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Post by papersilly on Jul 8, 2015 20:07:41 GMT
the family wealth made me think of a conversation i was in recently. a group of us were talking about how our generation is different from our parents. then someone said "$1 million dollars is nothing. what does that get you? who isn't worth a million dollars these days?"
of course the person saying this was a millionaire himself but he went on to explain that depending on where you live, how much you make and how you have saved, it's more commonplace to be millionaire these days. I'm talking NET WORTH of at least a million. according to him, today's billionaire was yesterday's millionaire and millionaires are a dime a dozen these days. do you think that's true?
aside from the people who are tech millionaires, is it easier to be a millionaire these days? and is $1 million really nothing-ish these days?
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Post by Heidi on Jul 8, 2015 20:13:15 GMT
I think there is some truth to that.
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Post by nepean on Jul 8, 2015 20:14:35 GMT
One Million dollars would certainly change my life, but, it would not be enough to cause DH or I to stop work any time soon. I agree that it is not what it once was. There are many more millionaires today than there was 20 years ago.
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Post by cadoodlebug on Jul 8, 2015 20:15:36 GMT
the family wealth made me think of a conversation i was in recently. a group of us were talking about how our generation is different from our parents. then someone said "$1 million dollars is nothing. what does that get you? who isn't worth a million dollars these days?" of course the person saying this was a millionaire himself but he went on to explain that depending on where you live, how much you make and how you have saved, it's more commonplace to be millionaire these days. I'm talking NET WORTH of at least a million. according to him, today's billionaire was yesterday's millionaire and millionaires are a dime a dozen these days. do you think that's true? aside from the people who are tech millionaires, is it easier to be a millionaire these days? and is $1 million really nothing-ish these days? For the average American I wouldn't say $1 million is really nothing-ish. With the crazy real estate prices in CA it is easy for someone who bought a house 20 years ago to have at least a million in equity now. But being a millionaire on paper isn't the same as being a millionaire. IMHO. |
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Post by kellybelly77 on Jul 8, 2015 20:20:07 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it.
Now, I am not a millionaire, but maybe someday!
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Post by Deleted on Jul 8, 2015 20:21:32 GMT
It's not as remarkable as it once was.
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Pearl Clutcher
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Post by back to *pea*ality on Jul 8, 2015 20:23:30 GMT
I read a statistic that 50% of Americans are not in the stock market which would leave me to believe that they have no or little in the way of investments. It is also true that Americans have not saved enough and are working longer before they can retire.
I thinkIt is harder to become a millionaire in terms of saving it and the income gap is getting wider.
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Post by polz on Jul 8, 2015 20:25:26 GMT
Auckland (the largest city in New Zealand) is experiencing a property boom. I have an Aunt that lives in a crappy house in one of the best suburbs there who is a multi-millionaire on paper. Crazy. A million is not retirement money like it used to be.
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loco coco
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Post by loco coco on Jul 8, 2015 20:33:06 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it. Now, I am not a millionaire, but maybe someday! Same here and I was surprised at how many mega millionaires there are in their circles. Ive also seen the complete opposite side to that as I was raised in a poor area. Those millionaires have no idea what its like on that side and vice versa I think the income gap is growing very wide. I do agree a million dollars isnt the same as it used to be, if I won a million dollars in a lottery I wouldn't quit my job and plan to live off of that for the rest of my life. |
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Post by ~summer~ on Jul 8, 2015 20:40:15 GMT
Considering home prices and incomes In parts of CA I agree with that somewhat
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Post by Deleted on Jul 8, 2015 20:54:46 GMT
I agree to a degree, but I also know it's not true. It's easy to think that it is, in certain situations (especially thinking of Silicon Valley these days). A million dollar net worth does not necessarily mean much if most of the million is sunk in home equity. You can't eat your house. A million dollars in income is a whole different situation and still is an undeniable sign of wealth. Average Americans' net worth by age
I disagree with the "billionaire is the new millionaire" sentiment. Billionaires are still few and far between. |
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Pearl Clutcher
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Post by back to *pea*ality on Jul 8, 2015 21:04:47 GMT
Another thought, based on demographics as the baby boomers cohort ages out, retires, dies there is going to be a lot of cheap real estate.
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Post by brina on Jul 8, 2015 21:11:31 GMT
Their are over 9 million millionaires in the US right now.
