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Possibly a more interesting poll would be to ask if a person was ever homeless living on the streets and is now a millionaire. You might also ask if a person posts in the living frugal sub-forum and is a millionaire.
Possibly a more interesting poll would be to ask if a person was ever homeless living on the streets and is now a millionaire. You might also ask if a person posts in the living frugal sub-forum and is a millionaire.
Most definitely and it could help explain why they are millionaires. You don't have to be cheap or miserly to accumulate wealth. However I've known plenty of very frugal and thrifty millionaires. Read The Millionaire Nextdoor.
When I was a kid we used to take Sunday afternoon rides to look at "nice" neighborhoods. When we'd start to ohhh and ahhh over mansions my father would say. "Yes it's a nice house but we don't know anything about this family just by their house. They might be up to their ears in debt, can't sleep at night worrying when they will lose everything/ But they think it is important to keep up a certain image. You never know."
When he died at age 57 he left a $3+million estate and had 2 pairs of shoes in the shop to be resoled.He never bought anything "on time" except real estate. Never a new car, nothing luxurious but we lived just fine.
Most people on CD would not know a millionaire if they saw them. Most of them do not flaunt their money.
I have known many millionaires over the years in business, and you would not know it looking at them. They looked just like regular people. They acted like regular people. The ones that try to look and try to act like they are rich, are very often living from paycheck to paycheck, and afraid to answer the door hiding from bill collectors.
Definition of a millionaire: Someone who has a net worth of $1 million excluding his primary residence.
$1,000,000 (theoretically in cash and not growing with inflation) over 20 years is $50,000 per year. That is nothing to sneeze at. In 1980 when I was 21 $1,000,000 even in cash for 20 years would have been very nice because of what the dollar could buy back then.
There are hundreds of thousands of millionaires in the USA and any of them with $1,000,000 in assets will tell you they cannot retire on their assets. So they have to work.
In other words, having $1,000,000 in assets means you are not wealthy. So the original question implies some envy over nothing.
If you put that $1,000,000 in a stock index fund that traces the S&P 500 you will be able to safely draw out $100,000 per year in about ten years after the initial investment and probably never run out of that ability, based on the long term average annual gain.
If you are a Decamillionaire you are wealthy and probably can keep over half in 5 year treasury notes and the other half in a stock index fund and live very nice like on the California coast somewhere.
But I wonder, has there ever been a poster worth hundreds of millions? At that net north I can't imagine them hanging around posting on CD, unless it's a person who has inherited the majority of it.
There are hundreds of thousands of millionaires in the USA and any of them with $1,000,000 in assets will tell you they cannot retire on their assets. So they have to work.
According to latest figures available the number of households with net worth of $1 million or more excluding their homes, is at a record 9.63 million and growing. This is higher than before the recession started.
A million dollars is not really that much money any more.
According to latest figures available the number of households with net worth of $1 million or more excluding their homes, is at a record 9.63 million and growing. This is higher than before the recession started.
A million dollars is not really that much money any more.
It is not. If wisely invested along with some good luck, one could live a satisfactory lifestyle off the invested proceeds. But certainly nothing like "lifestyles of the Rich and Famous"!
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