View Poll Results: Is your net worth a million US dollars or over?
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yes
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196 |
73.68% |
no
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70 |
26.32% |
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07-05-2008, 02:11 PM
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#21
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Moderator Emeritus
Join Date: May 2007
Posts: 12,895
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Quote:
Originally Posted by 2B
Back at the turn of the 19th century, a "gentleman" was defined as someone that had 10,000 pounds (British). They could by gov't bonds and live a comfortable London life full of leisure activities with just the interest. We would probably call these people their equivalent of being "millionaires."
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Quote:
Originally Posted by CaseInPoint
These days, there's a (somewhat) new concept of the "Middle Class Millionaire," which goes to show how being a millionaire just ain't what it used to be...
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Yes but nowadays who needs to hire 10 footmen, a butler, a small army of servants, and buy trunk loads of sterling flatware, candelabras and serving utensils just to entertain a "small group" of 40 of your nearest and dearest friends? I'll do just fine as a middle class millionaire thank you very much...
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07-05-2008, 03:45 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,228
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Quote:
Originally Posted by Razor
Just wondering how many millionaires are on this forum.
A yes or no will suffice unless you want to ellaborate.
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Yes
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07-05-2008, 03:46 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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Quote:
Originally Posted by 2B
Back at the turn of the 19th century, a "gentleman" was defined as someone that had 10,000 pounds (British). They could by gov't bonds and live a comfortable London life full of leisure activities with just the interest. We would probably call these people their equivalent of being "millionaires."
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"A man who has a million dollars is as well off as if he were rich. " Circa 1915
John Jacob Astor
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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07-05-2008, 03:50 PM
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#24
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Recycles dryer sheets
Join Date: Nov 2007
Posts: 95
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Quote:
Originally Posted by FIREdreamer
Yes but nowadays who needs to hire 10 footmen, a butler, a small army of servants, and buy trunk loads of sterling flatware, candelabras and serving utensils just to entertain a "small group" of 40 of your nearest and dearest friends? I'll do just fine as a middle class millionaire thank you very much...
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FD; I'm with you 100%. I'm very comfortable being middle middle class.....
I just want to stay there.
b
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07-05-2008, 03:54 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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If the market keeps tanking at the rate it did in June, I will need to change my vote in a few weeks.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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07-05-2008, 04:02 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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I know people who are millionaires because they live in a million dollar home, but they struggle to pay the real estate taxes because they are cash poor.
Then I know millionaires who live in a old crusty small house but have a million dollars in cash, stocks, and bonds.
There are different kinds of millionaires.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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07-05-2008, 05:21 PM
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#27
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 488
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Quote:
Originally Posted by retire@40
I know people who are millionaires because they live in a million dollar home, but they struggle to pay the real estate taxes because they are cash poor.
Then I know millionaires who live in a old crusty small house but have a million dollars in cash, stocks, and bonds.
There are different kinds of millionaires.
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Some friends of mine in their mid 70s are millionaires several times over. They live in the duplex they own, he has a lawn mower repair shop in his garage and works 8 to 10 hours a day, drive 5 and 10 year old vehicles, they clip coupons and buy expired meat at the grocery store, they let their tiny lawn burn up instead of spending a couple bucks to water it, they are really tight and their net worth keeps growing. I keep telling them to enjoy their money instead of leaving it to their undeserving children, but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.
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07-05-2008, 05:23 PM
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#28
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Bah heres something sickeningly positive.. I know I know things are so bad..but hey
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07-05-2008, 05:32 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: Jul 2003
Location: Kansas City
Posts: 7,968
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Thrice/not thrice?
Yep - over/then 2000-2002 dip, over/then Katrina, over/if Mr Market keeps dipping in this downturn?
heh heh heh - all in portfolio a tad over 3% yield - livible in hard times Oh and BTW - Pssst Wellesley!
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07-05-2008, 05:39 PM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
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Looking at these results I am not surprised we have so many people trying to sell us stuff. Hats off to our mods for keeping them at bay.