There was a time when a million dollars meant you were set for life. People made assumptions about what you could do with that wealth. These days a million dollars won't get you into a lot of neighborhoods.
In 1850 there were 19 millionaires in the US. Today there are 492 billionaires.
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Post by Merge on Jul 8, 2015 21:15:03 GMT
I wonder that every time I drive through the large neighborhoods where houses start at $1M and go up from there. What do these people do? LOL They didn't all inherit it or get it in a windfall - most of them must have jobs that pay enough to buy that kind of house and live comfortably in it.
I guess lawyers and physicians; I don't know. I just know that it's not us! LOL
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Post by MichyM on Jul 8, 2015 21:27:41 GMT
Another thought, based on demographics as the baby boomers cohort ages out, retires, dies there is going to be a lot of cheap real estate. I thought I read recently (and I could very well be wrong) that there are more GenX-ers than Baby Boomers. If that's the case, then do you really think the housing market will bottom out? |
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Post by kellybelly77 on Jul 8, 2015 21:43:08 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it. Now, I am not a millionaire, but maybe someday! Same here and I was surprised at how many mega millionaires there are in their circles. Ive also seen the complete opposite side to that as I was raised in a poor area. Those millionaires have no idea what its like on that side and vice versa I think the income gap is growing very wide. I do agree a million dollars isnt the same as it used to be, if I won a million dollars in a lottery I wouldn't quit my job and plan to live off of that for the rest of my life. I was raised in a poor area as well and to me they have no idea how hard some of their employees struggle! My boss owns his own fricking airplane but we have employees who can't even afford to buy a car.
But through them I have networked with a lot of other rich folks, gotten several opportunities I probably wouldn't have and my boss treats us corporate folks well for the most part. I mean, he flies us in his private plane. I pull my car into the hangar, jump onto the plane and off we go! Its a pretty nice luxury! I can't complain!
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Pearl Clutcher
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Post by back to *pea*ality on Jul 8, 2015 21:44:06 GMT
Another thought, based on demographics as the baby boomers cohort ages out, retires, dies there is going to be a lot of cheap real estate. I thought I read recently (and I could very well be wrong) that there are more GenX-ers than Baby Boomers. If that's the case, then do you really think the housing market will bottom out? You are right. I just googled and found a Pew Research data that the Millennials will surpass baby boomers as the largest segment of the population in 2015. The reason given was the immigrant population, so I don't know. Many of these folks are hard working, 7 days a week to make it here and I don't know if home ownership will be a reality. I hope so. |
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sharlag
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Post by sharlag on Jul 8, 2015 21:53:41 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it. Now, I am not a millionaire, but maybe someday! How do you know these people are millionaires? |
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Post by annabella on Jul 8, 2015 22:08:40 GMT
I remember once a financial planner told me I needed to have $1 million to retire, and that it was doable with my contributions.
That person could also be saying that in death you are worth $1 million whether it be the combination of your assets (house and money) or your life insurance policy.
I think if I won the lottery and got $1 million after taxes, it wouldn't last long. Not that I would spend it quick, but that if I bought a larger property (not extravagant, then gave myself a monthly allowance, it won't last until my retirement.
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Post by papersilly on Jul 8, 2015 22:10:04 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it. Now, I am not a millionaire, but maybe someday! How do you know these people are millionaires? exactly. we assume people are millionaires because of the positions they hold or lives they lead but we don't know what financial state they are in privately. some carry tons of debt and are overextended. I know people who live lavishly but don't have two nickels to rub together and I know some unassuming people who are wealthy as hell. you just never know. |
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Post by scrappyoutlaw on Jul 8, 2015 22:15:29 GMT
Those charts are insane! People are retiring on 100k?!? Scary... |
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Post by annabella on Jul 8, 2015 22:15:47 GMT
I wonder that every time I drive through the large neighborhoods where houses start at $1M and go up from there. What do these people do? LOL They didn't all inherit it or get it in a windfall - most of them must have jobs that pay enough to buy that kind of house and live comfortably in it. I guess lawyers and physicians; I don't know. I just know that it's not us! LOL By odd coincidence, my co-worker bought my childhood home from an owner after us. With all the extensive renovations the previous owners did, they sold it to him for a little over $1M. It's a 3 story townhouse plus a basement he rents out. He could easily rent that basement for $1500-2000 a month. He's an attorney and his SAHW used to be an NFL cheerleader. I would guess his salary is $400K. I know a couple from my church to me I would think make $100K combined, so not much. They never take vacations and wear simple clothes. They only have one car, but also have a motorcycle. They just sold their 1 bedroom condo for around $400K (I saw the listing) and moved into a house. So that means their mortgage was about $2200 a month plus condo fees. I always assumed their family paid their down payment for the condo, perhaps as a wedding gift since they married young. |
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Post by gramasue on Jul 8, 2015 22:20:53 GMT
What I'd like to know is where will it end? Will wages go up to a million a year for the average joe and regular houses will cost 20 times that? A loaf of bread or a dozen eggs will be 20 bucks?
