%
$6.2M affords you the top 1.5%
http://en.wikipedia.org/wiki/Househo..._United_States
I conclude that at $1.2M you can FIRE. If you want to live the good life wait to $2.2M. If you want ot be rich (firewhen's question) wait to have 3.9M
I like this analysis. However, it does not take into account the bothersome and costly Health Care Cost. The mean income assumes a family with at least one working member, thus usually has access to subsidized health care, which not the case for most FIREd folks, unless they are FIREd at or after 65.
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Re: What is a "millionaire"
Old 03-03-2007, 09:43 PM   #32
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Re: What is a "millionaire"

"Millionaire" (in the US) means one million dollars.

I think the real question is, what is "rich"?

I believe it was Heathcliff Huxtable* who said "Middle class is when you work for your money. Rich is when your money works for you."

So I like Perinova's approach, the first level of rich is when you don't have to work and your money provides you with a median income. There are, of course, higher levels of "rich".

It took me a lot of years to get to "rich". I can see that quite a few of our posters are getting there sooner.

* Yes, that is the TV character played by Bill Cosby.
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Re: What is a "millionaire"
Old 03-03-2007, 09:57 PM   #33
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Re: What is a "millionaire"

someone who's money works for them instead of the reverse....
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Re: What is a "millionaire"
Old 03-03-2007, 11:54 PM   #34
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Re: What is a "millionaire"

Quote:
Originally Posted by dessert
The Map of the U.S. is very interesting. There are only 65K millionaires here and they we are only 2% of the population...
Where did you get that stat? 65K millionaires in the USA sounds low. I would have guessed a few million millionaires, especially if we are counting real estate as is normally the case.
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Re: What is a "millionaire"
Old 03-04-2007, 02:20 AM   #35
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Re: What is a "millionaire"

Well.... it seems you are trying to get two questions answered and not so well at that...

BY DEFINITION.. someone who has $1 million is a millionaire.... anybody who says otherwise is just not responding to the word...

The other question you ask is "how much do you need" to feel rich.. this has been asked and answered a number of times...

Now ask... how much do you need to feel you are rich enough... OR what go with muti-millionaire (but then again.. that is only $2 million... that is 'multi')..
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Re: What is a "millionaire"
Old 03-04-2007, 02:45 AM   #36
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Re: What is a "millionaire"

Quote:
Originally Posted by dessert
The Map of the U.S. is very interesting. There are only 65K millionaires here and they we are only 2% of the population. I still can't get used to the idea. It's almost time for that "dessert" now.
You were looking at a particular state as that number is low for the US. CA alone has >663K millionaires.
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Re: What is a "millionaire"
Old 03-04-2007, 03:28 AM   #37
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Re: What is a "millionaire"

Quote:
Originally Posted by dmpi

To compute actual inflation rates you can use :
http://woodrow.mpls.frb.fed.us/Resea...calc/index.cfm

1959 : 7.06 M

1969 : 5.59 M

1977 : 3.39 M

1981 : 2.26 M


Your choice of years mean a lot to me also, because I'm the same age as you.

However it did take me a couple more years to get thru college.
Well it may have taken you a couple of more years but you got the inflation data right and I didn't

From the looks of your more accurate data Gerald Ford's WIN buttons didn't do the trick :P
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Re: What is a "millionaire"
Old 03-04-2007, 08:08 AM   #38
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Re: What is a "millionaire"

Quote:
Originally Posted by jdw_fire
You were looking at a particular state as that number is low for the US. CA alone has >663K millionaires.
If you extrapolate from California to the rest of the country there are 10.7M millionaires. CA's 35.7/1000 sounds like it might be about the average. That map should have totals.
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Re: What is a "millionaire"
Old 03-04-2007, 01:12 PM   #39
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Re: What is a "millionaire"

Quote:
Originally Posted by jdw_fire
You were looking at a particular state as that number is low for the US. CA alone has >663K millionaires.
Yes that is true. I was looking at the State where I am. It is one of the lower income States. I am a working class person and I can also see that I have eclipsed the median income by quite a bit. The harder I work the luckier I get.
I agree with a previous post that says you are rich when "your money works for you instead of you working for money". That's right around the corner for me.
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Re: What is a "millionaire"
Old 03-04-2007, 02:09 PM   #40
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Re: What is a "millionaire"

Personally i think 1 million dollar is still ALOT regardless of inflation. i do NOT really see the food inflated that much since i came to the states 20 some years ago. a load of bread, 2 litter bottle drink, 1 gallon of milk, pastas, meat, rice, clothings, tooth paste, toilet papers and many personal item still seems pretty "cheap" to me.

1 millionaire today is not like when you lives in the 60's but still how come only around 3 to 4 % of the population ever reach millionaire status? in another word, 96% of the population never get there.

btw, health care is what millionaire seems NOT rich.


enuff
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