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Old 02-21-2013, 01:12 PM
 
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I enjoyed it, but really to meet their idea of a millionaire when they wrote it, you need to substitute "1.5 million" in everywhere.

Some people thought the part about giving to your children dragged on too long, and/or wasn't good "advice", but it was probably my favorite part of the book and one I got my biggest takeaways from.


BTW, I think I found the reviewer mathjak107 was referencing:
What's Wrong with...

I definitely don't agree with everything he writes.




However, I will say that moderation is definitely needed. There's no point in accumulating wealth just for accumulation's sake. It can't (or at least shouldn't?) be an end unto itself. You needed to dispense of it in some way at some point for enjoyment I would think. I don't get the mentality of being frugal to the day you die just so you can pass on a big pile of money to your children. You need to save diligently, but be willing to spend some as you go along lest you die unexpectedly early.

So while my wife and I spend relatively little money on cars, clothes, electronics, jewelry (as in, none except her engagement ring and wedding band), and house (could have afforded a bigger one), we do go out to eat fairly often and have taken several international vacations. Gotta have something.
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Old 02-21-2013, 01:47 PM
 
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Quote:
Originally Posted by josh u View Post
I'll save you some money. Basically, the book says that to become financially secure, you should live beneath your means, save and invest, and spend wisely.
Cliff Notes version, and right on target.

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Old 02-21-2013, 04:44 PM
 
Location: Santaluz - San Diego, CA
4,484 posts, read 7,872,874 times
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Quote:
Originally Posted by mathjak107 View Post
actually the term millionaire today is more representive of a life style than a dollar figure.

mostly because the millionaire of old would take 7.8 million today to mean the same thing.

its supposed to imply a bentley in he driveway,a butler and not having to work to make ends meet.

today a millionaire is a working couple with a house and 2 leased hondas in the driveway and 2 kids in college..
Bingo. I totally agree. In fact, I think never in history has being a "millionaire" meant so little. LOL.
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Old 02-21-2013, 04:52 PM
 
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while it does designate a dollar value the term really represented a connotation of lifestyle.
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Old 02-21-2013, 09:19 PM
 
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I get your larger point, but millionaire status still means something, and it is not as commonplace as you suggest. After all, well less than 10% of all households have a net worth of one million or more, and if you take residence out of the equation, that number drops even further.


Quote:
Originally Posted by mathjak107 View Post
actually the term millionaire today is more representive of a life style than a dollar figure.

mostly because the millionaire of old would take 7.8 million today to mean the same thing.

its supposed to imply a bentley in he driveway,a butler and not having to work to make ends meet.

today a millionaire is a working couple with a house and 2 leased hondas in the driveway and 2 kids in college..
Quote:
Originally Posted by earlyretirement View Post
Bingo. I totally agree. In fact, I think never in history has being a "millionaire" meant so little. LOL.
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Old 02-22-2013, 02:02 AM
 
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we stand at just over 2% as far as overall households. no question it is a high number but the value has been sucked right out of it.

retiring with a million bucks today generates the same amount as someone with zero savings and a 35k income. not a heck of a lot thats for sure.

at one time the term millionaire meant not having to work, a mansion ,a butler , fast cars and money to leave for generations.

today it means 2 people working and 2 leased toyotas in the driveway.
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Old 02-22-2013, 03:53 AM
 
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ooops, meant to say the million in retirement generates the same as zero in savings and a 35k pension.
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Old 02-22-2013, 06:25 AM
 
Location: Santaluz - San Diego, CA
4,484 posts, read 7,872,874 times
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Quote:
Originally Posted by mathjak107 View Post
no question it is a high number but the value has been sucked right out of it.

at one time the term millionaire meant not having to work, a mansion ,a butler , fast cars and money to leave for generations.
.

I do agree it's a small % of Americans that achieve this status but then again, most Americans don't save nearly as much as they should and many living beyond their means. Buy tons of junk they don't need, spend money racking up credit cards, buying new cars every few years, etc.

As mathjak mentioned, when I was a kid, being a "millionaire" implied a different lifestyle and certainly with inflation it's simply not the same as when we were younger. I remember in high school and gas was under $1 a gallon. I live in California where it's over $5 a gallon now.

Everything is more expensive these days and in the next few decades with continual inflation it will mean even less.
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Old 02-22-2013, 08:37 AM
 
Location: Chapel Hill, NC
8,354 posts, read 12,057,006 times
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I'm in debt up to my eyeballs... - YouTube
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Old 02-22-2013, 09:04 AM
 
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I totally get the reality of inflation. Fwiw, I'd need well over 7 million today to have the same purchasing power as a mere one millionaire in the year of my birth. But to argue that a millionaire today means two leased accords, zero savings and a 35k pension is crazy talk. As I stated, well less than 10% of US households have a net worth of one million or more. It is not as commonplace as some like to believe.

Quote:
Originally Posted by earlyretirement View Post
I do agree it's a small % of Americans that achieve this status but then again, most Americans don't save nearly as much as they should and many living beyond their means. Buy tons of junk they don't need, spend money racking up credit cards, buying new cars every few years, etc.

As mathjak mentioned, when I was a kid, being a "millionaire" implied a different lifestyle and certainly with inflation it's simply not the same as when we were younger. I remember in high school and gas was under $1 a gallon. I live in California where it's over $5 a gallon now.

Everything is more expensive these days and in the next few decades with continual inflation it will mean even less.
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