The average millionaire has...

Discussion in 'Bad Dog Cafe' started by Chud, Jul 24, 2015.

  1. Wrong-Note Rod

    Wrong-Note Rod Poster Extraordinaire

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    This.

    From my personal experience, every millionaire I know and do business with, is almost a workaholic, very dedicated and hard-working, didnt inherit a dime, and pays WAY more taxes than probably everybody combined on this thread.

    The hatred for the rich in our society is incredible. I know there are some who deserve that hatred, but, the millionaires who I work with and are clients etc, are straight up, smart guys who work their butts off, and are to be admired for all of that.
     
  2. MEXbluesGUY

    MEXbluesGUY Tele-Meister

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    mehh i don't give a rats ass about money.
     
  3. flathd

    flathd Poster Extraordinaire

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    I had a similar business venture. I bought an antique 1 cent gumball machine.

    Went to fill it up, and found out gumballs are $1.50 for a bag of 100. What really hurt the profits, was the customers (kids) were stealing pennies out of my piggy bank. :lol:
     
  4. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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  5. chris m.

    chris m. Poster Extraordinaire

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    Yep, I live in Santa Barbara, so net worth of $1M is easy to have if you have built any equity in your home and have faithfully been feeding your 401(k). Anyone who retires and hopes to live another 20 years would probably want to have close to $1M in investments to live off of. $1M is definitely not what it used to be.

    Most Americans are in debt for two reasons. One, they actually don't make all that much money compared to the cost of living. Two, they live beyond their means and think of many things as necessities when they are not. I see a lot of people driving brand new cars, having the latest smart phone, designer clothes, annual vacations to Hawaii or Vegas, etc., and I know they're making under $40k a year. And they wonder why their credit cards are maxed out.

    The people I know who became millionaires without inheriting it do the opposite. They got a good degree that led to a great job, or got lucky and worked hard with their small business so they actually have a pretty good annual income. They keep their expenses down and pay cash. They have a really good chunk of cash saved up so when they need to pay for something unexpected like a big car repair or a new roof they don't need to use the credit card.

    I mention luck with small business because I honestly believe some luck is often required. For every entrepreneur that worked their butt off and became a success there are probably five or even ten entrepreneurs who worked just as hard but got hit by something out of their control-- a lawsuit, the market tanked at just the wrong moment compared to their cash flow, whatever. The Chinese, some of the hardest-working, entrepreneurial people on the planet, also believe very much in the need for good luck-- "joss"-- to make it.

    Conversely, if you grew up in circumstances that allowed you to get a great education and a great, in-demand degree, you are pretty much guaranteed a steady, solid income that will make you pretty rich if you just do a solid job and do a good job of saving and not over-spending over your lifetime.
     
  6. Paul in Colorado

    Paul in Colorado Telefied Ad Free Member

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    I'm with you for the most part, Rod. I have a friend who got himself into Harvard, saw a need in the banking industry and put together a business plan to fill that need, started a company to service the need and spend 30 years on the road taking care of his customers.

    He's retired now with homes in Jackson Hole and Honolulu and is still married to the same woman and is on good terms with his kids. Other then maintaining properties, he isn't real extravagent.

    I think we see so many entitled Paris Hilton types that we forget that most people build wealth from creating businesses to service human needs and work their butts off to make it happen. It's the ones who want to rig the system for personal advantages that I have problems with, but that's a political discussion that we don't have here.
     
  7. telleutelleme

    telleutelleme Doctor of Teleocity Silver Supporter

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    ... no time to read this thread.
     
  8. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    Or, he takes his HBP medicine and then has to take other kinds of medicine to counteract the effect of the first medicine.

    What I think is funniest is when the divorce lawyers need their own divorce lawyers. ;)

    If we analyze the news carefully, we also know that the "Millionaire" doesn't actually have a Million. Maybe $ 150,000. He's just bad at math or something? :cool:
     
  9. Brad Pittiful

    Brad Pittiful Doctor of Teleocity Ad Free Member

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    you must have it then...the people who give a rats ass are ones that dont have it :lol:
     
  10. Maricopa

    Maricopa Friend of Leo's

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    the average millionaire probably inherited it.. and didn't lift a finger for it..... ;)

    Of course, statistically you're completely wrong.

    Works 70+ hours a week and is A type A personality, and pays more in income tax that the average person makes in a year.

    Have at least 2 millionaires (several times over in fact) on our street and this is 100% correct. They work their asses off, and (most importantly) work smarter than most people.
     
  11. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    ... did it through GoFundMe?

    Too soon?
     
  12. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    The question should be "The average billionaire has..."
     
  13. xMercury69x

    xMercury69x Friend of Leo's

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    I'd like to turn my urine stream into an income stream.
     
  14. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    When I was a computer science major at uni, we had a saying. Well, there was already an old saying that a mathematician was a machine for turning coffee into theorems. Our corollary was that a computer scientist was a machine for tuning coffee into urine.
     
  15. xMercury69x

    xMercury69x Friend of Leo's

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    Solid logic
     
  16. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    Not too bad. +1

    I know about half millionaires with inheritances and half who maybe got their school tuition paid by someone else and not much more. Sometimes people come from (some) wealth and have a head start on avoiding mistakes.

    I really think there's a lot of people out there who were headed towards wealth, didn't think they could handle it or something, and so they devised ways of pissing their income away. They knew limited funds were not going to kill them and they sensed if they needed money they could find it. Those who had never known limited means are often petrified of poverty or hitting bottom and will do everything they can to stay amongst the wealthy. And some of these people are kind of miserable - prisoners to wealth and can't have a great time because the thought of "wasting" money so appalls them.
     
  17. Veebus52

    Veebus52 Tele-Meister

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    Exactly! That's how my wide and I did it. The only problem is that one million isn't what it used to be. "One millionaires" are probably a dime a dozen.
     
  18. raito

    raito Poster Extraordinaire

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    I'm on the other side of that. I HAVE known limited means -- very limited. And I absolutely do not want to go there ever again. Of course, in my case 'limited means' meant not having anything to eat, and nearly no place to live.
     
  19. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    You can't fake that experience. I've never been anywhere near that and that's why I think I let off and worked 50 hours a week while other guys worked 70 hours. And now, my parents are set, my siblings are set, my niece and all my nephews are set; I have no kids at all but especially I have no kids in need of extensive care of any kind. And so when I sensed my health would be ruined if I didn't back off, I did just that. I backed off even from the lesser degree to which I was pushing myself.
     
  20. chris m.

    chris m. Poster Extraordinaire

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    Some millionaires are extremely fit and healthy. They get up early in the morning or find some other good time to schedule some serious workouts. They have the money to pay for good physical therapists, gym memberships, equipment, personal trainers, etc. They realize that if they are fit they can think more clearly, have more stamina, and get more done, so that the three to five hours per week required are well worth the investment. Plus they know that by staying healthy they probably will have many more years to actually enjoy the fruits of their hard work. And that by being in shape they can do things on their bucket list like go heli-skiing, climb Everest, go cave diving, etc.

    In fact, I don't have the stats to back it up, but I wouldn't be surprised at all if the average millionaire is actually in better physical shape than the average zero net worth person.
     
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