User Panel
User Panel
User Panel
|
Posted: 4/17/2019 4:01:36 PM EDT
[#1]
Quote HistoryQuoted:
A million bucks isn't what it used to be. 1 in 29.5 people in the U.S. are millionaires. I would posit that the ratio is actually higher among ARFCom members. Not joking. |
|
|
|
Posted: 4/17/2019 4:04:25 PM EDT
[#2]
Quote HistoryQuoted:
"Anything for a buck" seems to be the mantra around here, with morals taking a distant second to possessions. Truth be told, the "redistribution" mindset going around on the Left is nothing more than the other side of the coin from many of the rich people on this board. They've found a way to profit off of others, much as people here have. Competition. Nothing more, nothing less. Thing is, they are winning, and their winning would probably benefit me more than the current system. So you’re joining the free shit army? Good to know. You’d be better off leaving this place and joining your fellow travelers then. Find the right ass to kiss and live happily ever after. |
|
|
|
Posted: 4/17/2019 4:06:17 PM EDT
[#3]
Quote HistoryQuoted:
"Anything for a buck" seems to be the mantra around here, with morals taking a distant second to possessions. Truth be told, the "redistribution" mindset going around on the Left is nothing more than the other side of the coin from many of the rich people on this board. They've found a way to profit off of others, much as people here have. Competition. Nothing more, nothing less. Thing is, they are winning, and their winning would probably benefit me more than the current system. |
|
|
|
Posted: 4/17/2019 4:08:22 PM EDT
[#4]
Quote HistoryQuoted:
Those of us who are Gen X have been told not to count on Social Security. If you need to be told not to count on Social Security, you really need some financial education, which isn't taught in school-quite the contrary. http://4.bp.blogspot.com/-Nb-j_7Zls5o/T9E1Ln_ZKdI/AAAAAAAABS8/vrcgn388Ytk/s1600/socialsecurity-history3.jpg https://financhill.com/blog/wp-content/uploads/2016/12/g.foolcdn.comeditorialimages422536ss-paid-average-person-per-year-since-2006_large-23c32f1caef599f2e007ac5f4168e9187136a835.png https://cbsnews3.cbsistatic.com/hub/i/r/2017/03/23/0e52342d-6f19-4eea-9970-dc8173b1df1d/thumbnail/640x319/03b157aa53252b38a5203b5ce59343fb/ss-age-2.png I have made all my plans with the baseline assumption that Social Security won't be a factor at all in our retirement, even though we've paid into it all these years. Social "Security" is a poverty-level scam perpetrated by FDR and other socialists on the Nation based on the assumption that government knows better than us on how to spend our money for our personal futures. If you look at the costs for homes and assisted living facilities going up steadily each year, then look at what $1 million in liquidity will get you, that equals 11 years on the assumption that costs for a private room in a nursing home will stay flat (they won't). If your family history indicates longevity in your life cycle to 80 years on both sides of your parents, then you need to have $1 million in liquidity when you're in your late 60s, like 68/69 at the latest. That's assuming everything goes as planned. If you treat your children well and they have a large enough home, maybe you can live with them, but any care you will need often has to be provided by professionals, not your 40-50yr-old kids (many of whom are already obese and unproductive at age 20 nowadays, with no signs of learning the value of hard work). https://www.researchgate.net/profile/Matthew_Prina/publication/257482065/figure/tbl2/AS:613882091552781@1523372304752/2-The-relative-average-costs-of-high-intensity-home-care-and-care-in-a-care-home-in-the.png What is more politically likely is increased taxes increasing the payout rate and means testing. This all ignores that as long as the government can skew CPI down and lower future SS payouts (increases are based upon CPI). With real inflation somewhat higher, skewing CPI numbers benefits everyone except those reliant upon SS. All that said, I don't expect to need SS at all. |
|
|
|
Posted: 4/17/2019 4:10:10 PM EDT
[#5]
Big difference between "I want" and "I would like". If you want to a millionaire and aspire to do so, it will happen.
|
|
|
|
Posted: 4/17/2019 4:11:37 PM EDT
[#6]
I'd like to have $2 million - $3 million in order to retire.
