Being a Millionaire

[Rolex addict]

Originally Posted by Headshrinker

Did you pick up the Van Winkle or the monkey? Every Crown Vic owner should have both.

The Van Winkle is new. I’ve had Mr. Monkey Butler for a few years now. An ex girlfriend threatened to throw him in the yard and chop him up with an ax. Obviously, she had to go!!

[Rolex addict]

My apologies, Seth. I didn’t mean to hijack your thread. Just wanted to inject a little humor. You will be pleased to know that I did put new tires on the Crown and they are NOT white walls.

[Abdullah71601]

Originally Posted by Rolex addict

My apologies, Seth. I didn’t mean to hijack your thread. Just wanted to inject a little humor. You will be pleased to know that I did put new tires on the Crown and they are NOT white walls.

No white walls. The horror.

[ADB85]

Same in the UK. With house prices rising so dramatically alot of people are asset rich but cash poor. A million dollars doesn't go far these days.

[RW16610]

Originally Posted by rolex75216

Agreed...

Say you win a Talent Show or the Lottery ...

$1,000,000.00 in Winnings

-$400,000.00 40% in State & Federal Taxes
-$100,000.00 10% in Gifting to Family or Tithing to Church
-$350,000.00 for a Modest Home if you can even get one for that
-$50,000.00 for New Car

In 1 day you are down to $100K ... then you pay off some debt, take a couple vacations and your out of money already!

That right there pretty much sums it up nicely.

[BNA/LION]

$5M is the old $1M...

One must have a lot more now days to live and have a Millionaire life style.

[texasmade]

Originally Posted by BNALION

$5M is the old $1M...

One must have a lot more now days to live and have a Millionaire life style.

Inflation is a b#$&@*!

[RobearH]

Originally Posted by Rolex addict

Picked this up today. And yes, I am single. How do people keep guessing that???

I would have never guessed it with that sofa.

[brandrea]

I always thought the true definition of millionaire was if you had 1Million dollars of liquid cash (not including stocks, real estate and any of the other assets).

I'd be fine with that

[BravoOne]

I recall back in the eighties when Gulfstream Sales would hardly return your calls unless your company had at least 300 million in sales. Wonder what their threshold is these days?

[Thatguy]

Originally Posted by Rolex addict

My apologies, Seth. I didn’t mean to hijack your thread. Just wanted to inject a little humor. You will be pleased to know that I did put new tires on the Crown and they are NOT white walls.

I thought white walls were the main reason for driving a CV.....


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[RW16610]

Originally Posted by BravoOne

I recall back in the eighties when Gulfstream Sales would hardly return your calls unless your company had at least 300 million in sales. Wonder what their threshold is these days?

For some reason I'm curious now, hopefully we'll find an answer to that.

[KrismanX]

If only I had a small loan of $1MM...

[BristolCavendish]

The TV/fictional Beverly Hillbillies were worth $25M in 1962. Taking inflation into consideration, what would that be the equivalent of today from the standpoint of actual purchasing power?

[SearChart]

I'm about €980k away from being a millionaire, oh well

[milov]

Originally Posted by rolex75216

Agreed...

Say you win a Talent Show or the Lottery ...

$1,000,000.00 in Winnings

-$400,000.00 40% in State & Federal Taxes
-$100,000.00 10% in Gifting to Family or Tithing to Church
-$350,000.00 for a Modest Home if you can even get one for that
-$50,000.00 for New Car

In 1 day you are down to $100K ... then you pay off some debt, take a couple vacations and your out of money already!

In Sydney that million wouldn't buy you a one bedroom apartment in a decent suburb.

[Thatguy]

Originally Posted by BristolCavendish

The TV/fictional Beverly Hillbillies were worth $25M in 1962. Taking inflation into consideration, what would that be the equivalent of today from the standpoint of actual purchasing power?

About $200M


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[timepieceluvr]

I was just having a conversation about this with a colleague last week. He and I started our careers together in 1984. As two pups we both thought if we could find a way to make 100K a year we would be knocking it out of the park. According to the inflation calculations available here: https://data.bls.gov/cgi-bin/cpicalc.pl that equates to 242K.

