Poll

3 votes (27.27%)
3 votes (27.27%)
2 votes (18.18%)
3 votes (27.27%)

11 members have voted

mamat
mamat
Joined: Jul 13, 2015
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March 31st, 2019 at 4:42:46 AM permalink
Quote: lilredrooster

probably more than 100,000 have a net worth over $10 million

a million bucks doesn't impress anybody anymore

Top 1% (US) in 2018: $12 million + primary house

Estimates for 2018:
Top 0.1%: $60 million + primary house ($43.1m 2016)
Top 1%: $12 million + home ($10.4m 2016, $8.1m 2013)
Top 5%: $3 million + home ($2.4m 2016, $1.9m 2013)
Top 9-10%: $1 million + home
Top 12-15%: $1 million (including home): (11.8% 2016, 9.4% 2013 Ö 2.3% 1994)

Based on households (e.g. a spouse or kid in a $1 million family ... is considered a millionaire, even though in a 4 person family, net worth would be $250,000/person).
----
Average family in the US (2016) had $700,000 net worth (by one survey).
Youíll probably be thinking that doesnít feel right.

Median family in the US (2016) had $100,000 net worth.
Öand itís because net worth is distributed unevenly.
AZDuffman
AZDuffman
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March 31st, 2019 at 5:17:52 AM permalink
Quote: darkoz

A million bucks doesnt impress the 3.5 million who make up the 1%

Nor the 10% that make 10 million

But to 80-90% of Americans a million bucks still impresses people.



It impresses the less financially astute who think a person who has $1MM can live like a hog in the fat house for life.

Those of us who know how the numbers work realize invested properly at low risk means you can just draw about $60M per year to not touch your principal. $60,000 lets one live fairly nice most places, near homeless in the highest cost areas of say SF/NYC.
Tolerance is the virtue of believing in nothing
Rigondeaux
Rigondeaux
Joined: Aug 18, 2014
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March 31st, 2019 at 5:18:50 AM permalink
Quote: 100xOdds

what??
link?
and did he share pics/video? :)



It's somewhere in his Latin America trip thread. I'm being a bit hyperbolic though. He just walked in on someone at his hostel.
lilredrooster
lilredrooster
Joined: May 8, 2015
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March 31st, 2019 at 6:17:31 AM permalink
Quote: AZDuffman

$60,000 lets one live fairly nice most places, near homeless in the highest cost areas of say SF/NYC.




the favorite saying of the real estate suits:


𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧.......... 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧................... 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧


I would guess that there are still some very remote places where you can buy a mansion for about 150K
it's not the size of the dog in the fight that matters........................it's the size of the fight in the dog
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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March 31st, 2019 at 6:28:42 AM permalink
Quote: lilredrooster

the favorite saying of the real estate suits:


𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧.......... 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧................... 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧


I would guess that there are still some very remote places where you can buy a mansion for about 150K



Hard to say. Building costs are around $90/110 per square foot for a common, contemporary place. But I do know what I paid for a place vs. a town or two over vs. Long Island. $1MM will not at all let you live well off the interest there.

I still say I see there becoming a new "serf class" with urbanization and real estate costs in the big centers. Probably already is one in LA/NYC/SF for all I know.
Tolerance is the virtue of believing in nothing
Boz
Boz
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March 31st, 2019 at 6:38:21 AM permalink
Quote: darkoz

A million bucks doesnt impress the 3.5 million who make up the 1%

Nor the 10% that make 10 million

But to 80-90% of Americans a million bucks still impresses people.



I know it sounds easy and itís hindsight at this point but anyone in their 50ís like me should have huge retirement accounts at or near a Million. Just putting the $2000 allowed in the 80ís and up to $6500 today in a IRA since the early 80ís is well on their way. Those with 401Kís that contributed the max with match depending on their job are also in good shape. Adding extra money into taxable funds and reinvesting CGís & Dividends has proven very profitable as well.

We have been fortunate enough to have had our prime earning years during a great Stock Market run. We have had low cost Mutual Funds like Vanguard allow the money to grow tax free and compound.

Dollar cost averaging is a winning formula for those with the discipline and belief to stick with it, in good markets and bad.

A million certainty isnít what it used to be, but itís not out of reach over time for most Americans.
lilredrooster
lilredrooster
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Thanks for this post from:
BozpetroglyphRS
March 31st, 2019 at 6:52:22 AM permalink
Quote: Boz

A million certainty isnít what it used to be, but itís not out of reach over time for most Americans.




it's out of reach for a great many because they cannot quench their thirst for expensive cars, vacations, jewelry, clothes, electronics, etc. etc. etc.
it's not the size of the dog in the fight that matters........................it's the size of the fight in the dog
AZDuffman
AZDuffman
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March 31st, 2019 at 7:04:02 AM permalink
Quote: lilredrooster

it's out of reach for a great many because they cannot quench their thirst for expensive cars, vacations, jewelry, clothes, electronics, etc. etc. etc.



