Quote:
Originally Posted by roadpilot
All relative to our present time. The older folks know when there
were no billionaire's Just millionaires and thats when the average yearly
wage was under 10 thousand. Inflation has caused all of this extra cash.
Next we will have trillionaire's . Calf has a 20 buck a hour starting wage
now. Big money never impressed me to much. I can remember when
homes were less than 15k in nice neighborhoods. I bought my first house
for 40k, I thought I was a big shot. Built a house for 150k and it just went on the market for a million today. Inflation.
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Inflation is relentless. When I was a kid, a million dollars was a shit load of money, and any "millionaire" was considered a pretty rich dude. You would need about $8 - $9 million today to match the buying power $1 million had in 1970, so IMO, someone who manages to accumulate $1 million today isn't rich at all, especially if they are hoping to, or expecting to, retire on it in comfort.
Fiscally irresponsible folks I know/have in my family, still get starry eyed over "one million dollars"! These are the scary folks as all they need is my address, and they can look up the "Zestimate" of my house which is about $700k, realize I have lived here for 28 years, assume the house has no mortgage, and conclude that I am some sort of filthy rich guy. That is not reality, but neither are their perceptions of "wealth".