I’m no math major but I think that means a millionaire in 84 would now need to be a 2.4aire.

Based on the WSJ data found here: http://graphics.wsj.com/what-percent/

242K is only in the top 2% of earners. I think he and I weren’t experienced enough to realize 100K or being a millionaire in 1984 might not be as great as we believed it would be.


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[pickettt]

Originally Posted by brandrea

I always thought the true definition of millionaire was if you had 1Million dollars of liquid cash (not including stocks, real estate and any of the other assets).

I'd be fine with that

That's what I consider it to be.

[USALV]

Originally Posted by machob55

To all remember, if you're healthy you're wealthy!!!

Sent from my R1 HD using Tapatalk

That is so true!!

[USALV]

Originally Posted by brandrea

I always thought the true definition of millionaire was if you had 1Million dollars of liquid cash (not including stocks, real estate and any of the other assets).

I'd be fine with that

Same here.

[superdog]

Originally Posted by brandrea

I always thought the true definition of millionaire was if you had 1Million dollars of liquid cash (not including stocks, real estate and any of the other assets).

I'd be fine with that

That would mean a millionaire is very irresponsible.

But I too thought the same thing.

If fdic only insures up to 250k can’t imagine holding that much cash.

Also would be hard to quantify, if that’s the goal. I would imagine many people with various millions in a multitude of investments that still don’t have a million liquid.

[breitlings]

Originally Posted by superdog

That would mean a millionaire is very irresponsible.

But I too thought the same thing.

If fdic only insures up to 250k can’t imagine holding that much cash.

Also would be hard to quantify, if that’s the goal. I would imagine many people with various millions in a multitude of investments that still don’t have a million liquid.

Yeah I don't think I have heard anyone use that definition before, a billionaire would have a billion dollars in their checking account

[brandrea]

Originally Posted by superdog

That would mean a millionaire is very irresponsible.

But I too thought the same thing.

If fdic only insures up to 250k can’t imagine holding that much cash.

Also would be hard to quantify, if that’s the goal. I would imagine many people with various millions in a multitude of investments that still don’t have a million liquid.

It would most likely be spread out equally amoung different banks to remain insured by fdic.

Anyway, the point being, if this is the definition, than being a millionaire is pretty well off.

[brandrea]

Originally Posted by breitlings

Yeah I don't think I have heard anyone use that definition before, a billionaire would have a billion dollars in their checking account

There's generally two definitions:

Paper millionaire and true millionaire

https://www.investopedia.com/terms/p...illionaire.asp

Point taken, I don't think too many billionaires follow the later definition

[colpol]

Originally Posted by Tools

A million bucks doesn't go very far now days..

A million pounds is still a helluva lot of money in my neck of the world

Where I stay that would be a very nice house, a good car & a nice bit of change in the bank

[pickettt]

A bird in the hand....

[Rock]

A lot of the folks in my age group with good jobs retired with $1M (or better) superannuations. Most also owned their homes, and some had rental properties.
In Sydney, people that owned modest worker's dwellings in the inner suburbs found that the values had appreciated steadily over 20 years and they were worth well over $1M.
I knew a few that sold up, retired early, and moved to country towns where they bought half a dozen rentals to keep them in comfort for the rest of their lives.
My definition of a "millionaire" would be someone with reasonably liquid assets in the multiple millions.

[CamSLC]

Originally Posted by superdog

That would mean a millionaire is very irresponsible.

But I too thought the same thing.

If fdic only insures up to 250k can’t imagine holding that much cash.

Also would be hard to quantify, if that’s the goal. I would imagine many people with various millions in a multitude of investments that still don’t have a million liquid.

Most likely if you have that much in your account you're on additional insurance. Most commonly Lloyds of London. I was reading a brokerage account document that stated coverage of up to $1.9m between Llyod's, SIPC, and FDIC.

Of course if there was a financial collapse and you're insured by those financial companies collapsing......

[pickettt]

Originally Posted by superdog

That would mean a millionaire is very irresponsible.

Originally Posted by CamSLC

Of course if there was a financial collapse and you're insured by those financial companies collapsing......

And here lies the real argument.