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If you are young, you will think having a million dollars net worth is unimaginable wealth and impossible to obtain. Assuming you save decently for retirement starting young, buy a house you can afford, have even a decent job, don't go crazy spending every last dime you have, by your forties you'll begin to see that a million bucks of net worth just ain't what it used to be. Now, a million dollars in annual earnings? Thats a whole nother story.
It's hard to figure where to "draw the line" where wealth is concerned. It takes a lot more than a million to be financially secure in my opinion... but that's because my house and cars alone are worth more than 1 million together. We have investments and retirement plans as well, but at this point in my life, I can't even fathom being able to stop working and live off what we have, because that would involve some serious downsizing and lifestyle changes, and people just don't want to do that.
I remember way back when I first hit $50k a year for income, then $60k. At the time, that was a very good salary to be making, but that was also over 20 years ago. But for the cars I drove, the house I lived in, the types of things I liked to do... I could afford it. But for most people, the more you make, the more you spend, at least until you theoretically get to a point where you just don't want a bigger house, or more cars, or can take any more vacations.
I haven't gotten to that point yet and I probably never will, even though I'm a millionaire. To my mind, having about $10 million is the entry point to being able to live a pretty nice lifestyle without needing to work. Then again, my father is probably about at that level and he still worked up to age 72.
If your referring to the lower spectrum of millionaire (those of net worth of 1 million - 3 million) these guys are like nobodies. When people say millionaires I assume they are talking about high net worth people, not someone who works at a professional office, white collar job, or operates a small business.
I'd extend that to $20M or so, with incomes of <$500k/yr, to take care of pretty much everyone who works a job for a living.
The premise seems to be that someone must be "evil" in order to tax them. Or taxation itself is evil. Pure silliness, with no business being on an economics forum.
If you are young, you will think having a million dollars net worth is unimaginable wealth and impossible to obtain. Assuming you save decently for retirement starting young, buy a house you can afford, have even a decent job, don't go crazy spending every last dime you have, by your forties you'll begin to see that a million bucks of net worth just ain't what it used to be. Now, a million dollars in annual earnings? Thats a whole nother story.
I think I'm on track to hit a million by 30...
Really doesn't feel like much. But, while friends are out traveling the world my extra pennies get reinvested in the next project.
If you own a home in DC, NYC or areas homes are super expensive a million dollars of worth is middle of the road. If you live in the sticks it could be retirement at any age. It is geographical in some ways. I consider having a million in net worth middle class at best these days.
If I could still live the "1964 Millionaire" lifestyle I'd probably quit tomorrow. I just couldn't justify work if I could visit exotic Asian countries monthly and go to the opera every day. I'd just hop in my 1964 Coupe Deville and throw rotten tomatoes at hippy protesters if I got bored. Until then I will keep saving aggressively with that dream in my heart.
The fundamental problem with equating wealth to lifestyle is the paltry return on capital in recent years. Whether by "millionaire" we mean $1M in today's dollars, 1964 dollars or 1864 dollars, to sustain a lavish lifestyle one needs to generate large and stable annual rate of return, especially if one wishes to preserve one's capital. Today's affluent people have grown more reserved and conservative, from the realization that capital just isn't as reliably productive as it used to be. It takes verve and assiduous attention to find investment opportunities – an attitude fundamentally inimical to the untroubled leisure associated with wealth.
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Originally Posted by plot
Millionaires and billionaires have this evil stigma because many of them run very big corporations that have lots of influence which they abuse (By the way when you say millionaire I am guessing that you mean an individual who is worth 30 million+).
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If your referring to the lower spectrum of millionaire (those of net worth of 1 million - 3 million) these guys are like nobodies. When people say millionaires I assume they are talking about high net worth people, not someone who works at a professional office, white collar job, or operates a small business.
There are perhaps 1000 or 2000 "big corporations" in America. Yet there are millions of millionaires, and by definition around 3 million one-percenters. Clearly only a tiny minority of the latter are heading big corporations.
Why does everyone here think being a millionaire makes you part of the "Evil Rich"** <-real title.
Everyone here seems to think its 1964 still where 1 million dollars in net worth makes you a jet setting ultra-wealthy person who drives a Cadillac Coupe Deville, owns a coach wallet, gold watch, lives in a 5 bedroom estate on Star Island in Miami and has vacation homes on the SF Peninsula and a New York City Penthouse..
Cadillac hasn't made the Coupe deville in over a decade, a coach wallet is $10 at TJ Maxx and a house on Star Island will start at almost $20 million.
So yes, with one million in the bank you can well afford the latest model coupe deville and a coach wallet.
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Now, a million dollars in annual earnings? Thats a whole nother story.
