[Chi-Town]

When calculating net worth your house is not in that equation. It's a separate line somewhere afterwards.




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[billethkid]

One can have a million (or more) dollars net worth and have no liquid assets.
Are they millionaires? The article states invested assets....hence the answer is Yes!
Defining/clarification of terms/assumptions is usually helpful.

Also note the reference to millionaires per capita....a locale with 2 residents one a millionaire, can boast 50% of the population are millionaires!!!

[Bavarian]

Inflation. A Million now was worth $100,000 ten years ago. And are the Developers worth included?

[retiredguy123]

Originally Posted by Bavarian

Inflation. A Million now was worth $100,000 ten years ago. And are the Developers worth included?

Huh? By my calculation, a million dollars today was worth about $840,000, ten years ago. The cumulative inflation rate for the past 10 years was about 19.4 percent.

[retiredguy123]

I think a lot of people who have money today, accumulated it by developing a very frugal and practical lifestyle attitude. And, now that they can afford to spend more money, they can't do it without creating a lot of extra stress in their life.

[manaboutown]

Originally Posted by retiredguy123

I think a lot of people who have money today, accumulated it by developing a very frugal and practical lifestyle attitude. And, now that they can afford to spend more money, they can't do it without creating a lot of extra stress in their life.

I agree. I spent nine years in Los Alamos, NM which has the highest proportion of millionaires of any working folks town of comparable size in the country as far as I know.
Los Alamos Tops Nation in Millionaires >> Albuquerque Journal
Most of my co-workers at the lab had spent years in graduate school and were frugal beyond belief. Some of those who smoked (very few) rolled their own cigarettes. Many bought their clothes at K-Mart or Goodwill. They kept and maintained their modest vehicles for many years and even sold their children's underwear when outgrown. Getting through four to six years of graduate school is tough training both intellectually and financially.

My thought is the typical Villager worked hard, saved and invested, and spent wisely over his/her lifetime. Now he/she is living off the results of their deferred gratification!

[TheWarriors]

Gosh, I’m surprised no one said we need to redistribute this wealth, haha!

[Bogie Shooter]

Originally Posted by Velvet

You know that there is no way someone would reveal that information, their invested assets, especially with as many outsiders as we have in TV.

What is an outsider?

[Chatbrat]

Lets say you got $10 million invested generating $500K a year in tax free muni's --are you a millionaire--zero debt, no mortage-and you're in you'r in your 70's , zero problems--besides a lot of cash for emergencies--do you think you can make it here ?

[Velvet]

Originally Posted by TheWarriors

Gosh, I’m surprised no one said we need to redistribute this wealth, haha!

They are asking to redistribute wealth by raising property tax on the current owners to subsidize Others.

In this case, an “outsider” is one whose assets you have no access of information to for whatever reason. I bet some Snowbirds might fit into the category too.

[Velvet]

A million doesn’t get you much these days, maybe a Couple of Ferraris....

[Chatbrat]

It nots the cost its the $4500 6 month service

[Toymeister]

Millionaire is a term that is tossed around a whole bunch.

Using the Trinity's study safe rate of withdrawal of 4% it's just 40,000 in annual withdrawals, indexed to inflation. Of if you annuitize it 55k. Good but not exactly wealthy.

[Villageswimmer]

Originally Posted by retiredguy123

I think a lot of people who have money today, accumulated it by developing a very frugal and practical lifestyle attitude. And, now that they can afford to spend more money, they can't do it without creating a lot of extra stress in their life.

So true.

[valuemkt]

If the average Villager did not have a large amount of investable assets, there wouldn't be a disproportionate amount of "wealth managers" and "trust" companies pining for your money .. Nor would there be incessant ads in the Daily Sun just "aching" to give you 8% returns on your hard earned funds .. Just think about it..