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253 Comments
- Charlotte_Web, on 08/28/2008, -0/+109I'm working on my second million.
I gave up on the first... - StevieJanowski, on 04/02/2009, -1/+90$10 million is the new million. Then I think you are rich
- Kuanyin, on 08/27/2008, -4/+83Yes, this is how they became millionaires! Quite often they are tight with their monies.
- TheInformer, on 08/28/2008, -6/+70Something you won't hear from most millionaires:
"I only have to work 40 hours a week!"
"I take lots of sick leave."
"I blame others for me not having money."
"Taxes and government are what make America great."
"American Idol is intellectually stimulating."
"Take a chance? Are you kidding?" - FizzanoMatrix, on 08/28/2008, -9/+53"Anybody who tells you money is the root of all evil doesn't ***** have any."
- hangman16, on 08/28/2008, -0/+44This says the average income of a millionaires is $366,000. It fails to mention that the MEDIAN is only slightly above $100,000. This means most millionaires don't have that high of incomes. It's the really, really high earners that bring the average way up.
Another example of how statistics don't always tell the whole story.
Oh and most millionaires DON'T drive nice cars either as the title suggests. The most common car for a millionaire is a few year old Honda Accord. Why? Because a car is one of the worst investments you can make. Millionaires get rich by being smart and making wise money choices. If a Honda Accord, or similar, can get you somewhere just as quickly (and with relatively good comfort) as a more expensive, luxury vehicle why would you spend twice as much or more? - Charlotte_Web, on 08/28/2008, -1/+40That's why most people who win the lottery end up right back in the poor house, because they didn't earn the spending discipline that millionaires have.
- santiago1, on 08/28/2008, -3/+38 "Do you want fries with that?"
- bgrah449, on 08/28/2008, -0/+34His grammar is fine. "You may think I'm rich, but I don't [think I'm rich]." The sentence is constructed properly.
- rugger, on 08/28/2008, -0/+28You don't get it. In your example, he can save 50-60k a year by paying off his debt, or he can take that $900,000 and invest it. If he can get a return of over what he's paying on interest, it's totally in his interest to stave off paying the loan. Lets say he takes that money and invests it and gets a decent return of 8.5%. He'll be paying 50-60k in interest, but making $76,500 off his investment. Of course there's a risk involved, but that's obviously the choice he's making here.
- tacroy, on 08/28/2008, -2/+28the quote is "the LOVE of money is the root of all evil"
- Nashxsaysx, on 08/28/2008, -5/+30all your money are belong to us.
- sk11, on 08/28/2008, -0/+24His grammar, in that example, is correct. The sentence that you constructed, on the other hand, lacks punctuation.
- drbadass, on 08/28/2008, -3/+2710 more reminders of why your life sucks!
- irishjays, on 08/28/2008, -5/+28Do what you love, money will come. GTG boss coming-
- BoneStamp, on 08/28/2008, -1/+23People who are broke need to take some advice from this article (this includes you people who don't look broke but carry credit card debt):
1. You can't afford to eat out
2. You have to clip coupons
3. Don't buy ***** you don't need (luxury products... including Starbucks products)
4. Save for a house or a condo (renting is giving away your money, owning is keeping your money) - failedpimp, on 08/28/2008, -4/+23The value of the dollar is also a lot less than it was in 2002.
- KH47, on 08/28/2008, -0/+18Opportunity is missed by most people because it is dressed in overalls and looks like work. - Thomas A. Edison
- inactive, on 08/28/2008, -0/+17The best thing about being your own boss is you get to set your own 80 hour work week!
- davewelsh79, on 08/28/2008, -2/+19Renting is a viable option if you rent something small. I live downtown, in walking distance to work, and I pay $580/mo in rent. It's a 300-sq-ft bachelor apartment (pretty small).
If I was to buy a decent (1000-sq-ft+) house or condo, I'd might be building $300/mo in equity, but I'd be paying over $1000/mo in interest. Then I'd have to pay $5000/year in property taxes and possibly a $4000/year in condo fees. If not condo fees, then you have to pay in time and money for upkeep of the lawn, the roof, the driveway, etc.
