Talk of The Villages Florida - TV residents: 39% are millionaires

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- - TV residents: 39% are millionaires (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/tv-residents-39-millionaires-343885/)

Quote:

Originally Posted by CoachKandSportsguy (Post 2253255)

you are not an average person, you are an individual.

Many people miss this nuance across all kinds of topics. Surveys and other research typically report averages. Almost no one person is ‘average’.

Standard deduction

Quote:

Originally Posted by thelegges (Post 2253367)

Or you have that 3% mortgage and a write off, while your money makes money.

Well, you would have to itemize your deductions....the standard deduction for married filing joint is $27, 700. You would need a lot of deductions to exceed that....so for most, it won't be deductible.

Quote:

Originally Posted by Laker14 (Post 2253350)

Years ago I read the book "The Millionaire Next Door". in it he describes people like the ones you describe. He refers to them with a saying he said comes from Texas: "Big hat, no cattle".

I recall The Millionaire Next Door reported the most common vehicle driven by thair millionaires was Ford F-150 pick up trucks. I don’t doubt it because the book was based on research of certain kinds of clients at one financial institution as I remember and they we entrepreneurs in the 1980s before big tech entrepreneurs came along.

For surveys, the devil is in the survey-design details. I want to read about the survey design before relying on the reported results. Popular media likes to exaggerate what survey researchers say to get more advertising revenue.

And then this kind of silliness reported in USA Today recently from a survey:

“Americans, on average, believe they will need to save an average of $1.8 million for retirement, compared with an average estimate of $1.7 million last year, according to an online Schwab survey of 1,000 U.S. 401(k) plan participants between April 19 and May 2.“

How much do I need to retire? Americans think they need $1.8 million.

All in TV live like Kings

Quote:

Originally Posted by Toymeister (Post 2253140)

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.

The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

One of the things that I have found in TV, is that everyone enjoys the same amenities, so we all live like kings. I have found people are not Keep Up With Jones' types, competing for status. This was one of the things that attracted me to TV.

Quote:

Originally Posted by Stu from NYC (Post 2253388)

Very true. We are very proud our kids got out of college with money in the bank and have good jobs and are self supporting.

We do put money into our grandkids college funds to help them finish school with no loans

What ever was left after scholarships, we paid for the first 4 years. Doctorates, and MDs were on them. Thank goodness they picked great careers.

Grands got first 4 years after scholarships. Many years of discussion that doctor debt is a great concern, but they are heading for trauma ortho, the other MDA. We gave them a house to live in while going to school, so hopefully they will not be in 1.5 million doctor debt

Quote:

Originally Posted by CoachKandSportsguy (Post 2253255)

you are not an average person, you are an individual. The comment was about the dollar value of rich in today's world, which is very much up from $2M which was used about 10-15 years ago.

I play the lottery to get rich, but I have a fine life and don't quite have everything i want, but then again , most people don't have everything they want. . but they live a very comfortable life here in the villages..

my personal opinion of these types of threads is "who cares, as I certainly don't about levels and judgements with respect to other people's money"

Your observation that I am not an average person, but an individual is obvious. I don't see how that observation changes the fundamental difference between your definition of rich, and mine, or how it supports either viewpoint.

Interesting post. I too thought it would be higher based on many of the fellow Villagers that I've met who have sold their expensive up north homes and put a portion of the money into their dream home in TV.

$570k in the year 2000 is worth just over $1M in 2023, so being a "millionaire" really isn't that big of a deal anymore.

There's over 22 million millionaires in the US.

In the all of the top 15 most expensive cities in the US, the average home is over $1M.

Quote:

Originally Posted by Laker14 (Post 2253406)

its not my definition of rich, I don't need one. Its an average of many observations, of which some had opinions like yours and most who didn't, because its an average. My referenced number, which i read about 15-20 years ago, the colloquial definition of rich with a measurement of dollars was $2 M back then. .

As individuals, no one is average, and everyone will have a different opinion or definition.

"Most individuals want everyone to be treated equally, but I, the individual self, wants to be treated special."

Seems you fit into this definition of modern humanity

Quote:

Originally Posted by CoachKandSportsguy (Post 2253413)

I didn't understand that your comment to which I first replied was not a personal opinion, but an "average of many observations".

I have no idea where you are going with the last sentence of the above quoted post. Were you intending to insult me?

Quote:

Originally Posted by Stu from NYC (Post 2253293)

Ask people what they must have in assets to be considered rich. Answers are all over the map

I agree. The percentage of people who are millionaires in the USA is 8.8%. I can't find any site that provides the percentage in the Villages. However, every city I type in is a single-digit percentage. Orlando, Tampa, Miami, Boca, Los Angeles, New York, etc. None of these cities have cracked double digits. But, in the Villages? Nearly one out of every 2 people are millionaires? People who want to say their pension makes them a millionaire, it doesn't. It is calculated as monthly income. I am glad we all FEEL like millionaires. But, latest statistics show there are 496,000 millionaires in the entire state of Florida. I am going with the stats that I found. 39% is way off.

When I lived in the Philippines, I was a multi millionaire (in Philippine Pesos)…😄

I’m surprised it’s not higher than 39%! A millionaire is nothing to write home about. Wealth is much more than just money.
Financial independence is what you want to strive for and that’s when you know you are set.
Just because we are older, that doesn’t mean your income stops. This is the time when passive income takes over. For me, I made very good money during my working years but I make many times that each year in my investments while I’m playing sports or sleeping: that’s passive income.
IMO: to feel comfortable money wise, you need over $5M for 2 people, not $1M.

This is no big deal. In today's world if you had been a worker with a pension and a 401K and some investments you will most likely be a millionaire. This is excluding your home.

Quote:

Originally Posted by Blackbird45 (Post 2253458)

This is no big deal. In today's world if you had been a worker with a pension and a 401K and some investments you will most likely be a millionaire. This is excluding your home.

Maybe in the past. Most private sector workers no longer have a typical pension.