Home Forums Hunting & Shooting Hunter's Campfire Millionaire.

Getting back to the point of the thread, a million bucks in liquidity isn't very much these days. I'm also a bit surprised that $3.6 million will let you live "like a millionaire" although that's compared to 1980, after the massive inflation of the 70's, so it's probably accurate enough.

I do remember when eccentric billionaire Mr. John Beresford Tipton gave away $1,000,000 to some person every week - all taxes paid. In the late 1950's and early 60's a million dollars really would set someone up to live high on the hog for life - if they didn't live too long. $20,000 - $25,000 would buy a very nice house and $3,000 - $4,000 would get you a brand new Corvette. Even in 1970 a hot shot Hemi 'Cuda started at around $3,300.

At least until the mid-70's when home prices just about doubled. Even 15 years later in 1990 you could buy a new Ford F150 XLT Lariat for $14,000. Try that today.

Point is, unless you have liquidity coming out your ass you can't just sit on it (the liquidity or your ass) and expect to live well until some unknown age of death. You still need to keep that money diversified and protected against both inflation on the one hand and large stock market bears on the other.

My best friend used to be a real estate broker. He said you would be amazed at the rich people in this town that are upside down on everything they own. He said you can never tell what someone is worth looking at where they live,what they drive, or the toys they have.
I used to hunt and trap on an old man's place and visited with him often.
He was a millionaire, He lived in a small house trailer overlooking Eleven Point River. Had a 14 foot jon boat tied up with a 7.5 mercury on it. He retired at 40.
He told me then everytime you make or get some money save some of it and put it to work. He was right.

I think these days you need at least a couple million to retire. That number will grow a bunch when the US gove goes bankrupt in the next decade. A million isn't what it used to be.


Most ballers with expensive cars, houses, boats are the most broke dicks in the country. I think the average million+ folks drive a F150 and live a more upper middle class life.

A sister told her two boys that while they were still in high school. One took her seriously, became a millionaire by age 40. He takes his family on outdoor oriented vacations,, has 3 squared away sons..

The other would work enough to set aside a bit, then travel. He married young, his wife did the same. After 5 or 6 years they built a tiny house and started a family. Now he has a good job and is living comfortably, their 5 kids have a great upbringing with a lot of outdoor activities.

I think both approaches worked well.

It depends GREATLY on where you live. Not only because of the 24K in property taxes, but all the other costs of living associated with daily life, from mechanic’s hourly rates to having to pay to park to go shopping or a $500 a month AC or heating bill. In a place with moderate taxes and a reasonable cost of living, $40K after taxes and no house payment isn’t a great luxury, but enough to eat well and not impoverish over time.

The big wildcards, of course, are health care or nursing home expenses. They’ll crack the nest egg in a hurry.

My retirement account was doing well before Bidenomics hit. We lost a bunch in the slide, but it recovered slightly and is holding steady. What hurts now are the prices of everything. Just got a quote on auto insurance, $3200 a year for the truck, older jeep, wife's car, and our 25' travel trailer. Spent $421 bucks last week for a full cart of groceries ! Stopped at Sonic the other night, one burger, a corn dog, large fries and drink was $18.46 ! I don't know how long the country can survive this crap.

Interest on a banked million is marginally enough today to carry a family through all of life's events. If one could get 8% return annually and not touch principle, that's only $80k, so the sail boats, planes, and Jaguars are likely out. One could squeak by, but would not be the talk of the town.

Cookie and I worked hard, saved some, have pensions, some IRA's, and social security, and are probably spending about a million bucks about every 11 or 12 years. We are comfortable, still saving some, but not living high on the hog by any means. Inflation is a concern too.

If I could time travel and return, I'd go to the future, look up my obituary, and come back knowing just how long my resources have to last. Could die tomorrow or last another 25 years. That uncertainty keeps me on the conservative side.

Win one of those substantial lotteries though, and I'd likely never post here again. I'd be way to busy traveling and doing sh-t.

That about says it.


With some actual guidance...I bet the money would have been put to better use.


As it stands though....people are getting more than they paid in....so your taxes are long gone.

