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most problems in life are not related to money.. they are related to lack of money.... your financial plans and goals are just another aspect of the things that determine how your overall quality of life and what you do in life consists of and are not a substitute for the other things that make up a good life like your health and family life .they go along with it.
its one big ball of wax and folks only start pulling out the pieces individually when they failed at one part of it. then they will put more importance on the areas they didnt fail at but for my life they are all important pieces .. lack of money issues have destroyed more marriages then anything else most likely.
my wife and i havent had 1 money issue fight ever... why? because thru our planning,investing and good luck that aspect of our lives is right on track...its just not an issue and so we can concentrate more on the other areas of our lives to make life with each other and the kids more fullfilling.
lack of money hostilities in life have a way of poking its head up in all other areas in most lives. that fight with your spouse is never about you left the cap off the toothpaste again. there are other issues usually that bring that up and dollars to donuts ill bet most of the time its lack of money aguments that bring up hostilities into other areas.
fact is money by itself may not bring true happiness but being poor will certainly bring a whole lot of misery.
That is very well said and I agree. I would add that money is not the root of all evil, but poverty is. Not having enough to take care of all the people in a family and necessary things adds stress that can destroy a marriage. Divorced people I know always come away from the marriage broke. It could be their own fault or not, but money is always one of the issues and often enough the main issue.
That is very well said and I agree. I would add that money is not the root of all evil, but poverty is. Not having enough to take care of all the people in a family and necessary things adds stress that can destroy a marriage. Divorced people I know always come away from the marriage broke. It could be their own fault or not, but money is always one of the issues and often enough the main issue.
I would also turn it around and say that for most people, chronic financial problems are often a sign that something else is wrong. At least that's the case with people I know. I don't mean to say that people can't sometimes hit rough patches, but the people I know who are chronic financial disasters usually have other issues, and the financial problems are the result of those other issues.
i rarely agree with suzie ormann but her quote" i spend more than because i think less then" is very true.... most folks who committ financial suicide do so for other reasons then financial bad luck.
I don't really count "hard assets" when determining a net worth...
It is difficult to exclude property assets or such things as the PV of a pension (deferred compensation). If I own a $500,000 home with a $350,000 mortgage, I might have $1,000,000 in investments and be considered a "millionaire". However, suppose I pay off that $350,000 mortgage. Is my net worth any less because I only have $650,000 in liquid assets now? What if I sell my home and decide to rent while investing the proceeds?
If I have $1,000,000 in stocks and bonds and I decide to annuitize it to produce $60,000 a year for life (like a pension), has my actual net worth changed?
I believe you add up all your assets and subtract your liabilities and there you have it: net worth. Though some non-liquid assets may be very difficult to value accurately.
i always just look at it as what i can spend or re-invest as i cant invest my living room or sell off my kitchen so any planning i do involves only what generates income for me or profits i can take at any time and do something different..
if its total net worth well then add up everything, who cares what you include. throw in the car ,your nike sneaker collection and your furniture...
the word millionaire dosnt mean much today so if your doing it for the word its really meaningless. you need 7.8 million to meet the conotation of the millionaire of old. may as well make up a word for someone with 500k or 100k as the term millionaire is just as much just a other number. it no longer is a connotation of posh, rich lifestyles without working that the term milionaire once meant as well, they are merely numbers..,.
the term millionaire really isnt a number, its an indication of life style ,luxury and poshness that the millionaires of old could live.so if it makes you feel better add up everything you own but youb are still very far from being a true millionaire in meaning , until you hit 7-8 million bucks. ..
millionaires today are anyone with a house and some savings. if most of it is in the house then its a struggling family still trying to make ends meet ,possibly house rich and quite cash poor. instead of a porche or benz they have 2 leased honda civics.... they are still wondering if its even enough to retire on.
Last edited by mathjak107; 10-04-2010 at 03:59 AM..
i always just look at it as what i can spend or re-invest as i cant invest my living room or sell off my kitchen so any planning i do involves only what generates income for me or profits i can take at any time and do something different...
LOL, Actually, that is exactly how we got into this mess: drawing on home equity!
For many, the point of being a millionaire is more of a milestone. Not that they can live in the lap of luxury, but rather that they have achieved something through hard work, self control and planning. From that point of view it is very meaningful, particularly when accompanied by an otherwise fulfilling life.
its just a milestone the same as 10k ,100k etc... its merely a number and anyone is free to strech what ever they want into that number if it makes them feel better.... its not like their counting their furniture so they can gain membership in a posh club.
it all depends for what purpose your including various things.
i rarely agree with suzie ormann but her quote" i spend more than because i think less then" is very true.... most folks who committ financial suicide do so for other reasons then financial bad luck.
my side i did on my own, i was an investor long before i met my wife, this is a recent 2nd marriage, the first million i did. my wifes family were builders so she inheirited her side but it was nothing like it turned into after we got it.
I guessed as much.
Your wealth really came from inheriting your wife’s families wealth, that explains why you have the attitudes you do. Silver spoon syndrome.
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