re: the gap between a million dollars and a billion dollars

quote:

---

Dr. Evil is behind the times?

---

quote:

---

Just about everyone in America is now a millionaire on paper (if they liquidated home, 401k, vehicles et al)

---

Fidelity median net worth by age

quote:

---

In terms of quality of life the millionaires have way more in common with billionaires than people who earn a mere 6 figure living.

---

My brother is technically a millionaire with his portion of the business that he's a partner of, and his house appreciating like crazy. He is not rich by any means. He drives a 2013 Honda Pilot, and a 2014 Honda Odyssey. His wife works as a real estate agent (and made bank during the COVID years) and is a secretary at the private school, so they get free tuition for their children.

I am not a millionaire, but I am not poor; we have similar spending power.

quote:

---

Just think, the US is 39 trillion dollars in debt

---

If one President decided to get the US out of debt, it would take $27Billion per day. Every day. For 4 years.

We are fricked.

quote:

---

If you earned:

* $50,000 a year

It would take:

* 20 years to make $1 million

---

I remember when I was younger those lottos or McDonald’s monopoly games that paid out $1M. Huge buzz about it and people dreaming of winning and quitting their jobs and retire if they won. then come to find out that $1M prize is paid out in 20 annual installments of $50k and you’re getting taxed on it too.

Hardly life changing money anymore!

I sort of believe in the old saying that money is the root of all evil. However, there are plenty that work hard in a legitimate field, save, possibly get a bit of luck along the way, and become Billionaires.

I will probably live my remaining years squeaking by, wishing I had more money, feeling some jealousy towards Billionaires. Sure there are a huge number of people with 1M net worth these days that are really struggling to get by day to day with limited liquidity. Or knowing how long they will live. Will I live to be 65 like my dad or 100 like my grandfather?

quote:

---

I sort of believe in the old saying that money is the root of all evil. However, there are plenty that work hard in a legitimate field, save, possibly get a bit of luck along the way, and become Billionaires.

I will probably live my remaining years squeaking by, wishing I had more money, feeling some jealousy towards Billionaires. Sure there are a huge number of people with 1M net worth these days that are really struggling to get by day to day with limited liquidity. Or knowing how long they will live. Will I live to be 65 like my dad or 100 like my grandfather?

---

The LOVE of money is the root of all evil. Money is not the root of all evil.

Over these people's heads...

quote:

---

My net worth is roughly $1.5Mil. $1M in retirement, $500k in my home. So technically I am, but neither of those can be easily accessed today. We still live like we’re poor, shop at Walmart, drive 2 10+ year old cars.

---

This is how I know you will be financially independent. And you already hit the $1 million liquid assets that, hopefully, are invested on cash generating assets that align risk with your timeline to retirement.

I am typing from retirement. It is fricking awesome! Keep up the good work.

quote:

---

I remember when I was younger those lottos or McDonald’s monopoly games that paid out $1M. Huge buzz about it and people dreaming of winning and quitting their jobs and retire if they won. then come to find out that $1M prize is paid out in 20 annual installments of $50k and you’re getting taxed on it too. Hardly life changing money anymore!

---

that monopoly game was all a scam

quote:

---

From about 1989 to 2001, a security contractor named Jerome Jacobson stole the rare winning game pieces that were supposed to award the big prizes. * Instead of random customers winning million-dollar prizes, cars, and vacations, he secretly gave or sold the winning pieces to friends, relatives, and middlemen. * The fraud involved mob connections, fake “winners,” and kickbacks. * Regular people could still win small prizes like fries or drinks, but the major jackpots were mostly controlled by the scam ring. The FBI eventually uncovered it, and multiple people went to prison. McDonald’s itself was considered more of a victim than the organizer because the fraud came through the outside company handling security for the game pieces. There’s actually a pretty entertaining HBO documentary series about it called McMillion$. It covers how bizarre the whole operation became.

---