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Old 05-25-2013, 05:55 AM
 
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30 years from now everyone will have to have a million bucks just to pay their basic bills.it more than likely will not be enough to even have a middle class lifestyle in mayberry.
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Old 05-25-2013, 07:23 AM
 
85,777 posts, read 83,279,730 times
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Quote:
Originally Posted by 601halfdozen0theother View Post
Well, there you have that. Way too expensive to live in the NYC metro, IMHO, and Queens not even the nice part. You could move to a very nice home in a very nice part of 2/3 of the rest of the country and do much better re health care costs, housing, insurance, taxes, etc. etc. etc. And depends on your profession whether or not there's that much difference in income. And interest income rates on investments are the same wherever you actually physically live, aren't they?

I'll never understand why people choose to remain in crazy expensive parts of the country when there's so much more wonderfulness out here which can provide an easier, better quality of life!

But each to his or her own.
actually folks think rural living can be cheaper and the two major studies done showed the drop in income and jobs never offset the drop in cost of living in most cases.

usually housing is less because income in the area is less. most of the near poverty income levels in america are not in cities but outside the cities.

of course if you are retired it will not matter but if you ever need to work or want to work you can end up in a situation of not really being compensated well or at all for your time.

but then you run into lifestyle issues and you can be pretty miserable if you have to live somewhere you do not want to dictated only by what you can afford.

while we enjoyed visiting our folks in florida and it is was cheaper for them to live down there ,it is not a place we want to live.

it is night and day comparing it to the life in nyc and not for us.

cost of living is not the be all and end all reason for living somewhere
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Old 05-25-2013, 09:07 AM
 
327 posts, read 415,717 times
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Quote:
Originally Posted by Eric Fred Norris View Post
I mean of course its a big deal since it means you can live comfortably in most places in the world, but is it anywhere near the life changing benchmark that it used to be?

I'm about to cross that mark this year and I still feel pretty poor. Am in my 30s, no debt, no inheritance, no kids or wife. Still pinch pennies and clip coupons. I don't think I'll feel secure ever no matter how much I have socked away, which sounds terrible. Then again, I'm Asian and am expected to care for my parents, who have no retirement saved away whatsoever.
its not enough to retire on, thats for sure.. thanks to inflation, your money buys you less, and less every year.. 10/20 years ago, you could have retired on that million and taken care of your parents.. today, you would probably last a decade..
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Old 05-25-2013, 10:54 AM
 
977 posts, read 1,653,573 times
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Originally Posted by sentry12 View Post
its not enough to retire on, thats for sure.. thanks to inflation, your money buys you less, and less every year.. 10/20 years ago, you could have retired on that million and taken care of your parents.. today, you would probably last a decade..
Absolute nonsense, sure if you're an idiot at handling money, it'll only last a decade. And LOL at all of you who think 1M in your 30's is nothing. I guess you guys don't understand that less than 3% of households in their 30's have that. Or maybe you all are ballers and 1M ain't nothin' to you champs.
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Old 05-25-2013, 07:07 PM
 
Location: Fairfield, CT
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Quote:
Originally Posted by LordSquidworth View Post
No, it's not much anymore. You're not rich. You're comfortable.

But...

The first million is the hardest. Gets easier after that.
That's definitely true. It takes a lot longer to get to the first million than it does to get to the second or third, in my experience.

Hitting millionaire status is a huge event, even if it doesn't go as far as it used to. A decent percentage of people have no net worth at all, and it's well above average, so it is a big event.

Congratulations and keep saving and growing your money. Don't forget to enjoy it within reason.
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Old 05-25-2013, 07:08 PM
 
Location: Fairfield, CT
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Originally Posted by Broncos Quarterback View Post
Absolute nonsense, sure if you're an idiot at handling money, it'll only last a decade. And LOL at all of you who think 1M in your 30's is nothing. I guess you guys don't understand that less than 3% of households in their 30's have that. Or maybe you all are ballers and 1M ain't nothin' to you champs.
It's surely not enough to retire on at a young age. Even if you just live off the interest, the real value will decrease with inflation. Retiring in your 30s on only $1 million would be a very foolish thing.

But it is a big deal to hit that milestone.
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Old 05-25-2013, 07:14 PM
 
6,324 posts, read 5,956,559 times
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Quote:
Originally Posted by mathjak107 View Post
it is all about lifestyle and what you want.
Yes, that's surely true. And this is the constant conversation on CD - how could you possibly stand to live there (wherever "there" may be)?? Many of us know little about other parts of our country.

Over the course of my life I've lived in 2 foreign countries, 15 different states, and 33 different cities/towns/rural areas (including a year in NYC). My immediate family members currently live in 3 different states and 1 foreign country, and they all have lived in several different places. We see one another frequently. This all makes it hard for me to understand others who are locked into living in one place.

Purely based on personal experience I'd say that the primary financial difference between the places I have lived has been the cost of purchasing/insuring/and paying taxes on a house and/or the cost of renting a place to live. Transportation costs only factor in when there is a need for a long commute to work or when there is extra cost for parking a vehicle.

So, back to the point of this post - a mil is still a big deal in many parts of the country where the cost of home ownership or rental is low, so that there is plenty of money left over for other things. And regarding the post a while back about the fact that many people now live expensively without having a million $ - boy that makes me ill! But, it is all about lifestyle, and what each of us wants.
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Old 05-25-2013, 09:53 PM
 
Location: East Coast of the United States
20,858 posts, read 22,166,049 times
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I think most of us can agree that $1 million net worth is not enough to live comfortably in high COL places like New York City or San Francisco.

But if you're willing to take that money to somewhere like Louisville, Chattanooga or Indianapolis, then you will probably be fine.
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Old 05-26-2013, 12:49 AM
 
Location: Living on the Coast in Oxnard CA
16,276 posts, read 28,772,448 times
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Quote:
Originally Posted by BigCityDreamer View Post
But that's in California where home prices are very high now. Go to the Midwest and you can get the same for probably less than $100,000.
Yes but what were the prices like in the mid 1960's? I was only offering an example of my area. I would bet that the same would be true in other areas.
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Old 05-28-2013, 12:47 AM
 
Location: Chapel Hill, NC, formerly DC and Phila
9,137 posts, read 13,690,027 times
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Quote:
Originally Posted by mathjak107 View Post
30 years from now everyone will have to have a million bucks just to pay their basic bills.it more than likely will not be enough to even have a middle class lifestyle in mayberry.
My dad used to tell this joke:

A man wakes up after being in a coma for 30 years. First thing he does is find a payphone to call his stockbroker.
Man: "How is my portfolio doing?"
Stockbroker: "Your portfolio is worth $1.5 million"
Man: "Wow, 1.5 million dollars! That's great. I'm rich! Terrifc news! Thank you! Bye."
Stockbroker hangs up and the operator gets on the line, "That will be $10,000, please."

(Clearly this joke is dated with a payphone and a telephone operator, but I think the point still comes across. )
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