Is Everyone a Multi-Millionaire?

[NW-Bound]

All this talk about being multi-millionaires makes me want to be rich. I mean really rich. While people are making the observation that a couple must have at least $4M for each to be called "multi-millionaire", that amount of net worth is not enough to live in a home like this. There are a lot of truly rich people, and spending money on a home in a nice location is the surest way to spend some of that. And forget about kayak. They go crabbing with big boats or yachts, moored off their own docks. That's a true multi-millionaire.

Note: Photo linked from Zillow, viewed from a waterfront home in the Puget Sound.

[steelyman]

Forget multi-zillionaires. Give me someone who wants to have a cup of Joe and talk outside on a warm day.

[rodi]

Quote:

Originally Posted by NW-Bound All this talk about being multi-millionaires makes me want to be rich. I mean really rich.

I hear you. I have fantasies of riding in the front of the plane for a transatlantic flight. I'd need to be seriously rich to justify that expense.

[wingfooted]

Quote:

Originally Posted by RunningBum I took a shot at one point. Unfortunately the lightning escaped, somewhat, and I had to claw back to get FI and then I hung on a couple extra years .

My fear as well.... But no risk , no gain and I think I would feel even worse if I didn't take my shot as well.


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[check6]

Quote:

Originally Posted by trixs These individuals are a very small part of the military. Personally I am an E-7 with 12 years in service. I have been flying and doing the same exact job as the O1-04 the entire time. I work in a training squadron and it always amazes me that I have to teach someone, who is much better payed, how to actually do their job. Then a year later I evaluate them during a checkride. The military wastes so much money on the antiquated enlisted/officer system.

Sounds like sour grapes. You knew the system, why didn't you become an officer?

[Amethyst]

I worked with an Army Lieutenant Colonel who had enlisted, eventually had been selected for officer candidate training, rose to O-5, then retired and was picked up by a civilian Agency as a GS-15, which he has been for about 8 years. He and his wife are LBYM'ers and I am quite sure they are multimillionaires. His gifts are being well-organized and good with people. Just a thought.

Amethyst

Quote:

Originally Posted by trixs These individuals are a very small part of the military. Personally I am an E-7 with 12 years in service. I have been flying and doing the same exact job as the O1-04 the entire time. I work in a training squadron and it always amazes me that I have to teach someone, who is much better payed, how to actually do their job. Then a year later I evaluate them during a checkride. The military wastes so much money on the antiquated enlisted/officer system.

Quote:

Originally Posted by check6 Sounds like sour grapes. You knew the system, why didn't you become an officer?

[Toocold]

I've always thought that this forum is where all the millionaires next door hung out. I think Thomas Stanley could have expedited his research using the polls on this site and got the same results.

[aja8888]

Quote:

Originally Posted by Toocold I've always thought that this forum is where all the millionaires next door hung out. I think Thomas Stanley could have expedited his research using the polls on this site and got the same results.

Even the millionaire wannabes are hanging out here too! It's all about LBYM and focus on saving/investing.

[Spanky]

Quote:

Originally Posted by Amethyst I worked with an Army Lieutenant Colonel who had enlisted, eventually had been selected for officer candidate training, rose to O-5, then retired and was picked up by a civilian Agency as a GS-15, which he has been for about 8 years. He and his wife are LBYM'ers and I am quite sure they are multimillionaires. His gifts are being well-organized and good with people. Just a thought. Amethyst

Yep! Military officers, police officers (esp chiefs, fire fighters (esp. chiefs), FBI agents, GS-13+ civilians , federal judges, congressmen (women), traffic controllers, public school/university administrators, etc have GREAT pensions.

They are (or were) all federal employees!

To be fair, there are still some great pensions in the private sector but are, in general, reserved for the upper management people even though some companies still offer pension plan for lower-paid workers. The probability of such a plan (for lower-paid workers) is subject to changes and freezes is high, however.

[Independent]

The concept of "millionaire" is kind of magical to me because I'm old enough to remember the TV program "The Millionaire".

Indexing with the CPI, $1.0 million in 1957 would be equivalent to $8.6 million in 2013.

The money often went to a couple, and would be on top of any other assets they happened to have.

So that's my standard for "somewhat rich". Of course, John Beresford Tipton, Jr., was much better off. He was giving away that much money (somehow, "tax free") weekly. So $450 million/year in today's dollars, plus taxes.

I can remember as a 10 year-old thinking that $1 million at 3% interest (the standard passbook savings rate, I think) would be $30,000/year. The average wage in those days was less than $4,000/year, and I think my dad was about average.

Amazingly (to me) there are episodes on youtube. People who remember the show might enjoy this 2 minute clip:

The Millionaire TV Series Marvin Miller (1955) - YouTube

[Independent]

Quote:

Originally Posted by rodi I hear you. I have fantasies of riding in the front of the plane for a transatlantic flight. I'd need to be seriously rich to justify that expense.

Yep. To me "Rich, but not billionaire rich", would mean that I can fly commercial when I want, and never consider a coach ticket.


(I suppose people who can afford first class commercial define "rich" as traveling via NetJets.
And, people who can afford NetJets define "rich" as owning your own jet.)