Will I make it? We'll see. |
|
|
|
Posted: 4/17/2019 4:12:45 PM EDT
[#7]
Millionaires are in the lead.
GD is so full of shit, lol. 
|
|
|
|
Posted: 4/17/2019 4:13:28 PM EDT
[#8]
Without putting a number on it, I believe the term millionair was first used at a time someone worth $1MM was among the wealthiest of the wealthy. Today not so much. Without changing the number, the bar has been lowered. Significantly lower.
|
|
|
|
Posted: 4/17/2019 4:14:17 PM EDT
[#9]
Oops
|
|
|
|
Posted: 4/17/2019 4:14:31 PM EDT
[#10]
I would settle for being a millionaire, but I'd really prefer to be the world's first trillionaire.
|
|
|
|
Posted: 4/17/2019 4:14:54 PM EDT
[#11]
I really want to be a multi-millionaire.
1 million is a little thin to retire on. |
|
|
|
Posted: 4/17/2019 4:15:24 PM EDT
[#12]
Quote HistoryQuoted:
On track, almost there, with a slight detour. 3 kids in college, just bought a new house, cash flow has been negatively impacted for a bit, will be back on track in a few years. Currently contributing over $50k a year, expect to retire in 15-20 years. https://www.AR15.Com/media/mediaFiles/145716/fidelity_balance_jpg-915553.JPG |
|
|
|
Posted: 4/17/2019 4:15:46 PM EDT
[#13]
Quote HistoryQuoted: This but I am also enjoying my younger years at the same time..... I have a good gut feeling I will have dementia when I get older from the 3 prior concussions in my life possible 4 and family history of it. At that point I plan to take a one way trip to the Grand Canyon. |
|
|
|
Posted: 4/17/2019 4:16:42 PM EDT
[#14]
A million ain’t gonna cut it. I’m still working.
|
|
|
|
Posted: 4/17/2019 4:20:50 PM EDT
[#15]
this is arfcom, my man. we were millionairs by the time we got our first job!
https://www.ar15.com/forums/general/What-is-the-most-commonly-fabricated-lie-projected-by-our-members-/5-2206966/?r=-1&page=1&anc=78087885#i78087885 |
|
|
|
Posted: 4/17/2019 4:21:10 PM EDT
[#16]
Quote HistoryQuoted:
A million bucks isn't what it used to be. |
|
|
|
Posted: 4/17/2019 4:22:53 PM EDT
[#17]
Ever see any of the night vision threads?
|
|
|
|
Posted: 4/17/2019 4:29:02 PM EDT
[#18]
Quote HistoryQuoted:
So much that Quote HistoryQuoted:
Quoted:
A million bucks isn't what it used to be. |
|
|
|
Posted: 4/17/2019 4:36:35 PM EDT
[#19]
Quote HistoryQuoted:
Are you asking if you wish to be divorced from caring about your everyday expenditures or caring about if you can afford that golf corse over there? Because there is a pretty big distinction Know people who don't have and won't ever have enough. Im sure not them. Goal was to put myself in a position to walk away without a substantial change in my situation. I love what I do but the only constant thing is change. I doubt I'll ever retire but the ability to bail at the drop of a hat serves my need for freedom. But no plans near term. I've got over a decade before I can crack open my tax def plans anyway. I reached that goal a number of years back - but I don't have a lot of the accoutrements of the riche to maintain. I don't need a golf course, or even clubs, but hell I would love to take 6 months and ride to places I haven't been. As someone in another thread pointed out, a mil ain't what it used to be. |
|
|
|
Posted: 4/17/2019 4:38:04 PM EDT
[#20]
Quote HistoryQuoted:
Millionaires are in the lead. GD is so full of shit, lol. |
|
|
|
Posted: 4/17/2019 4:39:00 PM EDT
[#21]
I make Scrooge seem like a huge spender.
