What fucking planet these pople live on? What It Takes to Become a Millionaire

[Yon_Yonson]

What It Takes to Become a Millionaire
by Sharon Epperson
Friday, September 23, 2011
CNBC.com

The idea of becoming a millionaire may seem like a pipe dream.

When it comes to retirement, most Americans doubt they've saved or invested enough to retire comfortably, let alone reach that million-dollar milestone. A new AP-CNBC poll finds nearly one-third (31 percent) of U.S. residents believe they would need a minimum savings of $100,000 to $500,000 if retiring this year in order to be confident of living comfortably in retirement, and 22 percent believe the minimum is $1 million or more to retire comfortably.

Only one-fifth of U.S. respondents think it's likely that their net worth will total at least one million dollars in the next 10 years, while 62 percent said that is "very unlikely." The consensus from the majority of respondents (61 percent): It is "extremely" or "very difficult" to become a millionaire in the United States today.

But many are still trying to hit that million-dollar mark — and millions of Americans have already attained that
goal.

http://finance.yahoo.com/retirement/article/113526/what-it-takes-become-millionaire-cnbc?mod=retire-planning

[Warpy]

1. The number of millionaires declines every time the stock market does

because that's where most of them have their net worth now that a million dollar house is now worth half or less in too many markets.

Personally, I don't look at my own net worth, I just keep an eye on the income it's generating. I'm not using net worth to leverage debt, I just want to keep paying the bills on time.

[onethatcares]

2. I'm with ya there

but at present I'm watching "Maxed Out" and not feeling very spiffy about retirement at all. That along with the trouncing the market took thursday, it's gonna be dog food and biscuits for a little while I think.

[Yon_Yonson]

7. I am glad I don’t have to worry about

Two major layoffs in early 2000 and near bankruptcy cured us of any near millionaire retirement. Besides our son hasn’t paid us back on his loans! My spouse and I took SS at 62 and we run a small home based as supplemental income. My retirement is when they find me dead at my keyboard! My full time job is being a pain in the arse of this ruling NEOCON RAT TURD class.

[WingDinger]

3. They accuse us of believing the economy is zero sum game.

That if too few control too many resources, too many will not prosper.

They however say they believe that unlimited numbers of rich could be supported by any economy.

So, the fact that there are increasingly fewer millionaires arriving upsets them. While they blame it all on us, they question their religious views on politics.

[rfranklin]

4. A million dollars isn't what it used to be....

when W.C. Fields starred in the 1932 Depression era comedy, If I Had a Million you would be wealthy beyond imagination. To equal that kind of wealth today, you would have to have almost $16 million.

[sfpcjock]

5. The first million is the hardest

;)

[Warren Stupidity]

6. The first million of paper wealth is pretty easy.

It is a good house in a major urban area plus a decent 401K retirement account.

Getting into the 6-12M range, where you really can just sit back on your porch and watch the clouds pass by, that is difficult.

[TBF]

8. True - and it goes faster than you'd think once you retire

My in-laws sold their "good" house and retired with about 2 million - half is gone after 20 years. They are still frugal, though they did do some traveling to visit family. Much has gone to medical expenses - primarily in the past five years.