The Mcdonalds Millionaire Challenge

[Singuy]

Do you guys ever watch "extreme" cheepskates? I put the word extreme in quotations because most immigrants live with those type of "extreme" conditions.

I remember after my parents found out that sewage cost 3x that of water, they would put a bucket in the shower and use that water to flush the toilets..and not to mention we had toilet runs in our house(as in..when someone needs to go, that person makes a call to see if anyone else needs to go so we all pee in the same toilet before flushing once). This is what it takes to get ahead on low wages...not some fancy save 100 dollars a month at 11% return and wait for your millions by 65 Dave Ramsey style type of fantasy.

[disneysteve]

Do you guys ever watch "extreme" cheepskates? I put the word extreme in quotations because most immigrants live with those type of "extreme" conditions.

I remember after my parents found out that sewage cost 3x that of water, they would put a bucket in the shower and use that water to flush the toilets..and not to mention we had toilet runs in our house(as in..when someone needs to go, that person makes a call to see if anyone else needs to go so we all pee in the same toilet before flushing once). This is what it takes to get ahead on low wages...not some fancy save 100 dollars a month at 11% return and wait for your millions by 65 Dave Ramsey style type of fantasy.

We are absolutely spoiled in this country. No argument here. Billions of people around the world live on a fraction of what even the "poor" in the US earn. So yes, if you are willing to really go bare bones, you can survive on a whole lot less than most people think. If that's the whole point of this thread, than I agree. I think where we got off track is with specific examples of costs that were given and may not have been realistic.

I'm old enough to remember when life was much simpler, expenses were lower, and we didn't have so much of the stuff and amenities that we all consider "needs" today. Part of me yearns to go back to those times, and not just for financial reasons.

[Fishindude77]

Enjoying this thread, lots of good comments.

Regarding vehicles, we own a fleet of Ford pickups for business and run them to about 250,000 miles before replacement. We get the occasional lemon, but most get there with nothing more than routine maintenance, oil changes, tires and brakes.

[herdjohnson]

Regarding healthcare, you don't have to pay that either. they just go to the ER, get treatment and walk away never paying their bills, happens every day. Now you're not going to get your teeth cleaned every six months, braces for the kids and new eye glasses every year, but there are sources to get the basics for free, people are doing it.

And if you shoplift your groceries and steal cash at work you can save a lot of money too. Screw the lottery, just rob a bank. Millionaire at age 18, retired. Challenge solved.

[Singuy]

And if you shoplift your groceries and steal cash at work you can save a lot of money too. Screw the lottery, just rob a bank. Millionaire at age 18, retired. Challenge solved.

LoL, okay so the real way to get out of your ER visit is to either do a monthly payment of 5 dollars, OR you get the hospital to write it off after you pay what you can afford. This is perfectly legal unlike robbing a bank or whatever..

It's part of the government safety net, for hospital to write off people who can't pay for health care.

[disneysteve]

Regarding vehicles, we own a fleet of Ford pickups for business and run them to about 250,000 miles before replacement. We get the occasional lemon, but most get there with nothing more than routine maintenance, oil changes, tires and brakes.

I'm really surprised to hear stories of people having zero repairs on their cars. Are you not replacing timing belts a couple of times over the course of 250K miles? Do you never have anything break or wear out in 250,000 miles of driving? Starters, alternators, water pumps, window wiper motors, power window motors, AC failures (I just did this one on my car), transmission issues, nothing? Really? I find that really hard to believe.

[Singuy]

I'm really surprised to hear stories of people having zero repairs on their cars. Are you not replacing timing belts a couple of times over the course of 250K miles? Do you never have anything break or wear out in 250,000 miles of driving? Starters, alternators, water pumps, window wiper motors, power window motors, AC failures (I just did this one on my car), transmission issues, nothing? Really? I find that really hard to believe.

My car has a timing chain so we don't have to deal with timing belts. Also his trucks may be diesel so they usually carry 250k+ miles on them and are just breaking in.

But yeah my A/C is still cold, it's still rocking with the original spark plugs, original window/wiper motors, no water pump issue I'm aware of, and it starts just fine. I actually changed the car's air filter for the first time the other day because I was curious if it'll improve my gas mileage..which it didn't..lol.

Now how I drive may be different from how you drive. My car has never been redlined, and has accelerated to close to redline maybe less than 10 times in the span of 14 years.

[Fishindude77]

Most of our trucks are gas. Doesn't pay to buy diesels as the cost of fuel is so much higher and mileage really isn't much better.

