Is Everyone a Multi-Millionaire?

[Major Tom]

Hey, Major Tom, in case that old microwave of yours stops working, I'd like you to know that I have seen new microwaves selling for $50.

Or was it $39.99? Ah, I am getting old and my superior memory has started to decline.

I've been wondering whether it's possible that such an old microwave could be leaking radiation, and it might be better for me to ditch it and get a new one anyway.

It's a Kenmore. I'm not sure if that is still a trusted brand, but my microwave certainly doesn't owe me anything.

 

[Major Tom]

What I've learned here is that RE means different things to different people; a different perspective than my original view of wealthy folks who no longer (if ever) have to work. As someone noted, it is more about behavior and attitude than a certain amount of money.

Very well put.

 

[robnplunder]

When I first calculated my NW in 2006 I had over $1MM (renting) and decided I was FI. The last of my kids were finishing college. I was in a lower paying job than what I had before and DW and I were discussing retirement then. I was 55 so it was only a little early.

We then had an elder crisis with both DWs parents which made retirement for me pretty meaningless if it revolved around going to the nursing home and doing home health care for my Alzheimer FIL.

I also got offerred a well paying job located near my in-laws. We moved and the next 6 years were totally tied up with DW not wanting to leave Houston for fear of the next crisis. Unfortunately, she was right which was proven the one time we tried.

I make very good money doing an easy job. I have 5 weeks PTO and can take off unpaid time if I want to do that. Because of DWs inability to leave town, I still have many weeks of PTO banked.

Over the last 2 years, we've moved to our paid for retirement abode. We've taken multiple vacations both domestically and international that I may not feel as comfortable doing when the cash flow stops. So, at 63 I will end my OMY status and leave. We have much more than we "need" for retirement but I've waited until the RE part is no longer applicable.

This can happen to me. I have MIL, and both of my parents who can end up needing elderly care. I am afraid, as soon as I RE, I will have to spend a lot of $$$ to pay for their LTC (and significantly deplete my RE fund), and spend most of my time taking care of them. That'd be no kind of RE I was hoping for, and may even force me to un-retire to rebuild my RE fund. At age 52, it's easier to go OMY than worry about this part of my future.

 

[ggbutcher]

The folks who love their jobs post on "late-retirement.org"

The requested URL could not be retrieved
While trying to retrieve the URL: http://late-retirement.org/
The following error was encountered:
Unable to determine IP address from host name for late-retirement.org
The dnsserver returned:
Name Error: The domain name does not exist.

Dang. I guess I'll just keep posting here...[emoji1]

 

[REWahoo]

I'm not sure everyone here with assets over $2M would want to take the poll, so the results could be skewed.

So you're saying we shouldn't believe everything we read on the internet?

 

[robnplunder]

The requested URL could not be retrieved
While trying to retrieve the URL: http://late-retirement.org/
The following error was encountered:
Unable to determine IP address from host name for late-retirement.org
The dnsserver returned:
Name Error: The domain name does not exist.

Dang. I guess I'll just keep posting here...[emoji1]

Their members (including moderators) have shorter lifespan and can't keep the website going for more than a week at a time.

 

[calmloki]

So you're saying we shouldn't believe everything we read on the internet?

I do. Didn't you write at some point that you are a 14 year old girl posting from the midwest?

 

[marko]

So you're saying we shouldn't believe everything we read on the internet?

They couldn't put in on the internet if it wasn't true!

It's a rule.
Somewhere.
I think.

 

[Which Roger]

There is a strong correlation between net worth and age. The statistic cited by the OP is that 7% of US households have a net worth over 1 million. But I would think that the vast majority of these households consist of older people; very few people under the age of 40-something have a 7-digit net worth. So maybe 20% or so of the 50+ population is worth a million or more. Just a guess.

 

[NW-Bound]

Their members (including moderators) have shorter lifespan and can't keep the website going for more than a week at a time.

Yes, the longer you work, the less money you will need even though you build up a bigger stash.

I am amused when seeing people running FIRECalc out to 50 years (50!), while I myself think 30 years is already optimistic for myself.

