I hope we can find somethng more interesting than that to talk about Tom. You are educated and have a pulse, after all. I'll buy. There must be someplace in the neighborhood that serves a decent steak, or at least biscuits and gravy. One is as good as the other when your diet consists of what passes for food here in California.
JC
Oops, missed it by an 8. :-)
Well, a million might not last a celebrity or a lottery winner very long, but it's >5 times the average net worth of somebody 55-64.
I don't see where that's a requirement. I imagine Tom's ideal lifestyle as living in a bunker, hunkered over a keyboard complaining full time about "libtards" getting "cheese checks". Well affordable on SS alone as proven thousands of times daily. :-)
What? Modest interest income on that would be ~$100k per year. Not bad, especially with SS on top. And it might put the holder at about the 99th percentile. Whittle down the principal during one's declining years and it should be an even sweeter ride.
Some real estate isn't selling at all. Tom's "ghetto" is very likely one of those where you can buy property seriously cheap.
He says that he's turned down multiple offers for big money. But he sure doesn't talk like any multi-millionaire I've ever known, which includes more than a few. For example, I've never known one to say "I'm worth millions" at all, never mind on Usenet. :-)
Wayne
Yep. But that is not as huge as it sounds. Basically most people who try to get there, can, if they do not suffer from major bad luck. Most people do not even try, which is completely fine, by the way. Not everyone needs or wants money that badly. The millionaire next door is a great book that sheds a lot of light on the subject.
I would really like to retire, personally.
At current short term rates, it is more like 10k per year. (0.5%).
I would double check your math.
Longer maturities pay 3+ percent annually, but carry a lot of interest rate and inflation risk.
Selling property in high crime areas is difficult, which is why I leaned towards the bottom of the range that I gave.
many people do not even know how much thye are worth.
i
I think you'd love it.
Your link doesn't work...just like you!
BTW, how much do you THINK it takes to retire? I don't live in a trailer like you do, nor do I count on cheese-checks like you do. Emminant domain only pays market value you idiot! Do you see why I named the criminal in my video "Wayne"? Snicker-snicker, from now on I will be calling EVERY idiot "Wayne" in honor of you! If somebody screws up, I will say they "Wayned" the job. Every time somebody says something stupid, acts stupid, steals something, smells bad, pickes his nose, drools, farts or is butt-ugly...they will be named "WAYNE"!
OK, I'm through playing with you so you now go into the bit-bucket, never to be heard from again! Have a shitty life!
There's the "Normandy Tavern" and the "Larchmere" close by and Shaker Square is just up the street. There are a bunch of foo-foo places there. More and more places between me and Shaker Square are being renovated, it's the "Cool" place to live. My area isn't really high crime and it seems to keep getting better. There's lots of federal money being pumped into an "Empowerment Zone" here and with this "Opportunity Corridor" boulevard going from I-490 to the Cleveland Clinic, there is a LOT of property speculation going on. I'll bet it misses me by 200 feet...just my luck! I'd like to move the plant out West to North Ridgeville and closer to home.
On Jul 10, 11:48=A0pm, Ignoramus7096
I think you will make it. Mostly it just takes realizing that one needs to save and invest. And then start doing that while you are young.
Dan
Dan, I agree, but to your list I would like to add "and not do anyhing stupid".
i
You are one of the kind of people who it won't matter if you're working or retired. You're going to be miserable no matter what you do, where you are, or who you are with.
Steve
visit my blog at
No, most people have no hope of getting there, which is why so few make it. Yes, most everyone *could* do better, but most get mired early on and from there it's pretty tough. You might note that the average net worth is driven down substantially by the number of those whose net worth is negative.
I recommend it. It can be done for a lot less than you think. You needn't take my word for it, just look at the stats. Only the tiniest fraction of retirees have a net worth of a million. Your biggest impediment could be aiming to high, and consequently taking too many risks.
As it happens I have a friend who's worked towards a worst-case scenario, which in his mind is many years for him and his wife in an upscale nursing home. I thought that he was overestimating the time, and being a bit demanding on his expectations of quality of life. I've forgotten the number he came up with, but I bet he'd be surprised to learn how much more you think it would take.
I remember some months back you were telling us about some nice returns. I remember because I noted that they were better than my own. So why do you think that others would be limited to minimum returns?
There's nothing wrong with keeping the minimum required safe, and taking some risk with the rest. I'm not talking about greedy-crazy risk, just sensible risk.
