[Villageswimmer]

Originally Posted by Velvet

In my experience, financial people like to look at your investable assets only, because that’s what they can make a commission on.

Interesting take and so true!

[vintageogauge]

Originally Posted by Jazuela

I agreed with your post til you came to the above point. It is VERY hard to become a millionaire, if you don't earn enough to cover the bills AND save $550/month at the same time.

In fact, most of the country is unable to save $550/month, and some of the country doesn't even earn $550/month. The latter is definitely the minority.

But if it were that easy to do, then you'd see most people doing it. How to know it's not true: most people aren't millionaires. Most people have modest savings, live in modest homes, can pay their bills with enough left over for a week in Vegas, and put 3% of their modest paychecks into a matching 401k plan at work.

Once the kids are old enough for college, they're strapped for cash, and have to cut back on those Vegas vacations.

When they retire, they will be nowhere near being a millionaire. They'll live on a limited income that will allow them to live comfortably, but not extravagantly. MOST people will never be able to afford a $500,000 home. MOST people won't even be able to afford a $300,000 home, anywhere in the USA.

If you want to get ahead in this country you have to start young. When I joined the work force, got married and had children we chose to have my wife stay at home and take care of the kids, etc. I felt compelled to work full time and also part time, did odd jobs on the weekends fixing things for people, cleaning out garbage and trash, picking up scrap metal and selling it, etc. I didn't have as good of a job as some of my friends but with the extra work I did I earned more than them. I was always able to save for retirement from the very beginning. Without exaggeration I worked a minimum of 55 hours a week my entire life until I retired and even then I worked in a store for a couple years to keep busy and add to my retirement savings. My children have the same work ethics. What I'm getting at is the opportunity to have a million dollars when retired was out there, all you have to do is go for it and watch how you spend it. I have to touch on college. There is nothing wrong with having your children work their way through college, living at home and having a job while going to school, it might take up to 8 years but you will start life out debt free, I know many, many people that have done this and there kids are doing the same, some employers will even help pay for college. Complaining about student loans is BS and in most cases should not even exist.

[Chi-Town]

The age group that experienced the full effects of the Great Depression who were very frugal and loathe to spend money frivolously have left us or will soon. Their estate is passed to their heirs tax free (in most cases), and may be a factor in the high millionaire rate here.

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[Villageswimmer]

Originally Posted by Chi-Town

The age group that experienced the full effects of the Great Depression who were very frugal and loathe to spend money frivolously have left us or will soon. Their estate is passed to their heirs tax free (in most cases), and may be a factor in the high millionaire rate here.

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Yes. OR, they picked up frugal habits from their depression-era parents and lived below their means. Now those habits are paying off.

It will be interesting to see how the next generation handles inherited windfalls that their parents (us) were so careful in spending.

[manaboutown]

Originally Posted by Velvet

In my experience, financial people like to look at your investable assets only, because that’s what they can make a commission on.

When I read this I almost choked on my morning coffee. So true!

[Polar Bear]

Originally Posted by Velvet

In my experience, financial people like to look at your investable assets only, because that’s what they can make a commission on.

Agree.

But along a different line, can anybody recommend a financial consultant who will work on a straight fee basis? Somebody to just answer questions about possible future issues _knowing up front_ that there are no investment commissions in the picture?

[Topspinmo]

Originally Posted by TheWarriors

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

It’s coming

[Altavia]

Cash out your entire 401K and 40% of it will be redistributed immediately

[Dan9871]

Originally Posted by Polar Bear

Agree.

But along a different line, can anybody recommend a financial consultant who will work on a straight fee basis? Somebody to just answer questions about possible future issues _knowing up front_ that there are no investment commissions in the picture?

Johnathan Honig Capitalistpig | Consultation

[retiredguy123]

Originally Posted by Polar Bear

Agree.

But along a different line, can anybody recommend a financial consultant who will work on a straight fee basis? Somebody to just answer questions about possible future issues _knowing up front_ that there are no investment commissions in the picture?

Vanguard has certified financial planners that will talk with you on the phone by appointment. If you have a certain amount of assets invested with them, it is free.

[Polar Bear]

Thanks for the very sound replies.

But I was actually looking for assistance with more general financial questions, including consideration of various options for a real estate purchase.

[biker1]

Yes, and if you want an advisor they charge 0.3%.

Originally Posted by retiredguy123

Vanguard has certified financial planners that will talk with you on the phone by appointment. If you have a certain amount of assets invested with them, it is free.

[valuemkt]

Originally Posted by Polar Bear

Thanks for the very sound replies.

But I was actually looking for assistance with more general financial questions, including consideration of various options for a real estate purchase.

IMO, Most financial "advisors" will give you advice and develop an investment plan centered around stocks, mutual funds, maybe bonds and preferreds . That;s their schooling .. and many of course are tied to major brokerage houses.

If they happen to personally own real estate, they can pass along their experience or point of view .. but, I would not seek nor rely on their advice regarding real estate purchases for investment ..

Depending on how deep into you want to go, you need to find someone experienced in the market you are after and figure out how to attach to their coattails.

That's way beyond the scope of this thread

[wscarrier]

Originally Posted by Velvet

Are you serious? I’d like to see the stats. One can say practically anything, it’s called “simulation” as a past researcher....and how would anybody know, for example, how much investable assets I have now, my parents had, or my aunt and uncle have? Where did they get their survey from who did they interview... cause it sure wasn’t any of us....

Look at the article in the paper a few months ago on deposits in checking and savings accounts in local banks. Also had the AGI on tax returns in our zip codes. Impressive numbers. These hard numbers not estimates or subjective data. Just saying.

[Velvet]

Who is going to put a million into a deposit or saving account? I had no idea Sumter county was so wealthy, where do all these folks hang out?

When I was a teenager I had a part time job as receptionist at an exclusive yacht club. Senior memberships at the club in the 1967 was $36,000 or about $276,000 in today’s money.

The club had 2 types of millionaires; self made, those people who wouldn’t spend 25¢ to rent a towel when they went swimming at the pool, and their kids who inherited the money later. The kids partied hard and jetsetted and basically wasted the old man’s money away like there was no tomorrow. Taught me a lesson.