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No. The US, in 2009 had 6.7 million millionaires, they had 2.5 more but the number dropped. The very rich are getting richer. Millionaires seem not to be, at least those in the lower numbers. So, at one time, we had 9.2 million millionaires.
To me, that's a large number. Larger than I thought we had.
Yes, it might be small compared to the country's overall population, but taken on a personal basis, who do you want to compare yourself to, what do you want to aspire to?
Not the great unwashed, I hope.
I think people owe it to their children to rear them with good financial husbandry. Teach them to save half of any monetary gifts they get, from an early age. Teach them to live beneath their means. Teach them to see that money in the bank as their future and better than having that shiny car in the garage right now.
Most of all, teach them about personal investing. About how to find the most reward for the least risk.
I had to teach myself and had I started younger, I would have had a lot more by now. Many of us are late learners and it's because our parents were ignorant and there was no one to teach us. The time to start is early.
Just found out the owner of the place I get my haircut actually owns 4 apartment buildings debt free. He has more than enough to never work again so I asked why he was still working at his shop. He said he would be bored all day sitting at home. I then asked him what it's like to be rich and he said he's just like typical people. Wears the same clothes, eats the same thing. But he said the best thing was that his children would be covered financially and that his life no longer has ups and downs. It's very smooth.
Thought that was interesting and wanted to know if you ever asked rich people what life is like and what they said (and if you are rich, please enlighten us!) As for the definition of rich, I would say you're rich if the passive income from your investments (real estate, stocks, business, etc.) allows you to live the life you want to live.
Nope and I don't plan on asking because I seriously don't care how others live their lives. I tend to my own and do not envy anyone for any reason.
You don't have to deal with the bull**** of life.
The small things aren't an issue. You don't even give it a second thought. Hundreds or thousands or tens of thousands or dollars aren't a problem.
Basically, wealthy folks can focus on making money and moving forward in life without the small time distractions.
The reward of wealth is not about having nice cars, big houses, or tons of high end clothing. That's how the non wealthy look at the wealthy. The reward of wealth is stability at its most basic level; shelter, food, and security.
Yes. This is the truest point and the real reason I want to be wealthy.
The security and ease.
I don't know about hundreds of thousands being meaningless or not a problem.
The average American today has less than $100K in retirement though. So if you have $1 Million today, you are rich.
Also, it depends on what makes you happy on spending.
Just having a million bucks does not put you in that category where you don't have to worry about bills, emergencies, etc.
Million bucks ain't much. Just because it's more than you have doesn't mean it really changes anyone's reality that much.
No. The US, in 2009 had 6.7 million millionaires, they had 2.5 more but the number dropped. The very rich are getting richer. Millionaires seem not to be, at least those in the lower numbers. So, at one time, we had 9.2 million millionaires.
To me, that's a large number. Larger than I thought we had.
Yes, it might be small compared to the country's overall population, but taken on a personal basis, who do you want to compare yourself to, what do you want to aspire to?
Not the great unwashed, I hope.
I think people owe it to their children to rear them with good financial husbandry. Teach them to save half of any monetary gifts they get, from an early age. Teach them to live beneath their means. Teach them to see that money in the bank as their future and better than having that shiny car in the garage right now.
Most of all, teach them about personal investing. About how to find the most reward for the least risk.
I had to teach myself and had I started younger, I would have had a lot more by now. Many of us are late learners and it's because our parents were ignorant and there was no one to teach us. The time to start is early.
Credit companies won't like it if the parents thought their children lol
Just having a million bucks does not put you in that category where you don't have to worry about bills, emergencies, etc.
Million bucks ain't much. Just because it's more than you have doesn't mean it really changes anyone's reality that much.
Keep in mind that you are still investing that million while NOT working.
Keep in mind that you are still investing that million while NOT working.
The higher the returns on your investment the more risk you take. Have you tried picking a stock and tracking it over time? Everyone can see winners after the fact.
You can't just leave it in the traditionally safe places, bank CD's, money markets, triple A munis, treasuries, they pay no interest these days, not even keeping pace with inflation. You'd lose money. Where would you invest it?
Having money is a responsibility, one most are not prepared for. It takes a long time to make a million, but if you move stupidly you can lose it in a very short time.
No, you cannot invest and live on a million these days in comfort. At least, I don't believe you can. I think it is a problem merely knowing where to invest it to cover inflation and taxes. I think that is why there are fewer millionaires today than there were a few years back.
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