I live and feel middle class yet am technically a millionaire

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9 years ago 04/03/2015 3:09pm EDT

re: troll bs detector

troll bs detector wrote:
TAA wrote:
OP congrats on the high net worth. Most of this thread is stupid. Poor money management is not a generational problem. It's a people problem.
Exactly, yet the OP decided to single out millennials.
5/10

First I didn't initially intend to single out millennials, but I did. I kind of got pulled into that, but I do believe as a generation they spend more than they can afford. (How many really disagree with that?) They are frustrated now because they expect much and can't meet their own expectations (Anyone disagree with that)

Seconds, there are so many troll threads, that it almost gets annoying when someone claims troll without reason almost as a mantra.

9 years ago 04/03/2015 3:17pm EDT

re: Who raised us?

You seem like a decent person too but I am going to give you a tough response. At some point in the maturational process you have to take personal responsibility for who you are and what values you live by. If millennials have misplaced values (as you say), own it, don't blame the previous generation for your flaws.My generation is far from perfect, but any flaws we have, is our fault not our parents.

Who raised us? wrote:
OP, let me preface this by say that you personally seem like a pretty reasonable dude, but as a general matter I do think it is pretty funny when Boomers criticize Millennials on values issues, including values related to personal finance. You guys raised us! In the aggregate, we are a reflection of the values to which your generation subscribes, and we have to live in the economic milieu your generation is responsible for creating. It's not all your fault, per se, but you Boomers bear a lot of responsibility for what you perceive to be the Millennials' misplaced priorities. Think it's crazy that kids today are willing to go into debt to pay for a fancy private college? Ask yourself if a college education is a prerequisite for a middle class lifestyle to a much greater extent that it was when you were graduating HS, and who has been drumming that fact into Millennials' heads since they were in elementary school. Wondering why home prices spiked such that it is impossible for a big chunk of young adults to become homeowners today? Ask yourself if the Boomer generation was the first to treat home equity like the credit cards you think Millennials abuse, and the first to engage in the large scale securitization of mortgages. Thanks for the housing crisis, btw. Wonder why healthcare costs are exploding (though at a slightly lower rate since Obamacare, interestingly)? Ask yourself which generation is responsible for the vast majority of health care utilization, which generation raised their kids in front of a TV instead of outdoors, and which generation of medical practitioners and administrators came to view the provision of health care as essentially a for-profit business rather than a public service. Think Millenials get too much help from their parents? Ask yourself who those parents are, and why they've been enabling that kind of dependence since these kids were born. So, yeah, Millenials may have some warped values and suboptimal priorities, but I think your generation needs to take a hard look in the mirror on that one.

9 years ago 04/03/2015 3:40pm EDT

re: technically a millionaire

same boat as the OP.

60 years old, last 4-5 years of working, also am technically a millionare 9just barely) excluding any house equity.

Drive a paid off car, pay credit cards monthly in full, fund 401k to max, helping 29 year old son through grad school somewhat. Have a 25 year old son who is 1st year intern with over $100k college debt and 2013 nicer car than i drive.

He has time to make up for financial situation, I don't. Can buy what I want but try to shop smart. Dont' feel like I have forgone any opportunites/luxuries by being a bit tight with most dollars. Don't like to spend over $35 for a work shirt but will drop $50 to enter a road race and not think twice.

Choices, it all comes down to choices.

Peev of mine, when did it become a must have for each kid to have his own bedroom? We shared bedrooms, 3 boys, and didn't feel like we were without.

9 years ago 04/03/2015 4:13pm EDT

re: technically a millionaire

daughter works in a guy's company. His personal worth is ...... 2.4 or 2.6 ....... b i lion. He's 50 yrs old has a large company worth ~~ 20b - his employees seem very happy with their work. He is friendly. He's 50 yrs old, very well spoken, and disarming - you would never know his worth (at least as reported by Forbes). He is well known in his field of employ. But you would never know it ... and he would never disclose if it wasn't done by others. I wan't him to adopt me. (he owns all of his homes and all of his cars ... etc). Just an average guy ...

9 years ago 04/03/2015 4:18pm EDT

re: technically a millionaire

Fortunately those technically "billionaires" are becoming so numerous that we can consider them to be merely rich, so we can soon drop the "millionaire" title altogether.

9 years ago 04/03/2015 5:06pm EDT

re: alanson

alanson wrote:
Fortunately those technically "billionaires" are becoming so numerous that we can consider them to be merely rich, so we can soon drop the "millionaire" title altogether.

Maybe one them will start the thread, "I live and feel like a millionaire but technically am a billionaire".

9 years ago 04/03/2015 6:50pm EDT

re: alanson

alanson wrote:
Fortunately those technically "billionaires" are becoming so numerous that we can consider them to be merely rich, so we can soon drop the "millionaire" title altogether.

"so numerous"

less than 2,000 in a world population over 7 billion? You do the math for the %...and, what was your point?

9 years ago 04/03/2015 7:39pm EDT

re: technically a millionaire

technically a millionaire wrote:
alanson wrote:
Fortunately those technically "billionaires" are becoming so numerous that we can consider them to be merely rich, so we can soon drop the "millionaire" title altogether.
Maybe one them will start the thread, "I live and feel like a millionaire but technically am a billionaire".

I think we're on the right track here...obviously, billion is too far a leap, but 8 figures is probably more solidly in the ultra high net worth camp as that is where a married couple starts to approach being only barely exposed to estate taxes if they die with that much money.

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