Quote:
Originally Posted by Blueblaze
Why would 1.5 million be surprising when the average household income today is close to $80k? I thought I was a rich man the day I built my $130K dream home. I was making $30K/year at the time, as a Computer Programmer with three degrees. I thought I was really something, making my age. That's minimum-wage burger-flipper money today! And yet I somehow retired comfortably, despite three stock market crashes, my employer's bankruptcy in the Enron debacle, and a forced move and job hunt 500 miles away in my 50's.
Any fool can retire a millionaire. All it takes it a savings account and a lick of common sense. $80K, with a 3% inflation adjustment per year, and enough sense to save 10% a year at a 5% return, is $2,081,365 by age 65.
Somebody ought to tell the kids to quit begging for government handouts and just get a damned job!
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In a perfect world what you say makes sense. Just one part i would offer a different view....in the 50's my grandparents bought their house for 17k, my sibling bought theirs in the early 80's for 56K. Boston mind you. Both sold recently for 1.1 mil and 1.3 mil respectively. You just dont see that kind of appreciation (at least in that region) anymore. A million up north is the starting point and its a bidding war, usually for a postage stamp property. So does that mean in 60, 40 years using that standard....those same homes will appreciate to 15, 20 mil? Of course not. There will be a huge bubble burst. Much harder road for young people...doesnt mean we worked any harder, or less....its just a different playing field. imo