Is Everyone a Multi-Millionaire?

[Independent]

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]

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]

"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/owadisp.show_document?p_table=FEDERAL_REGISTER&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]

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]

I suppose we all have some sort of "even richer" fantasy.

Luckily, I do not.

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]

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

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.

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]

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]

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]

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.

 

[Senator]

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

LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.

 

[Lsbcal]

... Contentment is a do-it-yourself project and I think I am there.

Congratulations, you win the quote-of-the-day award!
You are now entitled to one free at-a-girl (female equivalent of at-a-boy).

 

[W2R]

Congratulations, you win the quote-of-the-day award!
You are now entitled to one free at-a-girl (female equivalent of at-a-boy).

Aw, thanks!

Honestly I didn't always feel that way, but I do right now.

 

[ziggy29]

LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.

I think most of us grew up thinking of "a million dollars" as some amount of wealth that categorized someone as "filthy rich". Yet today a million bucks really isn't all that much. Sure, it's still a lot of money but $1,000,000 doesn't buy the carefree, decadent lifestyle that it used to. It's enough to substantially fund a modest retirement if it's all in liquid savings and investments that can be easily generate income, sure, but it's not "rich" any more.

Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.

 

[Spanky]

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

The inflection point will be all over the map.

 

[W2R]

LOL. I read so many posts that is exactly what it seems. Maybe I only focus on the larger numbers. As someone who grew up in a very poor household, it is amazing how much money some people have.

Hey, it amazes me, too. I can't imagine what on earth one would do with several million dollars other than give it to charity. Life is pretty doggone good from where I sit.

 

[robnplunder]

Playing golf 2 - 3 a week with DW, traveling 2 - 3 times a year, doing as little (or much) house chores as I want to, being healthy, ..., I feel like millions. Does that count?

When I quit OMY & RE, I am sure I'd feel like many millions.

 

[Spanky]

Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.

May be $10M is equivalent to $1M when the term millionaire was used to indicate richness. So the new term may be deca-millionaire.

 

[W2R]

I think most of us grew up thinking of "a million dollars" as some amount of wealth that categorized someone as "filthy rich". Yet today a million bucks really isn't all that much. Sure, it's still a lot of money but $1,000,000 doesn't buy the carefree, decadent lifestyle that it used to. It's enough to substantially fund a modest retirement if it's all in liquid savings and investments that can be easily generate income, sure, but it's not "rich" any more.

Of course, "rich" is a relative term. If you are very poor, $1M feels like riches, but if you have $1M in investments, you probably won't feel "rich" until you hit (say) $5-10M.

I agree about "rich" being a relative term.

Along those lines, I think being retired on $1M in investments might be pretty tough in Manhattan, Honolulu, Seattle or SF, even with a paid off home, from what I have read here. But in many other parts of the country, this would be substantial wealth and enough to feel reasonably rich IMO.

 

[Lsbcal]

if I had oodles of money I wouldn't be able to be disgusted by those fat cats. I'd be one of them ... and fat.

Most Americans want to think of themselves as saintly middle class types I believe.

 

[jjquantz]

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

I've spent the past week driving from northern Virginia to Denver and I took the opportunity to do it the way that my working class family would have done it when I was a kid. I've been sleeping in under $50 hotels, eating at fast food, staying with my still working class sister, etc. The only luxury that I allowed myself was playing golf on small town courses ($20 green fees). I've been through small towns in VA, WV, KY, IN, IL, MO, KS, and CO on this trip ranging from disastrously poor to clean and neat. Total daily cost (gas, golf, food and lodging) was just under $100/day.

My wife flew into Denver last night and met me at our better quality hotel where we will spend the week. I greeted her with, "It is really amazing just how wealthy we are." When you see the opportunities and comfort that a net worth of even $900K brings you compared to most of the people in the US (let alone the developing world) it really makes me glad that we made the choices we did. I'll make the return trip the same way that I came out. Most of my future travel will be at a slightly higher level of luxury than this one, but this has been a great reminder of just how lucky I am.

I've had a great time on the trip. I really enjoy small town golf and driving, once you are out of the East Coast mess, is sort of fun. The only negatives have been musty hotel rooms and noisy AC. Just like growing up. It doesn't take a lot of money to have a good time, but it is nice to have options for your comfort.

 

[rodi]

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

This is why I want to be just like you when I grow up.

 

[youbet]

I agree about "rich" being a relative term.

Along those lines, I think being retired on $1M in investments might be pretty tough in Manhattan, Honolulu, Seattle or SF, even with a paid off home, from what I have read here. But in many other parts of the country, this would be substantial wealth and enough to feel reasonably rich IMO.

Speaking of being "relative," I think it's important to distinguish between a single and a couple. One million bux X 4% = $40k/yr. IMHO, there aren't too many places a couple could live and feel "rich" on $40k/yr. They'd get by OK but be far, far from "rich" by any definition of "rich" I've run across, even is small town, Midwest USA.

 

[longranger]

This is a great thread. It has meandered through the entire range of thoughts I and probably most others on this forum feel when considering how much is enough to retire. When under extreme stress at w*rk or when I have reminders of my aging process and eventual mortality the threshold drops real fast. It sure would be nice to retire tomorrow with 5M or more investible funds but that won't happen for me. That would require a minimum of 5 years of OMY. So for like many on this site the very personal decision of when to pull the trigger is agonizing.

This forum has a wealth of knowledge and a lot of wealthy members. With so many wealthy people it is no wonder that we are vetting the meaning of $1M. This same rational discussion held in a town hall of more average people financially would likely be interpreted as bragging by totally out of touch rich folks. What is being discussed are the problems of the rich, a mighty good set of problems to be inflicted with. I can only imagine the extra layers of though and stress that being filthy rich would add.

 

[Dog]

Sea Kayaker and NW Bound, DH and I bought waterfront property on Whidbey Island in the early 90s for our future retirement home (saved for it and paid cash). We held on to the property and finally built a 1700' 2BR/2B home via UBuildIt program about 7 years ago without a mortgage. We spend our weekends and vacation time on the island and I will be living on the island full time after 8/1 (DH will join 6/16). Our property is on stable midbank bluff, but we have water/boat slip access just down the road. We have a beautiful view of Camano Island and Mt. Baker. I have a nice size garden area for vegetables and flowers and we kept the small old cabin for our tool/garden shed. I do crab using my kayak using a small ring trap. Allows me to putz and enjoy the sea life. Also good clamming and mussels from our tidelands. The house was designed and built with a water view from every room (except 2nd bath and laundry room) for those stormy winter days

Truly our dream realized. NW Bound, I say go for it!!!!



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