Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login

Site Notices
1/22/2020 12:12:56 PM
Arrow Left Previous Page
Page / 3
Posted: 9/16/2009 9:08:09 AM EST
so how many do you know, or are you one?
Link Posted: 9/16/2009 9:11:11 AM EST
I knew one. He was given 1 million when his wife and unborn son were killed on the interstate not too far from here. He didn't have it long because the money was no importance to him.

Link Posted: 9/16/2009 9:11:47 AM EST
A few.
Link Posted: 9/16/2009 9:12:46 AM EST
Over 30
Link Posted: 9/16/2009 9:12:53 AM EST
the ones I know are quiet.....live in regular houses and watch their spending like crazy but they live comfortbly and have a shit load of NFA toys
Link Posted: 9/16/2009 9:14:29 AM EST
a bunch
Link Posted: 9/16/2009 9:14:30 AM EST
A bunch.

A million isn't that much to be honest with you.
Link Posted: 9/16/2009 9:15:18 AM EST
5 that I know of for sure. I'm sure I know a lot more, but don't know it.
Link Posted: 9/16/2009 9:16:27 AM EST
Quite a few - the nature of my work pretty much ensures it.
Link Posted: 9/16/2009 9:16:37 AM EST
I don't associate with that flock.
Link Posted: 9/16/2009 9:17:11 AM EST
I know a few
Link Posted: 9/16/2009 9:17:43 AM EST
depends on how you want to define millionaire. A million in liquid assets or a million in net worth?
Link Posted: 9/16/2009 9:18:58 AM EST
Too many to count.
Link Posted: 9/16/2009 9:19:12 AM EST
BTW, the definition of millionaire is someone who has a net worth greater than $1 million, NOT INCLUDING THEIR PRIMARY RESIDENCE.
Link Posted: 9/16/2009 9:19:27 AM EST
A million in assets?

No clue, but definitely plenty.

A million in readily liquid assets?

Less, but no clue, really.

Damn near every homeowner where I just came from is a "millionaire."
Link Posted: 9/16/2009 9:19:44 AM EST
I know five for sure, they must be multi. Very possibly another five also, but not certain (it would be close).


None of them live much differently than I do, except maybe bigger houses. All of them are first rate folks.

Link Posted: 9/16/2009 9:19:49 AM EST
Originally Posted By clement:
depends on how you want to define millionaire. A million in liquid assets or a million in net worth?


This is a good point. If it's net worth, I know a ton.
Link Posted: 9/16/2009 9:20:39 AM EST
Originally Posted By Mazeman:
BTW, the definition of millionaire is someone who has a net worth greater than $1 million, NOT INCLUDING THEIR PRIMARY RESIDENCE.


Interesting definition.

So, move out of your house into an apartment, and - voila - instant millionaire?
Link Posted: 9/16/2009 9:23:11 AM EST
Link Posted: 9/16/2009 9:23:36 AM EST
Can anyone tell me if this house is worth more than 1 million?


Link Posted: 9/16/2009 9:24:03 AM EST
In what currency?

TRG
Link Posted: 9/16/2009 9:25:19 AM EST

Originally Posted By Regency:
Can anyone tell me if this house is worth more than 1 million?


http://i28.tinypic.com/epn4lx.jpg

Why are you posting pics of my house on the internet?
Link Posted: 9/16/2009 9:25:55 AM EST
I belong to a member owned country club.

It is a safe bet that a good number of the 300 or so Class A members [owners] are far more wealthy than just millionaires.

There are doctors, dentists, lawyers, business owners, oil and gas guys and some guys who don't do shit except play golf.
Link Posted: 9/16/2009 9:26:05 AM EST

Originally Posted By Bohr_Adam:
Originally Posted By Mazeman:
BTW, the definition of millionaire is someone who has a net worth greater than $1 million, NOT INCLUDING THEIR PRIMARY RESIDENCE.


Interesting definition.

So, move out of your house into an apartment, and - voila - instant millionaire?
From Wiki:

"However, according to the net financial assets measurement used for some specific applications (such as evaluating an investor's expected tolerance for risk for stockbroker ethics), equity in one's principal residence is excluded, as are lifestyle assets, such as the car and furniture."

Link Posted: 9/16/2009 9:27:07 AM EST

Originally Posted By Regency:
Can anyone tell me if this house is worth more than 1 million?


http://i28.tinypic.com/epn4lx.jpg

Not if it's in Detroit.
Link Posted: 9/16/2009 9:27:20 AM EST
Originally Posted By brouhaha:
Quite a few. I know several BILLIONAIRES as well.