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Post by brina on Jul 8, 2015 22:23:56 GMT
I wonder that every time I drive through the large neighborhoods where houses start at $1M and go up from there. What do these people do? LOL They didn't all inherit it or get it in a windfall - most of them must have jobs that pay enough to buy that kind of house and live comfortably in it. I guess lawyers and physicians; I don't know. I just know that it's not us! LOL I live on the 'poor' side of an affluent town (poor is relative, we are comfortable, but houses on this side of town sell for about 1/4 of houses on the other side). Most of the money is investment bankers, hedge fund managers and venture capitalists. |
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Post by papersilly on Jul 8, 2015 22:29:59 GMT
I remember once a financial planner told me I needed to have $1 million to retire, and that it was doable with my contributions. That person could also be saying that in death you are worth $1 million whether it be the combination of your assets (house and money) or your life insurance policy. I think if I won the lottery and got $1 million after taxes, it wouldn't last long. Not that I would spend it quick, but that if I bought a larger property (not extravagant, then gave myself a monthly allowance, it won't last until my retirement. I've been seeing more reports that say many people will be retired longer than the time they worked. I've also heard that the retirement income of many people will not be sufficient to keep up with the cost of medical care and daily living. that's what leads me to believe a million to retire may not be enough. a planner told us that if my DH passed away today, I would need $2-3 million to get me through retirement since he is the primary wage earner. when I told my friend about this, she told me that is why her husband is insured for $5 million dollars. they have two kids and even though she has a good income, she would need to make up for the loss of his income (which is even higher) to continue their lifestyle (which is very modest) and to provide for college, retirement, etc later on. |
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Post by Deleted on Jul 8, 2015 22:38:13 GMT
Their are over 9 million millionaires in the US right now. There was a time when a million dollars meant you were set for life. People made assumptions about what you could do with that wealth. These days a million dollars won't get you into a lot of neighborhoods. In 1850 there were 19 millionaires in the US. Today there are 492 billionaires. $1MM in 1850 dollars would be $30.3MM today. 9 million millionaires is 2.8% of the US population. |
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Post by papersilly on Jul 8, 2015 22:38:30 GMT
What I'd like to know is where will it end? Will wages go up to a million a year for the average joe and regular houses will cost 20 times that? A loaf of bread or a dozen eggs will be 20 bucks? I don't think it will end anywhere. I have neighbors who paid around $35,000 for their homes which are now worth over $1 million. do you think they ever thought their house would be worth that much? do you think they ever thought they would pay $7 for a dozen eggs or over $4 for gas. everything rose accordingly. someone asked me if I thought the ticket prices at Disney could ever rise over $200. $300. more. I think it can and it will. I will still pay too. LOL. that's just life. |
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Post by kellybelly77 on Jul 8, 2015 22:47:32 GMT
I work for a privately owned company at the Corporate office and quite a few of my coworkers are millionaires. The owners, their adult kids, the VPs, the CFO. I am surrounded by them everyday, so there may be some truth to it. Now, I am not a millionaire, but maybe someday! How do you know these people are millionaires? I'm in HR, so I know how much they make, how much they have in their 401k accounts and how much ownership they have in the company! I see it all come across my desk. |
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Post by MichyM on Jul 8, 2015 22:53:24 GMT
I remember once a financial planner told me I needed to have $1 million to retire, and that it was doable with my contributions. That suprises me. If I recall correctly you are quite a bit younger than I am. I'd seriously look into whether 1 million will be enough. Although if you have a pension from your place of work that would change things considerably. |
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Post by k8smom on Jul 8, 2015 23:03:10 GMT
This thread makes me feel very, very poor.
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