 

[NW-Bound]

I do. Didn't you write at some point that you are a 14 year old girl posting from the midwest?

If REW were (is?) a 14-yr old girl, what do you imagine him (her?) to look like from his (her?) writings?

I cannot picture an innocent girl like the following, can you?

 

[brewer12345]

If I were really a 14 YO girl, I suspect I would look like a 14 YO Honey Boo Boo.

 

[Tailgate]

If I were really a 14 YO girl, I suspect I would look like a 14 YO Honey Boo Boo.

 

[steelyman]

I don't have the slightest idea what the Wahoo looks like, but I think this approximates the "feel":

http://youtu.be/OCtEB75yPfc

 

[NW-Bound]

I do not watch much TV, so had to look up "Honey Boo Boo" on the Web.

 

[brewer12345]

I do not watch much TV, so had to look up "Honey Boo Boo" on the Web.

The "South Park" episode making fun of Honey Boo Boo featured a character named Fatty Doo Doo.

 

[NW-Bound]

I had to find some videos on youtube to see what Honey Boo Boo is about.

"I wish I had extra fingers, then I could grab more cheese balls" -- Honey Boo Boo

 

[Fermion]

This is what your typical "14 year old girl" poster really looks like:

 

[Hopeful]

There is a strong correlation between net worth and age. The statistic cited by the OP is that 7% of US households have a net worth over 1 million. But I would think that the vast majority of these households consist of older people; very few people under the age of 40-something have a 7-digit net worth. So maybe 20% or so of the 50+ population is worth a million or more. Just a guess.

This is very true. I feel blessed at the age of 41 to have investable assets of 2.5M. It would be interesting to see stats on net worth based on age. Of course the stats here would be skewed compared to national averages considering this is an early retirement forum.

 

[nuke_diver]

Yes, the longer you work, the less money you will need even though you build up a bigger stash.

I am amused when seeing people running FIRECalc out to 50 years (50!), while I myself think 30 years is already optimistic for myself.

I take the conservative route...I am healthy and while my Mom only made it to 68 (ovarian cancer) my dad is 81 while not living a particular healthy lifestyle and my grandparents lived into their late 90's. So given advances in medicine it might not be unreasonable to consider 50 years of retirement (55-105). Now the question of if I WANT to be 105 is different that if I make it that far...but I wouldn't want to be like the folks that got burned by Madoff..90 yo and out of money

So I run scenarios that have gone as long as 120

 

[Car-Guy]

So you're saying we shouldn't believe everything we read on the internet?

How true that is. This is a good forum with a lot of good information but it is an anonymous public forum and anyone can say just about anything they want (That the mod's will allow)

 

[Mulligan]

How true that is. This is a good forum with a lot of good information but it is an anonymous public forum and anyone can say just about anything they want (That the mod's will allow)

Speaking of crazy but true...I know a retired couple in their late 50s who owe more money on their house now than they did when it was purchased in the 80s and have no savings. But they are comfortably retired. How? Well they have over $100k a year in pensions with COLAs. As long as the checks keep coming, they are just fine. I know several people that have retired or are going to retire that way. I wasn't a heck of a lot better myself.


Sent from my iPad using Tapatalk

 

[imoldernu]

Is Everyone a Multi-Millionaire?

Umm?

 

[gauss]

I had to find some videos on youtube to see what Honey Boo Boo is about.

"I wish I had extra fingers, then I could grab more cheese balls" -- Honey Boo Boo

I'll go out on a limb and suggest that the ER crowd here is not the Honey Boo Boo target audience...

 

[W2R]

If it makes you feel any better Senator, I stopped work a few years ago and only have 750K, not counting the value of my future social security. All of that is in investable assets. I don't own a house, but I do have a bicycle that I bought for $100 off Craigslist and a 24 year-old microwave that still works

I kept my first microwave for about 25-30 years. It was HUGE. I kept hoping it would break, but it never did. Finally I just declared it dead and took it to the dump (for interior decorating reasons, and to reclaim counter space, not because it ever quit working). If anybody found it there and took it home, it is probably still working. They just never die. Zombie microwaves from H*ll; might make a good movie.