|
|
|
|
Posted: 4/17/2019 4:39:20 PM EDT
[#22]
<-------------
|
|
|
|
Posted: 4/17/2019 4:42:13 PM EDT
[#23]
Quote HistoryQuoted:
I make Scrooge seem like a huge spender. |
|
|
|
Posted: 4/17/2019 4:44:03 PM EDT
[#24]
Quote HistoryQuoted: I wash and reuse my plastic ziplock bags. 
|
|
|
|
Posted: 4/17/2019 4:48:54 PM EDT
[#25]
Quote HistoryQuoted:
A million isn't all that much. Multi-millions is a different story. Quote HistoryQuoted:
Quoted:
Millionaires are in the lead. GD is so full of shit, lol. i swear, this place has lost all sense of perspective and objectivity. edit: i get where you're coming from, with inflation and all... but to be independently wealthy by achieving a net worth where you can live off the returns is rapidly becoming more and more difficult for the average person. |
|
|
|
Posted: 4/17/2019 4:51:25 PM EDT
[#26]
Quote HistoryQuoted:
unless you already HAVE a million in the bank, yes it is, dude. a million is a lot to most people. when most Americans dont even have 3 months of expenses saved up, a cool mil is a ton. i swear, this place has lost all sense of perspective and objectivity. Quote HistoryQuoted:
Quoted:
Quoted:
Millionaires are in the lead. GD is so full of shit, lol. i swear, this place has lost all sense of perspective and objectivity. |
|
|
|
Posted: 4/17/2019 4:54:06 PM EDT
[#27]
I don't think I'm going to make it, unless I put $500 on something similar to bitcoin early enough to ride that wave, and soon!
|
|
|
|
Posted: 4/17/2019 4:57:36 PM EDT
[#28]
Quote HistoryQuoted:
I'm not really motivated by it either. I quit a very good paying job with great long-term potential to start my own business. Three years later I still make about half what I did (and doing better each year), but I really don't think I'll be matching that income for years yet. And starting the business was expensive, so we now have very little in the bank. Very. Little. But my family is healthy again. I was on the road all the time and the family was starting to crumble, my kids were becoming teens and needs a strong family, my wife and I have been married over 20 years now, and we get along great again. The money is way down the list of important things to me. That said, we drive used cars, don't carry consumer debt for anything and live modestly. If I can start bringing in more income we will immediately be doing quite well, as we can make it ok on half my previous income- or less. Quote HistoryQuoted:
Quoted: Not really. I'd like to be able to afford the basics: food, lodging, travel, my academic degrees and pursuits. But my family is healthy again. I was on the road all the time and the family was starting to crumble, my kids were becoming teens and needs a strong family, my wife and I have been married over 20 years now, and we get along great again. The money is way down the list of important things to me. That said, we drive used cars, don't carry consumer debt for anything and live modestly. If I can start bringing in more income we will immediately be doing quite well, as we can make it ok on half my previous income- or less. For some reason during college I convinced myself I needed Corp experience to round out. So I bit on a offer w a F500 financial services outfit. Great gig, worked too much but worked up pretty quick, made bank and I did learn a lot. Also learned I'm prolly not cut out to work for someone. An unreasonable demand which served no legitimate business purpose convinced me to move along. I didn't exceed that last years earnings for over 5 years. Given the path I was on, income might have ended up close to where I am, but I'd never have the assets I own currently. Regardless, for me the situation is always paramount. No amount of cheddar is worth being directed. I'm betting you'll end up better than fine. |
|
|
|
Posted: 4/17/2019 5:00:01 PM EDT
[#29]
Quoted: unless you already HAVE a million in the bank, yes it is, dude. a million is a lot to most people. when most Americans dont even have 3 months of expenses saved up, a cool mil is a ton. i swear, this place has lost all sense of perspective and objectivity. edit: i get where you're coming from, with inflation and all... but to be independently wealthy by achieving a net worth where you can live off the returns is rapidly becoming more and more difficult for the average person. Quoted: You couldn’t stop working with a million. And most Americans are stupid and poor, I don’t want to be like most Americans. |
