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If your referring to the lower spectrum of millionaire (those of net worth of 1 million - 3 million) these guys are like nobodies.
I'm at the top of your "nobody" range and I would completely agree that in Los Angeles, at least, I don't feel "rich". I've got a nice boat and some nice cars, but no new Ferraris. I've lived in my paid off house for 26 years and still shop at Kohl's. The only benefit I feel is that I never, ever think about money. I never look at prices, but then again, I don't have a taste for $ 500 meals or $ 20,000 vacations either. My only weakness is my $ 100,000 watch collection, but even that has ended up MAKING me money. Go figure.
I'm at the top of your "nobody" range and I would completely agree that in Los Angeles, at least, I don't feel "rich". I've got a nice boat and some nice cars, but no new Ferraris. I've lived in my paid off house for 26 years and still shop at Kohl's. The only benefit I feel is that I never, ever think about money. I never look at prices, but then again, I don't have a taste for $ 500 meals or $ 20,000 vacations either. My only weakness is my $ 100,000 watch collection, but even that has ended up MAKING me money. Go figure.
Time is the most valuable commodity we have. Nothing cool about being an old fart with money.
If I could still live the "1964 Millionaire" lifestyle I'd probably quit tomorrow. I just couldn't justify work if I could visit exotic Asian countries monthly and go to the opera every day. I'd just hop in my 1964 Coupe Deville and throw rotten tomatoes at hippy protesters if I got bored. Until then I will keep saving aggressively with that dream in my heart.
....sounds like carter pewterschmidt from the family guy...
The median net worth in this country is around $100,000 or so, so yeah, having a million makes you unimaginably wealthy to most Americans. You're not in the top 1%, but you're in the top 5%. The fact that there are other people who are unimaginably wealthy compared to you doesn't mean you aren't super-rich, it just means other people are even more absurdly super-richer. You might not be able to retire to the beach yet, but you probably wouldn't go bankrupt if you broke your hand, either. Comparatively, roughly 10% or so of Americans will be in poverty at some point during the next decade.
This is very said if what you say is true. 1 million dollars being unimaginably wealthy? Isn't that suppose to mean it is incredibly hard to acquire that net worth? I can understand if we are talking about the poor but middle class I do not think so.
Here is how you can get 1 a net worth of million dollars the easiest way:
1. Go to college and pick a major (engineering, medicine, statistics, accounting, finance, marketing, anything major that you know offers good pay throughout your career, 100k+)
2. Study and get that diploma.
3. apply for jobs and hopefully you score one.
4. Do not blow lots of money on depreciable and do not keep buying new expensive things every 5 years.
5. Do not take out big loans and avoid losing money to interest.
6. Get enough money to put down on a house so that you can build equity.
Clearly you wont get it overnight and may take 20-30 years but does not seem to out of reach for the middle class. Heck I have found stories of people who make much less then 100k who lived very frugally and managed to get 1 million net worth.
Now getting 100 million would be a real challenge. There are no steps to help you get 100 million. It is not as easy as going to college, getting a degree, and securing a job. I cant copy what Bill Gates and expect billions or even millions.
1. Go to college and pick a major (engineering, medicine, statistics, accounting, finance, marketing, anything major that you know offers good pay throughout your career, 100k+)
There are many people for whom this advice is no better than saying they should go become pro basketball players.
Quote:
Originally Posted by plot
5. Do not take out big loans and avoid losing money to interest.
6. Get enough money to put down on a house so that you can build equity.
So don't take out big loans, but scrape together enough to put down on a house? Assuming you mean a down payment, wouldn't #5 and #6 contradict each other?
To take it further, I don't believe buying a home should be a recommendation for achieving a million dollar net worth. Home ownership is more a lifestyle decision than a financial one, there are far too many variables to proclaim either buying/renting superior over the long term.
Putting "all the things money can't buy" aside, I do consider myself wealthy.
We are retired, own our very small house and 2 others free and clear. [ total cost about $120,000] We are renting out the 2 extra until we can get an Autistic community started, and combining money from the rentals with other income, we bring in about $2500 a month. About a decade ago, our net worth was 8 times higher but we spent it all in attempting [successfully] to save the life of a precious family member.
