What age to be a millionaire?

[RobG]

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 think "hard savings" is what is needed. Even if you work hard and get good returns, if you aren't saving you won't have much money. Myself, I'm a thousandaire many times over.

 

[Irrelevant]

All the peer class millionaires I know are self made. There may be additional money coming from inheritance later in life.

I know both, but the ones that inherited it almost made another on their own accord on top.

 

[seeth07]

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.

That was the point I was making with what I said about money being the enabler. There is a threshold where your annual household income "allows" you to have the stage set for your life to be happy. If you are homeless and on the street, I'm guessing its pretty darn hard to actually feel happy. I'm sure there are exceptions so this is just a generalization. The threshold is going to be different for every household and location so it would be hard to put a number on it. For example, there could be a guy that rents a crappy little place in a mountain town and works for minimum wage at the gas station but he could be the happiest guy living single and enjoying the outdoors and his little town atmosphere he lives in. Then you could have the guy with a wife and 5 kids that lives in the suburbs of NY and to reach the point of low money stress to enable his happiness is going to be higher

 

[Deleted member 28227]

All the peer class millionaires I know are self made. There may be additional money coming from inheritance later in life.

What's the definition of self made?

If one's parents/grand parents paid for their education, first car, helped them with a down payment on their house are they self made?

Personally I've never met a single person whose self made... I imagine that Ben Long and I have a similar definition.

Most of the people I've met who bandy around the term use it to justify being a dick to those less fortunate.

 

[brymoore]

What's the definition of self made?

If one's parents/grand parents paid for their education, first car, helped them with a down payment on their house are they self made?

Personally I've never met a single person whose self made... I imagine that Ben Long and I have a similar definition.

Get a job and grow your wealth.

I’d consider inheritance as someone dies and you’re named in the will.

Anything else is something in between.

My parents paid for my college, $4,500 a year, but I haven’t seen another penny (or would take) from them besides covering dinners once in a while. Parents are blue collar for reference. I have two graduate degrees they did not pay for. Would I be considered self made or inheritance?

 

[SAJ-99]

I think "hard savings" is what is needed. Even if you work hard and get good returns, if you aren't saving you won't have much money. Myself, I'm a thousandaire many times over.

Savings becomes easier the higher your income. Hard to avoid that fact.

A lot of what I see on these HT threads is confirming that America has morphed into a caste system.

 

[Deleted member 28227]

Get a job and grow your wealth.

I’d consider inheritance as someone dies and you’re named in the will.

Anything else is something in between.

My parents paid for my college, $4,500 a year, but I haven’t seen another penny (or would take) from them besides covering dinners once in a while. Parents are blue collar for reference. I have two graduate degrees they did not pay for. Would I be considered self made or inheritance?

Generational wealth same as me.

 

[FairWeather]

What’s that ol’ saying, “your health will fade before your wealth”?

While having money is nice, and financial stability is imperative (to me at least), I’d still rather spend my money while I’m able to enjoy what it buys me, rather than amass it.

If I did a quick T account for my assets vs. liabilities, I’m definitely nowhere near a millionaire, but nonetheless I’m not hurting by any means. What I am filthy rich in is time. My job grants me over 5 weeks of paid vacation/year PLUS 14 paid holidays. That is the wealth I value most.

 

[Straight Arrow]

"Hunt when you can. You're gonna run outta health before you run outta money." Big Fin quote / motto.

 

[Marshian]

Savings becomes easier the higher your income. Hard to avoid that fact.

A lot of what I see on these HT threads is confirming that America has morphed into a caste system.

I don’t think America is a caste system more now than in the past. And if I did, I’m still not sure how we could go about fixing that. It’s still a highly desirable country to live in with many paths out of the socioeconomic situation one was born in. Good role models are probably one of the biggest helps in this regard though. Valuing education and strongly discouraging behaviors that lead to poverty.

 

[seeth07]

What’s that ol’ saying, “your health will fade before your wealth”?

While having money is nice, and financial stability is imperative (to me at least), I’d still rather spend my money while I’m able to enjoy what it buys me, rather than amass it.

If I did a quick T account for my assistance liabilities, I’m definitely nowhere near a millionaire, but nonetheless I’m not hurting by any means. What I am filthy rich in is time. My job grants me over 5 weeks of paid vacation/year PLUS 14 paid holidays. That is the wealth I value most.

I couldn't agree more. 5 weeks too with 9 holidays. beyond blessed

 

[brymoore]

I couldn't agree more. 5 weeks too with 9 holidays. beyond blessed

I get 5 weeks, a few bonus days for strange reasons and 10 Federal holidays.

Love my free time.

 

[SAJ-99]

I don’t think America is a caste system more now than in the past. And if I did, I’m still not sure how we could go about fixing that. It’s still a highly desirable country to live in with many paths out of the socioeconomic situation one was born in. Good role models are probably one of the biggest helps in this regard though. Valuing education and strongly discouraging behaviors that lead to poverty.

Are we that? Are we valuing education, really? I don't know of many teachers that are paid as they should be for trying to teach 25ish kids that would rather be doing anything else.

I say "we" but realize everyone is different. The trend is pretty clear.

https://www.usnews.com/education/best-colleges/applying/articles/americans-have-less-confidence-in-higher-education

 

[Nameless Range]

Are we that? Are we valuing education, really? I don't know of many teachers that are paid as they should be for trying to teach 25ish kids that would rather be doing anything else.

I say "we" but realize everyone is different. The trend is pretty clear.

https://www.usnews.com/education/best-colleges/applying/articles/americans-have-less-confidence-in-higher-education

Solely speaking in terms of learning beyond high school, I view Education and College as two increasingly disparate things. Not because of politics, cost of attendance, or access issues as highlighted in the article, but as a product of actually working with folks who have or don't have those credentials. Real life experience. I suppose the growing irrelevance of college as it has been traditionally configured and valued is related to the 3 factors listed in the article, and it is of course different for different careers, but in the world of technology, college is increasingly little more than a certification.

 

[Bowmannate2000]

I get 5 weeks, a few bonus days for strange reasons and 10 Federal holidays.

Love my free time.

The generous PTO is one of the main reasons I took my current job... 28 days, plus 12 holidays! Now I just need a little more money to be able to effectively utilize it for hunting trips .

 

[Flatrock]

Are you financially better off today than you were 3 years ago ? Think about that before you enter the voting booth in November.

Yes. Way better. And the POTUS had little to nothing to do with that. Thinking that the POTUS has a big influence on the overall economy/stock market/individual success is wildly inaccurate.

 

[Johnny Bravo]

"Hunt when you can. You're gonna run outta health before you run outta money." Big Fin quote / motto.

I get a good laugh at that quote when people bring it up....

 

[SAJ-99]

Real life experience. I suppose the growing irrelevance of college as it has been traditionally configured and valued is related to the 3 factors listed in the article, and it is of course different for different careers, but in the world of technology, college is increasingly little more than a certification.

I would confidently make a bet that the people that work at Intuitive Machines that just landed a craft on the moon all went to college. That said, it might be about cost, i.e. is the education worth the cost. But if society determines that college should be so expensive that it excludes a large % of the population from being able to participate, it just demonstrates that we (society) don't value it and it reinforces a caste system.

Yes, technology changes fast so I get how you came to your conclusion. If a person learned Java or C in the 1990's, they might have quickly found themself squeezed out of a job everywhere but the government.

 

[Treeshark]

I get a good laugh at that quote when people bring it up....

Yeah, that one might be a bit outdated at this point.

 

[Straight Arrow]

bit outdated

???