U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-20-2014, 12:15 PM
 
28,269 posts, read 30,830,561 times
Reputation: 28809

Advertisements

Quote:
Originally Posted by RVD90277 View Post
Most "millionaires" aren't actually millionaires if you take away all debts, mortgage on their house, etc.
It's standard practice to deduct the value of debts from the equation when calculating net worth, so I think you are just making this up.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-20-2014, 12:16 PM
 
11,255 posts, read 4,790,443 times
Reputation: 2384
Quote:
Originally Posted by RVD90277 View Post
The President isn't exactly used to paying for things out of his own pocket.

Most "millionaires" aren't actually millionaires if you take away all debts, mortgage on their house, etc.
Then they're not millionaires in the first place.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 12:20 PM
 
7,281 posts, read 9,473,809 times
Reputation: 11449
Quote:
Originally Posted by Tenzo View Post
Hi, I'm one of those evil Millionaires (snip)
Very doubtful.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 12:20 PM
 
1,176 posts, read 2,213,663 times
Reputation: 1412
Quote:
Originally Posted by ocnjgirl View Post
I don't know anyone who thinks millionaires are evil. I think big money institutions are, Wall Street, Monsanto, big oil, and the very, very rich (I wouldn't put everyday millionaires in that group) who hide millions in the Cayman's are, and companies like CVS who buy Canadian chains just so they can stop paying US taxes are, but if you don't have that kind of influence or power, I think you're inflating your sense of importance to most of us.
What is "big oil"?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 12:31 PM
 
Location: Las Vegas, NV
354 posts, read 271,847 times
Reputation: 816
Quote:
Originally Posted by Tenzo View Post
Hi, I'm one of those evil Millionaires who are living lavish lives and not paying their fair share.
The government says I'm responsible for a low minimum wage, people without homes and high health care costs.

Almost every speech I hear Obama talk about how bad we are and should pay our fair share!

So here I am to brag about my life. To tell you, the little people, how I live in luxury.
This is my confession, so eat your heart out.

I drive expensive and luxurious cars!
I own a 9 year old Saturn Vue. It's the length of a small car and I use it to haul rocks, junk, drywall etc. I used it to haul stuff when I built shelving in my luxurious one car garage. But I park on the street. On some day's I even have someone else drive me to work. That's right, I have someone who's only job is to drive people like me to work. It's the 156 bus.
My wife parks in the garage in her 8 year old car we bought used.
And my garage has an automatic garage door opener! hahahaha luxury!

I wear high priced clothes!
Right now I'm wearing a Gap Henley, a sweater from REI, hiking boots from 3 years ago, and Levis Jeans that are a year old. That's right beatches, my jeans are only a year old!

I eat at expensive restaurants!
My last dinner I ate at the neighborhood bar. Before lunch I ate at potbellies. For our 10th anniversary we went to an Italian place and rang up an outrageous bill of $170.
We go out to eat 2-3 times a month, because we can!

I shop at the best stores!
Gap, Levis, Costco, REI, Nordstrums and Macy's. Why just this year I got a tailored suit. I didn't really need one, my last suit I bought was in 2004 when I got married.
See, I even buy expensive clothes when I don't need to!
And I just got back from Costco and divided the food into two person servings. We have a STOCKED freezer, with MEAT!

I have money just spread around me!
Right now I have $42 in wallet as 'mad money'. That's money I carry around just in case I want to spend it! I have a big honking bowl of coins by the washing machine, cuz cash just flows out of my pockets. Why this week alone I found 52 cents that I picked up off the ground. Mostly its just pennies, but I pick up every one I see. Money must just fall from the sky around me!

Both my wife and I work full time jobs. Mine is 40 hours a week, my wife is a little more. She just got finished working 9 days straight. She spent 15 years learning her craft. I supported the family and she only have a mere $150,000 in student loans. We make so much, the government told us the student loans were no longer tax deductible. So we get to pay out about $12,000 a year in loans for interest only. We have so much money we pay the interest off every month. (But for some reason the principle is going up)

But back to the point. We are Millionaires!!!!

Yep, I've got it all calculated out. Right now we can retire in the high life!
At our ages we can expect to retire with $1,600 a month for the rest of our lives. That is 20% over the poverty rate! Ha HA HA!
Shoot we even have money to pay for my father in law's medical bill deductible after he fell down the stairs.

(except for that pesky student loan. )

So when you hear that those Millionaires aren't paying their fair share and are living the high life. They are talking about us Beatches!!!!! Obama says we are RICH!!!!


It's not people with $1,000,000 in the bank...it's people making $1,000,000/yr who fall into that whole 1% thing. And the issues are numerous with a widening income gap, this is a fact. The wider the gap between rich and poor gets, the worse off an economy is. I am NOT a Socialist or even a Democrat, but this is simply a fact of economics.

