Millionairs on Lat-G?

[Bryce]

Originally Posted by Ricochet

Very well said!

Agreed!

[Neil B]

Nearly 30% of the survey respondents say they make between $100K - $250K plus whatever spousal income they have. I would have assumed this given the level and quality of builds on this site. What's really interesting is that everyone is claiming not be be a millionaire. I mean come on, if you're making $250K a year and you don't have 1M+ in net worth, how in the heck are you going to retire? Are you going to live in your $100K Camaro? : )

I think a more interesting question would be what percentage of your net worth are you comfortable investing in a car?

[GregWeld]

Originally Posted by Neil B

Nearly 30% of the survey respondents say they make between $100K - $250K plus whatever spousal income they have. I would have assumed this given the level and quality of builds on this site. What's really interesting is that everyone is claiming not be be a millionaire. I mean come on, if you're making $250K a year and you don't have 1M+ in net worth, how in the heck are you going to retire? Are you going to live in your $100K Camaro? : )

I think a more interesting question would be what percentage of your net worth are you comfortable investing in a car?

In order to be considered to be a "real millionaire".... you need to have TWENTY MILLION in investable cash NOT including your house....

One million dollars invested in a laddered bond portfolio will net you a whopping $40K per year (tax free net).

The point of having a 30 year mortgage on a house - is that if you bought a house when you are between 30 & 35 years old - you'd have it paid off by the time your retired. Today however... everyone has forgotten that they have a 30 year mortgage and they're already 45 years old... GOOD LUCK WITH THAT!

[realcoray]

Originally Posted by Neil B

Nearly 30% of the survey respondents say they make between $100K - $250K plus whatever spousal income they have. I would have assumed this given the level and quality of builds on this site. What's really interesting is that everyone is claiming not be be a millionaire. I mean come on, if you're making $250K a year and you don't have 1M+ in net worth, how in the heck are you going to retire? Are you going to live in your $100K Camaro? : )

I think a more interesting question would be what percentage of your net worth are you comfortable investing in a car?

A common thing with people is that they rarely feel rich. Here's an article based on a study of pure millionaires, aka people who have over a million dollars in investments.

http://blogs.wsj.com/wealth/2011/03/...-feel-wealthy/

42% didn't feel wealthy even with an average net worth of 3.5 million dollars.

It's very easy to see the next guy who makes more than you do, has a nicer house, or more applicable a nicer car and feel like you aren't rich.

Anyways, to answer your question. Based on my current income level, the fact my car took 4 years by the time it's done sometime next year to be done, I will have spent probably around 6-8% per year on average doing all of the work myself, and having changed directions which cost me some money. I am in the lower middle part of the 30% you point out.

It's about equivilent to financing a 35k car over 4 years, and only getting the car when it's completely paid off.

[sik68]

Originally Posted by GregWeld

In order to be considered to be a "real millionaire".... you need to have TWENTY MILLION in investable cash NOT including your house....

By that logic I don't think I qualify even as a thousandaire. Thanks a lot.

[camcojb]

Originally Posted by sik68

By that logic I don't think I qualify even as a thousandaire. Thanks a lot.

me either.

[Vegas69]

Somebody said it and I've always like it, "It's not what you make, it's what you keep". If you don't have many bills, you don't need a whole lot of moolah. Wish I had that problem.

[GregWeld]

Oh man..... I'm busting a lot of bubbles around here aren't I...


Okay -- I found this (again by Googling) and it is a brief article on what is a millionaire... It says you need to MAKE a million per year in income. Good quick reading and is interesting.

http://www.npr.org/blogs/money/2011/...-a-millionaire


I posted a comment here or in the "millionair" (SIC) thread.... that I was driving by a group of big azz motorhomes and stacker trailers with real race cars in them and I was thinking to myself -- WTF do those guys do for a living? And this is EXACTLY what I'm talking about. It takes a GIANT pile of money to be a "real millionaire".... for me - that description would be someone with Mansions (more than one) - private jet - a real Yacht - domestic help.... and be able to buy "anything" they wanted. At a 100K per month - you'd be just about there... but that would most likely be reduced by taxes of say 30% -- so you'd really need a pre-tax income more like 1.5MM a year! That would take THIRTY MILLION earning 5% income.

No wonder I feel poor!

[Al Moreno]

Originally Posted by GregWeld

Oh man..... I'm busting a lot of bubbles around here aren't I...


Okay -- I found this (again by Googling) and it is a brief article on what is a millionaire... It says you need to MAKE a million per year in income. Good quick reading and is interesting.

http://www.npr.org/blogs/money/2011/...-a-millionaire


I posted a comment here or in the "millionair" (SIC) thread.... that I was driving by a group of big azz motorhomes and stacker trailers with real race cars in them and I was thinking to myself -- WTF do those guys do for a living? And this is EXACTLY what I'm talking about. It takes a GIANT pile of money to be a "real millionaire".... for me - that description would be someone with Mansions (more than one) - private jet - a real Yacht - domestic help.... and be able to buy "anything" they wanted. At a 100K per month - you'd be just about there... but that would most likely be reduced by taxes of say 30% -- so you'd really need a pre-tax income more like 1.5MM a year! That would take THIRTY MILLION earning 5% income.

No wonder I feel poor!

Greg are you looking for pity? Like the New Yorkers would say.....Get the F%$# out of here, LOL

[96z28ss]

Originally Posted by GregWeld

Oh man..... I'm busting a lot of bubbles around here aren't I...


Okay -- I found this (again by Googling) and it is a brief article on what is a millionaire... It says you need to MAKE a million per year in income. Good quick reading and is interesting.

http://www.npr.org/blogs/money/2011/...-a-millionaire


I posted a comment here or in the "millionair" (SIC) thread.... that I was driving by a group of big azz motorhomes and stacker trailers with real race cars in them and I was thinking to myself -- WTF do those guys do for a living? And this is EXACTLY what I'm talking about. It takes a GIANT pile of money to be a "real millionaire".... for me - that description would be someone with Mansions (more than one) - private jet - a real Yacht - domestic help.... and be able to buy "anything" they wanted. At a 100K per month - you'd be just about there... but that would most likely be reduced by taxes of say 30% -- so you'd really need a pre-tax income more like 1.5MM a year! That would take THIRTY MILLION earning 5% income.

No wonder I feel poor!

If your looking for a Butler or an assistant, you know my number lets talk!