Even if you start out in a lower middle class single parent home, you too can be a millionaire.
There are 3 simple steps.
1.) Develop a skill that people are willing to pay for. (or should that be "for which people are willing to pay?)
2.) Work your ass off for forty or fifty years.
3.) Save at least 15% of every dime you ever earn and learn how to invest to make the most of it. The more you save the better but 15% is the minimum.
No matter what your background or color or religion, I guarantee this will work.
Of course, this simple formula may not work for much longer if the leftists get their way...
https://www.entrepreneur.com/article/288452
They forget step #9...........marry somebody that's rich (-:
https://www.moneycrashers.com/become-billionaire-characteristics-rich-wealthy/
How to become a zillionaire.
Live in the pretend world of the fake climate crisis and Green New Deal, where you can exaggerate and make things up (-:
Become a plumber,hire cheap Mexican labor!
How many people think you can retire on a million dollars??
We have run the numbers for two people over 65 yrs [my wife and myself] and a million retirement portfolio will not do it
A million used to be a lot but not today
Return in todays investment world is crappy unless you are willing to take high risk and risk losing a big chunck of equity.
We average 4.5% on retirement portfolio which I doubt continues and we had to sit for almost 10 yrs on our portfolio until it just came back even, during the last crisis, so you can have some very lean yrs when your portfolio will not be much good. You need to budget for unexpected cost of living and also lower income some yrs
Show me how you retire on a million
A million helps but it isn't what most people think
Mike The Plumber's answer gives us the "straight dope"!
And we aren't referring to one's sexuality or purple diesel with that expression (-:
https://en.wikipedia.org/wiki/The_Straight_Dope
https://boards.straightdope.com/sdmb/showthread.php?t=743888
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 There are actually an incredible number of usages for the word straight: Straighthttps://en.wikipedia.org/wiki/StraightAnd also for the word dope: Dopehttps://en.wikipedia.org/wiki/Dope | |
I never said anything about retirement, but if you can't retire on a million dollars, you are doing something very very wrong, particularly in Canada where you don't have to factor in health care expense.
I have muni's that are earning 4.5% and that will play a large role in maitaining conservative expense money. I plan to have 2 years of expenses in cash/muni's at all times. The rest will be about a 50/50 mix in investment grade bonds and conservative mutual finds. Assuming a 5% return on my projected savings, this will give me a perpetual annual income that will be more than sufficient for our plans.
It's wonderful to hear that you have things figured out and are sharing your plans Tim(and Mike).
With Wayne, maybe his lifestyle requires more income than what your plan dials in.
I think that Wayne owns a great deal of farm property too but don't want to turn this into something which makes him uncomfortable or that pretends to know much about Wayne.
Either way, I would say that all 3 of you are MUCH better off than the average person by an extremely wide margin.
And you deserve to be with your lifetime of hard work and serve as good examples.
However, we all come from different backgrounds, were born with different potential and have lives that feature random encounters which can sometimes take us down a path which changes our lives completely..........for the better or worse.
As shown in above posts, being a millionaire has no serious meaning, in todays world, except those with multiple millions
People in town try for an investment portfolio of a million. Few succeed. Just something to think about
A drive in the country side, and you can count every working farmstead, producing food of some kind, is worth multiple millions.
It's only fair that farmers would want generous farm bills, to add to their millions
Hi Tim
You said if you can't retire on 1 million something is wrong
Lets assume the starting point is retirement with a house paid for and 1 million of investment income
Total income
1 million at 4.75% average
That is high and may change when re-newed
if zero is in fact the future. Also Muni can default
I would be cautious about that number 47,500.00
Old age security 30,000.00
I assume that 1 million came from your
co/ savings plan thus your pension money
income
Total income 77,500.00
Our required income
I yr of basic expense including
food, utilities, clothes, bingo
meals outside the home,
3-4 casino losses, house and household insur
plus liability, two vechicle and liability insur
vechicle [two]maintance ,
fuel for vechicles 50,000.00
House repairs, appliance, furniture
replacement etc 10,000.00
Income tax 25,000.00
Depreciation on two vechicles/yr 15,000.00
I vacation/yr outside NA 15,000.00
Drugs and unexpected
including yard work, hired house cleaning
etc as we get feeble in our old age
and need help 10,000.00
Total 125,000.00
Now if you rent a one bedroom apt, own no transportation, walk or use public transportation and live under a rock and don't go any where interesting then you could very easily live for less
Basic expenses only and an all expense inclusive resort holiday for 1 week. That is your retirement, and not our life style
Our life style is different, as you can see and we intend to enjoy retirement, not worry if the budget allows that new dress and shoes, an extr bedroom for week end family or friends etc plus a trip to broaden our horizon, see other cultures and including a rental car, so we can travel off the beaten path
This yr will be our second trip to Hawaii, as the rest of the family will be there. The longest leg of the trip is 1st class, with the rest of the trip being business class as we find those coach seats uncomfortable when travelling for that long. Younger people seem to be able to travel coach, same as we did yrs ago.
Did you know a trip to china is 13 1/2 hrs in the plane seat We will drive to Florida and average the vacation cost over more than 1 yr.
Our transportation and insur is high but our house is value able and we do live in the country so 4WD is required and expensive, in the snow drifts
If you don't keep up with house repairs then your asset depreciates and one day you have many things needing attention. In our situation we don't want another family member moving in and taking out a mortgage to do a complete renovation. They will make changes, but at least the roof does not leak water and the basement will not flood, the trees are mature and the house is so shabby it will be torn down We lived in a house like that and did tear it down..
The more personal spending the more income tax you pay.
Do a retirement budget and see if you can do the things you want on 1 million?? Also be prepared for the unexpected. Most people aren't and this makes a recession that much worse, as consumer spending goes out the window
One final thing I am sure you know. Never have an unpaid balance on any credit card past due date.
That is for emergency only such as MM when John Corizon [sp?] stole all his working capital.
So right now, you are spending 125k per year to live? Fortunately, I live on far less even factoring in the Canadian dollar. Don't know why a retired couple would need two vehicles, but to each his own.But you can't use both purchase price and depreciation. I would think depreciation would cover it. And your annual deprecation rate seems inflated.
Wow, thanks for sharing all that Wayne.
Tim,
I would think that a retired couple that both drive would want 2 vehicles.
"That is for emergency only such as MM when John Corizon [sp?] stole all his working capital."
Great memory, October 31, 2011. 6 figures vanished for me in the account at MF Global.
https://en.wikipedia.org/wiki/MF_Global
So I borrowed money to open a new account at PFG based on stimpy here telling me how great the place was. When the MGF money came back, I put it, along with the borrowed money at PFG.
Then PFG went bankrupt on July 10 2012.
Some of that money came back but was needed to pay bills. My trading has still not recovered.
I am still not dead yet (-:
The point is, I run a 4200 sq ft house, 2 cars, a pool and an RV, we entertain regularly and travel (domestic) often, and I do it all on a lot less than 125k/year
So, I guess I need to amend slightly.. You can retire on a million or so unless you are very wasteful. And if that's the case, you better take the 15k/year you are spending on cars, and the 15k per year you are spending on travel and put it on savings, because you're really going to need it.
The best way to become a millionaire is to start farming with a billion.
I'm already working on making my second million since I've given up on making the 1st.
Have a nice day.:~)
Hi cliff,
Just wondering what your thoughts are on your parties Green New Deal and corn ethanol completely going away.
Thanks