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Chat Thread: biff brings board balance

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ImTheCaptain said:
for the purposes of the study and Ph's fight - are you a "millionaire" if you don't have much cash or equities but have an adequate, nice house that you paid off at age 60 a healthy state pension and a spouse' 401k?
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Technically, I guess so, because the house can be liquidated and you can rent and your net worth may be over $1 million, but it's not the same as having a million in investable assets.
 
Is there good money in complaining about privilege, because it seems to be a popular occupation these days. Kinda like computer programming was in the 90's.
 
BiffTannen said:
Technically, I guess so, because the house can be liquidated and you can rent and your net worth may be over $1 million, but it's not the same as having a million in investable assets.
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well that's why I was wondering if that kind of technicality in the percentages in the study were causing some grief to people.
 
I think you have to use your mind to come up with a really great idea... Like the pet rock, for example.

Here's a little something I've been working on:
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My privilege allows me to get away with things on this board that others wouldn't dream of, and I've been rewarded with a position as moderator just for being here. Meahwhile, Ph works twice as hard as I do on these boards and can't escape the derision of a know-nothing like scooter84 and winds up in arguments with literally everyone on the forum.
 
Who's excited for this movie starring Adam Sandler and Kevin Garnett ?!
 
Upstate of SC generates lots of great actors and actresses. Andie MacDowell, Chadwick Bozeman, and Kevin Garnett immediately come to mind. Also, Ainsley Earhardt of FoxNews fame is from Spartanburg !
 
Does anybody remember that when Andie MacDowell was in Tarzan the Ape Man, they went back and had Glenn Close overdub all of her dialog because they realized she sounded like a redneck from SC ? I remember.
 
ImTheCaptain said:
right, I just mean you can be a "millionaire" and not appear to be wealthy.
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Bingo! People hear "millionaire" and automatically think "rich person". This is not true at all - especially these days as the cost of living keeps going up.

As for definitions - it is pretty simple, a millionaire is someone with a present net worth of >$1M. The basic point of Ramsey's study, as I understand it, was that millionaires are all around us and that most of them are not created in the ways that many people assume - by inheritance, by growing up wealthy, by having things handed to them. They are created through hard work, conservative living, consistent saving, etc. Simple stuff. Not sexy at all.
An interesting point that Turds pointed out was that many of them are not even people that had large salaries. In other words, it is not about how much you make, it is about how much you save. There are a lot of professionals out there making $300k or more a year but living a lavish, leveraged lifestyle - they may look and act like millionaires but aren't. Meanwhile, their neighbors may have a household income far less but have been living below their means for 25 years, paid off their house, saved up a ton of money, etc. You would never know they were millionaires.

I can't speak to the accuracy or completeness of his survey, and the results certainly support his cause (selling books and classes), but, whatever the exact numbers or percentages are, I think his basic message is correct.
 
PhDeac said:
scooter, you said this was “misguided” as if I described something that does not exist.
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No, I said it was misguided because it had nothing to do with the point at hand - and assumed facts not in evidence.

I have explained elsewhere the message from the survey that was being discussed. Your comment poo-pooed the results of the survey, saying that you were sure "way more of them were given money and opportunities they didn't earn." Really? Why are you so sure of that? And what do you mean by "didn't earn"? The survey specifically said they did not inherit their money from relatives or anyone else - so I don't know what other money they could have been given that they "didn't earn"? As for opportunities - who knows? How does someone earn an opportunity other than by working hard and probably getting a little lucky? The whole point of the survey was that most of these every-day millionaires earned everything they had - not all of them, clearly, but most.

To reiterate that last point - lots and lots of millionaires clearly do fit the model you are apparently talking about - they were raised wealthy, they inherited money, they were given advantages not available to others, etc. But, this survey gives hope to the rest of us to whom those things do not apply - you can get there other ways, ways that are relatively simple and accessible to people without those advantages.

If you want to say the survey is wrong, fine, but I have no reason to believe it is.
 
BiffTannen said:
Upstate of SC generates lots of great actors and actresses. Andie MacDowell, Chadwick Bozeman, and Kevin Garnett immediately come to mind. Also, Ainsley Earhardt of FoxNews fame is from Spartanburg !
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KG graduated high school in Chicago though!
 
“Millionaire” net worth doesn’t mean much anymore. Just because your home equity is worth a lot it’s not like you can simply liquidate it. And then to continue ITC’s example it’s not like having the PV of a pension or a 401k set aside for the future means you’re shitting on gold toilets in your present lifestyle. Or at least you probably shouldn’t be.
 
Doesn't matter. If you have $1 million, AOC is coming for it.
 
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