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Old 11-14-2017, 05:02pm   #1 (permalink)
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Default The One Percent

https://www.theguardian.com/inequali...-credit-suisse

according to this, there are about 36M millionaires in the world, making up 0.7% of the population, and controlling about 46% of global wealth.
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Old 11-14-2017, 05:21pm   #2 (permalink)
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Sounds about right if you look at the difference in demographic between who is and isn't having 2+ children.

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Old 11-14-2017, 05:56pm   #3 (permalink)
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The biggest losers, the report says, are young people who should not expect to become as rich as their parents. “Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets,” Urs Rohner, Credit Suisse’s chairman, said. “But we find that millennials face particularly challenging circumstances.”
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He said that millennials are much more educated than their parents. But he added: “We expect only a minority of high achievers and those in high demand sectors such a s technology or finance to effectively overcome the ‘millennial disadvantage’.”
I don't doubt the statistics about how the rich get richer, however they have been saying the same shit I quoted above for every generation. The only difference was they called them "Generation X" et al. instead of Millennials.

It's always the same story: The previous generations have fucked the up and coming generation so they better damn well vote Democrat to equalize things.
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Old 11-14-2017, 06:37pm   #4 (permalink)
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Like most here, I'm sure, I've always known people who were wealthier than I am. There are millionaires in my own family. I have always noticed they were not any happier than I am. Money only solves one problem, and that problem is not having enough money. You still have all the other problems in life plus the problems created by having that money.
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Old 11-14-2017, 06:40pm   #5 (permalink)
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I embrace and admire the 1%. They inspire me to reach for more. While I may never reach the 1%, we have been blessed with a pretty good life. Ups and downs for sure, but more better than worse.
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Old 11-14-2017, 06:43pm   #6 (permalink)
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Money doesn’t change character, it just magnifies it.
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Old 11-14-2017, 06:47pm   #7 (permalink)
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Millionaire isn't what it used to be...

On paper, my net worth is 7 figures, but I ain't by any means 'rich'.
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Old 11-14-2017, 06:49pm   #8 (permalink)
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I doubt there is anyone here that would sell their reputation for a million dollars, but people do it every day.
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Old 11-14-2017, 07:19pm   #9 (permalink)
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Millionaire isn't what it used to be...

On paper, my net worth is 7 figures, but I ain't by any means 'rich'.
if you had $1M in the bank today, you could reasonably draw out $40,000 a year and not worry too much about running out of money for 30 or so years.

having $1M isn't the same as being able to spend $1M in a year.
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Old 11-14-2017, 07:34pm   #10 (permalink)
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I had a meg in the bank, MY largest concern would be how to convey that to my kids/grandkids on a tax free basis....through corporate setups and joint bank accounts/etc......that would include my wife also.....as I am divorced from my kid's mom, and found wonder woman (NO not Wendy from here)......

but I have no such issues.....thanks to crooked business dealings....another story with lots of names.....

you know, I really should get on the net over that crap....even if it's 20 years ago by now.....I really should.....just to burn their asses but good....

how best to do it?? FB?? what site it will be noticed and burn on forever???


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Old 11-14-2017, 08:15pm   #11 (permalink)
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if you had $1M in the bank today, you could reasonably draw out $40,000 a year and not worry too much about running out of money for 30 or so years.

having $1M isn't the same as being able to spend $1M in a year.
If you had 1 Million in the correct investments you could have an average rate of return in excess of 5% a year. That's 50K with out ever touching the principle.

What these reports and articles always fail to point out is that people who become millionaires save money all the time. And then buy when the SHTF at bargain process. The 2nd greatest grwoth of the millionaire class was after the "Great recession". The largest time in history was after the great depression.

Number 1 rule most people fail at is saving money. Look at average savings rates over time.



If you don;t have the "Tools" to become rich you have a very hard tome of doing it. And cash assets are the best and easiest tool to have.
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Old 11-14-2017, 08:22pm   #12 (permalink)
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I embrace and admire the 1%. They inspire me to reach for more. While I may never reach the 1%, we have been blessed with a pretty good life. Ups and downs for sure, but more better than worse.
We should all thank our lucky stars for the 1%: They pay our salaries.
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Old 11-14-2017, 08:49pm   #13 (permalink)
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If you had 1 Million in the correct investments you could have an average rate of return in excess of 5% a year. That's 50K with out ever touching the principle.
"Correct investments" is the hard part of that scenario.
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Old 11-14-2017, 09:02pm   #14 (permalink)
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"Correct investments" is the hard part of that scenario.
Not really. The hardest part is cash accumulation.
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Old 11-14-2017, 09:17pm   #15 (permalink)
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Not really. The hardest part is cash accumulation.
So let's say one has the cash accumulated, what next?
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Old 11-14-2017, 09:58pm   #16 (permalink)
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Hookers and blow, baby. Hookers and blow.
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Old 11-15-2017, 04:03am   #17 (permalink)
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I did not make that "1%" cut!
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Old 11-15-2017, 08:13am   #18 (permalink)
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Quote:
Originally Posted by Millenium Vette View Post
So let's say one has the cash accumulated, what next?
Dividend aristocrats:

https://www.simplysafedividends.com/...d-aristocrats/

Then look at PIMCO funds

https://www.pimco.com/en-us/investme...come-fund/inst

Then look at some funds. Always know the history of the people who manage the funds. It's the managers who make the money. This is one of my preferred funds.

https://www.marketwatch.com/investing/stock/ccd

Then look at some REIT's. You have to keep on top of these daily.

Here's One I've been following.
https://www.marketwatch.com/investing/stock/wmc
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Old 11-15-2017, 01:02pm   #19 (permalink)
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So let's say one has the cash accumulated, what next?
Go on a car forum and ask for financial advice. While you are there, get some medical advice and marriage counseling, too.
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Old 11-15-2017, 01:04pm   #20 (permalink)
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Go on a car forum and ask for financial advice. While you are there, get some medical advice and marriage counseling, too.


no point in spending your hard earned money on experts. get free advice from self-styled experts.

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