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Old 01-02-2010, 08:09 PM
 
Location: southern california
55,237 posts, read 72,596,336 times
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few want to be-- just want to spend the money others have accumulated.
filling up a bag with cash is not that hard- when you set your mind to it. unless of course-- there are large holes in the bottom of the bag. this is a real issue with the debtor nation.
everybody dreams of being a millionaire. if you ever get there-- you will be surprised by what you find----
when you have slain the dragon
the village does not in fact turn our to cheer
and the beautiful princess does not in fact fall in love with you
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Old 01-03-2010, 09:47 AM
 
Location: Fairfield, CT
5,549 posts, read 8,220,643 times
Reputation: 5816
Quote:
Originally Posted by Texas User View Post
This depends on what you do with that million dollars, how you spend it, how you invest it.

Average person in Texas makes less then $30K a year according to BLS.
There are people living on mimimum wage with no debt and are doing ok. Its all about what you do with the money.
Here's the circular problem.

The person that could be happy living on $30K per year is very unlikely to ever accumulate $1 million.

The cost of living in my area is much higher than in rural Texas. I seriously underspend my income, but I've still been unable to bring overall expenses below about $110K per year. I'd have to make drastic lifestyle changes to do that.
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Old 01-03-2010, 11:04 AM
 
Location: Victoria TX
42,668 posts, read 71,804,168 times
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"I don't want to be a millionaire---I just want to live like one". Been there, done that.

Fifteen years ago, my wife and I went around the world, on a trip that took 8 months. Including the plane fares, the total cost came to about $8,000. In other words, you can travel around the world and still keep your living expenses for two people down to a thousand dollars a month. (It would probably cost a bit more in 2010, but we needlessly splurged a few times, too. We stayed for a week or two in a few expensive countries. Overall, we averaged $16 a day on the ground.) I can't imagine any lifestyle or anything I'd rather be doing at home that would cost ten times as much. For that eight months, I was doing what millionaires can only dream of doing. It's nice to reflect that I spent so much of my life living like a millionaire, but without paying the dues.

Two-week African wildlife safaris run from $5,000 and up. We teamed with another couple, rented a car and a tent in Nairobi, bought a couple boxes of non-perishable food, and spent two weeks driving up the animals for close personal looks. Less than $100 each, but that was 30 years ago. If you want to live like a millionaire, just do it. While you still can. You can look at Mount Everest from the balcony of a $3 hotel.

Last edited by jtur88; 01-03-2010 at 11:27 AM..
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Old 01-03-2010, 11:29 AM
 
Location: Planet Eaarth
8,957 posts, read 17,061,984 times
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Quote:
Originally Posted by Texas User View Post
$1 million should be enough to retire. This means investing conservatively.
A million ain't what it used to be.

$1,000,000.00 in 1970 had about the same buying power as $5,576,392.57 in 2009. Annual inflation over this period was about 4.51%.
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Old 01-03-2010, 11:31 AM
 
Location: Planet Eaarth
8,957 posts, read 17,061,984 times
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Quote:
Originally Posted by ♪♫♪♪♫♫♪♥ View Post
That's damn near plagiarism from the book The Millionaire Next Door
Excuse me? What now?
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Old 01-03-2010, 06:20 PM
 
12,671 posts, read 20,538,520 times
Reputation: 2619
Quote:
Originally Posted by dazzleman View Post
Here's the circular problem.

The person that could be happy living on $30K per year is very unlikely to ever accumulate $1 million.

The cost of living in my area is much higher than in rural Texas. I seriously underspend my income, but I've still been unable to bring overall expenses below about $110K per year. I'd have to make drastic lifestyle changes to do that.

Living on $30K a year to accumalte a $1 million in her/his lifetime is not that hard. Pull up one of the compounding interest calculators and it will tell you what age ther person will be worth a million. Even if this person starts to invest in the market at age 30. He/She can reach the million at age 60. Person earning $30 in the South is possible. It does take sacrifices to make a million with a lower income.
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Old 01-03-2010, 06:21 PM
 
12,671 posts, read 20,538,520 times
Reputation: 2619
Quote:
Originally Posted by jtur88 View Post
"I don't want to be a millionaire---I just want to live like one". Been there, done that.

Fifteen years ago, my wife and I went around the world, on a trip that took 8 months. Including the plane fares, the total cost came to about $8,000. In other words, you can travel around the world and still keep your living expenses for two people down to a thousand dollars a month. (It would probably cost a bit more in 2010, but we needlessly splurged a few times, too. We stayed for a week or two in a few expensive countries. Overall, we averaged $16 a day on the ground.) I can't imagine any lifestyle or anything I'd rather be doing at home that would cost ten times as much. For that eight months, I was doing what millionaires can only dream of doing. It's nice to reflect that I spent so much of my life living like a millionaire, but without paying the dues.

Two-week African wildlife safaris run from $5,000 and up. We teamed with another couple, rented a car and a tent in Nairobi, bought a couple boxes of non-perishable food, and spent two weeks driving up the animals for close personal looks. Less than $100 each, but that was 30 years ago. If you want to live like a millionaire, just do it. While you still can. You can look at Mount Everest from the balcony of a $3 hotel.
I rather be a Millionaire then and not act like one.
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Old 01-03-2010, 06:22 PM
 
12,671 posts, read 20,538,520 times
Reputation: 2619
Quote:
Originally Posted by Tightwad View Post
A million ain't what it used to be.

$1,000,000.00 in 1970 had about the same buying power as $5,576,392.57 in 2009. Annual inflation over this period was about 4.51%.
It is still a lot and it will probably be a lot in 30 years from now.
Of course, this depends on your lifestyle and how much you spend each year.
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