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.
What is a "millionaire"
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Retire Soon
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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.
Spanky said:
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).
dessert
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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.
califdreamer said: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/Research/data/us/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.
perinova said:
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.
Independent
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"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.
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.
bright eyed
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someone who's money works for them instead of the reverse....
retire@40
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dessert said:
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.
Texas Proud
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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')..
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')..
dessert said: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.
califdreamer
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dmpi said:To compute actual inflation rates you can use :
http://woodrow.mpls.frb.fed.us/Research/data/us/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
donheff
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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.jdw_fire said:
dessert
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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.jdw_fire said:
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.
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
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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being a millionaire just doesn't mean that much today. especially if you live in new york city. in utah, it would be different i imagine.
calmloki
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dessert said:
Verse of the day.
Spanky
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Independent said:
Perhaps the question is: How much do you need to feel "rich" or wealthy? What is enough? Maybe we already have enough.
calmloki
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Uhm - here's your sign: anyone who buys one of these, regardless of net worth, fits my mental image of a millionaire. A freaking doltish one, but..
http://www.costco.com/Browse/Product.aspx?Prodid=11202216&search=Buyers'PicksMar2&Sp=S&Mo=23&Nr=P_CatalogName:BC&Ns=P_Price|1||P_SignDesc1&N=0&whse=BC&Dx=mode+matchallpartial&Ntk=All&Dr=P_CatalogName:BC&Ne=4000000&D=Buyers'PicksMar2&Ntt=Buyers'PicksMar2&cm_mmc=BCEmail_193-_-Banner2-_-5-_-BuyersPicks_BCEmail_193&No=4&Ntx=mode+matchallpartial&Nty=1&topnav=&s=1
http://www.costco.com/Browse/Product.aspx?Prodid=11202216&search=Buyers'PicksMar2&Sp=S&Mo=23&Nr=P_CatalogName:BC&Ns=P_Price|1||P_SignDesc1&N=0&whse=BC&Dx=mode+matchallpartial&Ntk=All&Dr=P_CatalogName:BC&Ne=4000000&D=Buyers'PicksMar2&Ntt=Buyers'PicksMar2&cm_mmc=BCEmail_193-_-Banner2-_-5-_-BuyersPicks_BCEmail_193&No=4&Ntx=mode+matchallpartial&Nty=1&topnav=&s=1
Spanky
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calmloki said:
Only $2,799.99?
retire@40
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calmloki said:
No tanks.
califdreamer
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retire@40 said:
We're really plumbing the depths here :
calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The remote control has me flush with excitement...
Goonie
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My opinion: If my net worth is $1M (or more) I'm a millionaire!
(it is...I am)
(it is...I am)
calmloki said:
Not a millionaire here! I wouldn't be surprised if more of these are bought by nonmillionaires than millionaires.
I liked alot of the comments here and agree with one: when you can do whatever you want, especially not working, than you are a true millionaire! If having 1 million doesn't qualify you to stay home, than it is not millionaire enough.