|
|
|
Posted: 4/17/2019 5:00:19 PM EDT
[#30]
Quote HistoryQuoted:
I know someone who lives in an $8M house and washes/reuses paper plates Quote HistoryQuoted:
Quoted: I wash and reuse my plastic ziplock bags. |
|
|
|
Posted: 4/17/2019 5:02:41 PM EDT
[#31]
Quote HistoryQuoted:
You couldn’t stop working with a million. And most Americans are stupid and poor, I don’t want to be like most Americans. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Millionaires are in the lead. GD is so full of shit, lol. i swear, this place has lost all sense of perspective and objectivity. knowing my luck, I'll keel over dead the day after retirement, after living like a pauper and allocating every free dime to investment for my entire life. with inflation, I am starting to think the days of a self made financially wealthy independent man are behind us. |
|
|
|
Posted: 4/17/2019 5:03:25 PM EDT
[#32]
Quote HistoryQuoted:
There's a big difference between frugal and cheap. That's really, really cheap. |
|
|
|
Posted: 4/17/2019 5:05:51 PM EDT
[#33]
Quote HistoryQuoted: neither do I, which is why I'm maxing out my tsp and individual roth every year. that said, having a "mil in the bank" is a financial milestone most people will never see, even with moderate financial discipline. knowing my luck, I'll keel over dead the day after retirement, after living like a pauper and allocating every free dime to investment for my entire life. with inflation, I am starting to think the days of a self made financially wealthy independent man are behind us. |
|
|
|
Posted: 4/17/2019 5:09:29 PM EDT
[#34]
Quote HistoryQuoted:
unless you already HAVE a million in the bank, yes it is, dude. a million is a lot to most people. when most Americans dont even have 3 months of expenses saved up, a cool mil is a ton. i swear, this place has lost all sense of perspective and objectivity. edit: i get where you're coming from, with inflation and all... but to be independently wealthy by achieving a net worth where you can live off the returns is rapidly becoming more and more difficult for the average person. |
|
|
|
Posted: 4/17/2019 5:10:04 PM EDT
[#35]
Quote HistoryQuoted:
Millionaire is a pretty wide range (1M-999M). My wife (age 45) & I (age 50) broke into this group in the last few years. We have two professional jobs, so we're well off (as long as we keep working), but we don't feel rich. We certainly don't feel like we have enough set aside to retire yet. Being a millionaire isn't what it used to be (and isn't as hard to attain as it used to be). A net worth of 1M isn't remotely close to a net worth of 25M, much less 250M. Lifestyles and security will vary greatly depending on how far you penetrate the millionaire range. A million net worth won't really buy squat. between wife's and my 401K, IRAs and paid off house, we're worth about $1.4M. But I can't spend a dime of that. I've got another $80K in cash and securities that i won't spend, so I'm living paycheck to paycheck just like everybody else. |
|
|
|
Posted: 4/17/2019 5:11:32 PM EDT
[#36]
Sure I'd like to be, but I don't care enough.
I voted Yes but to lazy, though it's more like I just don't care about money that much. |
|
|
|
Posted: 4/17/2019 5:12:39 PM EDT
[#37]
Quote HistoryQuoted:
I know someone who lives in an $8M house and washes/reuses paper plates Quote HistoryQuoted:
Quoted: I wash and reuse my plastic ziplock bags. I know more than a few HNWI - they tend to be hyper consumers or extremely frugal. One guys lived in the same modest house for over 60 years. Easily a fraction of a percent of his net. He's one of the smartest guys I know - PhD and JD. In another, hand soap is mixed half with water. I feel like I need to bring my own. So yea I'm not surprised |
|
|
|
Posted: 4/17/2019 5:17:59 PM EDT
[#38]
Won’t be long now, I’m already a dozenaire!
|
|
|
|
Posted: 4/17/2019 5:19:37 PM EDT
[#39]
A blue collar job making $12 an hour in 1972 would have to make $72 an hour today to have the same wage.
