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Depending on your age, where you live, and your lifestyle it could be a lot of money or it could help make your life better. I live in a 1.3M house that's 35 years old. One could buy a brand new condo with a 1M but forget a house.
A million is a nice start for a 25 year old who graduated but even better for a 65 year old retired person with a government pension.
So, you're already a millionaire. Nice.
I wish I got a million at 25 as a start lol.
I know people who aren't rich, middle class, who make it fine on just a couple hundred thousand of dollars in retirement assets. A best friend of mine's mother who is in very bad health isn't wealthy at all, but she's comfortable enough for the vast amount of care she needs from now on. She was just diagnosed with PAH, which I had never heard of before. Among the other dozen health issues she has. She won't be driving an Escalade but she will be able to afford her assisted living, etc.
Quote:
Originally Posted by Stockyman
Some introverts on CD could never spend a million. They have such minimalistic lifestyles it would barely make a dent.
Lol, well I'm not an introvert but please, if anyone wants to give me a challenge of spending a million bucks from my bed online I'll happily prove that statement wrong. ;-)
A million US won't buy you a BUILDING LOT in most Canadian cities, but a lottery win in Canada is considered a "windfall". You don't pay any taxes. You get it all. We sold the house mom is in in the US and took a lease back. With insurance paid and she doesn't have too many expenses, she's got a million US. I figure if she lives another decade (quite likely) it will be gone. Started life with nothing, ended with zero.
A million US won't buy you a BUILDING LOT in most Canadian cities, but a lottery win in Canada is considered a "windfall". You don't pay any taxes. You get it all. We sold the house mom is in in the US and took a lease back. With insurance paid and she doesn't have too many expenses, she's got a million US. I figure if she lives another decade (quite likely) it will be gone. Started life with nothing, ended with zero.
Canada is almost 3.9 million square miles vs the US almost 3.8 million. We could probably find a lot of lots to build on under 1mm in both counties
Canada is almost 3.9 million square miles vs the US almost 3.8 million. We could probably find a lot of lots to build on under 1mm in both counties
Unless it is on top of undiscovered gold deposit, or good farmland, then what good is it if you already have a home, job, and life. You can plan on selling old home for probably a lot and then go live on it, but there are likely no jobs nearby. What will you do for living if not on top of gold, nor can you farm?
...You can plan on selling old home for probably a lot and then go live on it, but there are likely no jobs nearby. What will you do for living if not on top of gold, nor can you farm?
Thanks but where I live it's nothing special. There are lots of millionaires because real estate is sky high. Of course there are outstanding mortgages on some while others are paid off and some have built up impressive equity. My city is ranked 11 from an article back in 2019. I'm sure net worth has gone up for all the cities. https://www.macleans.ca/economy/mone...munities-2019/
Everywhere you walk there are tons of millionaires. Tons. But when it's one of the most expensive cities to live in a million really isn't impressive.
It IS a lot of payola to me. If I won a million right now, I would call in to work tomorrow and say SEEYA. Of course, I am going to retire anyway, in 10 months, so I am plenty prepared already. An extra mill would be a massive cushion for me and would most likely mean a change in my living conditions (an addition or even a second home). It IS a lot of money.
I agree. I've been retired for a few years, now, and my wife and I are not "hurting", by any means, but throw me another million dollars, and I could see a serious "bump" in our lifestyle.....
Am I the only one that finds it hilarious that people are downplaying a million dollars?
I don’t care what expensive metro you’re in. I don’t care if your traditional 3 bedroom house is 1.5 million or 3 million. Even if it paid for 1/3 of your mortgage, that’s a decade of working day in and day out of you paying a mortgage month after month after month. It would also save associated interest cost.
Someone even said it would be a “nice start” for a young person. By nice start, you mean, if they invested it young, they’d never need to save another dime, they could retire early, and have multi millions, then yes.
If I SWAG and say 1 million is 600k after tax, and then SWAG again that’s basically probably close to my entire career earnings to this point after tax, savings, ect. I’ve had excellent jobs that puts me in the top 5 percentile of earnings for my age this entire time. That’s a lot of stress, grinding, traffic, and days at the office to “win” free and clear to say the least. Plus, it’s a lump sum all earned at once with future earning potential.
I’d consider myself a “Henry”. High earnings not rich yet. And the effect of that sum of money would simply be life transforming. And there’s a lot of people worse off than me.
Last edited by Thatsright19; 05-28-2021 at 06:44 AM..
As you well know, that money didn’t grow unless it was invested AND the investments did well on the whole. That is with few buy high sell low losses and little giving away of all your gains to “money managers”. So you are absolutely right. Of course world events can have dramatic effects too.
It's not complicated and really there's no excuse, aside from greed, or an overwhelming risk aversion, not to beat inflation.
It seems to me that some people who realize they will never have $1 million try to convince themselves that $1 million is just a paltry sum of money.
LOL
Yep.
Folks do the same thing over in the Employment forum with six figure salaries.
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