I only know one . He's my best friends dad. They live very conservatively. You'd never guess they were millionaires, much less billionaires. Live in a nice, but modest home, made the kids share a beat up old Jeep in high school, they do pay for their kids school, but other than that, they don't get much financial help from him. Most of the kids have incredible work ethics as a result. Great family.
Link Posted: 9/16/2009 9:27:42 AM EST
I used to work for a couple big investment banks, several of the traders I worked with were getting $10 - $20 million bonuses every year.
Link Posted: 9/16/2009 9:27:59 AM EST
I say 8 or more, as most of my wife's family are either very successful, or very smart with their money, or both. I plan on acheiving that goal one day, but by then, the one million mark will be worth a lot less. I hope I can fit in with the living comfortably, and owning a lot of NFA toys crowd.
Link Posted: 9/16/2009 9:28:08 AM EST
Originally Posted By krpind:
I belong to a member owned country club.

It is a safe bet that a good number of the 300 or so Class A members [owners] are far more wealthy than just millionaires.

There are doctors, dentists, lawyers, business owners, oil and gas guys and some guys who don't do shit except play golf.


Athletes, finance, insurance, banks, actors, musicians...

Link Posted: 9/16/2009 9:28:27 AM EST
Originally Posted By PRDUBI:
the ones I know are quiet.....live in regular houses and watch their spending like crazy but they live comfortbly and have a shit load of NFA toys


+1 all the ones I know live a very modest lifestyle and save every penny. But when they retire boy are they going to retire nicely.
Link Posted: 9/16/2009 9:28:33 AM EST
Originally Posted By Mazeman:
BTW, the definition of millionaire is someone who has a net worth greater than $1 million, NOT INCLUDING THEIR PRIMARY RESIDENCE.



Where did you get that definition from?

I assure you that is not how net worth is defined.
Link Posted: 9/16/2009 9:29:20 AM EST
Originally Posted By Regency:
Can anyone tell me if this house is worth more than 1 million?


http://i28.tinypic.com/epn4lx.jpg


Link Posted: 9/16/2009 9:29:33 AM EST
define know...
Dad.
neighbor
neighbor
6-7 of Dads friends... Met them once or twice, maybe even chatted once.

If you mean am friends with... hang out with or otherwise have a more than casual relationship with...
Dad
Link Posted: 9/16/2009 9:30:54 AM EST
A few.

Several of my colleages and I have been part of a company that paid into our retirement plan with company stock. Over the last 30yrs, several splits and growth in price along with reinvested dividends have made that portion of our retirement extremely lucrative.

FWIW, about 8yrs ago the retirement plan was changed to include a defined benefit plan and the stock plan was phased out....because of .gov regulation. Many of us older employees fall under two plans.


I agree, a million bucks ain't all that much.
Link Posted: 9/16/2009 9:31:04 AM EST
There are a few I work with.

There are a few I know.

I went to college with a guy who is now a billionaire. Something tells me I chose the wrong freaking career path.

Link Posted: 9/16/2009 9:32:35 AM EST
Actually for being a blue collar factory worker in a small podunk town, I know quite a few when I think about it. A million just ain't that much anymore.
Link Posted: 9/16/2009 9:36:14 AM EST
I'm suprised the poll #'s are so low. Don't most of you know your bosses or your boss's boss?
Link Posted: 9/16/2009 9:37:28 AM EST
The only millionaire I know is my recently deceased Grandpa's brother.
Link Posted: 9/16/2009 9:41:37 AM EST
[Last Edit: 9/16/2009 9:42:54 AM EST by 444]
Before the real estate bust, I knew a bunch of them. Hell, before the real estate bust, I was close.

I still know a few.

A million dollars isn't all that much money.
Link Posted: 9/16/2009 9:44:15 AM EST
Link Posted: 9/16/2009 9:48:38 AM EST
Quite a few, anyone who has saved for retirement their whole lives and has a decent job should be one by the time they're in their 50s.
Link Posted: 9/16/2009 9:50:13 AM EST
[Last Edit: 9/16/2009 9:51:30 AM EST by DK-Prof]
Link Posted: 9/16/2009 9:50:59 AM EST
I voted 0, then realized I know an anesthesiologist who has a $3 million house...I'm guessing his accounts don't look too bad either.
Link Posted: 9/16/2009 9:51:00 AM EST
Link Posted: 9/16/2009 9:51:43 AM EST
Are we supposed to count ourselves in this number?

If so, the number is still zero. Many may be, but I don't ask and they don't say.
Link Posted: 9/16/2009 9:52:14 AM EST
[Last Edit: 9/16/2009 10:10:27 AM EST by 444]
Originally Posted By Stlrain0341:
Quite a few, anyone who has saved for retirement their whole lives and has a decent job should be one by the time they're in their 50s.



