In this group I’ve seen debates over what constitutes a “real” millionaire. They were:1. Millionaire 2. NIPR Millionaire (not including primary residence)3. Investments only millionaire I propose a new 4th category:4. Millionaire post 2020 market crash.....🧐
4. Millionaire post 2020 market crash.....Should we include toilet paper in this calculation?- HCF
Toilet paper worth it’s weight in gold
A million isn't what it used to be. A $40,000/yr income (i.e., 4% withdrawal from a $1 million nest egg) isn't much above the poverty level in a lot of places.intercst
A million may not be much, but only about 6% of US Citizens cross that goal line so it’s a significant measurement of the beginnings of wealth. It might take you 20 years to accumulate your first million but only 5 to reach the second....Every subsequent million will be easier.
SG: A million may not be much, but only about 6% of US Citizens cross that goal line so it’s a significant measurement of the beginnings of wealth. It might take you 20 years to accumulate your first million but only 5 to reach the second....My Dad heard that the second million was easier than the first, so he decided to just skip the first and go to the second. He never reached that one, either.CNC
"I propose a new 4th category:4. Millionaire post 2020 market crash.....🧐 "****************************************************************Post Long Term Care and still alive - mobility is a good thing.
Well, I suspect that at the end of the year...or rather, the 1st of January, 2021, the final results will show a very interesting figure......the beginning balance and the ending balance of my entire portfolio. It’s always interesting to see these balances but I do enjoy them a lot better when they are a lot more at the end of the year.It will be a surprise to all I’m sure...especially those rookie investors out there who held on. :)Lucky Dog...”I’ve seen Fire and I’ve seen Rain”
especially those rookie investors out there who held on. :). SHmmmm.....the secret is the sell all before the problem arises....but then you have little to no income from all that cash. And if you are taking RMD's you may have to pay taxes on those as income. So your cash may deplete.Everyone I know is holding cause most of us have no crystal ball to know when to fold. Sure, I held my breath as the market tanked and I lost a ton of paper money....but much came back and I even bought some "cheap" stocks. Who knows our future, we are all in a bad disaster movie and usually some survive at the end.Stay healthy, Stay HOMEBirgit
I always defined it as "could put their hands on $1m with a few calls to banks, taxable accounts, etc, within a few days" Liquid that is - cash and cash equivalents. $1m house, but no income/job/assets? Doesn't count. Houses are highly illiquid and variable in price - one here that sold for $1.06m in 2017 and listed for $1.2 last fall sold for $975k in November or so.
" Houses are highly illiquid"*****************************************************How about a house boat?Howie52great debates fire up every so often about "net worth" and whatfolks include or not. Unless you happen to be going in for a loanthere is not a great impact. From what I understand pre-nups try to coverall property aspects - but they serve a different kind of purpose compared to net worth. As far as variation in valuation - there does seem to be quite a bit ofvariation in stock prices of late. And liquidity can be impacted by closureof markets or specific equities based on "uncertainties".Boils down to risk and what you want a measure to do.I feel pretty sturdy right now - we have food in the frig and freezer.But we lost power a week ago for 12 hours and were lucky a tornado missedour immediate area.Maybe that would be another category - Would you still be a millionaire if atornado took out the entire town where you live?Would you be able to help your friends and neighbors?Would your friends and neighbors be willing to help you?Hope y'all are doing well.
re: https://www.youtube.com/watch?v=LcPxNO7_dxA&t=23sIt has been said a Millionaire that makes less than 10 million is considered to be POOR.Something to ponder.Quillnpenn - a poor church mouse scratching for a living as a Swing Trader for over 45 years.------------ Vision - Multi-Millionaire.....Goal - earn 1.3% - 2.0% compounded Daily.
re: Rich Dad Poor DadHouses are a liability, not an ASSet.ASSets go into one's pocket while liabilities go out of one's pocket.Quillnpenn - a poor church mouse scratching for a living as a Swing Trader
Houses are a liability, not an ASSet.ASSets go into one's pocket while liabilities go out of one's pocket.Sure, but you've got to live somewhere, and I prefer my house to under a bridge :-)My Grandmother used to say that you can't eat the nickel, so I see no purpose to growing a huge pile of money just for the sake of having it bigger. I believe in the concept of "enough" such that once I have enough, plus a comfortable cushion, then I prefer to spend my time enjoying various activities instead of working to make my money grow. And that work includes actively trading and managing my investments. It's simply too much work for me to do with no reward since I won't be using that extra money for anything.Yes, I could leave a bigger pile to my kids or to charity or some other thing, but that's not what I want to be doing, so my choice is different than yours.YMMV.