My point was that all signs are that it would be fair to lean even lower. It seems counterintuitive that even crummy real estate can be worth so little, but all you have to do is imagine starting a business in a declining area. Costs for the big items like police, fire, and schools can be higher than that in better locations. Yet incomes are lower, which means that all those budgets are stretched past the breaking point. Leading to the usual product of bad schools, which tends to cause more crime and a death spiral. All confirmed by Tom's desire to move if the taxpayers will fund it.
Wayne
The link had a minor typo, and has already been corrected as you well know, weasel.
I don't think, I know. Having been retired quite a while, and knowing lots of retired folks living a wide range of lifestyles.
As you also well know, I live in a nice custom home, my third in fact. Which makes you a blatant liar.
Yet another piece of BS you won't back up with word one.
That's the general idea. So if you want to move, why would you be waiting for the taxpayers to buy your place? Answer: because you hope that the taxpayers will pay you some "market value" that's higher than the true market value. And the majority of that money will likely come from the feds desire to stimulate the economy in depressed areas. Which means that you're hoping for something that you like to rail against.
You should print out that paragraph, as well as some of the other nonsense you post here, and show it to your customers and employees in order to prove your intellectual bona fides.
Oh please. You'll read every word and reply through others. Anything to avoid answering simple questions plainly.
Wayne
LOL The voice of experience. Yup, Tom is probably destined to end up like you, feeling that he needs a police scanner, a gun, and mace just to drive to the 7-11. The liberals are everywhere, and don't you fearful old farts forget it!
Wayne
I'm very happy, except with fools. I don't associate with fools. YOU on the other hand, seem to be a very bitter person, I feel sorry for you.
Obviously, it is impossible to have a society where everyone is a multimillionaire AND where no one has to work.
Anyway, a million nowadays is not a huge sum as it used to be, and saving a million dollars requires only a modest effort -- and yes, people have to start early on, instead of screwing up their lives. There are many ways to get rich, but the most straightforward one is to get educated, stay out of prison, earn a good salary and save money.
All I want to say publicly is I want to be rational about it. I also have a family and young kids. I do not really seek total idleness, I just hate waking up at 6am.
If I was single, with my websites and stuff, I could just retire right now in a modest home.
A lot of people, myself included, are just greedy.
This is a big topic and I do not want to get started. My returns were not from "interest" but from stocks, and you mentioned "interest". Past performance does not guarantee future results. I would never dare to project perpetual returns of 10% for estimating how long money will last in retirement.
That said, stocks are relatively cheap now. With P/E ratios of 12-13 or there abouts, one could safely expect, in the long run, to get at least 4-5% out without eindangering the principal too much.
Risk is all about how much you pay. So if assets are cheap, owning them is relatively safe.
Sure, but a million is still a nice net worth, and so much that I'd guess the majority can't even explain it. Check this out
I don't see how you can say that. A huge portion of the population is underemployed in one way or another. That's been going on for a while and it's one of the reasons that so many have a negative net worth. I invite you to take a closer look at the reality of how very many people live. If you're only talking about upper middle-income folks who are fully employed, then I agree with you.
Again, you're not being realistic. A lot of parents can't afford college for their kids, and students who borrow their way through college start off in the hole. When they graduate the good salaries aren't there for many of them, and therefore saving will difficult, perhaps even impossible. Something we're seeing more of are folks who endure multiple extended periods of unemployment during their lives. So that even the efforts of those who do save can be repeatedly stymied.
Well, there you go. You're doing well, but lots of people have no hope of supporting their kids properly, much less saving at the same time. Consider any young couple earning modest wages, and paying for day care. They're on the ragged edge, and don't even know if there will be jobs for the kids 20 years from now.
For sure. The definition of a minimum standard of living has changed a lot. How it ever got to include things like $70 a month for cable TV, and a refusal to drink tap water, I'll never understand. On one hand I see some trends towards forced frugality, but on the other is the reality that most people can't install their own spare tire, much less do any of the other hundreds of chores that our parents wouldn't dream of hiring others to do for them.
Wrong word, my mistake.
I used 5% of 2 million, but I can see that wasn't clear.
Bingo.
Which brings us back to my point - someone who has a net worth of "millions", is a wealthy person by any sensible measure (not that I believe tom's claim), and perfectly able to retire comfortably at will. Now, some might say "but a tract house in my neighborhood costs a million, and expenses for all my "needs" cost thousands per month". To them I offer a reality anecdote: a friend who lives on acreage amongst pine trees on a mountain 10 minutes from town. Home, 30' boat,
40' motor home, Harley etc, all paid for. SS pays the routine bills, and a few hundred K in cash keeps the vacations and toys coming. A very enviable lifestyle and a net worth well under a million. Most of his retired friends have substantially less, but they too are perfectly comfortable.Wayne
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