Let's talk about money: Your first million? - Page 3 - PeachParts Mercedes-Benz Forum

John Doe · #31 07-28-2006, 12:54 PM

Quote:

Originally Posted by That Guy

33% of respondents to this poll are millionaires.
I have a very hard time believing this. I've been reading Freakonomics (excellent book) and its interesting how it details a lot of the lying that goes on on internet dating sites. Apparently, there are something 4X the number of people who make over $200k when compared with the overall population and over 80% of the people have above average looks (how does thatt work??).

Now I know we are looking at a different demographic here, but I'm still willing to bet that the same type of thing is occurring here with this poll. I seriously doubt that 33% of Benz owners are millionaires and I also find it highly unlikely that an internet forum has brought out the cream of the earning crop of benz owners as well since the personality traits of someone who makes a million does not include "blowing time on the internet".

Just my 2 cents.

Ed Zachery.

Hatterasguy · #32 07-28-2006, 12:55 PM

In today's world it isn't hard to have a million in "assets" if you include a primary and maybe a secondary residence. If you factor in property values at least in my area, it isn't that hard for pretty average people to have a very low 7 figure net worth.

But the way you are supposed to calculate net worth is subract your assets from your debts. So if you own a $1.2M house and owe the bank $1M on it, you should only count your $200k in the total.

Then the argument starts what should one consider an asset? That subject can be a whole new thread.

87tdwagen · #33 07-28-2006, 01:05 PM

Quote:

Originally Posted by That Guy

33% of respondents to this poll are millionaires.
I have a very hard time believing this. I've been reading Freakonomics (excellent book) and its interesting how it details a lot of the lying that goes on on internet dating sites. Apparently, there are something 4X the number of people who make over $200k when compared with the overall population and over 80% of the people have above average looks (how does thatt work??).

Now I know we are looking at a different demographic here, but I'm still willing to bet that the same type of thing is occurring here with this poll. I seriously doubt that 33% of Benz owners are millionaires and I also find it highly unlikely that an internet forum has brought out the cream of the earning crop of benz owners as well since the personality traits of someone who makes a million does not include "blowing time on the internet".

Just my 2 cents.

I agree with the general application of lying prevalence online. As to this forum I think the 33% millionaires is probably quite realistic. Consider the following, $1 Million NET Worth was the question, this means all of your money assests and personal property that you OWN not owe on. So a Million $ really isn't all that much. Depending on where you live, say average middle class home is now worth $250k-$500k, so on the upper end you're half way there already and haven't included your savings, investments, possessions etc.

I would venture to say that alot of folks in this forum are baby boomers, they've already built this wealth, and benefited from appreciation of their investments over say the last 40 years (most prosperous in US history).

Now as to Benzs. How many people here own one because they see overall value in the car? How many people here own only old Benz's? How many people here work on their own cars?

I would say alot of people would fit into each of those categories, and they probably also share a conservative financial approach, buy things that will pay off in the long run, avoid wasteful spending, and refuse to pay others for what they can easily do themselves. Follow that approach, and a millionaire you will likely be

raymr · #34 07-28-2006, 01:58 PM

If you bought an above average home in a nice neighborhood 20 years ago, and still live there, you are probably a millionaire right now and don't even know it. Your net assets might be a million+, but its not like you can all of sudden stop working.

Theres still taxes to pay on that highly assessed house. And if you move the next house is bound to be equally expensive, unless you decide to relocate to Arkansas or something.

Hatterasguy · #35 07-28-2006, 08:40 PM

A perfect example is my boss at the marina. Back at least 40 years ago his parents bought a house down the street from the boat yard for nothing. A couple of grand at most, they were just cheap summer houses then. Heck I don't even think the road was paved. He liked it, updated it a bit and has been living there for a very long time.

The house next door is listed for $1,350,000. I walked through it, its about $200k to high in todays market. Last year it probably would have sold.

I think his house in todays market is worth $900,000-$1,000,000, I'd list it for $989,900 and go from there. In another 5-10 years maybe quite a bit more, his happens to be in one of the very high growth areas of town.

Now this is a guy who is very much an average middle class person, but is technically a millionaire. The trick is he needs to sell the house to see any of this. But then where does one live?

MBeige · #36 07-28-2006, 09:12 PM

I think I'd reach a million miles first with our vehicles' mileages combined, than reach a million $. If only you get paid $1 per mile...

t walgamuth · #37 07-28-2006, 09:46 PM

i'm rich in love.

does it count if you owe a million? or two... or more?

i didnt think so.

under forced liquidation i would be lucky to break even. on a good day or 360 or so , i would have some left over.

hopefully in ten years....

but hey, i always say "a million wont buy what it used to".

but i am having fun.

i dont want to retire anyway, i just want to choose what to work on. and take more long weekends and such.

tom w

View Poll Results: When will you hit your first million?
I'm already there	13	31.71%
Pretty soon, within 5 years	6	14.63%
In about 5-15 years	3	7.32%
15-30 years	8	19.51%
Longer than 30 years	4	9.76%
Not interested	6	14.63%
I'm DOWN to 1 million	1	2.44%
Voters: 41. You may not vote on this poll