re: CategoriesCathy,I wear an 11 shoe. Glad to see we are shadowing each other :o) I tend to respect your thoughts and at times they come in handy. Keep up the good work.I am glad that you and your DH are healthy, wealthy, and wise. Please stay safe with this mess going on and count your blessings.Currently, I'm a Caregiver 24/7 and only get about 4 1/2 sleep a day (up at 7 am and go to bed at 3 am) to my wife for the past 19 years because she has Parkinson's Disease. For the first 3 years, she was told she had Multiple Sclerosis? (MS) by a clueless doctor. We then went to see an MS specialist and she said that my wife does not have MS, but Parkinson's Disease, and now my wife sees a Parkinson's specialist every 3 months.You may ask, why not get help. I have tried that by some services that pay their minimum wages and all they do is stare at my wife for 8 hours sitting on the couch. Some have even stolen some properties and were fired. Cameras don't lie. I still do everything and I have been known to be the House Husband. I bathe my wife, dress her, cook, clean house, use a sewing machine, laundry, electrician, plumber, carpenter, painter, cut the lawn every Thursday, seed the lawn every first of the month with https://tinyurl.com/ybaayc89 and PGF Complete plus Super Juice. https://www.howtowithdoc.com/humichar-application/ DOC saved my lawn. I was warned by DOC that I will be cutting the lawn twice a week. I have had several lawn services and they destroyed my lawn and scalped the heck out of it with oversized lawn machines racing 60 MPH across the lawn. Now, my lawn is now a thick rich green carpet. By taking care of my lawn, I can relax for an hour or two once a week. Will be getting a 25 inch Mclane reel lawnmower. Reels are much better than rotaries.As you may know, I was laid off on May 1st, 2007 at high noon. When I came home and told my wife, she cried and I then turned my hat around and became a full-time Swing Trader / Day trader. I will never ever work for the MAN again. Plus maintaining the Dividend portfolio. eg......https://www.youtube.com/watch?v=LcPxNO7_dxA&t=23s. Mine is close to his or better.For the first 9 months under the company's Cobra program, we had to pay $900.00 to the company and $2,000.00 a month in medical expenses until we became eligible for SSI, medicare, and supplement insurance. Some insurance companies wouldn't take us because of pre-existing conditions for me and my wife.I have created my own Simon Sez -II 'wait-one-day' strategy that tells me exactly when to buy and when to sell a stock with a 95 to 99 percent accuracy. Works as well as a Day Trader. Make 2 - 5% and out for the day. II morrow is another day. I have mentioned on how to do it many times to some of my students on the FAQ board. Don't need any kind of pied piper recommendations which is useless. The pied pipers only ask one question "What's in your wallet". My answer is COBwebs. I yell at the TV when I see the commercial.Three years ago we went to an Estate Planner and created a Family Trust where my son is the Trustee. Lots of paperwork involved. Have to refile the Deed with the county and then to the Township's town hall for the property tax filings which has the Trust and Trustee on the property tax bills. The County forwards the paperwork to the Town Hall.Burial plots are rising at an alarming rate of 10 % a year. We have reservations in a large mausoleum building. Crypts are on the expensive side. A through D are expensive and cheaper as you go to the nose bleed slots.Why do people get buried in a mausoleum?1. Mausoleums Provide a Peaceful Place for Loved Ones to Pay Their Respects. Our indoor crypts are beautiful, quiet, air-conditioned buildings that allow for loved ones to mourn and reflect on the life of the deceased in a peaceful atmosphere.2. Don't like to be trampled and lawnmowers.Stay healthy wealthy and wise.Best regards,Quillnpenn - a poor church mouse scratching for a living as a Swing Trader for over 45 years.------------ Vision - Multi-Millionaire.....Goal - earn 1.3% - 2.0% compounded Daily.
Thanks for those lawn care links....now I know why my lawn leveling didn’t work. :)LD
"....now I know why my lawn leveling didn’t work. :)LD "**************************************************************Moles?
Yes, I could leave a bigger pile to my kids or to charity or some other thing, but that's not what I want to be doing, so my choice is different than yours.YMMV. Somebody subscribes to the "He who dies with the most money wins" theory.CNC... I don't. You're still dead.
Moles, yes, but live on a hill with erosion....video said need to sift potting soil/soil and sand together in a 50-50 mix and level it out. It was pretty interesting to watch.
"Moles, yes, but live on a hill with erosion....video said need to sift potting soil/soil and sand together in a 50-50 mix and level it out. It was pretty interesting to watch. "******************************************************************************Sandy soil on the east coast can be a nightmare. Termites and sand-fleas love theregion. On the other hand, water flows easily through the soil.We have clay round here. Digging holes requires stamina or two to three days of soakingrain.Good luck with staying on the level.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |