What age to be a millionaire?
- Thread starter grizzly_
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SAJ-99
Well-known member
I never said cash is king. So
if a person wants to be comfortable then figure out what that number is, work hard, save rather than splurge, and take that money and invest it. Neither your retirement nor your house will make you “rich”. Hard work does.
For most people anyway.
i'm gonna say that incontrovertibly money cannot and will not buy happiness.
it can make life easier, it can provide many comforts, and can provide plenty of joys in life.
but i'd go so far as to say it's embedded in the physical laws of nature in this universe that if you're not able to be happy and content with what you already have you won't be happy with more than that.
it can make life easier, it can provide many comforts, and can provide plenty of joys in life.
but i'd go so far as to say it's embedded in the physical laws of nature in this universe that if you're not able to be happy and content with what you already have you won't be happy with more than that.
Nick87
Well-known member
I've known two people who were well off successful business owners who most people would kill to have what they had materially. Both committed suicide and it wasn't because business was bad or anything like that. Really puts things in perspective.
So true.
I read an article recently that cited a study that once people make over $75k a year, the “happiness” curve becomes almost completely flat.
The “study” was several years old and I do not know what methodology was used, but it was interesting and makes sense anecdotally to me.
I read an article recently that cited a study that once people make over $75k a year, the “happiness” curve becomes almost completely flat.
The “study” was several years old and I do not know what methodology was used, but it was interesting and makes sense anecdotally to me.
The Minimum Salary You Need To Be Happy in Every State
What's the price of happiness in your state?
www.gobankingrates.com
Irrelevant
Well-known member
What I continue to find interesting is the effect of your spouses income. I have a handful a good friends, we all make "about the same" but some of our wives are doctors, engineers, nurses, while others are stay at home moms, or like mine, glorified volunteers. I highly don't recommend the latter two. It is really shocking (though not really) just how much having two decent to large incomes vs one does for you, especially early in life if you can put it away. I'll grab beers with two of them pretty frequently and they have multiple homes and are talking about retirement while their kids are in elementary school, while I will get to retire just after I'm dead.
Out spending habits are very similar, I probably fall in between them in terms of saving %. I will say they're both more active in investing have out performed my gen fund efforts. But the biggest difference is just the sheer quantity they were able to put in in their 20's compared to us.
Out spending habits are very similar, I probably fall in between them in terms of saving %. I will say they're both more active in investing have out performed my gen fund efforts. But the biggest difference is just the sheer quantity they were able to put in in their 20's compared to us.
One of my jokes I tell my son whose true goal in life is to hunt/fish is to go to the law library to find a girl who needs love. Treat her nice and let her support you.
Nameless Range
Well-known member
My gut reaction to this was to dismiss it as I do most financial threads - which probably correlates with my financial stupidity. Thank God for my wife.
Owning multiple properties now, I did wonder so I found this Net Worth Calculator. Alas, I ain't a millionaire, though I can imagine a day down the road as the properties appreciate and the loans diminish, where the combined net worth of my wife and I's assets gets us their together, but I suppose jointly that doesn't count.
This weekend my wife and I visited the first house we rented together with our daughter 15 years ago. We had right of first refusal when they put it up for sale in Bonner, MT, and they wanted $108,000 at the time. Of course we were broke and couldn't swing that in our wildest dreams then. Today, that house is worth nearly 400k. To neffa's point, to become a "millionaire" by middle age is probably not that hard if you make good decisions in your 20s and before you have kids, but who does that? I happened to be stoned and fishing/hunting a good portion of those years - allegedly.
It's fun to think about, but ultimately doesn't and couldn't have that much influence on how I live my life now.
Owning multiple properties now, I did wonder so I found this Net Worth Calculator. Alas, I ain't a millionaire, though I can imagine a day down the road as the properties appreciate and the loans diminish, where the combined net worth of my wife and I's assets gets us their together, but I suppose jointly that doesn't count.
This weekend my wife and I visited the first house we rented together with our daughter 15 years ago. We had right of first refusal when they put it up for sale in Bonner, MT, and they wanted $108,000 at the time. Of course we were broke and couldn't swing that in our wildest dreams then. Today, that house is worth nearly 400k. To neffa's point, to become a "millionaire" by middle age is probably not that hard if you make good decisions in your 20s and before you have kids, but who does that? I happened to be stoned and fishing/hunting a good portion of those years - allegedly.
It's fun to think about, but ultimately doesn't and couldn't have that much influence on how I live my life now.
2rocky
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westbranch
Well-known member
I would still rather be well off and miserable than poor and miserable.
Miserable people will be miserable no matter the income level.
noharleyyet
Well-known member
Now my advice for those who die
(Taxman!)
Declare the pennies on your eyes
(Taxman!)
-Beatles
(Taxman!)
Declare the pennies on your eyes
(Taxman!)
-Beatles
Ben Long
Well-known member
Most wealth in America is inherited. I imagine many people to "millionaire" mark when their older relatives pass on. Also, a million ain't what it used to be. My wife and I bought a house when we started our careers 30 years ago. $48,000. That very same house is now listed on Zillow for $350,000. Go figure.
D
Deleted member 28227
Guest
Do you have any stats on that? I know Ramsey isn’t popular on here but that last millionaire study they did (which was a large sample size) found something like 70-80% were first generation, self made. Sure, there is generational wealth out there and always has been but I’m not sure that’s the bulk of just “average millionaires”
Flatbrimmer
Well-known member
From what the poll tells us, if we ain’t made a million in our 50s, we will be hammering for the rest of our miserable existence….
All the peer class millionaires I know are self made. There may be additional money coming from inheritance later in life.
westbranch
Well-known member
Agree when talking about the people already doing well wanting more thinking it will impact outlook on life.
I feel like a lot of people reference it for low income folks - you do say incontrovertibly. There is a huge difference is going from making <$40k per year vs. 80k+ a year for a household. Hard to tell that person making <$40 that you should already be happy and content. It would be great if they were but dealing with life stresses at low income is not great. Goes back to link at post #126 on $$ amount needed to be "happy" depending on where you live.
