Middle Class Millionaires

[Reverend Rick]

I was watching TV the other night and there was a show about how a million dollars is not really much money these days. There was a woman who sold an internet site for 27 million. After taxes, she got to keep 10 million. She wanted to move from Queens to Manhattan, but could not afford a place half as nice as the condo she bought before she struck it rich.

Once upon a time, a millionaire could have a place near central park. It takes billions to live any where near there now. Anyway, these hedge fund managers are making the finest doctors salaries look like chump change. A good neurosurgeon makes about 3.7 million a year compared to salaries like 54 million for the hedge fund managers.
http://www.mymoneyblog.com/archives/2008/02/nine-traits-of-the-middle-class-millionaire.html
The ultra rich are making just plain rich folks look like paupers. It is no wonder that folks with a 7 figure net worth don't look at themselves as rich. If you are rich, you should not have to work and should be able to go anywhere you like whenever you like.

Middle class millionaires is not as silly as it sounds. Yes these folks are doing all right, but they don't look at themselves as rich like the old days.

Has anyone else seen this show?

 

[rojse]

It's hard to sympathise when many people don't even own a house.

 

[darkendless]

I was watching TV the other night and there was a show about how a million dollars is not really much money these days. There was a woman who sold an internet site for 27 million. After taxes, she got to keep 10 million. She wanted to move from Queens to Manhattan, but could not afford a place half as nice as the condo she bought before she struck it rich.

Once upon a time, a millionaire could have a place near central park. It takes billions to live any where near there now. Anyway, these hedge fund managers are making the finest doctors salaries look like chump change. A good neurosurgeon makes about 3.7 million a year compared to salaries like 54 million for the hedge fund managers.

The ultra rich are making just plain rich folks look like paupers. It is no wonder that folks with a 7 figure net worth don't look at themselves as rich. If you are rich, you should not have to work and should be able to go anywhere you like whenever you like.

Middle class millionaires is not as silly as it sounds. Yes these folks are doing all right, but they don't look at themselves as rich like the old days.

Has anyone else seen this show?

Over here the CEO of Telstra (main communication company) used to get $60 million a year. Who the hell could spend that much in a year?

I'd rather earn my 70,000-100000 a year and live a comfortable life than have more money than common sense. Money can and will bring out the worst in a lot of people.

 

[zenzero]

Friend Rev. Rick

That is absolutely correct.
Now practically every next guy is a millionaire as the present standard or costs have gone up and so has pay/profits etc.

Personally it is not where one lives or what one etas which are important but those who enjoy doing even mundane activities really enjoy life and that is what life is all about.
Love & rgds

 

[Reverend Rick]

They said that many of these folks came from humble beginnings.

 

[Zephyr]

It's hard to sympathise when many people don't even own a house.

It's hard to sympathize when many people can't even rent a house. Gotta love millionaires complaining about living costs and taxes when some of us get by on less than 20k/year for a family of 4.

 

[Reverend Rick]

It's hard to sympathize when many people can't even rent a house. Gotta love millionaires complaining about living costs and taxes when some of us get by on less than 20k/year for a family of 4.

I don't think this thread is about sympathy. The poor think the middle class are rich, nothing new there. Did anyone click on my link? It is about why middle class millionaires don't feel rich and continue to work.

 

[sandandfoam]

It is about why middle class millionaires don't feel rich and continue to work.

I think some people collect money like others drink/gamble/chase girls(or boys)/climb mountains or whatever, and that's why they don't feel rich.

 

[rojse]

I think some people collect money like others drink/gamble/chase girls(or boys)/climb mountains or whatever, and that's why they don't feel rich.

But consider the plight of these poor millionaires, stephenw. They can't afford to upgrade their Porsche to the latest model, they can't go on holidays to Tahiti, and have to settle for Hawaii instead, and they can only get a part-time gardener or cleaner instead of full-time servants.

 

[sandandfoam]

But consider the plight of these poor millionaires, stephenw. They can't afford to upgrade their Porsche to the latest model, they can't go on holidays to Tahiti, and have to settle for Hawaii instead, and they can only get a part-time gardener or cleaner instead of full-time servants.

My neighbour is a millionaire. He has a ton of property - houses and apartments, a farm, and he lives in a converted garage because it'd cost him money to live in a house. He drives a 20 year old banger and dresses like a bum.
He has convinced me that wealth is wasted on the wealthy :yes:

 

[Reverend Rick]

Old habits are hard to break. The same practices that got people ahead plague them once they have made it.

Conversely, many people spend money as if it is produce that will spoil. They never had a dollar they did not want to spend. The concept of saving money for a rainy day escapes them.

