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Old 02-21-2012, 12:50 PM
 
Location: Atlanta, GA
1,262 posts, read 2,446,037 times
Reputation: 966

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Quote:
Originally Posted by FromGA View Post
This was related to the question of -- for how many people in Atlanta, 5-10 million in house is no big deal.

Recently there was an article on Ultra High net worth individuals (30 million or more) by metro, and the number for Atlanta is around 960.

Top 10 Cities for Ultra High Net Worth Individuals - ABC News

I am assuming that since the wealthy diversify their holdings, and probably hold stocks / stock options etc., you would need to be UHNW for 5-10 million in one house.
What an interesting article. I'm actually kind of surprised that Atlanta has more UHNW individuals than Boston.
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Old 02-21-2012, 01:16 PM
 
Location: ITP - City of Atlanta Proper
7,797 posts, read 11,738,575 times
Reputation: 5394
Quote:
Originally Posted by arjay57 View Post
Huh, could be but I would still guess there are more than that. But maybe not.

Wonder where they come up with these numbers?

Kind of hard to imagine, but there are only 57,860 individuals in the entire country that meet that definition or, in even starker terms, 0.01 percent of the entire country's population.

That turns me to the thread topic. For the other 99.98% of Americans (or as I like to call them, us), chances are that you will never own a million dollar house no matter how hard you try. I know that's a harsh thing to say given the TV box tells us that the American birth right is to be rich and stuff, but it's the truth.

With that said, and I got this advice when I was starting out in my career, understand that work is an important part of life and it should be fun. Find something that you enjoy. If makes you rich, good, but it's more important to enjoy what you do because you will doing it for 40 or so years more than likely.
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Old 02-21-2012, 01:55 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,319 posts, read 21,909,507 times
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Quote:
Originally Posted by waronxmas View Post
With that said, and I got this advice when I was starting out in my career, understand that work is an important part of life and it should be fun. Find something that you enjoy. If makes you rich, good, but it's more important to enjoy what you do because you will doing it for 40 or so years more than likely.
This is very very important. There are times when I feel almost guilty because so many people I know hate their jobs so much, or hate the people they work with, hate their boss, etc. I absolutely love what I do, even after almost 23 years, and I also have a lot of respect for the people I work with and for.

Some of the folks I know who are fairly well off actually worked their butts off for it, and while I sometimes think it would be nice to be in their position, I'm also glad I also had a life when they did not early in their careers. Hard work is fine ... but I also think 80+ hour weeks are insane if you aren't single. But some people I've known are driven to "succeed" in life so much that it was an acceptable price to pay. I respect that. And I'm glad I'm not them.
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Old 05-14-2016, 01:43 PM
 
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I live in a $850,000 home. I own a food manufacturing company that makes a health food product I invented. My spouse owns a paper factory that makes toilet paper and paper towels. We live BELOW our means, pay cash for everything including our house, our business property, our equipment. We have zero debt. We don't buy something unless we can pay cash, even if it takes years to save for it. We drive 10 year old cars, don't vacation yearly, don't fly first class or stay in fancy hotels, save, save, save, work hard, work constantly actually but it is our passion so it's not like we feel like slaves. We have no kids (expensive). We buy things we like but we are not sporting rolex or dripping in diamonds, we spend wisely. We could care less about appearance and even have a car worth less than one of my purses that we drive regularly because we are attatched it to emotionally, lol, it has over 230k miles on it but we love it. We shop at Kohls, Marshalls, Macys, Costco and buy stuff on sale most of the time. I do buy most all my food organic which is probably the biggest thing we splurge on a regular basis. We are normal down to earth people and can't stand the fake appearance driven idiots that think life is about how much crap you can show off. Who cares, I'm not here to impress anyone just live a purposeful life and contribute to socitey.
When I was young I wanted the million dollar lifestyle and lots of stuff but as I grew older you get to a point where you have enough money and stuff to be content. Not having debt is worth more than anything you can buy. How much does one person need? Other things are more important after you achieve your financial security and its things money cant buy. Like time alone, time to relax, to enjoy family, time to be creative and create, time to be out in nature, time to do stuff you like.
We have friends who live in over a 2 mil house (downsized from 8 mil house) husband owns a death insurance company he started and wife does nothing. No kids. They live beoynd thier means, bought an 8 mil house and ended up selling it in desperation purchased a 2 mil house. Wife does shop designer clothes spending like the money train will never stop, getting fake boobs, keeping up with Jones lifestyle. Who needs that stress...

My cousin lives in a million dollar house. Her husband owns a company doing construction renting out those huge cranes and construction equipment. They make 400k a year, have 5 kids. She does not work. They are young in early 30s and spend above thier means, fancy cars, maids, nannys.
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Old 05-14-2016, 02:02 PM
 
982 posts, read 551,574 times
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I envy people that have no debt, no mortgages, no rent payments, etc. Life has to be a lot less streefull
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Old 05-14-2016, 03:08 PM
 
Location: Atlanta, GA (Sandy Springs)
3,548 posts, read 2,310,560 times
Reputation: 2778
Anyone can become wealthy over time, as long as you are an investor.

There are many things you can invest in, your own business, the stock market, a friend/relative's business, etc.

The key distinction is being an investor vs a consumer. Most poor people are consumers. What that means is that any time they get a little extra money, that means it's time to buy a new TV, or some new clothes, etc. When an investor gets some money, he looks for where he can put it that will give him more money.

Consuming is taking your money and spending it on things. Most of this is cash going out that will have no value over the long term (except maybe buying a house). Investing is taking money and spending it on things that will generate more money either through income or appreciation of capital.
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Old 05-14-2016, 10:10 PM
 
1,691 posts, read 863,680 times
Reputation: 984
Million dollar homes are becoming more common. Six figure incomes are too.
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Old 05-15-2016, 02:03 PM
 
4,241 posts, read 2,827,187 times
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Quote:
Originally Posted by -thomass View Post
I envy people that have no debt, no mortgages, no rent payments, etc. Life has to be a lot less streefull
I have a mortgage as my only debt. And it's not a big one, just $1,100 a month. Honestly, my biggest concern is health insurance. Working in the film and TV industry, my employment is always temporary. As long as I'm working, the insurance is affordable, as they pay towards it. But if there's a lull in employment, I have to pay a pretty big chunk. The health insurance premium is 16% higher than my mortgage. Getting rid of that would change my life.
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