Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-27-2021, 06:55 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 6,913
When I do a quick look I find contradicting numbers with how many US households are millionaires. I see from 6% to 11% of US households being millionaires.
street is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-27-2021, 07:07 AM   #22
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 11,239
Big difference between being a net worth Millionaire, vs. a liquid/investable assets millionaire. Discount house/land/possessions/business/farm, etc., and that percent of households would drop a lot.

And that kind of millionaire, assuming no debts, no mortgage, etc., could still do quite well today. Couldn't retire, but could definitely set them on the path for ER. I'm sure we have plenty of folks in our Young Dreamers" sub forum who still see the value in hitting their first million, and don't quite subscribe to the "eh, that's not what it used to be" idea.
Aerides is offline   Reply With Quote
Old 08-27-2021, 07:18 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,475
Quote:
Originally Posted by finnski1 View Post
But a million dollars in 1970 was more than most people needed probably by quite a bit as is $7 million today.
I graduated high school in 1977 and if you said someone from our small town was a millionaire it was a big deal. Today of course it is not a big deal and in fact is almost mandatory.
To say a million dollars is "mandatory" is obsurd. I have never known anyone that i'm aware of that had a million dollar net worth including a lot of people who have/had a happy retirement. Unless I win the lottery I will never have a million dollar net worth yet I will retire before SS and be happier than when working. Having a million+ net worth is no where near mandatory. A million dollars is still a huge amount of money that the majority of people will never have.
aaronc879 is online now   Reply With Quote
Old 08-27-2021, 07:32 AM   #24
Thinks s/he gets paid by the post
 
Join Date: Aug 2012
Posts: 1,441
Quote:
Originally Posted by aaronc879 View Post
To say a million dollars is "mandatory" is obsurd. I have never known anyone that i'm aware of that had a million dollar net worth including a lot of people who have/had a happy retirement. Unless I win the lottery I will never have a million dollar net worth yet I will retire before SS and be happier than when working. Having a million+ net worth is no where near mandatory. A million dollars is still a huge amount of money that the majority of people will never have.
Well I did say"almost" and it was meant as a comparison to what a million in 1970's was. Not necessarily an absolute. Wasn't trying to denigrate less than a million at all. In fact I believe one can easily do with less. Much less in fact. I am 62 and DW is 65. We have not yet started ss. When we take ours we will in fact be about 160-180% SIRE so would need $0 in liquid net worth. Not that I would want that but it would be perfectly fine. ANd yes a million dollars is still a lot of money.
finnski1 is online now   Reply With Quote
Old 08-27-2021, 08:04 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 10,947
Quote:
Originally Posted by Andre1969 View Post
Seems like not that long ago, if you put $1M into one of those "What percent net worth am I" calculators, it would put you in roughly the top 8%. But, I just tried one out, and now it's only the top 11.9%. Of course, that number is going to vary depending on the calculator you use, and I'm sure the data itself could be suspect, but it does show that time, and inflation, do march on.
Yep. Even here with all the conscientious savers and diligent investors, there aren't too many 1 percenters. They are a whole other breed from us mere millionaires. Sigh!
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is online now   Reply With Quote
Old 08-27-2021, 08:17 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 11,412
Probably 'cause they are workaholics, who may never retire, and certainly don't have free time to be nattering on web forums!

I worked with some people who were almost certainly 1%ers, at least income-wise. They were retired military/government who'd jumped to defense contracting. With a clearance and a little STEM knowledge, their salaries were easily 3X what they'd been making before retirement (I know this because I dealt with contracting at one point, and saw what their salaries plus overhead were costing us!)

Most were in their 60's, some older. They seemed (based on how they talked) to be living quite large, yet here they were, in a dingy government office. Some seemed happy, but many were grumps.

Quote:
Originally Posted by Koolau View Post
Yep. Even here with all the conscientious savers and diligent investors, there aren't too many 1 percenters.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
Amethyst is offline   Reply With Quote
Old 08-27-2021, 08:18 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,388
Quote:
Originally Posted by MC Rider View Post
In 50+ years? I say not a chance, LOL.
Also not a chance any of us will be around to find out.
Speak for yourself.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
ExFlyBoy5 is online now   Reply With Quote
Old 08-27-2021, 08:20 AM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,388
Quote:
Originally Posted by street View Post
When I do a quick look I find contradicting numbers with how many US households are millionaires. I see from 6% to 11% of US households being millionaires.
I think this is simply because there are so many different measures people use. It akin to defining "retired."
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
ExFlyBoy5 is online now   Reply With Quote
Old 08-27-2021, 08:37 AM   #29
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,988
Quote:
Originally Posted by Koolau View Post
Though I eventually became a millionaire, it's just not the same due to inflation.
True, but there is still a ring to the phrase "a million dollars". It may no longer be worth what it was in past decades, but it still ain't chump change!
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.