Now if you do make $1,000,000/yr, your entire post is absolute nonsense. So either way, your post is nonsense.


Quote:
Originally Posted by Tenzo View Post
[1,000,000 (savings) -$150000 (student loan) ] / 30 (life expectancy) / 12 (months per year) = 2,361(less student loan payments)
= $1600.

Of course that assumes that I the loan amount doesn't increase like it is now.

Now,
It's not a Troll.
The government is trolling saying that Millionaires have too much money and need to pay their fair share.

The government is even talking about not allowing you unemployment benefits if you have $1M.

My point is that people who manage to save $1M and have no pension are not unduly rich.
and I'm tired of it showing up in every one of Obama's speeches.
Um, there's the whole idea of the growth of the assets that you're completely ignoring. Unless that $1 Million is sitting in cash, it'll grow. Even at just 3%, the $850,000 will provide you with PLENTY of room. In fact, the ACTUAL monthly money he gets is $3,508.60. That's $42,000 a year, about $14,000 more than your quoted amount. If taking just $2,361/mo with the account earning just 3%, you still have more than $650,000 left over after 30 years. At 5.5%, the money would actually DOUBLE in 30 years. The monthly income at that rate is actually over $4,600...

Last edited by HedgeYourInvestments; 10-20-2014 at 12:44 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 01:44 PM
 
Location: NYC
3,488 posts, read 3,395,341 times
Reputation: 5649
Based on the OP's very touching personal story, the only logical conclusion is that no one is to blame for our current economic situation. Listen you unemployable people, a millionaire is driving a Saturn! The horror. Please think of this next time you realize you don't have enough money for food.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 01:53 PM
 
27,377 posts, read 14,239,282 times
Reputation: 13244
Sooo...the OP isn't even in the top 1%.
Quote:
The Times had estimated the threshold for being in the top 1 percent in household income at about $380,000, 7.5 times median household income, using census data from 2008 through 2010. But for net worth, the 1 percent threshold for net worth in the Fed data was nearly $8.4 million, or 69 times the median household’s net holdings of $121,000.
Kinda funny...people don't realize just how wealthy that top 1% is. But heres the funny part-its not the 1% thats the issue, its the .1%. The 1%'ers are often just common businessmen....and they often work hard for their money.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 02:22 PM
 
Location: Portland, OR
9,790 posts, read 10,454,348 times
Reputation: 9693
Actually... all you have to do is make ... oh a quarter million or so a year to be solidly in the top 1% of income. That should make you gasp. The people who make $1M/yr. in income are in the 0.1%. Wealth is another beast entirely. A net worth of 1M these days is cool but it isn't jaw dropping. I suppose that was the point of the o.p. But... who stops there? There are scads of people with 25M, 50M, 100M and more net worths. THEY are the ones that live the lavish lifestyles and they are the ones being characterized as RICH! And they are. But nice rant. Like another poster I seriously doubt the o.p. is factual. Just does not have that 'ring-o-truth'.

The hands down unarguably wonderful places to live in the world are well known. Year after year they pull down the top spots in all the metrics that justify them being considered best places in the world, highest standard of living, etc. Last I knew America had slid out of the Top 10!!! That should also make you gasp. Switzerland consistently takes home the top spot of the Top 10 and if you looked at their population you would find a few dozen really high net-worth individuals but I doubt you would find a billionaire. I doubt you would find 100M millionaires. You would find the vast majority of the population doing very well thank you. In America 20% of the population is living below the average standard of living in Bangladesh. You have a middle class of which 1% of the bottom slides into poverty every other year. The rest are nervous. Their real wages have either been stagnant or have actually declined steadily throughout the last generation. Excuse me, I have to go hurl now...

H
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 04:06 PM
 
Location: East of the Sun, West of the Moon
16,556 posts, read 19,416,245 times
Reputation: 34272
You cheap bastard!

Spend some money so the rest of us can make some!!! :-)
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-20-2014, 04:46 PM
 
29,812 posts, read 20,486,983 times
Reputation: 51680
Quote:
Originally Posted by lenniel View Post
Yeh, you're right, they don't give a crap about you, me or anyone else. Of course they're trying to line their pockets, just like I am.
But, be that as is may, owning stocks and investing in the market (unless you're a real estate guru and that's where you have your fortunes) is still your best chance at building wealth and financial stability.
Where do you keep your money, a bank savings account?
Of course I have investments, what choice do I have? If I buy gas for my car, that means I can't be critical of the oil industry? The only way for me to have integrity in my complaints against big oil is to give up my car and walk everywhere, and if I don't I'm a hypocrite, is that what you are saying? Again, what choice do most of us really have? If I have stocks, not only can I still criticize Wall Street, as a customer I have more of an obligation to look at their overall practices and speak out against wrongdoing.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top