So If I had all this money ($300/mo + $1000/mo + $5000/year + $4000/year = $24,600/year), but I was only renting instead for $580/mo = $6960/year, I would be building $17640/year in my savings account or stock portfolio. If I was buying, I'd be building $300/mo = $3600/year in equity.
Plus, by living in an apartment close to work, I don't own a car and save thousands a year that way.
This might not work for you if you have a spouse or kids. If you need a lot of space, then it would probably make sense to buy. - davewelsh79, on 08/28/2008, -0/+16According to the article, Fidelity says $23 million.
- melonhedd, on 08/28/2008, -4/+20My anus is bleeding
- minorthreat, on 08/28/2008, -6/+22"His home is probably worth $1.5 million, he adds, but he owes $900,000 on it. "I'm in no hurry to pay it off," he says. "It's one of the few tax deductions I get."
I have a 172,000 mortgage and all of what I pay goes to interest. My current bill is $1200 a month...I get about 4-5k back in taxes each because of the interest I paid out
So that means I dish out 24k a year most in interest and get 20% back($4,800).
with a 900k mortgage, he dishes out 66000k (most of which goes toward interest) and gets 20%back ($13,000).
I'd much rather pay off my debt, not get 4k in refunds and SAVE the 20k a year that I would have paid in interest....
His philosophy is rather than pay off his debt, he will WASTE roughly 50-60k a year in interest, just so he can get a 13k refund the next year?
I know you should spend every nickel you have to get out of debt, but I find his logic to be seriously flawed.
I personally don't buy it. It sounds like he just promoting that you should have a mortgage. Is he in the lending business? Do bank advertise on this?
Remember, 90% of all advice is given to benefit the person giving the advice.... no matter what ***** they try to feed you. - Calinthalus, on 08/28/2008, -3/+19Interesting sentence in there:
"Some 10 million households have a net worth above $1 million, excluding home equity, almost double the number in 2002."
I thought the economy was in shambles. We've doubled the number of millionaires in the last 6 years. - dave122, on 08/28/2008, -0/+16My uncle is probably the most well off person I know fairly well (easily worth a couple mil). He is also one of the most frugal people I know, you would pin him as middle class if you saw him walking down the street or driving his 10 year old jeep. I don't think the two of those things are entirely a coincidence.
- protogenxl, on 08/28/2008, -4/+19My Spoon Is Too Big.
- FreddieD, on 08/28/2008, -10/+25"I hope my child returns from Iraq safe and sound"
- FreddieD, on 08/28/2008, -4/+19I'll tell you what I'd do if I had a million dollars. Two chicks at the same time.
- FTLJohnson, on 08/28/2008, -0/+15actually, he said $5 Million in ANNUAL INCOME.
Who the hell knows how much someone making that much would actually have in the bank... - inactive, on 08/28/2008, -7/+21Please don't lie. According to Digg, all rich people (defined as salary >$100,00, excluding King Obama of course, who's poor) light cigars with $100 dollar bills while beating the workers of their factories (they all own factories for some reason) with solid gold truncheons.
- DiggItalia, on 08/28/2008, -0/+14This bit is really interesting: "running your own business. That's how half of all millionaires made their money, according to the AmEx/Harrison survey. About a third had a professional practice or worked in the corporate world;". I've been working for a big corporate for almost one year, and I felt this way from the first day. You can't make big money as an employee, no matter what. I have got ideas, I can't wait to run my own business.
- pintomp3, on 08/28/2008, -1/+14actually he said $5 million
- 97thfloor, on 08/28/2008, -3/+16Good article also should add money doesn't change people it is the people around those with money that change.
- covertbadger, on 08/28/2008, -0/+13Bad statistics. It's like saying "half of all millionaires won the lottery". It might be true, but it doesn't mean that if you play the lottery you'll become a millionaire. Most new businesses fail; the tiny minority that succeed tend to produce millionaires.
