Who are our future millionaires ?

[GreenBean]

Originally Posted by AllAboutStealth

My father passed away recently, god rest his soul. Its just me my brother and mom.

I am so sorry. I know how you were guided by your Father.

Please offer my respects to your Mom and brother too.

GB

[AllAboutStealth]

Originally Posted by GreenBean

I am so sorry. I know how you were guided by your Father.

Please offer my respects to your Mom and brother too.

GB

Thank you green bean, appreciate it. Now I have to take care of the family.

[Sandy D]

I know several multi millionaires.

Many started their own manufacturing business from scratch or started a business from nothing and became millionaires.

A few are also into real estate.

I also know 3 former millionaires.

1 lost it all on wall street like a fool.

1 lost it all in Vegas after winning the lottery

1 lost it all due to a lawsuit.



I am hoping to be the next millionaire.......

Or at least hope one of this group becomes one.

[vogeltron]

Originally Posted by Sandy D

I know several multi millionaires.

Myself included. Most of them started/own Wineries. I know one with a Painting Business (guy must work 90 hours a week) Crazy. Almost all of them have made smart bets in real estate, stocks, or other assets that have paid off over a 10 year period.

It is funny because where I live. You will see a 60 year old man driving his 1980's pickup truck with 300,000 miles and holes in his jeans worth 10 Million but nobody knows. Then you see another broker person living check to check trying keep up the allusion of wealth with their leased Mercedes.

[yankee]

How are we determining millionaire? To me, it is a very loose statement. For example, Net worth and having an extra million or two or liquid assets are very different.

[Dmshark25]

I define it to be more than the word actually means because manny people can be millionaires, I have a house and rent out 2 duplex and one triplex so just with that I'm near close to a million but that is nothing

I associate millionaire with wealthy so I want a million in assets and a million in cash, and a million in yearly salary, to me this is my definition of a millionaire

[rsot]

Originally Posted by yankee

How are we determining millionaire? To me, it is a very loose statement. For example, Net worth and having an extra million or two or liquid assets are very different.

Net worth is such a huge factor - never need to have that amount in liquid ...since taxes and inflation will kill liquid

[JamesNorth101]

Its all pretty subjective IMO.

I know people that are worth many millions but cannot always afford things that people worth a lot less than they are worth can simply because their many millions are all tied up in assets. Its all good and well having a house worth 4 million but its not doing you much good if it is not generating an income and its all you have.

$1,000,000 in some places will not get you much, in London you would be lucky to get a studio flat in a lot of areas. In parts of Wales though you could live like a king.

If you want to live in London, New York ect you are going to need a lot more than $1,000,000 in assets and a pretty decent yearly income. In cheaper parts of the country $1,000,000 would be you set for life just living off the interest/dividend so long as you are careful how you spend your money.

All very subjective

[AllAboutStealth]

Nowadays I believe you need to have a net income of at least 450k to belong in the 1%.

As for being a millionaire your assets have to exceed the amount of 1million. Meaning if you sold everything you own in today's market how much money will you be left with.

[JamesNorth101]

$390k is the bench mark at the end of 2013 to ender the 1% in the US, so around the $400k mark now.

Both of those being pre-tax

[yankee]

Originally Posted by JamesNorth101

$390k is the bench mark at the end of 2013 to ender the 1% in the US, so around the $400k mark now.

Both of those being pre-tax

Depending on how that $390.00 is collected and then taxed, it is not very much money for todays standards. The top 1% are not measured equally. The top .10% might make more than the remaining .90% combined.

[yankee]

Originally Posted by yankee

Depending on how that $390.00 is collected and then taxed, it is not very much money for todays standards. The top 1% are not measured equally. The top .10% might make more than the remaining .90% combined.

If we are talking earned income tax we are exceeding 38% tax rate in the USA.

[JamesNorth101]

Originally Posted by yankee

Depending on how that $390.00 is collected and then taxed, it is not very much money for todays standards. The top 1% are not measured equally. The top .10% might make more than the remaining .90% combined.

$390k a year even after its taxed would still leave you with well over $200k a year. That would let anyone lead a pretty comfortable lifestyle.

[yankee]

Originally Posted by JamesNorth101

$390k a year even after its taxed would still leave you with well over $200k a year. That would let anyone lead a pretty comfortable lifestyle.

Everything is a matter of perspective.

[vogeltron]

Originally Posted by yankee

Everything is a matter of perspective.

Very true if you live in Arkansas and net $200k after tax you are living like an Oil Tycoon. If you are living in Manhattan. You are doing well but not that same. Yankee is so right about things being relative.

[vogeltron]

For me it does not matter if I am a Millionaire or not. As long as I am doing what I love that is all that matters. As much as eBay and other things can be testing. I would not trade it for anything.

I see people all the time who work for the "man". I may not have a pension or a vacation plan. Might have to save for my own retirement rather than have a 401k. But guess what?

I get to go take a 2 hour lunch break from work and hit the gym. I get to have a say for my own destiny. The amount of effort, knowledge and sometimes luck I put in directly effects where I am at.

As far as I know I only get one ride on this roller-coaster we call life. I plan on making the most of it.

Every day I take on the fight that is in front of me. Then I deal with the next day. When you are in this you never know where you next sale is going to come from. You never know when you might get shut down or go bust. You just grab you balls every day, say I am going to do right by myself and by my customers and deal with it.

Success is for those who willing to go out and do what it takes to achieve it. Those who stand on the sidelines, might as well be holding a Clipboard.

Personally, I would rather fail again and again and again and forever. Than say I didn't try.

[rsot]

Originally Posted by AllAboutStealth

My father passed away recently, god rest his soul. Its just me my brother and mom.

Sorry to hear about it, AllAboutStealth

[oompaloompa]

also is this family/joint income or individual??

the lucky people are those earning great money AND enjoying what they do....

it is the top 0.01% that are really rich.....

[keepongoing]

I like this post.

the richest people often came from rich old money.

what I mean by that is some of the wealthiest people have a giant trust that keeps growing, this was setup years ago by their forefathers. it was designed to never be altered and slowly disburse money so everyone in the family could have a good life and then they could pour even more into it if they too were successful. I learned about this in college, some of the richest people have these in place and you never hear about them.

I hope someday that will be me as well!

[yankee]

All sorts of options for generational wealth, especially if you don't need the original money for your own retirement. Whole life insurance policies for the living benefits and IRA that holds (cash flowing/but non tax saving) assets that are setup to skip a generation, etc...

[vogeltron]

Originally Posted by oompaloompa

also is this family/joint income or individual??

the lucky people are those earning great money AND enjoying what they do....

it is the top 0.01% that are really rich.....

I will say one thing. As much as I enjoy business. The excitement of making money, and finding new business ventures. I can not stress enough how much I enjoy these things and are part of the reason I wake up every day. Some of the most "rich" people are the most miserable and "morally bankrupt" you will ever meet.

Money is an important aspect in life. By no mean's is it the only one. Anyone who never becomes rich yet they spend every day chasing their dreams and are happy. They in my opinion are "rich" in their own right.

[oompaloompa]

Health and a happy unbroken family is way up there too.....