- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Posted on 5/8/24 at 10:58 am to PhiTiger1764
Somewhat res later but back in like 1982 being a millionaire was a huge deal.. now not so much.
Posted on 5/8/24 at 10:59 am to nycguy
A millionaire in NYC is equal to a $200k-ionaire in Louisiana.
Posted on 5/8/24 at 11:02 am to carhartt
quote:
A millionaire in NYC is equal to a $200k-ionaire in Louisiana.
Right. The idea that 95% of the people in NYC are worth LESS than $1 million, is actually the more shocking fact here.
This says the State of Louisiana is 4.81% of all HOUSEHOLDS, while New York State is 7.52%.
Posted on 5/8/24 at 11:02 am to PhiTiger1764
According to this, 18% of all US households are millionaire households.
I know “household” is not the same as “resident” but I still would have guessed that way more than 1 in 24 NYC residents were millionaires.
I know “household” is not the same as “resident” but I still would have guessed that way more than 1 in 24 NYC residents were millionaires.
Posted on 5/8/24 at 11:11 am to nycguy
To be equivalent to $1 million in 1980, you would need almost $4m today.
Now, cost of living is a weird thing - take consumer electronics - they tend to get better every year, but generally the absolute cost trends downward, at least slightly for most sorts of common items, over time. Cell phones may be bucking that trend, but still.
However, jump to the true big ticket items - houses and cars - that's off the charts and is almost an inflationary bubble all its own. Going back to 1980 again, the average price of a new car was about $7k. Today it is $47k, almost SEVEN times, over 1 1/2 times that of the overall inflation rate since then.
Houses? Same deal. Average price of a home was about $56k in 1980 and today it is $417k, again, around SEVEN times, over 1 1/2 that of overall inflation.
A lot goes into that. Of course, modern cars and houses have a lot more to offer than cars and houses in 1980. At the end of the day, however, all of this is obviously unsustainable for more than just a couple of years (if that), and a hard correction is inbound.
Now, cost of living is a weird thing - take consumer electronics - they tend to get better every year, but generally the absolute cost trends downward, at least slightly for most sorts of common items, over time. Cell phones may be bucking that trend, but still.
However, jump to the true big ticket items - houses and cars - that's off the charts and is almost an inflationary bubble all its own. Going back to 1980 again, the average price of a new car was about $7k. Today it is $47k, almost SEVEN times, over 1 1/2 times that of the overall inflation rate since then.
Houses? Same deal. Average price of a home was about $56k in 1980 and today it is $417k, again, around SEVEN times, over 1 1/2 that of overall inflation.
A lot goes into that. Of course, modern cars and houses have a lot more to offer than cars and houses in 1980. At the end of the day, however, all of this is obviously unsustainable for more than just a couple of years (if that), and a hard correction is inbound.
This post was edited on 5/8/24 at 11:13 am
Posted on 5/8/24 at 11:18 am to nycguy
As others have noted, a $1 million net worth while living in NYC isn't all that impressive.
Liquid wealth is probably a better measure in a place like that.
Liquid wealth is probably a better measure in a place like that.
Posted on 5/8/24 at 11:18 am to nycguy
They need to clarify, what makes them a millionaire?
I bet over half of those "millionaires" are living paycheck to paycheck
I bet over half of those "millionaires" are living paycheck to paycheck
Posted on 5/8/24 at 11:23 am to nycguy
Probably still need govt assistance to survive
Posted on 5/8/24 at 11:32 am to nycguy
Buy a shitty townhome for 400k. Wait 20 years. Sell for 3.7 million. Instant “ millionaires “.
Posted on 5/8/24 at 11:35 am to nycguy
what do your reddit friends think of this Tigerdroppings gotcha?
Popular
Back to top
Follow TigerDroppings for LSU Football News