 

[rojse]

My neighbour is a millionaire. He has a ton of property - houses and apartments, a farm, and he lives in a converted garage because it'd cost him money to live in a house. He drives a 20 year old banger and dresses like a bum.
He has convinced me that wealth is wasted on the wealthy :yes:

But money is only a means to facilitate the purchase of goods and services. Money is no good in of itself, rather, it is what money is able to do for us that gives money it's value.

 

[angellous_evangellous]

He has convinced me that wealth is wasted on the wealthy :yes:

Very well said!

 

[zenzero]

Friend Rev, Rick,

Old habits are hard to break.

WHAT is it that's hard to break???


Diamonds are hard to find but not hard to Break.
What is the hardest thing to break then?
The answer is: HABIT!
If you break the H, you still have A BIT. If you break the A, you still have BIT. If you break the B, you still have IT!
Hey, after you break the T in IT, there is still the 'I'.

And that (I) is the root cause of all the problems. Isn’t it right?!
Now you know why HABIT is so hard to break…. Its destiny is in its name!
Love & rgds

 

[Zephyr]

I don't think this thread is about sympathy. The poor think the middle class are rich, nothing new there. Did anyone click on my link? It is about why middle class millionaires don't feel rich and continue to work.

Yes, I read the link. Millionaires are working and complaining that they are somehow still middle class, despite making between 12.5 and 200 times what the article labels as "middle class", just because they work and there are people richer than them. Excuse me if I don't feel their plight while I live with at most 2% of that and see people around me doing even worse.

 

[Daemon Sophic]

Old habits are hard to break. The same practices that got people ahead plague them once they have made it.

Conversely, many people spend money as if it is produce that will spoil. They never had a dollar they did not want to spend. The concept of saving money for a rainy day escapes them.

Agreed. I have heard that upon interviewing many such 'middle-class millionaires', the most common finding is not that they have fantastic salaries.....but instead they are very good at saving what they earn.
Our accountant, and several people at H&R Block have all relayed stories to my wife and I about how often the people that win lotteries think "I'm RICH!"....quit their jobs....buy ritzy items including an upscale house.....squander their capital.....find they cannot afford taxes and utilities on their overpriced property.....and go crawling back to their former employers within 1-2 years on average.

That said, your OP woman could live the good life, if she gave up the insane notion of living by central park. $8 mil in a simple 5% annual bank account yields $400,000 gross (~$250,000 after taxes) for doing nothing, every year. That will give you very nice food, clothing, travel etc....while you buy 20 acres of riverside country property with a 5000 sq. foot modern home in upstate New York for 1 mil., plus 2 cars, a boat, and lots of fine toys to play with. :yes:

P.S. - Neurosurgeons make less than half a mil per year on average, and they are among the best paid doctors out there. NEUROSURGEON SALARIES at MDsalaries - The Physician Salaries Blog - - - - Only bankers, celebrities, and CEO's (i.e. nobody that actually works for a living) makes over a million/year. :no:

 

[themadhair]

There was a statistic that 1 in every 217 people in Ireland was a millionaire. The curious thing is that some people who qualified as being millionaires really weren’t.

Case in point being farmers. Most farmers in Ireland own their own land which can put some of the larger farmers over the millionaire threshold. The problem is that these same farmers have nothing else mostly. They can’t even sell off the land either since they are bound by law to reinvest a certain amount back into their trade. Essentially you have a group of folks that are asset rich, but those assets are practically worthless in terms of getting cash.

 

[Truth_Faith13]

Wait a minute -your neurosurgeons are on 3.7million dollars? Thats insane!!

I can see how they might not feel rich anymore in the sense they cant live the lifestyle they could several years back...but to be honest, they should be greatful for the things they do have, which others do not...so theyll have to pass on havng a 10th car this year...I am sure they will cope..

Problem is these days, people want what others have..they cant just be happy with their life no matter how good it is - they want to show people they can beat them and they can do better...Thing is - when do you stop?

Stupid example, but I have a really good tomtom gets me everywhere, has never let me down....my Nan has these friends who think they have the best of everything and they know it all...my Nan wanted to buy me a new satnav even though I dont need one/mine is in perfect working order...just to get one over on them!

 

[Kilgore Trout]

In 1900 you could retire on $50,000. Today there are millions of people making at least that much a year, and can barely pay their bills. What mysterious force could possibly cause this insanity?

 

[Daemon Sophic]

Wait a minute -your neurosurgeons are on 3.7million dollars? Thats insane!!
.....snip.....!

Please see my P.S. two posts above yours.