I am wealthy because I can afford to buy in bulk when food is on sale. I am wealthy enough to save even more money by owning a freezer. I am wealthy enough that I can afford to go to a dentist before a problem becomes a financial nightmare. I am wealthy enough that we can afford to have 3 homeless young people stay with us right now while they get their lives back together.
I am wealthy enough that I can go on cruises 2 or 3 times a year, make meals for the homeless, and pursue all of my favorite hobbies [which happily all either pay for themselves or bring in a little money or traded items]
I am wealthy enough that I can eat eggs that have been laid the night before, eat raspberries straight off the bush, and eat fish that had been swimming in the lake 10 minutes earlier.
I am wealthy enough that I can get my friends together for "goddess" pamper parties where w spoil each other like crazy.
I am wealthy enough that if the car breaks down I can get it fixed without putting off paying the utility bill...or food [of which, incidentally, I have a plethora of choices]
by baking and passing out cookies and giving people my homemade jewelry, I have received free mini vacations, nice clothes, free pedicures, botox one time [ I was just crazy curious but did not want to waste money on it] and incredible produce and honey.
Am I "sloppy rich?" No way. I do live life in abundance though and I believe that qualifies as wealthy. other folks being unaware of their riches does not make me appreciate mine less.
If I could still live the "1964 Millionaire" lifestyle I'd probably quit tomorrow. I just couldn't justify work if I could visit exotic Asian countries monthly and go to the opera every day. I'd just hop in my 1964 Coupe Deville and throw rotten tomatoes at hippy protesters if I got bored. Until then I will keep saving aggressively with that dream in my heart.
Well, equally, I like my playgirl lifestyle. I have a job with nice benefits, that doesn't tire me out so I can play, do the things I like as I please. It's the pits on the social life, but one can't have everything.
As far as not working, I don't think so. It's too easy to become a coach potato drunk.
Quote:
Originally Posted by JustMike77
I'm at the top of your "nobody" range and I would completely agree that in Los Angeles, at least, I don't feel "rich". I've got a nice boat and some nice cars, but no new Ferraris. I've lived in my paid off house for 26 years and still shop at Kohl's. The only benefit I feel is that I never, ever think about money. I never look at prices, but then again, I don't have a taste for $ 500 meals or $ 20,000 vacations either. My only weakness is my $ 100,000 watch collection, but even that has ended up MAKING me money. Go figure.
Well, a lot of it may be our state of mind. On this day, I'm probably at the bottom of the nobody range. Between being in my 50's.....and thinking in my 20's and being thrifty and LAZY (ie, "Oh, wouldn't this be nice to have, should I go out and buy it, OH, I'M TOO TIRED TO GO SHOPPING, maybe tomorrow......."), I rarely lack for money for the small things in life. Further, I've taken on a self imposed exile in Texas, haven't left the state since 2001. Texas isn't a bad state to stay in for it has just about everything. It's like a brother said when I asked if they were concerned that I had controlled of the family's money........
.........."Well, since I don't see you taking vacations in Aruba, no.".
Quote:
Originally Posted by SportyandMisty
With $20 million in the bank you cannot afford one of these:
..........
One of those being a Gulfstream, I take it.......and not an executive jet overall.
Ie, Hawker Siddeley's, for example, are going for decent pennies.....if one knows where to buy them. http://www.omnijet.com/forsalehawker/index.html
(always a fav of mine since one took a hit from an Atoll missile, while carrying late Rwanda President Juvenal Habyarimana, and survived to make an emergency landing, shipped back to H S for repairs, and returned to service)
(https://marciltechgroup.files.wordpr...wker-20121.pdf top of page 6)
Of course, there is buying.....and then there is maintaining, which draws a pretty penny in itself.
Last edited by TamaraSavannah; 03-24-2016 at 01:09 AM..
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It's good to see that your main goal in life isn't maximizing $$$. What a waste that would be!