The guys today working that same $12 an hour job are making $35 an hour today...about half as much. A million dollars in 1972 is well over $6 million today. |
|
|
|
Posted: 4/17/2019 5:20:27 PM EDT
[#40]
Quote HistoryQuoted:
LOL Shit that made me wonder. I found 2 homes that transacted for more than 8 mil within a 100 miles of me. I know more than a few HNWI - they tend to be hyper consumers or extremely frugal. One guys lived in the same modest house for over 60 years. Easily a fraction of a percent of his net. He's one of the smartest guys I know - PhD and JD. In another, hand soap is mixed half with water. I feel like I need to bring my own. So yea I'm not surprised I know another guy who I assume is loaded. He owns multiplexes, drives really nice cars, lots of motorcycles, etc. An example of this guy's strangeness is when Playstation comes out with a new console, he goes out and buys 50 of them. Puts them all in this huge ass room in his house and does nothing with them. He is like a warehouse of shit. No plans for the stuff he buys too. |
|
|
|
Posted: 4/17/2019 5:21:19 PM EDT
[#41]
Quote HistoryQuoted:
$1M in the bank isn't the same as net worth. You could own a couple of properties with $500K equity in each and have like $10K in the bank. You'd still be worth $1.1M. if a property actually doesn't generate income (unlike say a farm or rent).. should it count towards net worth? bob owns his house, appraised at 1 Mil. he never sells or rents out, he just has a asset that theoretically is worth 1 Mil in the current market. is he a millionaire, despite having only a meager balance in his account? plenty of wealthy-appearing folks are one bad day away from financial ruin, and being house-poor is a common reason. It may not be a popular opinion here, but I think an asset that does not generate real income should not be considered a part of of net worth. |
|
|
|
Posted: 4/17/2019 5:21:31 PM EDT
[#42]
I'm not even close but making progress every day. I expect that by the time I retire in 15-20 years my net worth will be >$1M in 2019 dollars. Most of that will be real estate appreciation.
|
|
|
|
Posted: 4/17/2019 5:31:00 PM EDT
[#43]
Quote HistoryQuoted: that actually brings up a good point, though. if a property actually doesn't generate income (unlike say a farm or rent).. should it count towards net worth? bob owns his house, appraised at 1 Mil. he never sells or rents out, he just has a asset that theoretically is worth 1 Mil in the current market. is he a millionaire, despite having only a meager balance in his account? plenty of wealthy-appearing folks are one bad day away from financial ruin, and being house-poor is a common reason. It may not be a popular opinion here, but I think an asset that does not generate real income should be considered a part of of net worth. Cash money millionaire is different. |
|
|
|
Posted: 4/17/2019 5:32:13 PM EDT
[#44]
It's not hard to get ahead here.
Work hard and continue your education. Live below your means. Buy the most modest house you'll be happy with. Start maxing a 401k and Roth IRA as soon as possible. Don't have children out of wedlock. Try not to get divorced. Don't finance depreciating assets if they don't help generate income. If you did the above and blew every other dollar you'd still be better off than most. |
|
|
|
Posted: 4/17/2019 5:34:52 PM EDT
[#45]
Quote HistoryQuoted:
You meant "multi millionaire"? Because "millionaire" does not mean earnings of $1M/yr. It means assets exceeding liabilities by that amount, of which I do. 
|
|
|
|
Posted: 4/17/2019 5:40:31 PM EDT
[#46]
I gave away $1.2M when I was 45-years old. (Divorce)
|
|
|
|
Posted: 4/17/2019 5:41:22 PM EDT
[#47]
The only people who don't want to be millionaires are billionaires.
|
|
|
|
Posted: 4/17/2019 5:59:56 PM EDT
[#48]
Its slow steady work and can be accomplished
|
|
|
|
Posted: 4/17/2019 6:05:38 PM EDT
[#49]
A million bucks will pay your mortgage and taxes on a shitty 220k falling apart house over the course of 30 years here.
You may have some left to buy a Nice 2002 corolla after. |
|
|
|
Posted: 4/17/2019 6:14:49 PM EDT
[#50]
Quote HistoryQuoted:
A million bucks will pay your mortgage and taxes on a shitty 220k falling apart house over the course of 30 years here. You may have some left to buy a Nice 2002 corolla after. |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