[Lsbcal]

Quote:

Originally Posted by NW-Bound All this talk about being multi-millionaires makes me want to be rich. I mean really rich. While people are making the observation that a couple must have at least $4M for each to be called "multi-millionaire", that amount of net worth is not enough to live in a home like this. There are a lot of truly rich people, and spending money on a home in a nice location is the surest way to spend some of that. And forget about kayak. They go crabbing with big boats or yachts, moored off their own docks. That's a true multi-millionaire. Note: Photo linked from Zillow, viewed from a waterfront home in the Puget Sound. ...

I suppose we all have some sort of "even richer" fantasy. Most of us would be the envy of many in the developing world ... at least on a money basis.

My fantasy: to just take off on a vacation in first class and never have to bother about making reservations or getting a good deal. I would just rely on concierge services or whatever. Sort of a Rick Steves on the move in first class plus. And also there would be no worries about stocks because I didn't need to have much in them. Just boring bonds.

But truly I'm a happy camper and don't need the extra bucks.

[MRG]

Quote:

Originally Posted by ERhoosier "Internet" did not "create" these facts. The stats in the linked articles are all freely available from US gov't Bureau of Labor Statistics. Personal occupational preference is a whole 'nother issue....and BTW I hate crabs (and crabbing) But agree the way stats are used can be misleading. This other article on "most dangerous jobs" said hospital workers "have the safest jobs": Most Dangerous Jobs In America - Business Insider But that analysis was only based upon fatal workplace injuries. When BLS stats for all workplace injuries and illnesses (inc infectious diseases) are included, hospital workers are at well above ave risk (at least from 2008 data as reported by OSHA)- https://www.osha.gov/pls/oshaweb/owa...TER&p_id=21497 All of which still has nothing to do with how big a pension someone actually gets (if any).....or which ER's are multi-millionaires.

According to the BLS I worked in the second most dangerous j*b, logging, from 16-27. Only a few times I thought it was very likely I was going to die. Of course at that age I was still indestructible. Last time I checked into people that I knew their where abouts, most(80%) had passed.

No pension, but the school of hard knocks can pay good dividends. FYI one of my former co-w*rkers retired at 58 this year. We both have all our body parts too.

[razztazz]

Quote:

I suppose we all have some sort of "even richer" fantasy. Most of us would be the envy of many in the developing world ... at least on a money basis.

Most of us here are the envy of most Americans on a money basis

[Spanky]

Quote:

Originally Posted by Lsbcal I suppose we all have some sort of "even richer" fantasy.

Luckily, I do not.

Quote:

Most of us would be the envy of many in the developing world ... at least on a money basis.

Yes, indeed. I am constantly reminded of how little we had prior to immigrating to the U.S.

[UnderTheRadar]

Quote:

Originally Posted by Animorph And here's what we all should have: Here Is The Income Level At Which Money Won't Make You Any Happier In Each State Looks like $75k (household income) works for most states, but some states need much more and some can do with less. Use your favorite multiplier to figure out a corresponding net worth.

These kinds of articles drive me insane. They come across as "we"/"the man" have calculated that this is all you really need to lead a happy life....so be happy with it. Are they insane? Are you seriously trying to tell me that a family living anywhere in the USA would not be happier with $100k than $75k. $150k than $100k? I can certainly talk the whole "money doesn't buy you happiness" philosophy all you want - but can assure you that life is much easier when you are not having to time checks you write to pay the electric bill before next payday while also trying to balance daycare/mortgage/investing for retirement/and giving to others as you would like.

Maybe there is an inflection point, but it cannot be $75k annually per household.


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[W2R]

OK, I can't resist any longer.

Every time I see the title of this thread, I have the irrepressible urge to post

Quote:

Yes, everyone here is a multi-millionaire except YOU!!

Thanks, got THAT out of my system. No, I am not a multi-millionaire by any definition that I can think of. Still, I have all that I need or want and I am living a happy life.

Quote:

Originally Posted by NW-Bound All this talk about being multi-millionaires makes me want to be rich. I mean really rich.

I guess I am really rich already, in a sense. Contentment is a do-it-yourself project and I think I am there.

[Major Tom]

Quote:

Originally Posted by steelyman Forget multi-zillionaires. Give me someone who wants to have a cup of Joe and talk outside on a warm day.

+1

Well said steelyman.

[Major Tom]

Quote:

Originally Posted by UnderTheRadar These kinds of articles drive me insane. They come across as "we"/"the man" have calculated that this is all you really need to lead a happy life....so be happy with it. Are they insane? Are you seriously trying to tell me that a family living anywhere in the USA would not be happier with $100k than $75k. $150k than $100k? I can certainly talk the whole "money doesn't buy you happiness" philosophy all you want - but can assure you that life is much easier when you are not having to time checks you write to pay the electric bill before next payday while also trying to balance daycare/mortgage/investing for retirement/and giving to others as you would like. Maybe there is an inflection point, but it cannot be $75k annually per household.

You don't sound very happy - you must be making <75K

[WhoDaresWins]

Quote:

Originally Posted by rodi I hear you. I have fantasies of riding in the front of the plane for a transatlantic flight. I'd need to be seriously rich to justify that expense.

YES! First class air travel on long flights would be right up there for me if I could justify it to myself (I cannot). But I certainly crave it. The only times I have flown first class I was using dividend miles upgrades or LH was paying.