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Kids are a financial liability. Kids are reserved for the wealthy.
There are rich folks who shop at thrift stores and poor people who shop at expensive stores.
If I was handed $1 Million now, my life would still stay the same.
Well a million is not enough, in practicality, to change your lifestyle over. It would, for me, be part of a retirement fund.
It's not enough to do much with, except to invest and continue saving. I could not retire and live on it. I certainly would not buy a larger house, or one in a better neighborhood.
I think it would take 3 or 4 mill for me to consider making changes.
Millionaires are very common these days. They just live in middle class areas, and like you suggest, keep their mouths shut if they are in the low figures.
I guess it depends on where you live, if you are in a major east or west coast city, it's not that much. Maybe in a small town in the midwest or south where salaries and cost of living are lower, it would look more attractive.
Yes, it depends on where you live but also what OTHER assets you have accumulated,
what other obligations you still have to attend to, and how old you are.
Setting the specific value of those other common assets aside...
if you have the paid for house in good condition which full of paid for furniture and furnishings,
and a car or two and clothing and whatever hobby and recreational things that appeal,
what is left to pay for?
Maintenance and upkeep and taxes and insurance? Sure. But it's not all that much.
That leaves groceries and utilities and greens fees and some traveling.
And medical.
Aside from the medical and travel my annual costs for those things are damned modest.
In round numbers and on average... the basics come out to about $10,000 a year.
I can spend more (and often will) but that is mostly by choice not need decisions.
Yes, it depends on where you live but also what OTHER assets you have accumulated,
what other obligations you still have to attend to, and how old you are.
Setting the specific value of those other common assets aside...
if you have the paid for house in good condition which full of paid for furniture and furnishings,
and a car or two and clothing and whatever hobby and recreational things that appeal,
what is left to pay for?
Maintenance and upkeep and taxes and insurance? Sure. But it's not all that much.
That leaves groceries and utilities and greens fees and some traveling.
And medical.
Aside from the medical and travel my annual costs for those things are damned modest.
In round numbers and on average... the basics come out to about $10,000 a year.
I can spend more (and often will) but that is mostly by choice not need decisions.
I am thinking in terms of retirement, and escalating and perhaps surprising medical bills and not being able to clean the house. I am thinking of having to live near a teaching hospital, which usually takes you to a big city in which the housing is expensive, especially in a safe building. I am also considering that one will have decreasing desire and ability to do home and land upkeep and will need money to keep things well or again, live in a city condo where such things are done for you - for a fee.
For me, I see old people in cities as cranky but engaged and those in the country as more laid back, but perhaps not as concerned with worldly events, maybe more involved with family. I prefer the former, and realize that I must pay for my preference.
You are still earning in retirement for doing nothing though. Depends on where you live in USA also.
Only a few percentage of people are millionaires in USA. What do you mean keep their mouth shut on low figures?
Quote:
Originally Posted by goldengrain
Well a million is not enough, in practicality, to change your lifestyle over. It would, for me, be part of a retirement fund.
It's not enough to do much with, except to invest and continue saving. I could not retire and live on it. I certainly would not buy a larger house, or one in a better neighborhood.
I think it would take 3 or 4 mill for me to consider making changes.
Millionaires are very common these days. They just live in middle class areas, and like you suggest, keep their mouths shut if they are in the low figures.
I guess it depends on where you live, if you are in a major east or west coast city, it's not that much. Maybe in a small town in the midwest or south where salaries and cost of living are lower, it would look more attractive.
Kids are a financial liability. Kids are reserved for the wealthy.
If the only reason you aren't having children is because of money that's a sorry state to be in. Why deny yourself the pleasure of children because of money?
The same cheapskate ways that you keep costs down for yourself, you can do for kids -- it's easier in fact -- because kids rarely wear out clothing, they grow out of it.
And we don't have kids -- our choice. But money had nothing to do with it.
If the only reason you aren't having children is because of money that's a sorry state to be in. Why deny yourself the pleasure of children because of money?
The same cheapskate ways that you keep costs down for yourself, you can do for kids -- it's easier in fact -- because kids rarely wear out clothing, they grow out of it.
And we don't have kids -- our choice. But money had nothing to do with it.
Not just money. Other factors also. It defeats the purpose of freedom. Why is my tax money going to Welfare for single moms then? Many people had unwanted kid(s) and now are suffering.
If I have a kid, then I want my kid to have the most expensive and nice looking clothes and drive the most fancy car in high school. Why make the child suffer?
Poor people don't have emergency funds. They have to spend all there money on rent, and food, and survival in general and when an emergency comes around they either end up homeless or have to spend a month or two "cutting back" by not paying the light or water bill.
I grew up poor, I know what it's like to be poor, your not truly poor unless one mistake, or accident, or misfortune that would be a minor inconvenience for a rich person has the power to set you back 10 years. Many people claim to be poor when they know nothing about it, especially rich kids that are in college. They know nothing about being poor, if they screw up there parents will bail them out. When truly poor kids screw up they end up in a homeless shelter, in prison, or dead.
^this is right on point. I can't tell you how many of my fellow peers cry the poor mouth when their parents will bail them out in the blink of an eye. When you are legit poor, just one unexpected car or home repair can send you back for what truly seems like a decade.
I never have asked a rich person what it is like to be rich nor would I if I actually met one. There is quiet money out there where people don't show their wealth, but they seem to enjoy getting what they want when they want. I have known some millionaires who are as common as the day, not showing off their "gold". A rich person to me is someone who has millions. I just don't count anyone under that figure as being rich. Comfortably well off for sure, but not rich.
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