Like I said, we get the occasional lemon where a transmission, starter, cooling system, or something serious goes bad, but modern vehicles hold up surprisingly well if you follow the routine maintenance schedules and don't beat them up. Something like a wiper motor, AC charge or electric window repair as mentioned is pretty minor and inexpensive, and poor folks don't repair that stuff anyway. Can't say I recall any timing belt issues.

Believe it or no, many of them make it to 250,000 miles with almost zero $$ in repairs. We would keep them longer, but typically the frames start rusting out due to salt & snow.

One of my suppliers came by the other day driving a Ford pickup with 306,000 miles on it. Can't tell you the history, but definitely getting his moneys worth out of it.

[herdjohnson]

LoL, okay so the real way to get out of your ER visit is to either do a monthly payment of 5 dollars, OR you get the hospital to write it off after you pay what you can afford. This is perfectly legal unlike robbing a bank or whatever..

It's part of the government safety net, for hospital to write off people who can't pay for health care.

By the time this family was 30 they would have over 200k in the bank. Sorry, but they're not meeting any asset tests to get their healthcare written off to charity. Trust me on this one.

[rigz]

LoL, okay so the real way to get out of your ER visit is to either do a monthly payment of 5 dollars, OR you get the hospital to write it off after you pay what you can afford. This is perfectly legal unlike robbing a bank or whatever..

It's part of the government safety net, for hospital to write off people who can't pay for health care.

It's people like this that are ruining health care for the rest of us.

You talk about becoming a millionaire and then finding ways out of paying your health bills. Guess who has to pick up the slack?

[Singuy]

By the time this family was 30 they would have over 200k in the bank. Sorry, but they're not meeting any asset tests to get their healthcare written off to charity. Trust me on this one.

Then you pay the rest of the balance after your ACA reimbursement which is no more than 10k.

[Singuy]

It's people like this that are ruining health care for the rest of us.

You talk about becoming a millionaire and then finding ways out of paying your health bills. Guess who has to pick up the slack?

Not having a single payer system (like medicare for the young) and providing everyone with affordable/free insurance is ruining the health care system. I mean who the heck can accord to stay in a hospital at 10k/night with no insurance?

[herdjohnson]

Okay I give up. You win. Technically someone who works minimum wage their entire life can amass 1m for retirement by the time they're 55 given the following circumstances:

Over 37 years they never:

Get sick
Temporarily lose their job
Roommate moves out
Car breaks down
Go on vacation
Go out to eat
Buy their child a present
Give their child a Christmas
Need to buy new furniture
Have to buy new tires
Have to buy new brakes
Have to pay for child care
Child plays sports
Child plays instruments
Child has any hobbies

And assuming:

Minimum wage is the 8.15 you calculated instead of the actual federal minimum wage of 7.25
No out of pocket healthcare costs for premiums on the ACA bronze plan with that income and family size (looks like they'd still be paying out of pocket)

Congrats! You have now completed the McDonald's Millionaire Challenge!

[Singuy]

Over 37 years they never:

Get sick -getting sick is free (unless you are the type who bothers a physician because of a cough), major problems you have ACA to cover..also if you find your family sick all the time, then upgrade the health care. Child's healthcare can be taken care of by the government.)
Temporarily lose their job -It's Min Wage, get another one
Roommate moves out -sets you back a little
Car breaks down -take the bus
Go on vacation -use a mileage card for your expenses and go to hostels
Go out to eat -sure, once a year..or learn how to cook
Buy their child a present -Garage sales or grand parents!
Give their child a Christmas -Same as above
Need to buy new furniture -new furniture is for the snobs, go on craigslist or grab a hammer
Have to buy new tires -do you break down how much in 30 years you spend on tires for a cheap honda? Probably 2000 dollars
Have to buy new brakes -500 dollars in 30 years
Have to pay for child care -work alternating schedules
Child plays sports -Okay?
Child plays instruments -pawn shop
Child has any hobbies -okay?

At the end, you may become a millionaire by 56, or 58..all the set backs will not kill your million.

[disneysteve]

Have to buy new brakes -500 dollars in 30 years

Where are you getting your service done? I'd love to know that I'd only spend $500 on brakes over the next 30 years.

Brake pads last an average of about 50,000 miles. Could be more or less depending on the type of driving you do but let's go with 50,000. If you drive an average of 12,000 miles/year, that means replacing brakes about 7 times in 30 years. Where are you getting your brakes replaced for under $72 each time?