Just so they keep leasing cars for 3 years so I can save thousands by buying used.
Tolerance is the virtue of believing in nothing
MDawg
MDawg
Joined: Sep 27, 2018
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March 31st, 2019 at 7:36:45 AM permalink
Quote: TomG

Finishing up just 0.1% means you were winning close to $1000 per hour. What was there that would take precedence over that sort of income?



There was a trip where I was winning 25 - 75K per day. I started telling my friends (my entourage, all of whom were staying free in Vegas on my comp'ed nickel), "I mean, winning less than twenty five a day, that's NOWHERE!" and one of them said to me, "Take it easy ____, if you pat yourself on the back too hard, you might fall over."

Also during this trip, I was at Bellagio for already at that point ten days straight in one of their penthouses, and one of the pit bosses asked, "Don't you work?" Then one of my Baccarat acquaintances (I was playing exclusively Bacc. at this time), a Chinese guy with a million dollar line (I had only a $20K line at that time), said, "Why should he go home? Twenty five thousand a day tax free is good money!"

THAT particular trip, I went home with over $400K to the good, all wired to my bank account.

So yeah - I agree - if I could win $25K every single day, I would never have stopped!

But there were also occasional trips when I would lose $20K at one casino, run across the street, lose another $20K, and so on. Trips where I'd end up losing 60K or so, which wasn't even the sum total of my lines in Vegas alone (also had big lines in Tahoe), but was a good sum to lose. I'd just pay it, and then like as not, the very next trip I'd win $100K, but it started to get just too energy draining.

Plus also during a couple years of my earlier high rolling days I was banned from BJ at some of the casinos in Vegas (which is why I started to play Bacc. in the first place), and I was at the back of my mind whenever I did play BJ, worried that they would reimpose the ban. (The reason I was able to get it lifted, was it really wasn't a ban - it was a handicap. They got tired of my jumping the bet and creaming them on the big bets, so they imposed a limit of 3X on me, where whatever I bet on one hand, I could bet no more than 3X that on the next hand. But eventually, after I had not played BJ for a couple of years, the Director who had imposed this oddball rule on me moved on, and the new incoming staff somehow forgot about it.)

And during all of this I had my real world career, and businesses, that brought in a good sum of money back then, and today bring in a good ton of money.

Over all, when I stopped about a decade ago, I did end up more than a little ahead (and that's not even counting the massive comps), but after two losing trips in a row, I re-evaluated and quit for a year. After not playing for a year, I really didn't miss it. Next thing you know, about a decade had passed, with no gambling, not even a penny. I went back to gambling last year, I guess, because I decided that maybe I did miss the action and have too much money these days. Ironically, now that I have even higher credit lines, and am wealthier than I was then, I play smaller. I don't even play to make money. I play to win, sure, but I don't really care if I win 1000 or 10000 I don't need the money. It's a matter of principle to me, that I must win, or else, I don't see the point in gambling.

I think I learned a lot in that decade of extreme high rolling. I learned not to chase a loss. I learned that it is important to stop the session when ahead. I learned that it is okay to stop the session when losing, before too much is lost, and come back on another day to win it back in segments. Whatever I learned, seems to be working. The dealers now, who knew me then (and those who did not, and have just met me), all say that I am today the most disciplined player they have ever seen. In any case, whatever I am doing, is working so far! Yes...the "so far" is the key, but we just spent three weeks in Vegas. Two weeks solid the trip before. And still came home ahead, with most everything comp'ed. (Four trips in a row, since my return to gambling, all winners.) I think especially those extended length trips show some discipline and ability to win. (And I say so, at the risk of falling over.)
Last edited by: MDawg on Mar 31, 2019
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
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March 31st, 2019 at 7:50:39 AM permalink
Quote: EvenBob

I hate the mentality that comps engender.
I was always seeing people begging the PB for a pack of smokes, or a comped buffet.
... so low life and degrading, I hated it. Begging for hand outs..



Several members of the long-ago poker breakfast club near me expressed similar disdain for Tunica's blatant 'its yours only if you beg for it' attitude. They would enjoy the craps and carnival games in Tunica but didn't like the deli sandwich, buffets, rooms, etc always being beg only. Some stopped flying from Florida to Tunica Casinos because of it and flew instead to Atlantic City. They always got their big comps in Tunica they just didn't like the policy and having to hear everyone else beg for a lousy free soup and sandwhich or room comp.

free knicks and knacks are usually garbage anyway.
Free upscale meals and rooms may be of value. A DUI avoidance room is of value even to a local homeowner.
Staycation freebies are nice, but a free pie or free bag of peanuts is insulting.
buffet comps without line passes are often a nuisance and some buffets are depressing.

I don't like the 20 dllar room trick attitude or people who value it.
its a greased palm industry, but if its annoying and degrading, its not worth it.

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