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And you are falling into the pattern of picking a little thing in people's post and derail the thread. Stop it, or I will report you.
I simply pointed out that you were off base in your two combined statements about 10/1 now to the 90s. The derailing came because of your crying about trolling when your "opinion" doesn't match the reality of historical information. If you dislike my posting so much id suggest you use the ignore function instead of telling me to stop as I haven't done anything wrong
What facts are we verifying here? If anything most people here are stating opinions. But if you want facts, the top 1% of income and net worth keep going up since 1990. Back in 1990, it was a big deal for a company to be bought out in the hundred millions, now it's most billion here and there. So obvious there are more millionaires. So just go google how many millionaires we have now vs in 1990.
Also why are you hiding behind as a new poster to post in this thread.
The dispute in question is the ratio 10 to 1 not that valuation haven't changed. You simply grossly overestimated the difference or were greatly exaggerated
No it doesn't. Same with 6 figure income. It used to be a big deal but in today's money you need to make 1/2 million a year to be impressive. Kids graduate from college already make 6-figure income. While in 1990, they might make about $40k.
True from my prospective....and that is really what counts, in that everyone has a different viewpoint.
For the first decade of my career, I thought making $100k a year would be the ultimate "you have arrived" experience, but was surprised that when it came 5 years later it wasn't. I traded a new Seiko and new Corvette for a used low-end Rolex and a used Porsche Turbo....not exactly "Ferraris falling out of trees" changes.
True from my prospective....and that is really what counts, in that everyone has a different viewpoint.
For the first decade of my career, I thought making $100k a year would be the ultimate "you have arrived" experience, but was surprised that when it came 5 years later it wasn't. I traded a new Seiko and new Corvette for a used low-end Rolex and a used Porsche Turbo....not exactly "Ferraris falling out of trees" changes.
Sorry but the five years before you were making 100k people in that income range didn't have ferraris falling out of trees either. There is also a common issue of expenses grow when income grows, so when you made 50k a year you thought you'd be set at 100k but I'd guess your expenses aren't close to the same now as they were then. Further if your income jumped to 500k it wouldn't have the typical breathing room you would have thought when you were only making 100k
Sorry but the five years before you were making 100k people in that income range didn't have ferraris falling out of trees either. There is also a common issue of expenses grow when income grows, so when you made 50k a year you thought you'd be set at 100k but I'd guess your expenses aren't close to the same now as they were then. Further if your income jumped to 500k it wouldn't have the typical breathing room you would have thought when you were only making 100k
Umm... yeah thats what I was saying in regards to a person's individual prospective. When you have nothing, a $100k looks like alot of money.....the reality for me was different.
So now that I'm way beyond $100k, I understood that any lifestyle changes would be minor.
Making/earning a $million isn't that difficult today (assuming folks can include their home equity and IRA accounts).
The more difficult part is 'salting away 1 $million in after tax dollars and hanging on to it.
The most effective job of saving many people manage is that of the man who stated, "I started out with nothing ... and I've managed to hang on to most of it!"
The first $1 million is definitely the hardest. Moreover, getting there without any financial help from parents/family is even harder. I am curious how many years it took for them (or you) to achieve that.
This is easy to understand. It often takes money to make money, and once you have money, you're able to investment more.
with a constant return, and rule of 72, regardless of how much you start with, the time it takes to double is the same whether you have $1 or $1 million, so over the same time one ends with $2 and other gets $2 million
When you start with 1 million you can take less risk to generate impressive returns. A guy with only $10k to invest in stocks making a 10% annual return is considered good, but he only generates $1000. A guy with $1 million to invest with the same 10% ROI generates a 6 figure income. The guy with $1mill can also live off of 2-3 % returns investing in stocks with dividends.
The first $1 million is definitely the hardest. Moreover, getting there without any financial help from parents/family is even harder. I am curious how many years it took for them (or you) to achieve that.
i didn't hit a million until i was around 50 but from that point tripled it in 13 years
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