[billethkid]

Originally Posted by TheWarriors

Actually most millionaires don’t live extravagantly, you probably know several but they would never let you know of their financial status. TV would likely attract them as an affordable, safe, conservative and low key community.

Originally Posted by manaboutown

Self made millionaires know the value of a dollar. Most of them became financially successful by working hard, investing wisely and living below their means.

Well stated!!

[OrangeBlossomBaby]

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....

Surveys. There's a bunch of companies on the internet, you take surveys and earn points. Then trade the points in for gift cards. The surveys are sponsored by all kinds of other companies, and the survey company provides the data from the survey-taker to their client.

If a survey-taker switches around their answer too many times it sets off a flag and they are kicked out and no longer able to take surveys (therefore not able to get gift cards) anymore.

Plus these surveys are looking for ALL kinds of things, and sometimes only use the answer to the question "how much in investable assets do you have" to verify that you really are you, taking the survey.

In addition, some of those companies are looking for specific demographics and you only qualify to take the survey, if you meet that demographic. So it's in your best interest, if you really want to participate, to tell the truth. If you say you only have $20k in investable assets and they're looking to reward someone with more than $500,000 to invest, then you just disqualified yourself.

I'd say it isn't likely that someone with a million bucks in investable assets would be interested in taking these surveys but apparently some do.

Often these surveys contribute to those political polls you see on the internet.

[Velvet]

I believe you, I’ve just never heard of these type of surveys.

[OrangeBlossomBaby]

Originally Posted by Velvet

I believe you, I’ve just never heard of these type of surveys.

Ipsos is one of the leading companies that provides global marketing consulting. That's the term for it: global marketing. There's a bunch of companies. I have a friend who is registered exclusively with Ipsos, I do mostly MyPoints, which is sort of a 4th party marketing consulting company, and includes Ipsos surveys.

End result for me: my opinion is counted in hundreds of marketing projects for hundreds of companies that do business in the USA, I get to beta-test products, and I haven't paid with my own money for Starbucks, Amazon, or Google Play purchases - ever.

[graciegirl]

Many people from the tony sections near Miami and West Palm beach are now Villages residents.

And many have stayed where they are. I think discussing a persons money is the most personal of all discussions. The most important thing is that most here did nothing illegal or immoral to be wealthy and they don't usually flaunt it. There are also a couple of billionaires that live in The Villages too.

It is a very nice place to live for all people of all means of a certain age.

When my grandchildren were learning to read, I printed this on the walls near the ceiling on our screened porch. "If you want to be rich, rise early and work hard". I should have added; "and stay late and clean up".

[ColdNoMore]

Since Gary Morse died and most likely his estimated billion dollars has been spread to many members of Da Family, I seriously doubt...there are ANY billionaire's living here.

Why in the world would they?

If someone can prove otherwise...I would love to see that proof.

It is interesting (and sad) to note however, the number of people in this country who are awed by, and seem to automatically acquiesce/submit...to the very wealthy.

[Packer Fan]

Out of 64 posts I think I read about 4 decent ones that addressed the actual OP and the issue correctly. A few notes -
1. The term Millionaire refers to a total net worth of over a million dollars. This is not up for debate - it is the definition. It is what you own minus what you owe. If you have a $500K paid for house in TV and $500K in an IRA, with no debt you are a Millionaire. I find it crazy that many in this thread tried to say "this is my definition". It is sort of like saying you have a different definition of what a fish is... of course Kiplinger's article is just talking about investable wealth, so that is not even correct.
2. At a minimum, I would say that just to pay for a Premier home and the upkeep, a person would either have to be in crazy amounts of debt or be a millionaire. They start in the $600K range and go up from there. There are also a large portion of designer homes over $500K.... I believe I read somewhere that over 50% of the homes in TV are paid for with cash.
3. Someone made the excellent point that $1,000,000 only throws off $40k in annual income - that is true. Millionaires are pretty common compared to 20 or 30 years ago just due to inflation.
4. In addition to the Millionaire next door, there is an even better book out now by Chris Hogan who works for Dave Ramsey - Everyday Millionaires. #171: The biggest study of everyday millionaires in 25 years - with Chris Hogan - Afford Anything
5. Kiplingers is a very reputable publication - I am sure they got their information from good sources (tax rolls?) Not sure where, but I am sure it has at least some credibility.
6. The reality is that with 401Ks and IRAs it is not that hard to become a millionaire. Just saving $550 a month from 30-65 invested in a stock/bond mix gets you there. That just is not that much. That is not even counting the company match most get.

