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"The difference between $1 million and $10 million in wealth is meaningful, but the difference between 0 and $1 million is profound." __Scott Galloway
It certainly could start a life long elevation for someone poor if the money is properly managed. The middle class not necessarily so much. Very dependent on where and how they live. And of course how they manage that money.
It certainly could start a life long elevation for someone poor if the money is properly managed. The middle class not necessarily so much. Very dependent on where and how they live. And of course how they manage that money.
Sorry, I can't understand which of the two scenarios you're responding to.
I think you are correct that many people are here mostly because they try to follow what is happening to the economy both locally and globally. (and also using more reliable sources, in addition)
But I also think that people who are curious about the local and global economy are the same people who are doing their best to take care of their own money. As a result, most of the people who read and post on an economics forum are going to perhaps be better off financially than the average person.
I'd be quite surprised if I learned that a large number of the posters here are homeless or perhaps undocumented strawberry pickers. The homeless aren't spending time trying to figure out the safest place to invest. Surely, they are people who aren't concerned about the global economy. Maybe they don't even know that there is a global economy that is affecting their lives.
The topic on this forum is self-sorting the users of this forum so the majority of the readers of this economics forum are going to be a bit better off financially.
Title of this thread perhaps was posted on the right hand side (active threads around the forum) and maybe brought in people who are not regular posters on the economics forum.
You're probably right in that many people who would come to this forum are careful with their money. I am not a millionaire ( I would be if I sold my house today, lol) but I am careful with my money and am in a pretty decent spot in life financially. I still cant help but shake my head at the people who think getting a million dollars for nothing wouldn't really help them out.
You're probably right in that many people who would come to this forum are careful with their money. I am not a millionaire ( I would be if I sold my house today, lol) but I am careful with my money and am in a pretty decent spot in life financially. I still cant help but shake my head at the people who think getting a million dollars for nothing wouldn't really help them out.
Of course it helps most anyone out.
But for the middle class how much it does for you is very dependent on your age, location, current work/financial status, and what you want out of the rest of your life.
For the middle class a million dollars is truly no longer a million dollars.
Even if someone is clearing $500k per year after taxes and other expenses… a million dollars is 2 YEARS of their income. That significantly helps ANYONE. I’m embarrassed to say how many years I have to work to earn $1m.
How about you flip the question and think of it in that way… money might have lost its meaning to some, but time sure can’t
No one is saying that a million dollars would make anyone set for life in that they could quit their jobs, buy a bunch of new homes, etc. But if someone is having some financial difficulty that should certainly help. If someone wasn't having financial difficulty it could certainly be used towards a lot. College if they have kids, paying off a house, getting a new car, maybe getting a second home. A new wardrobe, lol.
Even if someone is clearing $500k per year after taxes and other expenses… a million dollars is 2 YEARS of their income. That significantly helps ANYONE. I’m embarrassed to say how many years I have to work to earn $1m.
How about you flip the question and think of it in that way… money might have lost its meaning to some, but time sure can’t
Time.
Not so sure that everyone considers it.
Assuming someone clearing $500K/yr works their typical productive life's years, handing them $1M early in their career is certainly helpful, but probably won't change their life much. Sure, they might then be able to buy another home, yacht or plane. But those come with ongoing and expensive headaches, and they can always rent the same and have about the same lifestyle benefits. That $1M is some retirement insurance, and might ensure a larger retirement nest egg. And handing them $1M later on in their work years will do little else but expand what already should be their multi-million nest egg by a bit. If they have a bunch of kids, they may benefit.
But for the middle class how much it does for you is very dependent on your age, location, current work/financial status, and what you want out of the rest of your life.
For the middle class a million dollars is truly no longer a million dollars.
When people answer the question 'What's a million dollars' they should also answer their age, location, current income/financial status, and what they expect to do for the rest of their life.
This question will always vary quite wildly according to what you listed. But some posters don't realize that at all.
Asking a DINK living in a LCOL will usually get a different response from a one income family living in a HCOL. No wonder the answers will vary greatly.
FWIW a million dollars still wouldn't be able to buy a detached house where I live. You still have to take a mortgage and there will be a lot of repairs to do in the future.
A million dollars wouldn't change my life much. If I was given a million dollars 20 years ago now that would have significantly altered my life. Now not so much.
Bottom line — to 95-97% of Americans $1M put in their lap is significantly life altering. Even to someone with a $5M net worth at let’s say age 60 (probably top 2% net worth nationally) — $1M is 20% of what they worked their entire life to accumulate.
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