Major Tom is offline   Reply With Quote
Old 08-27-2021, 08:38 AM   #30
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 21,702
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 08-27-2021, 09:06 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2011
Posts: 7,022
When I was in high school (1966-1970) a classmate's sister married a 'millionaire'. Apparently her life was pretty sweet for the time.

He vowed that he wouldn't get married until he made his own million. Not sure if he ever made that goal but he is married now and runs a nice head-hunter business.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 08-27-2021, 09:23 AM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,388
Quote:
Originally Posted by Major Tom View Post
True, but there is still a ring to the phrase "a million dollars". It may no longer be worth what it was in past decades, but it still ain't chump change!
A MILLION DOLLARS!!!

__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
ExFlyBoy5 is online now   Reply With Quote
Old 08-27-2021, 09:29 AM   #33
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Land of Florida Man
Posts: 37,338
Quote:
Originally Posted by nwsteve View Post
For me, it was a real eye opener just how much inflation can take.
YMMV
Dr Evil from Austin Powers had the same thought
MichaelB is online now   Reply With Quote
Old 08-27-2021, 09:34 AM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2011
Posts: 7,022
Quote:
Originally Posted by Major Tom View Post
True, but there is still a ring to the phrase "a million dollars". It may no longer be worth what it was in past decades, but it still ain't chump change!
True. But around here (north of Boston) a three bedroom Cape in a nice town runs for just about that amount. DN just spent $985K for a 'nothing' house that needs another $100K in kitchen, bath and yard upgrades.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 08-27-2021, 09:37 AM   #35
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,988
I was just having fun marko. Don't harsh my mellow, dude (or whatever the phrase is )

But yes, these thoughts have definitely occurred to me. Retired, with invested assets of $1.2M, and no property ownership, I have accepted that I may well be an eternal renter - especially as I like living in large metro areas, where real estate tends to be expensive.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.

Major Tom is offline   Reply With Quote
Old 08-27-2021, 09:44 AM   #36
Full time employment: Posting here.
 
Join Date: Sep 2007
Location: Portland
Posts: 567
We became millionaire through hard works and savings - and proud to be millionaire, don't take that away us please :-)
neihn is offline   Reply With Quote
Old 08-27-2021, 10:21 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2011
Posts: 7,022
Quote:
Originally Posted by Major Tom View Post
I was just having fun marko. Don't harsh my mellow, dude (or whatever the phrase is )
Aloha dude person, sorry. Didn't mean to chill your vibe...or sumpthin'. Mahalo (I think)
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 08-27-2021, 10:31 AM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,382
Quote:
Originally Posted by Aerides View Post
Big difference between being a net worth Millionaire, vs. a liquid/investable assets millionaire. Discount house/land/possessions/business/farm, etc., and that percent of households would drop a lot.
True. And I don't think you can predict which will fare better going forward. Someone with a few million bux of prime farmland or a business with a bright future just might outperform someone with a few million bux invested passively in the usual investment markets.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-27-2021, 10:37 AM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,382
Quote:
Originally Posted by Koolau View Post
there aren't too many 1 percenters.
Indeed. I'd bet that not more than one percent of the population are one-percenters!
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-27-2021, 10:46 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2014
Posts: 5,893
About 10 years ago someone posted on a personal finance board that if they had $1 million they'd be set for life. They could invest it at 8% and withdraw $80K/year forever. I pointed out to them that (a) an 8% rate of return, even if that were a realistic expectation, would have some volatility and require a very high % of equities and (b) $80,000 may sound good to them now but in 20 years it will buy a lot less, so you have to withdraw a smaller amount so that some can grow to allow for inflation in expenses.

Not happy news to them, I'm sure.
athena53 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Simple Wealth, Inevitable Wealth meleana FIRE and Money 20 02-28-2019 10:23 AM
Converting t-IRA dollars into Roth IRA dollars HadEnuff FIRE and Money 82 11-14-2017 10:46 AM
If I had a million dollars . . . bongo2 FIRE and Money 136 12-21-2011 07:26 AM
Retirement - 1 million dollars ain't enough shotgunner FIRE and Money 137 03-23-2010 11:36 AM
World Wealth Report or 8.7 Million High-Net-Worth Individuals Worldwide Spacebär FIRE and Money 5 07-01-2006 09:40 AM

» Quick Links

 
All times are GMT -6. The time now is 12:23 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.