What age to be a millionaire?

[rjthehunter]

Surely we have a few crypto-zillionaires?

From a DM I just recieved.

"I can’t believe how many of my friends have made wife changing money in crypto"

Depends on their standards... some wives would jump ship for a 10k!

 

[fulldraw]

As we all know a million isn’t anywhere near what it was just a few years ago. And let’s not forget money don’t mean chit if you don’t have your health.

 

[grizzly_]

Liquidate all your stocks and bonds.... and then dump it into bitcoin. Sell in late 2025. Thank me later

@ignorethefringes @grizzly_

I've been in ETH for years now and got some BTC after they approved ETFs (but didn't get enough in hindsight ).

BTC has outperformed the last year, but I think ETHs boom is still coming. It typically trails the halving. I'm looking forward to a good 2025 too

 

[Irrelevant]

It's f'd when you can make 25% year over year and feel you're losing ground

 

[ismith]

I feel like a million dollars.......... sometimes.

 

[michigan_sasquatch]

As we all know a million isn’t anywhere near what it was just a few years ago. And let’s not forget money don’t mean chit if you don’t have your health.

Reminds me of a good quote I read in a book...

The three big ones in life are wealth, health, and happiness. We pursue them in that order but their importance is reverse.

 

[Ballistic]

Statistically, most people can't do simple math.

In 40 years your million will likely turn into $200,000 or the equivalent. When I was a kid a million made you rich, today it doesn't.

This is exactly why generating wealth is so important and you can never stop.

 

[Pagosa]

Do most people not consider their home and other real estate as assets? Seems like most people just consider their retirement accounts, stocks, and such. We definitely plan to downsize to a smaller 1000 sq/ft home when our kids are grown.

 

[Southern Elk]

Do most people not consider their home and other real estate as assets? Seems like most people just consider their retirement accounts, stocks, and such. We definitely plan to downsize to a smaller 1000 sq/ft home when our kids are grown.

Yes, definitely.

 

[Pagosa]

So you don't consider it as an asset?

 

[mevertsen]

Do most people not consider their home and other real estate as assets? Seems like most people just consider their retirement accounts, stocks, and such. We definitely plan to downsize to a smaller 1000 sq/ft home when our kids are grown.

I consider my home an asset, but it has no bearing on my bank account as far how I'm going to pay my bills.

My wife, last child and I live in a small (1150 sq ft) house, and we plant to be here "forever."

The House can't pay my power bill, and I can't scrape hundred dollars bills off of it to make car repairs. But I have to use money to pay taxes on it, and do periodic upkeep. Its a place to keep me warm and secure from the elements. Nothing more.

 

[brymoore]

So you don't consider it as an asset?

I do. At times, it’s been my best investment.

 

[Pagosa]

I do. At times, it’s been my best investment.

That is my thought too.. I can build a pretty nice ICF house for $225-$300 per/ft (not including land) and move just about anywhere.

I would also rather own a house, have no debts, loans, etc and just live a simple live, than a million or two. Money seems to create a lot of divorces, f-up family, issues.

 

[Letthemgrow]

and I can't scrape hundred dollars bills off of it to make car repairs

Isn't that exactly what a HELOC allows you to do?

 

[mevertsen]

Isn't that exactly what a HELOC allows you to do?

Then it's no longer an asset but a liability.

Robbing Peter to pay Paul doesn't do anything to improve my financial situation.

 

[Letthemgrow]

Then it's no longer an asset but a liability.

Robbing Peter to pay Paul doesn't do anything to improve my financial situation.

If someone doesn't have the money to pay for a car repair then the interest rate on a HELOC is definitely going to improve their financial situation compared to a CC interest rate.

But I have to use money to pay taxes on it, and do periodic upkeep. Its a place to keep me warm and secure from the elements. Nothing more.

I'm sure you won't mind assigning me the appreciation gain over the next 20 years when you sell it then.

Happy Holidays.

 

[mevertsen]

If someone doesn't have the money to pay for a car repair then the interest rate on a HELOC is definitely going to improve their financial situation compared to a CC interest rate.


I'm sure you won't mind assigning me the appreciation gain over the next 20 years when you sell it then.

Happy Holidays.

1. The interest rate doesn't change the fact that there is still a debt, and it's still a liability, and there is risk a lien or forfetiture could be placed on the asset covering that debt.

2. Don't plan to sell my home. And if I did sell my home, I would still have to spend money to keep me warm and protected from the elements.

As the original question I answered was simply if people consider their home an asset or not.

I consider it an asset, but I have no expectation of taking money out of it. It doesn't pay me dividends. I don't get rental income from it. It's a place to stay. That's it. And no matter where I am in life, or where I go, I will have to pay someone (including the tax man) something to stay where I am.

I also pointed out that robbing Peter to pay Paul doesn't do anything to improve MY financial situation. I can't speak for anyone else.

I've been in a lot of pickels. And I've robbed Peter to pay Paul. I've cleared a lot of that up.

Luckily, now I have 4 paid for cars, a house that is almost paid for, and one other debt, which we are working on. Plus my wife works from home. (I'm retired medically)

It took me a long time to get to the point of delayed gratification and that I don't need everything right now.

 

[Letthemgrow]

It took me a long time to get to the point of delayed gratification

But you persevered and got there.
That's winning the battle.

 

[hank4elk]

Came close in 1983 with the cabinet shop. Downsized and became a Park Ranger.
Coulda filed on the Ex, $7 mil or so. Naah. Her $.

Not worth a shit now.
140 acres in NM and a pension,SS.
Free and clear sailing.
An elk tag in my pocket.

 

[NEWHunter]

Do most people not consider their home and other real estate as assets? Seems like most people just consider their retirement accounts, stocks, and such. We definitely plan to downsize to a smaller 1000 sq/ft home when our kids are grown.

Homes and other real estate are assets. The the debt against them is a liability. The difference between the two is your equity.

Bank accounts, brokerage accounts, real estate, personal property, etc. are all assets. Add up all your assets and all of your liabilities and then subtract the liabilities from the assets. That figure is your net worth. Once it hits $1 million, keep going . . .

I would suggest looking up ‘personal financial statement’ learning about them and preparing one annually or semi-annually. They are a great tool.