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It's not that they do it purposely but really... can you see a socialist hanging out with a capitalist? The conversation would be boring for both.
It's not just the conversation. You just plumb CAN'T DO what they invite you to do with them. It's just another version of "oh, look how great I am - I can afford to go to Barbados (or wherever) over Christmas. I'll be magnanimous and invite you too. Oh, you can't afford the $3K (or whatever)? Too bad, so sad."
Do you know any self-made millionaires? And if so, what are the most consistent traits that you see among them? We're talking about people who were able to go from being a member of the middle class community, to becoming a millionaire. Do you find that there's any general commonalities among people who were able to achieve millionaire status?
Yes, I am a self-made millionaire. No big secret: stay out of debt. Live below your means. Don't EVER get caught up in consumption items (impressive house, fancy cars). Research carefully what you invest in. Invest your surplus from avoiding consumption items in real assets - the kind that produce some kind of return for the money you sink into them. Don't give a d*mn about others' standards for consumption ($30 coat from Goodwill vs. $3000 coat from Neiman?). And basically, if you have the capability to think things through, don't give a rat's *ss about anybody's opinion, as long as you are following your plan.
Human capital is an asset. Therefore I invest in my skills and capabilities - and in my children's acquisition of skills and capabilities. I attempt to diversify my asset portfolio. I don't spend money, except on my children' continuing acquisition of capabilities. All of my personal education and certifications have been subsidized by my employers. In today's gig economy, those kinds of benefits are a thing of the past.
Not saying "it" - my theoretical prosperity - couldn't all burn away to ash. But what I have learned - and what my children have learned - stays between their ears. "They" can take every possession you own. What is in between your ears withstands every assault.
Middle class to millionaire is not a huge jump how bout climbing out of a garbage can for starters
You think I am white and lucky but when I was in Highlands Houston I thought
You were rich from where I stood u had family friends and a sourse of income I had none of the above and still made it
U were black and I envyed u
Last edited by Huckleberry3911948; 08-10-2015 at 11:24 PM..
Lady Interviewer: Did it ever occur to you that if you did not drink for the last 15 years, you could have bought a Ferrari?
Man: Do you drink?
Lady Interviewer: No.
Man: <long pause.> Where's your Ferrari?
Lady Interviewer understands that the poor and middle class buy liabilities like a Ferrari. She prefers to buy something that puts money in her pocket ... saving and investing their money to be financially independent.
DIALOGUE BETWEEN A LADY INTERVIEWER AND A MALE BEER DRINKER:
Lady Interviewer: Do you drink every day?
Man: Yes.
Lady Interviewer: How much a day?
Man: Around 3 six-packs starting at noon.
Lady Interviewer: How much does a 6-pack cost?
Man: Roughly $10.00 at a deli.
Lady Interviewer: And how long have you been drinking like that?
Man: About 15 years.
Lady Interviewer:
So with a six-pack costing $10.00, and you consuming 3 six-packs a day, you are spending roughly $900 each month. In one year, you would then be spending $10,800, correct?
Man: I guess so.
Lady Interviewer: If in 1 year you spend $10,800 on beer, not accounting for inflation, 15 years puts your spending roughly $162,000; correct?
Man: Uh, wow... yeah, I guess so.
Lady Interviewer: Did it ever occur to you that if you did not drink for the last 15 years, you could have bought a Ferrari?
Man: Do you drink?
Lady Interviewer: No.
Man: <long pause.> Where's your Ferrari?
People who don't drink to excess usually don't buy a lot of other nonsense (like 3 six packs of beer a day & Ferraris). They recognize excess for what it is in all things and generally avoid it.
Yes, I am a self-made millionaire. No big secret: stay out of debt. Live below your means. Don't EVER get caught up in consumption items (impressive house, fancy cars). Research carefully what you invest in. Invest your surplus from avoiding consumption items in real assets - the kind that produce some kind of return for the money you sink into them. Don't give a d*mn about others' standards for consumption ($30 coat from Goodwill vs. $3000 coat from Neiman?). And basically, if you have the capability to think things through, don't give a rat's *ss about anybody's opinion, as long as you are following your plan.
Human capital is an asset. Therefore I invest in my skills and capabilities - and in my children's acquisition of skills and capabilities. I attempt to diversify my asset portfolio. I don't spend money, except on my children' continuing acquisition of capabilities. All of my personal education and certifications have been subsidized by my employers. In today's gig economy, those kinds of benefits are a thing of the past.
Not saying "it" - my theoretical prosperity - couldn't all burn away to ash. But what I have learned - and what my children have learned - stays between their ears. "They" can take every possession you own. What is in between your ears withstands every assault.
No surprises here.
A million bucks not being what it used to be, becoming a millionaire is not quite as self-denying as you are saying if you have an upper middle income. Put away $50,000 every year for your 20 peak earning years and that $1 million, at zero interest. Unfortunately you won't be able to retire on it; at a 4% withdrawal rate that's only $40,000 a year, plus Social Security. It takes invested assets of at least $3 million to replace a large percentage of, say, a $200,000 income ($120,000 from the assets and $60,000 from Social Security).
What kind of "millionaire" are we talking about? $1MM in liquid assets? $1MM net worth? At what age? It's quite impressive for age 30 or 40. For age 70, far less so.
Median net worth at age 65 is about $330K, so to be a "millionaire" in terms of net worth you only need to be about 3X as wealthy as the median person. Not super easy, but well within the realm of possibility for many people. I'd say if you had a job paying $90K (3X what the median person makes) and you are NOT a (net worth) millionaire upon retirement, you did something wrong.
I get the feeling OP was asking about relatively young millionaires.
I know quite a few with a net worth in the low millions but they don't have big incomes. They just saved and invested in stocks every month for 25-30 years.
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