__________________
I purr therefore I am.
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07-05-2008, 05:43 PM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Quote:
Originally Posted by CaseInPoint
excluding one's home.
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Why would I do that? I consistently make a ton of money flipping my primary residence. In fact I've made almost as much doing that over the last 7 years than I have using other investments. Plus its tax free.
Sure, you run all over the issues of refusing to emotionally accept that your home is an investment, as well as people who choose to live in places where real estate doesnt appreciate.
I could just as easily choose to lose money in the stock market or find myself emotionally unavailable to asset classes that are profitable.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-05-2008, 05:44 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Quote:
Originally Posted by Razor
Some friends of mine in their mid 70s are millionaires several times over. They live in the duplex they own, he has a lawn mower repair shop in his garage and works 8 to 10 hours a day, drive 5 and 10 year old vehicles, they clip coupons and buy expired meat at the grocery store, they let their tiny lawn burn up instead of spending a couple bucks to water it, they are really tight and their net worth keeps growing. I keep telling them to enjoy their money instead of leaving it to their undeserving children, but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.
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There is a certain perverse joy in being a really cheap bastard - a perhaps heartwarming habit pattern. But one of the quirky results of losing almost everything in Katrina (at 12 yrs into ER) - was 'you can't take it with you' and 'you can't stop the clock' aka the most tricked out wheelchair in the rest home may not thrill you at all.
Soo - trying to loosen up - but I do suffer flashbacks of frugal.
heh heh heh - .
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07-05-2008, 06:23 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,595
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Quote:
Originally Posted by Razor
...but they are set in their ways and will live the way they want until they can't anymore. You would never know that they are rich. They don't act it.
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Perhaps being able to live the way they want is the greatest wealth of all :confused: :confused:
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07-05-2008, 06:38 PM
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#34
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Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
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Quote:
Originally Posted by unclemick
There is a certain perverse joy in being a really cheap bastard - a perhaps heartwarming habit pattern. But one of the quirky results of losing almost everything in Katrina (at 12 yrs into ER) - was 'you can't take it with you' and 'you can't stop the clock' aka the most tricked out wheelchair in the rest home may not thrill you at all.
Soo - trying to loosen up - but I do suffer flashbacks of frugal.
heh heh heh - .
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I admit to a certain feeling of failure when I have less than $500 unspent in the checking account at the end of the month.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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07-05-2008, 06:58 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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i've repeated bikerdude's quote a few times since i read it last year to explain to others my financial position:
Quote:
Originally Posted by Bikerdude
I live well, not rich, more like independently middle class.
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__________________
"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
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07-05-2008, 07:40 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
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Quote:
Originally Posted by CaseInPoint
Yes, that's right.
In my own research, I've found that most estimates say $11M.
These days, there's a (somewhat) new concept of the "Middle Class Millionaire," which goes to show how being a millionaire just ain't what it used to be...
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$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!
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07-05-2008, 08:48 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: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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Quote:
Originally Posted by Marquette
$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!
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Whooaaa Nellie! I'm headed to the food stamp line Monday morning.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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07-05-2008, 09:26 PM
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#39
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Recycles dryer sheets
Join Date: Jun 2008
Location: Los Angeles
Posts: 156
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Quote:
Originally Posted by Marquette
$11M with a 2% withdrawal rate wouldn't even provide our current household income. And I drive an Accord!
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The $11M is just what's needed these days for the spending power of the millionaire of the past.
I'd bet that with $11M in the bank (or a heck of a lot less), you could be very comfortably retired in MN. No need to go ice fishing for dinner, that's for sure.
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07-05-2008, 09:32 PM
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#40
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Recycles dryer sheets
Join Date: Jun 2008
Location: Los Angeles
Posts: 156
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Quote:
Originally Posted by Razor
Thanks. I am glad someone understands. 25 years ago my net worth was about $5,000.
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So, Razor... Watcha gonna do to celebrate becoming a millionaire?
And, for that matter, I wonder what others here have done to mark that occasion?
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