POLL: Are you a real millionaire?

[ManSnake]

A lot of people on here are pretenders. Are you the real deal? Be honest!

 

[shortspanishguy]

no

 

[Quasmo]

I wish, ramen for the next month FTL

 

[BW86]

nope

 

[Descartes]

Most people are not, and I'd wager that most never will be; however, in the same breath most will say the $1M isn't "that much money." Happens all the time in these types of threads.

 

[FelixDeCat]

Who wants to be a millionaire when you can be supermodel material?

 

[Engineer]

No, but I play one on TV!

(j/k). To retire on, $1,000,000 isn't that much money, especially the younger you are as inflation eats at your purchasing power. Will I be? Don't know. Working on it though!

BTW, what is the definition of millionaire here?

Liquid assets - debt with total value over 1 million?

Including home/primary dwelling?

All assets (cars, etc)?

Lots of definitions here that can change things.

 

[yobarman]

Nope, but that is my goal in 5 years. Ask again @ 27.

 

[jlee]

Far from it.

 

[KLin]

I'm a 10 dollaraire.

 

[FelixDeCat]

Originally posted by: KLin
I'm a 10 dollaraire.

Just think, if you paypal me $10 you can discover the joy of giving.

 

[Engineer]

Originally posted by: FelixDeKat

Originally posted by: KLin
I'm a 10 dollaraire.

Just think, if you paypal me $10 you can discover the joy of giving.

And if you could get all 100,000+ members of AT, you could do the same - as a millionaire!!! :shocked:

Hey, there's an idea. I nominate myself to be the recipient. Everyone paypal me $10 and I'll update the poll shortly!

 

[FelixDeCat]

Originally posted by: Engineer

Originally posted by: FelixDeKat

Originally posted by: KLin
I'm a 10 dollaraire.

Just think, if you paypal me $10 you can discover the joy of giving.

And if you could get all 100,000+ members of AT, you could do the same - as a millionaire!!! :shocked:

Hey, there's an idea. I nominate myself to be the recipient. Everyone paypal me $10 and I'll update the poll shortly!

Do you accept Nigerian funds?

 

[NanoStuff]

Originally posted by: Engineer

Originally posted by: FelixDeKat

Originally posted by: KLin
I'm a 10 dollaraire.

Just think, if you paypal me $10 you can discover the joy of giving.

And if you could get all 100,000+ members of AT, you could do the same - as a millionaire!!! :shocked:

Hey, there's an idea. I nominate myself to be the recipient. Everyone paypal me $10 and I'll update the poll shortly!

My GOD that's brilliant. If everyone sends one person 10 dollars, and we do that again for a second person, that person will also be a millionaire, now if we do it for everyone here we can all be rich!

 

[Descartes]

Originally posted by: Engineer
No, but I play one on TV!

(j/k). To retire on, $1,000,000 isn't that much money, especially the younger you are as inflation eats at your purchasing power. Will I be? Don't know. Working on it though!

BTW, what is the definition of millionaire here?

Liquid assets - debt with total value over 1 million?

Including home/primary dwelling?

All assets (cars, etc)?

Lots of definitions here that can change things.

The same definition most people use: A net worth of $1M. The definition of net worth is traditionally total assets - liabilities.

 

[vi edit]

Ideally by the time I'm 45 I will be.

 

[Engineer]

Originally posted by: Descartes

Originally posted by: Engineer
No, but I play one on TV!

(j/k). To retire on, $1,000,000 isn't that much money, especially the younger you are as inflation eats at your purchasing power. Will I be? Don't know. Working on it though!

BTW, what is the definition of millionaire here?

Liquid assets - debt with total value over 1 million?

Including home/primary dwelling?

All assets (cars, etc)?

Lots of definitions here that can change things.

The same definition most people use: A net worth of $1M. The definition of net worth is traditionally total assets - liabilities.

Got it! There is also a definition used commonly that leaves out your home/primary dwelling regardless of value and what's owed on it. If you leave out your home, you need to leave off the mortgage.

With your definition in mind, I'll play with my numbers. Not that I'm close, but just curious.

Originally posted by: vi_edit
Ideally by the time I'm 45 I will be.

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

Originally posted by: FelixDeKat


Do you accept Nigerian funds?

I keep sending those guys lump sums of cash in promise to receive millions. I check my mailbox every day!

 

[Descartes]

Originally posted by: Engineer

Originally posted by: Descartes

Originally posted by: Engineer
No, but I play one on TV!

(j/k). To retire on, $1,000,000 isn't that much money, especially the younger you are as inflation eats at your purchasing power. Will I be? Don't know. Working on it though!

BTW, what is the definition of millionaire here?

Liquid assets - debt with total value over 1 million?

Including home/primary dwelling?

All assets (cars, etc)?

Lots of definitions here that can change things.

The same definition most people use: A net worth of $1M. The definition of net worth is traditionally total assets - liabilities.

