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08-22-2016, 03:58 PM
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#21
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
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Without knowing inflation in the future, I can only guess that in 3016 I'll be a Billionaire !!!!
Boy I feel rich now.....
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08-22-2016, 04:16 PM
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#22
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,377
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 Quote:
Originally Posted by braumeister
....How many helipads does your megayacht offer?
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If I can land my $25 drone on my pontoon boat does that count? If so, then 1, otherwise, 0.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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08-22-2016, 04:35 PM
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#23
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
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Quote:
Originally Posted by braumeister
I was intrigued to see that the word "millionaire" was first used in 1719 in French, used in English in a letter by Thomas Jefferson in 1786, and first used in print in 1826 (in a novel by Benjamin Disraeli).
Many of us bandy about the word while thinking of it in absolute terms, but actually I believe very few here are real millionaires in the original sense.
According to Wikipedia (and I don't think the calculations are far off), a million US dollars in 1900 is equivalent to $28,400,000 in 2015:
- $24,766,584.77 using the consumer price index,
- $21,224,697.05 using the GDP deflator,
- $61,441,702.95 using gold[14]
- $114,128,571.43 using the unskilled wage,
- $162,813,054.25 using the nominal GDP per capita,
- $641,531,874.47 using the relative share of GDP,
Similarly, the first actual US dollar billionaire was John D. Rockefeller in 1916. As of last year, there were 1,826 US dollar billionaires worldwide according to Forbes, with the largest number (536) of them in the USA.
Kind of makes you stop and think, doesn't it. Most of us are comfortable, and many of us are quite well off, but I think we clearly recognize that we're not in that class. How many helipads does your megayacht offer? |
I may not own a megayacht but I have as many helipads as the richest Billionaire in 1900. 
Boy I still feel rich. 
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08-22-2016, 04:44 PM
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#24
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,051
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I'm not a millionaire when you convert my money to 1900 dollars, but I bet that I enjoy a higher standard of living...
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08-22-2016, 04:49 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Mar 2015
Location: philly
Posts: 1,219
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Man, my standards are really really low.  I've got indoor plumbing. 'nuff said
__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
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08-22-2016, 04:52 PM
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#26
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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The definition of "millionaire" is relatively fixed. The practical measure of wealth it represents, of course, is watered down over time with inflation. It used to symbolize an amount of wealth that represented absolute financial independence and then some -- not so much any more. I think you have to get over $5M, maybe closer to $10M, to get there today.
Quicken first told me of hitting $1M around 2011 (70% of which was in retirement accounts) and it's almost $1.3M now. That said, it's still a considerable and blessed nest egg, but now it merely means a nice cushion and supplementary retirement income. It doesn't mean mansions and butlers and maids and vacation homes any more. We certainly don't have a Mr. Carson or a Mrs. Hughes around here....
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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08-22-2016, 04:53 PM
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#27
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 349
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The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo
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08-22-2016, 04:55 PM
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#28
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by aim-high
The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo
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In terms of technology and medicine, for sure.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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08-22-2016, 04:59 PM
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#29
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,051
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Quote:
Originally Posted by ziggy29
In terms of technology and medicine, for sure.
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Technology covers a lot of things: transportation, clothing, food availability, housing, heating and cooling, refrigeration, electricity, etc...
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08-22-2016, 05:07 PM
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#30
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Recycles dryer sheets
Join Date: Sep 2011
Location: MSP
Posts: 304
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Quote:
Originally Posted by aim-high
The quality of life of a middle / upper middle-class individual today was probably better than Rockefeller's. imo
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Or even solidly upper-class in some respects. On a recent hot/humid summer day, DD and I toured an historic 39-room mansion. While we enjoyed the tour from an educational standpoint, we couldn't wait to get back to her working-class 2BR apartment with window air-conditioner...
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08-22-2016, 06:13 PM
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#31
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Mar 2011
Posts: 8,422
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Quote:
Originally Posted by shotgunner
I choose to look at through a different prism, $1m today would be equal to having about $35,000 dollars using the same rate of inflation in 1900. The average wage in 1900 was $449.80 annually. 4% of $35,000 is $1400.
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WADR to Braumeister, I think this is a better way to look at it.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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08-22-2016, 06:27 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,321
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Quote:
Originally Posted by audreyh1
The very wealthy had a cook to make them whatever they wanted - they only had to ring a bell.
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Whatever they wanted? Well as long as it was local, in season, hadn't spoiled...
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08-22-2016, 06:37 PM
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#33
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2011
Posts: 8,422
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Quote:
Originally Posted by 6miths
Whatever they wanted? Well as long as it was local, in season, hadn't spoiled...
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...and they didn't die from TB, pneumonia, polio, flu or half a dozen other 'minor' infections that we don't even think about today.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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08-22-2016, 06:50 PM
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#34
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Western US
Posts: 1,214
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When the will of a long, long dead relative finally surfaces, I sure hope my $1MM cash inheritance was stored in the form of gold coins rather than paper bills. 
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08-22-2016, 07:22 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,321
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Hey those Confederate notes in mint condition will be worth a real fortune!
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08-22-2016, 07:34 PM
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#36
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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So, I am far, very far, from the millionaire class as first defined in 1719. But who cares? I bet the millionaires back then were miserable from the summer heat, not having cool AC like I do now.
Quote:
Originally Posted by RobbieB
Nope, not in that class for sure.
No yacht, no helipad, no helicopters. No maid, no butler, no driver either. No mansion, no gardeners, no wife, no children, just a dog.
I really suck.
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My cat died a year ago, and I am in need of much kitty love. Other than that, I still have my loving wife of 36 years (40 years knowing her), two self-supporting children who buy me gifts (consumables like booze) for my birthday.
I have no maid, not even house cleaning service, but I do not like people cleaning after me. I enjoy cooking for myself, when I want to eat something my wife does not know how to make. Life is great as is. If I have more money, I am sure I will find a way to waste it, but it would only bring up my happiness level an iota. No yacht, but I have a class C motorhome that has let me stop and sleep by the side of the road before. That counts for something, right?
By the way, the sumac-marinated chicken smelled heavenly when I roasted it last night. I was hungry, and the aroma drove me crazy.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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08-22-2016, 09:53 PM
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#37
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Recycles dryer sheets
Join Date: May 2013
Location: Western US
Posts: 226
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I have enough money that I could buy a mansion, a yacht, a Rolls Royce, hire a butler and a maid, and all the other things millionaires are supposed to have. But then I would have to go back to work! No thanks.
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08-22-2016, 10:10 PM
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#38
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
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Quote:
Originally Posted by NW-Bound
... No yacht, but I have a class C motorhome that has let me stop and sleep by the side of the road before. That counts for something, right?
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Don't you call that a land yacht 
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08-23-2016, 01:38 AM
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#39
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Recycles dryer sheets
Join Date: Jul 2012
Posts: 407
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Quote:
Originally Posted by audreyh1
The very wealthy had a cook to make them whatever they wanted - they only had to ring a bell.
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If you believe this source ( https://en.wikipedia.org/wiki/History_of_pizza), there was no pizza at all in the U.S. until the late 19th century! 
__________________
I am willing to perform services in exchange for currency. For now.
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08-23-2016, 06:30 AM
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#40
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2009
Posts: 6,698
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I've been ERed for nearly 8 years and never have to work again, either. I can too!
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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