And it's simply not true that you can't get rich as an employee. It's not how much you earn, it's how much you save that counts (of course, stock options help too...) - mohsenxp, on 08/28/2008, -1/+13I always thought if I ever made it rich, I'd continue to live in a modest house and own a modest car. That would leave alot more spending money for fun and holidays!
I guess if you are rich, but you up your house and your cars, then you kind of end up back where you were, only with a bigger house and a faster car! Unless of course you are very rich. - TRScheel, on 08/28/2008, -1/+12I am sure if you ask anyone working those 80 hour work weeks they will say that its far more rewarding than working 40 hours in a cube farm
- ironeus, on 08/28/2008, -3/+14It is well-known most well-heeled are frugal, and when it comes to business they can be a shark. Though shall they ever forget their roots we had an old saying in the country that they can ess drek und shtarbn.
- dshPls, on 08/28/2008, -1/+12If we all aspired to become rich, and pursued our dream even if we needed to sacrifice, then things wouldn't be so bad. People become complacent living check to check, that's the worst thing you can do.
- covertbadger, on 08/28/2008, -2/+13"This economy has only benefited the rich."
That doesn't make sense. If there's more rich people now, that must mean some of them weren't rich 6 years ago - so the economy must have benefited them as non-rich people.
Perhaps if you stopped whingeing about the rich on digg, you'd have time to go out, earn some money, and become one of them. The Millionaire Next Door showed that it's the hard workers that accumulate wealth, not the lucky ones that inherit it and waste it. - SkippyDoorknob, on 08/28/2008, -3/+14Check whatever Bible translation you want. It's the love of money, not money itself.
1 Timothy 6:10
KJV: For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
NIV: For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
NASB: For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs.
ESV: For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. - chillsk8er, on 08/28/2008, -0/+10Those are also things that you'd probably hear from a blue collar factory worker.
- Kenzan, on 08/28/2008, -3/+13You mean perhaps that is true about "self-made" millionaires.
There's plenty of old money down here in Southern California, and none of those stuck-up panty-waists have worked a day in their lives.
I'm looking at YOU, Pasadena. - dehydratedbaby, on 08/28/2008, -3/+13I am a banana
- hangman16, on 08/28/2008, -1/+10oh you must know because you are a millionaire?
Sorry but read the book "The Millionaire Next Door". I just read it. You'll learn:
1. Most millionaires purchase, don't lease.
2. The typical car purchase by a millionaire is a USED car between 1 and 3 years old.
3. It won't be a 'luxury' or 'fancy' brand or model and will usually be locally manufactured (example: Honda, Toyota, Ford)
4. The price of the vehicle will be around or under $25,000.
Flashy millionaires drive nice cars, but most millionaires aren't flashy. They live typical lifestyles and you wouldn't know they had money unless you looked financial portfolio.
Oh and leasing a low end bmw or benz won't cost you $700 a month, I should know since I looked into it when shopping for a new car. I guess I'm not as practical as your average millionaire... - MScrip, on 08/28/2008, -0/+9It goes to $11 million...
- inactive, on 08/28/2008, -3/+12"Maybe if you're so shallow that the only thing you can about is money then yeah I guess."
Or, maybe when you think about making money, and doing something with your life, it means your family is secure and your kids futures are paid for, it isn't shallow at all.
When you look at money as some kind of bad thing (like you are trying to do, willster) that is shallow. - dreicher, on 08/28/2008, -1/+9Not if he can beat 80% of his mortgage interest rate with other investments.
- mardraum, on 08/28/2008, -1/+9you can do plenty well working 40 hours a week if you play your cards right. but the rest of that's sound so I can't digg you down.
- YourScarGrandpa, on 08/28/2008, -1/+8The point is that this kind of debt is relatively cheap so it is a better idea to use it to expand his business (business loans would be more expensive).
- interg12, on 08/27/2008, -13/+20welcome back tamar!
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