Millions of Millionaires

[smitcompton]

Hi,

The latest stats on how many Millionaires there are was released this week. Worldwide there are 17 million households. The U.S. has 6.9 million, next is China with 3.4 million, and third is Japan with 1.1 million. All told, they comprise 41% of the worlds wealth. The percentage of millionaires in the US is 5.6 % of the population.

The definition that is used to count you as a millionaire is: 1 million of investible (Sp) assets--fairly liquid. A home, no matter the worth is not included.

I was a bit overwhelmed by this as it doesn't seem like many millionaires considering we have several billion people on this earth.

So, my thinking turned, i don't really know why, to lotteries. People I know love to play the lottery to win that million, or more, and have dreams of what they can do with it. I was wondering if, say Haiti had a lottery. What do you think it would take for someone in one of the poorest counties to feel really happy to win. 250.00? Of course they may not even be able to buy a .05 cent ticket to enter. What I am really saying is that I think it would take so little to make one person happy.

I tried to adopt a child from one of the charitable org, but they allow no direct contact with the child. Everything is monitored thru them. They say they are trying to protect you from being asked for other things, but it seems to me they are trying to control; too much.

I am not saying anything negative about Millionaires, in fact the opposite. When you realize what you have in comparison to others, and it doesn't take much to make a difference. 50 million to harvard doesn't seem as meaningful as 250.00 in Haiti.

Just my musings. I don't expect anyone to own up to being a Millionaire, except DF

Annette

 

[DNB]

The majority of people in my age bracket who have been investing smartly are more than likely millionaires. I'll admit it. DH and I have been paper millionaires (in that it's all in investments and 401's and I include our home equity, although not necessary for the total) for the last few years. It's our combined 401k's and investment accounts, managed very well by our CFP and some luck with a company ESOP that got us there. Anyone wanting to retire pretty much has to be a millionaire nowadays with the disappearance of most pensions. I would love to have double what we do now when we retire in 8 years, but that's not going to happen. Those numbers you posted do not surprise me at all. We're in No VA and we're pretty much the norm for our age group and income level.

Of course there's a huge difference between us and real multi-millionaires, but a million dollars or two just isn't what it used to be. 30 years ago you could live off the interest of 1 million and be very comfortable, today, not so much.

The vast majority of people in Haiti do not have an extra amount of money to spend on a lottery. Most people who play the lottery can't really afford it. They're trying to beat the odds and don't understand it's not ever likely to happen.

 

[smitcompton]

Hi DNB,

How nice of you to respond with honesty. While i agree that a million dollars does not go as far as it use to. and the Super rich are a group unto themselves, the 17 mil worldwide seems small to me. The 6.9 mil U.S.households also represent a bit over 40% of the worlds wealth.

I decided to count how many millionaires I personally knew, and I came up with 7 or 8 including my brother and myself. I was surprised it was so many.

I was just struck by how very fortunate i am. I want my son to be mindful of the facts as well. So i have been shouting out these stats to him.

I wish i could give that mythical 250.00 and make someone feel as if they won the lottery. I'll work on it.

Thanks so much for replying.

Annette

 

[partgypsy]

Sad to say in very impoverished areas (Haiti, areas of Africa, I'm sure other areas) giving what would be considered a large sum of money to an individual is a risky and possibly dangerous thing to do, for that individual. They may be stolen from or at the very least pressured by (male) family members to give or spend money on items, as well as causing touchy relationships with the neighbors. Why create that stress? That's why many NGOS give by helping with infrastructure (housing, wells) and employment opportunities, versus cash or equivalent. My FIL was the head of a Non profit in Haiti so I'm assuming he knows what he speaks of. Despite this, he also says Haitians are among the happiest, friendliest, welcoming people there are.

https://en.wikipedia.org/wiki/Azharuddin_Mohammed_Ismail

 

[acebruin]

There's a saying...

Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

 

[jordyonbass]

There's a saying...

Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

There's a slight variation of that here in Australia, it goes like this:

Give a man a fish and you feed him for a day; teach a man fish and you will find him in a boat, drinking beer for a lifetime

 

[partgypsy]

There's a saying...

Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

There's a slight variation of that here in Australia, it goes like this:

Give a man a fish and you feed him for a day; teach a man fish and you will find him in a boat, drinking beer for a lifetime

LOL! I work with vets. Chatting with one, who I knew liked fishing, he confided, saying that he loved to go fishing, but he didn't particularly care if he caught a fish or not on a particular day. It was really the peace and quiet he was after.

 

[telephone89]

That's interesting. Without counting a home, I think most people I know would not qualify as easily. I know many people with homes 700k+, but I think most of their wealth is in their home, not very liquid.

 

[Calliecake]

I have always wonderdered why people include their home especially when considering retirement. I understand multiple homes. You need a place to live and unless you will be happy in a home that costs much less than the one you currently live in I think it's kind of pointless. My husband and I are close to retiring so we have these discussions a lot. A friend of ours always makes a huge deal about what his home is worth and they have no intention of moving when they retire. I just don't see how you would include that money if you aren't planning on selling and moving into a much less expensive hime.

 

[telephone89]

I have always wonderdered why people include their home especially when considering retirement. I understand multiple homes. You need a place to live and unless you will be happy in a home that costs much less than the one you currently live in I think it's kind of pointless. My husband and I are close to retiring so we have these discussions a lot. A friend of ours always makes a huge deal about what his home is worth and they have no intention of moving when they retire. I just don't see how you would include that money if you aren't planning on selling and moving into a much less expensive hime.

Maybe 'because they can' ? They COULD sell their large home and move into an apartment, even if they choose not to. Makes them feel better about it, having the possibility? You can also borrow against your home should you need it. Theoretically, you could borrow out your entire homes worth to live out your retirement IN your home, then the bank just gets the house when you die to make up the debt.

 

[smitcompton]

Hi,

I'm glad people have answered. I sort of expected someone to write about this one man who gave 100.00 to women to start a business in an african country. Cottage Industry, I think is what its called, and i think he won worldwide recognition for his efforts. The women paid him back. I've forgotten the details.

I just wanted to think about someone having some happiness. Frivolous, I guess. But, maybe just a Walter Mitty idea, a movie long ago who day-dreamed himself as a hero.

Part-gypsy-- I'm sure your father-in-law is right.

Calliecake- You are right, it is why they don't include your home.

Telephone, I don't think you can get a mortgage for 100 % of the property. In fact if you are thinking of the ads that show retirement where the bank gives you a check each month, it is a small check. In fact its a bad deal for older people.

I see the men want others to learn how to fish. The australians have it right. In America we will find a way to relax.

Annette

 

[telephone89]

Not just mortgage, but equity loans too. And many folks take out 2nd mortgages out on their home. Obviously its not smart, but people CAN do it.

 

[Dancing Fire]

Telephone, I don't think you can get a mortgage for 100 % of the property. In fact if you are thinking of the ads that show retirement where the bank gives you a check each month, it is a small check. In fact its a bad deal for older people.


Annette

It is a BIG rip-off!.. If the couple needs money just sell the house.