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Started By
Message
re: US Millionaires
Posted on 1/26/20 at 12:38 pm to DIGGY
Posted on 1/26/20 at 12:38 pm to DIGGY
quote:
5 out of 5 I encounter are millionaires.
You mean to tell me your chef, housekeeper, driver, and nanny are all millionaires?
I only mention those because obviously you don’t go grocery shopping, valet your car, or any of the other normal shite you do where you encounter people scraping by on $10-12/hr
1
Posted on 1/26/20 at 12:57 pm to DIGGY
I love when people lie
Posted on 1/26/20 at 1:33 pm to cwill
Not the reason for this thread
This post was edited on 1/26/20 at 1:39 pm
Posted on 1/26/20 at 1:37 pm to southernelite
Not at all. Just friends I hang out with that are my age and have worked since early 20’s, own home and “some” land, and invested wisely for retirement. Being a millionaire is not what was envisioned decades ago.
Posted on 1/26/20 at 1:50 pm to DIGGY
quote:
Not at all. Just friends I hang out with that are my age and have worked since early 20’s, own home and “some” land, and invested wisely for retirement. Being a millionaire is not what was envisioned decades ago.
Ok...
You claimed that your thought that one in five, possible one in 4 people in America are millionaires.
When questioned your response was that 100% of the people you encounter are millionaires...
What a dumb thread.
Posted on 1/26/20 at 2:09 pm to JohnnyKilroy
Not a dumb thread at all. Millionaire status is not some out of this world attainable thing like you and some others on here seem to think. It doesn’t mean driving $200k vehicles, living in million dollar homes, owning 5k acres of land, having a staff to help in your mansion. If you work a modest job for decades, take full advantage of ANY employer retirement match program or start one on your own, purchase a modest home, live comfortably within your means along the way, and a few acres of land you can easily attain millionaire status. A million dollars today is what 100k was perceived decades ago. Of the people I encounter (work with, shop with, go to Dr with, live with in a small rural town with very limited industries and jobs) the rate of millionaires is about 20%. Not cause hey have 1 million dollars in POCKET to hand out at any time but because they have assets accumulated over 3 decades that are valued at a million of over. NONE would stand out as millionaires as you envision one should lifestyle wise.
This post was edited on 1/26/20 at 2:14 pm
Posted on 1/26/20 at 3:03 pm to DIGGY
We talking millionaires or net worth?
Posted on 1/26/20 at 3:51 pm to DIGGY
quote:
f you work a modest job for decades
The average job in america pays 47k before taxes.
Posted on 1/26/20 at 3:54 pm to DIGGY
Back in the 60s, someone thought retiring healthy would be $20k/yr with no bills/debt.
In the 70s,that was closer to 50k/yr.
Those in the 80s werent looking for much more than 50k-70k.
Those are the majority of retired people today. 15% of their pay at that time didnt accumulate anywhere near 15% today. They werent targeting $1M+ like the a good percentage of persons today.
In the 70s,that was closer to 50k/yr.
Those in the 80s werent looking for much more than 50k-70k.
Those are the majority of retired people today. 15% of their pay at that time didnt accumulate anywhere near 15% today. They werent targeting $1M+ like the a good percentage of persons today.
Posted on 1/26/20 at 4:08 pm to kywildcatfanone
One in the same. If your net worth is a million or more you are a millionaire are you not? I don’t define it as 1 million cash on hand. I think when these percentages are calculated they are based on net worth are they not??
Posted on 1/26/20 at 4:11 pm to DIGGY
quote:
people I encounter
quote:
small rural town
quote:
rate of millionaires is about 20%.
L
O
L
Posted on 1/26/20 at 4:20 pm to DIGGY
As another poster said, I’d guess 10% is about right. It isn’t really that hard to become a millionaire. I’d guess it could easily be 20% if people focused on their finances and 30-35% if the government taught how to manage finances in school.
It really doesn’t take much income at all if you had the benefit of understanding the basics of living within your means and starting young.
This is a huge part of where our education system is failing.
It really doesn’t take much income at all if you had the benefit of understanding the basics of living within your means and starting young.
This is a huge part of where our education system is failing.
Posted on 1/26/20 at 4:24 pm to southernelite
Spoken like someone who does not understand nor appreciate the dynamics within a rural area.
Posted on 1/26/20 at 4:32 pm to UpstairsComputer
BINGO!!! And that is what the main just of my assessment is. A number of us, probably a good bit on this board, reached that level in our late 40’s by this same philosophy. All the while dealing with kids, divorces, job changes, etc that can sometimes derail this goal. I think being in the “wealthy” status (2.4 mill) is where inheritance, oil leases, lottery LoL etc. come into play to get you there. I think anyone who replied with skepticism to my initial post would be surprised to find a “millionaire” in the people they “encounter” as one stated.
Posted on 1/26/20 at 5:18 pm to DIGGY
I understand it and you’re over-estimating it still. Unless your particular rural area is a significant outlier, which is unlikely, then 20% of the population are not millionaires.
This post was edited on 1/26/20 at 5:18 pm
Posted on 1/26/20 at 8:38 pm to DIGGY
I agree that 12 percent of the population could be millionaires if all assets are considered. However, a millionaire with cash versus a millionaire with assets and cash is a very different thing. It is pretty difficult to accumulate a million dollars in cash while earning even a decent income. It takes a ton of discipline and not trying to keep up with the Jones.
Posted on 1/26/20 at 11:51 pm to DIGGY
One of the big things you are missing is TIME. Yes, when investing for 30-40 years it does not take saving a crazy amount to accumulate $1M in net worth. Have you seen the breakdown of population by age? In your example it takes time but there is a large % of the adult population that has not been working long enough to have their investments grow enough to reach $1M. How much would it take to save annually to reach $1M at 20 or 30? It is much easier to be a millionaire at 50 than 30.
This is all assuming everyone is fiscally responsible and that it is their goal to reach $1M net worth which we know that is not the case. This also does not take into account the folks who would try to save/invest but do not make enough to really save much to reach that $1M.
I think we all understand it doesn't take a miracle to reach $1M at a later age and we all understand inflation ($1M today is not the same as $1M 20 years ago). I personally would have expected about 10% of households (not individuals) to be millionaires but that would have just been a pure guess.
This is all assuming everyone is fiscally responsible and that it is their goal to reach $1M net worth which we know that is not the case. This also does not take into account the folks who would try to save/invest but do not make enough to really save much to reach that $1M.
I think we all understand it doesn't take a miracle to reach $1M at a later age and we all understand inflation ($1M today is not the same as $1M 20 years ago). I personally would have expected about 10% of households (not individuals) to be millionaires but that would have just been a pure guess.
Posted on 1/27/20 at 12:10 pm to DIGGY
You’re living in fantasy land if you think that’s a low number, the majority of the population live paycheck to paycheck. Ignorance is bliss, just keep living in your little bubble, everything will be alright.
Posted on 1/27/20 at 12:31 pm to Rebel12
"However, a millionaire with cash versus a millionaire with assets and cash is a very different thing. "
Not really
---
Most of my friends and neighbors are millionaires. But I don't thinks that's indicitive of the general populace.
But I agree, a million doesn't go as far as it used to.
Not really
---
Most of my friends and neighbors are millionaires. But I don't thinks that's indicitive of the general populace.
But I agree, a million doesn't go as far as it used to.
This post was edited on 1/27/20 at 12:33 pm
Posted on 1/27/20 at 2:14 pm to DIGGY
Simply google the percentage of households that make over 100k per year, and think how much people spend keeping up tithe Joneses and you would think the number is actually pretty high.
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