I think the best post said live on less than you make and invest the difference. That is how almost all millionaires get there. I look around this place and it is not hard for me to believe the Kiplinger article at all.

[Bay Kid]

If you are lucky enough to live in The Villages you are already rich!

[Villageswimmer]

Originally Posted by Packer Fan

Out of 64 posts I think I read about 4 decent ones that addressed the actual OP and the issue correctly. A few notes -
1. The term Millionaire refers to a total net worth of over a million dollars. This is not up for debate - it is the definition. It is what you own minus what you owe. If you have a $500K paid for house in TV and $500K in an IRA, with no debt you are a Millionaire. I find it crazy that many in this thread tried to say "this is my definition". It is sort of like saying you have a different definition of what a fish is... of course Kiplinger's article is just talking about investable wealth, so that is not even correct.
2. At a minimum, I would say that just to pay for a Premier home and the upkeep, a person would either have to be in crazy amounts of debt or be a millionaire. They start in the $600K range and go up from there. There are also a large portion of designer homes over $500K.... I believe I read somewhere that over 50% of the homes in TV are paid for with cash.
3. Someone made the excellent point that $1,000,000 only throws off $40k in annual income - that is true. Millionaires are pretty common compared to 20 or 30 years ago just due to inflation.
4. In addition to the Millionaire next door, there is an even better book out now by Chris Hogan who works for Dave Ramsey - Everyday Millionaires. #171: The biggest study of everyday millionaires in 25 years - with Chris Hogan - Afford Anything
5. Kiplingers is a very reputable publication - I am sure they got their information from good sources (tax rolls?) Not sure where, but I am sure it has at least some credibility.
6. The reality is that with 401Ks and IRAs it is not that hard to become a millionaire. Just saving $550 a month from 30-65 invested in a stock/bond mix gets you there. That just is not that much. That is not even counting the company match most get.

I think the best post said live on less than you make and invest the difference. That is how almost all millionaires get there. I look around this place and it is not hard for me to believe the Kiplinger article at all.

Au contrare. According to the referenced Kiplinger article, the definition is “a million in investible dollars, EXCLUDING real estate, pensions, etc.” A higher bar for sure.

[justjim]

Originally Posted by TheWarriors

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

A wise person once said, “Money is like manure as it does no good unless you spread it around”. I have observed a number of people who “hoard” their “nest egg” perhaps afraid that they are going to run out of money before they are laid to rest...

[Chi-Town]

Originally Posted by Villageswimmer

Au contrare. According to the referenced Kiplinger article, the definition is “a million in investible dollars, EXCLUDING real estate, pensions, etc.” A higher bar for sure.

When you do a net worth analysis with a financial planner those exclusions are clearly stated.

Sent from my SM-N960U using Tapatalk

[retiredguy123]

You can calculate it anyway you want. But, a person with $900k in the bank, a $500k paid for house, and an $80k pension is certainly richer than a person with $1 million in the bank who does not own a house or have a pension. But, by the definition often used, the richer person is not a millionaire.

[Velvet]

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

[vintageogauge]

Originally Posted by retiredguy123

You can calculate it anyway you want. But, a person with $900k in the bank, a $500k paid for house, and an $80k pension is certainly richer than a person with $1 million in the bank who does not own a house or have a pension. But, by the definition often used, the richer person is not a millionaire.

The different ways of figuring out your worth is meaningless, you have what you have and no one else should really care. Based on this if you have 2.5 million sitting around in various cash accounts you are a pretty comfortable millionaire but then you buy a 2 million dollar home paying cash for it you are no longer a millionaire. I don't think so.

[OrangeBlossomBaby]

Originally Posted by Packer Fan

6. The reality is that with 401Ks and IRAs it is not that hard to become a millionaire. Just saving $550 a month from 30-65 invested in a stock/bond mix gets you there. That just is not that much. That is not even counting the company match most get.

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.