Interesting facts about millionaires

[Gailete]

I was certainly not trying to be judgemental in the least and only gave my opinion of what I consider to be rich for me. That is all.

A few years ago, I heard how one of the richest women in American was in Switzerland at a high class purse store and asked to see a particular multi-thousand dollar purse. The clerk refused to let Oprah Winfrey look at it as she didn't think she could afford it! THAT is being judgemental!

However, some rich folks are not generous. They are miserly and make their wealth on the backs of underpaid employees. I did used to work for one of, if not the richest man in our town. The embezzlement was amazing that he and his wife did. This is what I meant by evading taxes. Many of the rich fall under the mantra of what do rich people want? More money. They act like it will kill them if they give you a dime raise instead of a nickel if that! Unfortunately the rich folks I have come in contact with didn't fall into the generous rich that some of you mention. We all see the world from the perspective we are given.

Obviously, we're talking about financial wealth here, not spiritual wealth.

I don't recall talking about spiritual wealth and that is something to me that is totally different. I was only talking about what to me is real financial wealth. See the book Your Money or Your LIfe by Joe Dominquez and Vicky Robin. An interesting book on helping you understand when enough is enough. I know some find it a great challenge to see how far they can get to financially and then are happy to give it away. Kudos to them, it isn't my life desire. I have other things I would rather do than spend all my resources trying to get to that really rich plateau. That is all. Besides it being way too late for me as I'm too old.

And your judgement and stereotyping of people who have
more than you is offensive. Is that what they teach you at your church?

How in the world did whether or not I go to church become part of this discussion? That is being judgemental. Other than speaking of donating to churches or charity of your choice, that was the only thing about church that I said. Anyone here can have a church or synogogue, or the Red Cross as places that they give to. I only used church as an example.

I wasn't at all making judgement calls about others. I was just talking about me and I do know some that live by that same philisophy. I don't know how you can find it offensive in the least, unless it truly bothers you that some don't care to be 'rich' as you defined it.

[TexasHusker]

I was certainly not trying to be judgemental in the least and only gave my opinion of what I consider to be rich for me. That is all.

A few years ago, I heard how one of the richest women in American was in Switzerland at a high class purse store and asked to see a particular multi-thousand dollar purse. The clerk refused to let Oprah Winfrey look at it as she didn't think she could afford it! THAT is being judgemental!

However, some rich folks are not generous. They are miserly and make their wealth on the backs of underpaid employees. I did used to work for one of, if not the richest man in our town. The embezzlement was amazing that he and his wife did. This is what I meant by evading taxes. Many of the rich fall under the mantra of what do rich people want? More money. They act like it will kill them if they give you a dime raise instead of a nickel if that! Unfortunately the rich folks I have come in contact with didn't fall into the generous rich that some of you mention. We all see the world from the perspective we are given.

I don't recall talking about spiritual wealth and that is something to me that is totally different. I was only talking about what to me is real financial wealth. See the book Your Money or Your LIfe by Joe Dominquez and Vicky Robin. An interesting book on helping you understand when enough is enough. I know some find it a great challenge to see how far they can get to financially and then are happy to give it away. Kudos to them, it isn't my life desire. I have other things I would rather do than spend all my resources trying to get to that really rich plateau. That is all. Besides it being way too late for me as I'm too old.

How in the world did whether or not I go to church become part of this discussion? That is being judgemental. Other than speaking of donating to churches or charity of your choice, that was the only thing about church that I said. Anyone here can have a church or synogogue, or the Red Cross as places that they give to. I only used church as an example.

I wasn't at all making judgement calls about others. I was just talking about me and I do know some that live by that same philisophy. I don't know how you can find it offensive in the least, unless it truly bothers you that some don't care to be 'rich' as you defined it.

You pretty directly inferred that “rich” have misplaced priorities, are greedy, and cheat on their taxes.

No that’s not judgmental at all - my bad!

And for the third time, I never defined rich; to the contrary. Check your goggles.

[disneysteve]

I wasn't at all making judgement calls about others.

It did come across as painting with a broad brush even if that wasn't the intent.

As I said, there are jerks and saints and stingy people and generous people at every income level. I don't think money determines what kind a person you are though it can magnify the faults.

[james.hendrickson]

I don't think money determines what kind a person you are though it can magnify the faults.

I have observed this as well. Character traits become magnified when more money is added to the mix.

[disneysteve]

I have observed this as well. Character traits become magnified when more money is added to the mix.

And, as we all learned from reading Animal Farm, power corrupts. And money and power often go hand in hand.

[TexasHusker]

And, as we all learned from reading Animal Farm, power corrupts. And money and power often go hand in hand.

Animal House too!

[bjl584]

If you define “rich” as someone with net worth of one $ million, certainly the vast majority of those folks are mutual fund / 401K people. By the world’s standards, that is insanely rich for sure.

But if you define rich as someone worth 10, 20, 30 million or more. they almost certainly didn’t get there via a mutual fund account or buying cheap cars.

I don’t soar with such eagles, but I do have friends and acquaintances who are worth anywhere from $50 million to one fellow who is reportedly now worth over 1 $ billion. He’s an acquaintance.

Everyone in this class is a business founder / owner.

One owns a chain of over 100’convenience stores
One is founder/CEO of group of car dealerships
One founded a pharmacy benefit co. and recently sold out for $800 mil.
One founded a third party administration firm
One is a cardiologist but who got rich off of real estate deals - primarily land deals.
One owns a large insurance and risk mgt group.

A fellow whom I count as my best friend is probably in the $50-60 mil range, who was making $30K a year in 1997. He now works in a large building that bears his last name. He owns serveral businesses that employ probably 200 folks across the country. He drives a Highlander but he could afford anything he wanted. He does own a $2 million lodge in Breckenridge CO and a jet.

I’m dealing with pennies. These guys are dealing with dollars.

MONEY Magazine's target audience is the former that you mentioned. The average middle-class person who was taught to go to college, get a good job, keep debt to a minimum, and save 20% in retirement accounts via the stock market. After 30 years or so, they are now millionaires. It's a pretty simple formula to follow. This would also be Dave Ramsey's target audience. It's the average W2 wage earner who didn't spend every dime that they made over the course of their working life.

The later would be the risk takers, the business owners, and the people that have W2 earners working on their behalf. People worth tens or hundreds of millions of dollars don't read MONEY magazine or listen to Dave Ramsey. They're probably more aligned with Robert Kiyosaki's line of thought and perspectives.

There's active investing and passive investing. Active investing and financial education will get you further. But, a lot of people don't have the stomach/education/connections to do so. Hence, the 1%. So, the average person will save in a 401K and work at their craft for 30+ years, saving and budgeting along the way. Not that there is anything wrong with that. It just "is."