We use the term millionaire alot now. As a kid, anyone with 1 million, or even just close to that was deemed a millionaire and very rich. Now it is much more common. If you think of someone else, or yourself, as that, how much money would they need to have. I know that at 1 million, technically that is a millionaire, but how much do you consider necessary to reach that once exalted status?
Since the questions are bound to come up, I would count home equity and the value of a pension, but the choice is yours.
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
It would be interesting to see what percentage of the population had a net worth of 1 Million 50 years ago.
I would put forth that reaching that 'status level' is more a factor of percentage of the population than a dollar amount. For example, say 50 years ago, 1% of the population were millionaires. Find out what the top 1% of the population is worth and put the bar there.
As to the subject though, technically a "Millionaire" is still someone with a net worth or 1 Million or more (just as you commented in the body of your message).
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
I consider a person to be a millionaire if he has 1 million dollars, and for me that even means his net worth, including his assets. So, if someone has a $600K house, $200K in retirement accounts and $200K in taxable accounts, I consider him/her to be a millionaire!
There sure are a lot more of them than there used to be. One day maybe I might get to that stage.
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
Yes, there are many more millionaires today but only 1% of the U.S. population falls in this category and far less worldwide. So it still is a nice accomplishment.
Yes, there are many more millionaires today but only 1% of the U.S. population falls in this category and far less worldwide. So it still is a nice accomplishment.
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
Interesting link! Thanks. It's both entertaining and possibly useful to see the geographic differences laid out on a map like that.
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
The figure given is for 03-05 so perhaps they mean the average of the median income for year 03, median income for year 04. and median income for year 05?
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.
The rule of 7 says I'll get there in about 20 years. I say f*** that, I want to be at $2-$3M in 10-15 years.
Guess it's time to really build the revenues from our website...
Quote:
Originally Posted by Want2retire
I consider a person to be a millionaire if he has 1 million dollars, and for me that even means his net worth, including his assets. So, if someone has a $600K house, $200K in retirement accounts and $200K in taxable accounts, I consider him/her to be a millionaire!
There sure are a lot more of them than there used to be. One day maybe I might get to that stage.
I consider a person to be a millionaire if he has 1 million dollars, and for me that even means his net worth, including his assets. So, if someone has a $600K house, $200K in retirement accounts and $200K in taxable accounts, I consider him/her to be a millionaire!
True, but there is a difference between having a $1M house and having $1M in the bank.
__________________ No man is free who is not master of himself. --- Epictetus Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
Liquidity certainly is helpful, which is why I try to carry as little equity in my home as possible right now. When we move later this year (or next year), we are intending to take all of our equity and invest it and then buy a home with 0 down.
I figure that if I'm getting 9-10% fixed income and the mortgage is at 7% or less then the deduction ends up making it well worth it... especially over the course of an entire mortgage.
Quote:
Originally Posted by retire@40
True, but there is a difference between having a $1M house and having $1M in the bank.
a millionaire is still a millionaire & still affords the greatest luxury known. because where time is money, anyone not forced to toil has all the time in the world.
__________________ "off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
According to my research google, the term millionaire was coined in either 1717 or 1843. If we assume the latter, then one would need $20 million to have the same purchasing power as an 1843 millionaire.
Quote:
Linear Mode