Got it! There is also a definition used commonly that leaves out your home/primary dwelling regardless of value and what's owed on it. If you leave out your home, you need to leave off the mortgage.

With your definition in mind, I'll play with my numbers. Not that I'm close, but just curious.

Originally posted by: vi_edit
Ideally by the time I'm 45 I will be.

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

Originally posted by: FelixDeKat


Do you accept Nigerian funds?

I keep sending those guys lump sums of cash in promise to receive millions. I check my mailbox every day!

:thumbsup: to both of you guys.

 

[vi edit]

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

I've got 17 years to get there

 

[illusion88]

If I send you a check for $1,006,000.00 will you send me a check for $6,000? I promise the first will clear.

 

[Taggart]

Does it matter? Maybe relationships with other people are a little more important...

 

[Engineer]

Originally posted by: vi_edit

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

I've got 17 years to get there

I've only got 8 so that's why I don't know. At one time, I would have said yes but the market downturned in the late 90's through about 2002-3. Maybe with a runup of the market, who knows. S&P 500 P/E ratios have slipped below historical average of 20 (or so), down to 17.x. Let me buy as much as I can in the next few years and then it can play catch up in a major way!

Originally posted by: Taggart
Does it matter? Maybe relationships with other people are a little more important...

Are you saying that you can't have relationships with other people if you're a millionaire? One in 32 are millionaires in this country. I guess they have no life.

 

[Descartes]

Originally posted by: Engineer

Originally posted by: vi_edit

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

I've got 17 years to get there

I've only got 8 so that's why I don't know. At one time, I would have said yes but the market downturned in the late 90's through about 2002-3. Maybe with a runup of the market, who knows. S&P 500 P/E ratios have slipped below historical average of 20 (or so), down to 17.x. Let me buy as much as I can in the next few years and then it can play catch up in a major way!

Originally posted by: Taggart
Does it matter? Maybe relationships with other people are a little more important...

Are you saying that you can't have relationships with other people if you're a millionaire? One in 32 are millionaires in this country. I guess they have no life.

I thought both of you were older than that, not that it matters.

Are you two strictly going after equities in stock? I've started diversifying my asset classes for the long-term (10 year outlook at a minimum). This includes real estate, holdings in some franchises, etc. You can easily manage 20% ROI annualized through such a composite portfolio.

Historically, you'd be looking at 6 or so years at a minimum to double your money with the S&P. Through a little more attention you can reduce that to 3, or even less on occasion.

Thoughts?

 

[Engineer]

Originally posted by: Descartes

Originally posted by: Engineer

Originally posted by: vi_edit

I said the same thing about 8 to 10 years ago. Not sure if I can make it but I'm sure going to try!

I've got 17 years to get there

I've only got 8 so that's why I don't know. At one time, I would have said yes but the market downturned in the late 90's through about 2002-3. Maybe with a runup of the market, who knows. S&P 500 P/E ratios have slipped below historical average of 20 (or so), down to 17.x. Let me buy as much as I can in the next few years and then it can play catch up in a major way!

Originally posted by: Taggart
Does it matter? Maybe relationships with other people are a little more important...

Are you saying that you can't have relationships with other people if you're a millionaire? One in 32 are millionaires in this country. I guess they have no life.

I thought both of you were older than that, not that it matters.

Are you two strictly going after equities in stock? I've started diversifying my asset classes for the long-term (10 year outlook at a minimum). This includes real estate, holdings in some franchises, etc. You can easily manage 20% ROI annualized through such a composite portfolio.

Historically, you'd be looking at 6 or so years at a minimum to double your money with the S&P. Through a little more attention you can reduce that to 3, or even less on occasion.

Thoughts?

I've actually been in debt reduction mode for the last few years (I still filled the 401k plans, etc) but now, with most of the debt retired, I'm starting (again) into equities. Both my and my wifes Roth's are being pumped full again and I've diversified into developing markets, resources (energy, metals, etc), small and mid cap (which has beaten the snot out of the S&P 7 out of 8 years now which is why I think the S&P is relatively cheap and ready for a rebound), a few index funds, large growth and diversified international. I don't (as of now) own individual stocks, only mutual funds, T-bills, CD's and savings (high yield internet banking FTW).

As soon as I get savings back to a "safe" level, then I'm going to hit the markets on a regular brokerage account (besides 401k, roths).

Can you get 20%? Sure. Real estate, IMO, will soften. However, business spending is scheduled to pick up as record profits and profit growth of 21% in 2005 (across all companies) is expected to be turned loose into new investment. I look for S&P to pick up off of the relatively low 17.x P/E ratios which is trending below the historical line of 20 along with good cash flows of many of these companies.

Will I get there? Probably. At 45? Who knows. Maybe not but I'm trying!

By the way, AT need a finance forum. I love the one at F@twallet.

 

[n7]

Of course.

I make millions, & i post on AT because that's what millionaires do.