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Old 05-19-2013, 02:02 PM
 
Location: East Coast of the United States
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Quote:
Originally Posted by jc102 View Post
Off point remark: He could also lose a similar amount or even more if you look at year-over-year, but you are right the market has a positive return in the long-run.
Everyone has their own comfort level. It can take some people time to develop the level of confidence necessary to invest in the stock market.

But after a while, it just feels like putting money into a savings account and keeping track of it, mostly.
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Old 05-19-2013, 02:18 PM
 
Location: NYC
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is that million locked away until you're 59.5 years old?
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Old 05-19-2013, 02:26 PM
 
178 posts, read 351,293 times
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Agreed. I don't feel wealthy and I still have "the fear."
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Old 05-19-2013, 03:58 PM
 
Location: NC
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US today has ~115 M households of which ~8% have over a million dollars in assets--wow
(numbers from US census bureau and cnbc.com)
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Old 05-19-2013, 04:13 PM
 
87,530 posts, read 84,990,071 times
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I will bet it is way more than that. Very few folks are surveyed in the census financial information section.

There are no actual surveys done that look at what everyone has.

The census one which is the biggest looks at only 120,000 people in the entire country.

I have more people than that in my own neighborhood.

Things like annuities and life insurance cash values do not even appear any where at all and are transparent to even income tax studies.
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Old 05-19-2013, 04:24 PM
 
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Got there due to the efforts of others. It's been interesting - I've found that I'm LESS willing to spend money, because I don't want to lose what I have. The money is very conservatively invested.

I did stop working in a job I hated, though - now I do low-paying work that I love, and the freedom to do that has been a very big deal to me.

The other big deal is mainly that there is no longer the fear that when I become too old to work and social security is bankrupt I'd have to live out of a shopping cart on the street (or I'd have to work as a greeter at Walmart).

And I can afford decent healthcare. To a lot of people that's a very big deal.

So I guess the real question is: What do you think is a "big deal"?

I've been figuring that in 2013 someone would have to be worth 20 million and above to live the idealized "millionaire" lifestyle.
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Old 05-19-2013, 04:43 PM
 
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7.8 million is what it would take today to live that millionaire lifestyle of decades ago.
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Old 05-19-2013, 04:58 PM
 
29,112 posts, read 31,709,255 times
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Quote:
Originally Posted by Eric Fred Norris View Post
I don't think I'll feel secure ever no matter how much I have socked away, which sounds terrible.
There is no magic dollar amount that is going to make you feel completely secure. Complete security does not exist. Wars, disasters, confiscatory governments exist...and there's not much you can do about these external events on an individual level. A little bit of insecurity is a good thing if it motivates you to save and invest. But if you let that insecurity get out of control, then, it doesn't just sound terrible, it IS terrible and it becomes soul killing.
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Old 05-19-2013, 05:05 PM
 
29,112 posts, read 31,709,255 times
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Quote:
Originally Posted by ohio_peasant View Post
One more thing: everybody says that the first million is the hardest, while subsequent millions become easier. I disagree. Often that first million comes from getting lucky on speculative investments. Once one amasses such money, one becomes more conservative, and rate of return drops. The jump from say $300K to $1M can be very fast, again depending on risk-tolerance and luck. With attenuated risk-tolerance, going from $1M to $2M can be a protracted crawl. This is one reason why we have many "middle class millionaires" - folks stuck with one or two million, who never rise higher.
Eh...Your post was good up to this point. I don't really think most people get the first million through getting lucky on speculative investments. Yes, I know these people exist, but they are the exception.
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Old 05-19-2013, 05:38 PM
 
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Speaking for myself i will say i did it on luck ,nerve and calculating the risk.

I borrowed a ton of money to buy a partnership in a family owned real estate business when a partner wanted to sell out .

My wife and i discussed all the risks, borrowed 500k and had no clue how we would pay it back if things did not work out well.

Listening to our brains would have frozen us in fear.

Human brains hate losing money more than they like making it so they come up with a hundred resons why you should not do this.

Well luck had us paying off the loan with the first sale of one of the properties.

I rather be lucky than smart any day.
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