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Old 04-03-2013, 05:32 PM
 
10 posts, read 14,880 times
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Great subject. I wish I was able to contribute.
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Old 04-04-2013, 02:22 PM
 
20 posts, read 52,588 times
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A million is not what it used to be. City-data is a very high quality forum full of intelligent people. I would bet most people who use city-data have college degrees, and like 5% have 1M+.
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Old 04-04-2013, 03:30 PM
 
Location: Los Angeles (Native)
25,304 posts, read 17,170,506 times
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And millionaires are getting more common in the U.S

There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.

Has Obama Been Good for Millionaires? - Yahoo! Finance
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Old 04-06-2013, 09:04 AM
 
Location: NE Mississippi
17,925 posts, read 10,512,576 times
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Quote:
Originally Posted by jm1982 View Post
And millionaires are getting more common in the U.S

There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.

Has Obama Been Good for Millionaires? - Yahoo! Finance
I wonder how it would all look if the housing bubble millionaires were factored out. A longer term chart shows that the percentage of millionaires peaked at 2007, and then crashed downward. As the article says, it still has not recovered to '07 levels.

The number of food stamp recipients has certainly risen though, and it is fairly safe to say that none of the food stamp recipients will ever become wealthy. But there may be an exception or two. And the percentage of population participating in the workplace has declined to its lowest level in many, many years.

People will succeed in spite of Obama, not because of him. The title of the CNBC article is typical of their never ending promotion of Obama.

There have been housing bubble millionaires, oil millionaires, dot com millionaires, stock market millionaires several times, and if you go back in history, even tulip bulb millionaires.
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Old 04-07-2013, 02:59 AM
 
3,853 posts, read 11,986,150 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
I had to come back and say this:

A million dollars is not very much money any more. Even if you could earn 10% on it, which is extremely difficult in this economy, that is only $100,000 a year in income and then once all the taxes are paid on it, you are left with about $50,000 to live on.

$50,000 is barely hanging onto middle class by the skin of your teeth and you'd have to be darn good at budgeting to live any way but austerely on that amount. No yachts, no European vacation, no Lamborghini.

So, OP, I suggest that you aim higher.
IF you are making 100k from investments, you aren't going to be living in an expensive metro area....Better to go mid size city and save a boat load of money.
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Old 04-07-2013, 03:22 AM
 
83,481 posts, read 80,994,166 times
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depending on your overall tax tax status that 50k in taxes you figured is way off. if you are a retiree earning 100k in investment income if it is capital gains income it is only 15% on top of which the tax brackets are bracketed. 35k in retirement money at full tax rates to a 65 year old couple is only 1500 bucks plus local taxes.
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Old 04-07-2013, 02:12 PM
 
9,982 posts, read 7,274,270 times
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Made my first million at age 22..
robbed a bank, never got caught.
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Old 04-08-2013, 12:08 PM
 
1,475 posts, read 2,339,299 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
I had to come back and say this:

A million dollars is not very much money any more.

That's for sure !!!!!!!
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Old 04-08-2013, 06:21 PM
 
40,992 posts, read 22,254,659 times
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Quote:
Originally Posted by qlty View Post
There is no one here with a million
A million what?

A million dollars?
A million in net worth?
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Old 04-08-2013, 06:39 PM
 
40,992 posts, read 22,254,659 times
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Know the difference between assets and liabilities. Know the difference between good debt and bad debt. Understand the tax code. Taxes will make you poor, try to keep your tax liability down and get a good CPA and financial adviser.

Know the difference between income and wealth. Understand that someone with an income of $200K is not rich. That is a high income earner who will get hit with an enormous tax bill on that income and that reduces their wealth.

Never stop learning.
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