BS
Just my experience, but it takes more than just saving for retirement. I suppose if you had some kind of investments that the vast majority of people don't know about, or you are saving a HELL of a lot more than me it might be possible. I don't know anybody that is saving more than I am, and I have been doing it for 20 years or so and I am no where near a million dollars in retirement savings. I am not yet in my 50s, but close. I can't see anything that is going to happen in the next few years that are going to put me anywhere near a million dollars.
I am not saying I know anything about investing, but with the recent downturns in the stock market, the real estate market etc. I have taken two major beatings on my retirement savings.

Again, I am an uneducated rube but let's say you save $1000/month, every month for 20 years and then are able to invest it so that you quadruple it, you will be just shy of a million dollars.
If you saved $1000/month for 30 years, you would have be able to invest it and triple it to get to a million dollars.

I am certainly not saying that it is impossible to come up with a million dollars but it is going to involve more than just saving for retirement is the sense that most people think of.
Link Posted: 9/16/2009 9:55:47 AM EST
[Last Edit: 9/16/2009 9:57:40 AM EST by RedDane]
I know lots of multimillionaires.

Gulfstreams, private MiG/military trainer aircraft, multiple air-craft hangers, fleets of exotic cars and motorcycles, houses around the world, people on a personal name basis with all of the movers and shakers- basically owners of big name companies and very famous professionals. They have earned every penny of it the hard way and I can't see why anyone would fault them for it.

Link Posted: 9/16/2009 9:59:26 AM EST
My ex-brother in law is a multi-millionaire. I always thought he was a great guy. Don't know why my sister left him. She now lives in a fifth wheel with a bunch of animals and a drunk. Talk about downsizing.
Link Posted: 9/16/2009 10:15:19 AM EST
[Last Edit: 9/16/2009 10:22:33 AM EST by Stlrain0341]
Originally Posted By 444:
Originally Posted By Stlrain0341:
Quite a few, anyone who has saved for retirement their whole lives and has a decent job should be one by the time they're in their 50s.



BS
Just my experience, but it takes more than just saving for retirement. I suppose if you had some kind of investments that the vast majority of people don't know about, or you are saving a HELL of a lot more than me it might be possible. I don't know anybody that is saving more than I am, and I have been doing it for 20 years or so and I am no where near a million dollars in retirement savings. I am not yet in my 50s, but close. I can't see anything that is going to happen in the next few years that are going to put me anywhere near a million dollars.
I am not saying I know anything about investing, but with the recent downturns in the stock market, the real estate market etc. I have taken two major beatings on my retirement savings.

Again, I am an uneducated rube but let's say you save $1000/month, every month for 20 years and then are able to invest it so that you quadruple it, you will be just shy of a million dollars.
If you saved $1000/month for 30 years, you would have be able to invest it and triple it to get to a million dollars.


There's a lot of basic formulas to figure it out.

If you started out now making 36,000 (below average for a college graduate) a year and contributed 6% of your income annually into a 401k twith a 3% company match averaging 10% returns (completely reasonable assuming your are investing in the stock market) and averaged a 3% increase in salary annually (which is the normal average) you would have just under a million in savings. Keep in mind that that is just in savings, not your actual net worth, which would be much higher. You also would only be 52, which is pretty damn young to retire at (assuming you started working at age 22).


ETA: If you used the same numbers for everything, but saved 1000/month like you said, you'd have a million by age 43. Compound interest is a beautiful thing.
Link Posted: 9/16/2009 10:15:57 AM EST
Today's millionaire isn't quite the same level of overachievement as yesterday's millionaire is.

Several of my own family members are millionaires, in terms of their individual total net worth. I should hit that level myself, before I get too old to enjoy it,
But none of us will be enjoying the lifestyle of the rich and shameless. Not with the retirement years to look forward to and pay for.

Right now, in order for me to live in the reasonable style to which I have become accustomed, it takes at least 30,000 a year to do it, counting all bills and
expected recurring expenses. It wouldn't be hard at all to need 50K a year if I just started spending more and saving less. But a million bucks is only a 20
year supply at that rate, and a lot of that money is tied up in property assets, so available cash flow is really a lot less. It MIGHT be enough for ten years
living normally, or maybe 20 if I really cheaped out.

No, a million is not a goal anymore. It's merely a milestone. As I see it, anyone who wants to retire at the age of 50 needs to have at least 3 million in total
assets if he wants to live comfortably without downsizing his lifestyle and having a comfortable reserve for the rest of his life.

I won't retire by 50. I'm about 3 million short with six years to make it up if I was going to achieve that goal. I'll be lucky to retire with 1.5 mil at 65.
And at that time, the cost of living is likely to be higher than it is now.

I'm not sure I'll ever retire. So I make sure to have some fun along the way. I don't do the "all work and no play" thing. This jackoff won't be a dull boy.


CJ


Link Posted: 9/16/2009 10:20:11 AM EST
A few B'aires in the family
Arrow Left Previous Page
Page / 3
Top Top