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Thread: When a Million Dollars Just Won't Cut it

  1. #11
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Goshin View Post
    Hey, a million dollars ain't what it used to be. The little town of 2,500 I live near just spent about a million dollars re-doing the sidewalks... for a "downtown" area barely 200' long.

    A half-acre suburban lot with a nice-but-not-mansion house on it recently sold for 300,000 in a fairly rural county nearby.

    If you invested 1 mil in an investment portfolio intended to provide an annual income for yourself, you'd probably draw about $50,000 a year off of it, maybe a little more, maybe a little less depending. 50 grand a year is a living income but it WON'T buy you a "rich" lifestyle these days.

    Actually these days I'd say "moderately wealthy" probably starts at about 5 million in net assets.

    By those standards, the middle class family earning the median income of $52,000 is poor, which is my point. Is the country willing to go back to a 2 class society?
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    By those standards, the middle class family earning the median income of $52,000 is poor, which is my point. Is the country willing to go back to a 2 class society?
    No, $52,000 a year isn't poor. Of course by the time you pay your taxes you don't have 52k, you have more like 35 to maybe 40k depending on where you live and various details. You can live decently off 52k a year, you probably won't lack for any basic needs or modest wants... but you're not wealthy. Wealthy is more like 250k a year.

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Goshin View Post
    No, $52,000 a year isn't poor. Of course by the time you pay your taxes you don't have 52k, you have more like 35 to maybe 40k depending on where you live and various details. You can live decently off 52k a year, you probably won't lack for any basic needs or modest wants... but you're not wealthy. Wealthy is more like 250k a year.
    If a mil for an individual is barely getting by as you suggested, then how could $52,000 for family income be anything but poor?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    If a mil for an individual is barely getting by as you suggested, then how could $52,000 for family income be anything but poor?
    Assets=/=Income

    If you're earning a million dollars a year (in 1912 dollars), then you're affluent.
    Honestly, a decent 4 bedroom apartment goes for 4-5 million in my neighborhood. Big rooms means ~10.

    A million dollars doesn't mean much anymore.
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by iamitter View Post
    Assets=/=Income

    If you're earning a million dollars a year (in 1912 dollars), then you're affluent.
    Honestly, a decent 4 bedroom apartment goes for 4-5 million in my neighborhood. Big rooms means ~10.

    A million dollars doesn't mean much anymore.
    Then how much does a family income of $50,000 for a family mean? That is the middle class.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    Then how much does a family income of $50,000 for a family mean? That is the middle class.
    Earning a million dollars a year in today's dollars isn't even that much anymore. Not truly rich, anyway. Earning a million in 1912 dollars IS a lot.
    Having a million dollars a year in today's dollars is something a prudent family could easily accomplish on $50k a year.

    50k isn't much for NYC but salaries are higher here due to higher living costs.
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by iamitter View Post
    Earning a million dollars a year in today's dollars isn't even that much anymore. Not truly rich, anyway. Earning a million in 1912 dollars IS a lot.
    Having a million dollars a year in today's dollars is something a prudent family could easily accomplish on $50k a year.

    50k isn't much for NYC but salaries are higher here due to higher living costs.

    Its hard for an individual to get by on a million, but a family on $50,000 is doing well? Is this your position, really?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    "U.S. millionaires are reporting a sunnier outlook about the economy, although nearly half of them donít feel truly rich. Fidelity Investments released its fourth Millionaire Outlook survey this week, which studies the investing attitudes and behaviors of more than 1,000 millionaire households throughout the country.

    The survey found that four in 10, or 42% of millionaires do not actually feel wealthy. This is down four points from 2009; however, those who said they did not feel wealthy reported they needed to have at least $7.5 million in investable assets to begin feeling wealthy again.

    Those who did report feeling wealthy said they began to feel that way with $1.75 million in investable assets."


    Read more: When a Million Dollars Just Won't Cut it - FoxBusiness.com


    According to the 2010 Census, one in seven Americans were officially poor in 2009, meaning for individuals, they made less than $11,000, and a family of four, less then $22,500.

    Who's feeling sorry for the rich folk here?

    envy appears to be what is being felt by a few of the usual suspects



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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    Its hard for an individual to get by on a million, but a family on $50,000 is doing well? Is this your position, really?
    I'm interested as to where you got either of those two statements, as they were clearly not from me.

    Do you not understand that you cannot compare assets and income?

    Someone earning 50k/year can easily be a millionaire. Go read "The Millionaire Next Door" and you'll find out who most of the millionaires in this country are.


    If by your statement you mean, is it hard for a person with a million in assets to get by (and no other income) than a person with 50k income - it's comparable, actually.
    Give a man a fish, or he will destroy the only existing vial of antidote.

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by iamitter View Post
    I'm interested as to where you got either of those two statements, as they were clearly not from me.

    Do you not understand that you cannot compare assets and income?

    Someone earning 50k/year can easily be a millionaire. Go read "The Millionaire Next Door" and you'll find out who most of the millionaires in this country are.


    If by your statement you mean, is it hard for a person with a million in assets to get by (and no other income) than a person with 50k income - it's comparable, actually.
    I was comparing an individual income of $1 mil to a middle class family income of $50,000. If you have assets that means you have more wealth than your income. What assests does a family making $50,000 own anyway compared to the assets of an individual making a million? If you have assets and need to put food on the table, sell some assets. The middle class does not have that option, their option is to become poor.

    The middle class is declining into the poor, not ascending into millionaire-hood. Our regressive revision of the country's progressive tax system in 1981, and again in 2003, has stacked the deck against them.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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