Interest on a banked million is marginally enough today to carry a family through all of life's events. If one could get 8% return annually and not touch principle, that's only $80k, so the sail boats, planes, and Jaguars are likely out. One could squeak by, but would not be the talk of the town.

Cookie and I worked hard, saved some, have pensions, some IRA's, and social security, and are probably spending about a million bucks about every 11 or 12 years. We are comfortable, still saving some, but not living high on the hog by any means. Inflation is a concern too.

If I could time travel and return, I'd go to the future, look up my obituary, and come back knowing just how long my resources have to last. Could die tomorrow or last another 25 years. That uncertainty keeps me on the conservative side, as a need for something like an $80K pickup is still a hit.

Win one of those substantial lotteries though, and I'd likely never post here again. I'd be way too busy traveling and doing sh-t.

I live in a subdivision surrounded by million dollar plus homes. The retirees own them free and clear, the young folks, its doubtful. Including housing in net worth here it is easy to be a millionaire. But, I don't know anyone taking trips to Africa. Liquid cash available- who knows.

The government keeps saying it want more affordable housing constructed, it is essential! When asked the government spokesmen admitted they didn't have a definition of "affordable housing".

Jim

The 6 Ps with proper execution of plan makes for a more pleasant retirement. Planning on the lottery is a fools plan.

Those million dollar homes in your neighborhood are not an asset to the young folks. They're a chain around those young folks' neck. They only realize any liquidity when they sell, and if it's worth more than what they paid for it. I do know people that are constantly buying the next bigger house.

Hah. That's funny, Bob. My vehicles don't usually make it anywhere near 350,000. But, that was when I was always buying American cars. Mine might make it to 200,000. If they do, they're usually crawling into the dealer lot. We'll see how this 4Runner does. In 4 years, this thing is still tight as a drum. But i'm not beating it up every day with construction material going in and out of the back of it.

....... "Another millionaire, Mike".... I recall that show from when I was quite young. I asked my dad what he would do if someone gave him a million dollars. I couldn't believe it when he told me he wouldn't spend a penny of it. I thought he was nuts until he explained how you could live a decent life just from the income it could generate and how some wealthy folks who live in regular, middle class homes and work regular middle class jobs are actually millionaires who will become even more wealthy by not spending all their income on status symbols and other flashy crap. As I got older I've seen it myself and always took that lesson to heart.

I've heard it said of millionaires that the first generation earns it, the second generation grows it, and the subsequent generations spend it. That has been, pretty much, a reflection of what I've seen, although sometimes the second generation is so deep into drugs and alcohol that they burn through a lot of the capital before the third generation gets their chance to spend much of it.

I know a guy whose family sold their business for around $40M. He is deeply into drugs and alcohol. His older sister was also deeply into drugs and alcohol, but she died in her 50s. His younger brother is also deeply into drugs and alcohol, but lives the life of a ski bum and mountain biker, winters at Grand Targhee followed by northern hemisphere summers at Thredbo. The brother that I know spends money in amounts that make you shake your head. Private charter jets to Europe. Private yacht charters on the Caribbean and Mediterranean. At one time he had a Saracen armored car. He has at least 6 houses or condos in places like Telluride, Palm Springs, and Palm Beach that I know of that he pays caretakers to maintain. He has 2 daughters who are in their 20s, but he doesn't take care of them because they remind him of his first, of four, failed marriages. He is toxic, living proof that money doesn't buy you happiness.

If I had generational wealth and my kids were irresponsible, I'd put a fair portion of it into a professionally managed trust for each of them that would make distributions in amounts that would allow them to have comfortable lives, but not be able to piss away the capital.

"Shirtsleeves, to shirtsleeves, in three generations."

that right there is exactly class act type people. this day and age especially on farms it doesn't really take that much to have a million dollars in assets. the key is to have it all paid for and not borrow any more money and operate within your means..

a lot of statistics show exactly what you're saying first generation earns it second generation grows at 3rd generation loses it.. businesses and farms both..
I really don't want to have to come back from the grave and kick my kids ass...

Keep your 2nd house and your first wife, and with a little luck, you’ll retire a millionaire. Problem is retiring with $1 million in your 401k doesn’t really go that far these days.

Jetboi you a millionaire?