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I challenge ALL millionaires to live off of what most people live off of which is <40K a year.

 
Anonymous Coward
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02/10/2019 05:29 PM
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I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
Anonymous Coward
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02/10/2019 05:33 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I challenge all poor people to become millionaires
Anonymous Coward
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02/10/2019 05:34 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I challenge you to just get a job.
Anonymous Coward
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02/10/2019 05:37 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196



I challenge YOU to earn $1 million, pay taxes on it, and live like a millionaire.

Guess which challenge is harder!


.
Anonymous Coward (OP)
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02/10/2019 05:38 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196



I challenge YOU to earn $1 million, pay taxes on it, and live like a millionaire.

Guess which challenge is harder!


.
 Quoting: Anonymous Coward 6925264


Well, If I had 1 MILLION< I would deposit it into a high yield savings account and live off the interest ALONE that it would earn.

I wouldn't even touch the million, just live off of the interest it produced.
Anonymous Coward
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02/10/2019 05:39 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I challenge you to make 40K a year and not be jealouse of others making millions a year.
Electronic Scribe
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02/10/2019 05:39 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Rich people don't get rich by writing a lot of checks. They get rich by making due. Eating at home instead of out. Driving used cars instead of new ones.
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Anonymous Coward (OP)
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02/10/2019 05:41 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
To start with the theoretical answer, a $1 million savings account paying 5 percent would earn $50,000 a year. The nice thing about the way interest compounds is that if you left that interest in the account, it would then earn interest the following year, so that the account would produce $52,500 the following year.

[link to www.money-rates.com (secure)]
joeym

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02/10/2019 05:43 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Truthfully, a million isn't what it once was. Taxes are high unless you are among the super wealthy. We probably live more frugally than most people and that's how we were able to save a nice chunk of change and my husband and I made some good investments (along with some bad ones). We try to keep our expenses low and I know there is a difference between living frugally because we want to and HAVING to live frugally because there's no other choice. That's the real difference in having some money: you do have choices. I've been poor and I've been rich and I've been somewhere in between. Very few people live the way most of us imagine millionaires living. Only the people with 10 plus million live that lavish a lifestyle (if they aren't they are probably deeply in debt).
darth

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02/10/2019 05:44 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I have a friend who has a net worth over $5.5M.

He lives in a travel trailer and spends less than $30,000/yr.

THAT is why he is millionaire! He is very careful in spending his money.

He was my roommate in grad school. He actually SAVED up enough to get his masters degree in business. Paid his own way through undergrad as well.

He worked and saved and invested his way to wealth.

For example, when Obama was elected, the stock market bottomed. My buddy bought bond funds in Oct. 2008 that were paying 42% interest! He made a killing when the markets turned up and interest rates dropped.

BTW, he studied the markets intensely for years. It was hard work and study, not luck.

Quit whining. The reason most people make less than $40,000 is because that's all their work is worth in the labor market. Don't like it? Get some skills and work harder.

I once knew a couple of millionaires one of whom had a measured IQ of 80 and one of whom had massive brain damage. They both worked hard and had common sense.

Sometimes, that is enough.
Anonymous Coward
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02/10/2019 05:46 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Man, millionaires are defensive. Its almost like they know they are doing it wrong.
Dont worry, they "love" their employees.
Anonymous Coward (OP)
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02/10/2019 05:46 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
The truth is, you could live off of the interest ALONE on 1 million dollars which would produce roughly around 50K a year at 5% interest earned.
Anonymous Coward
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02/10/2019 05:46 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Living standards and expenses tend to creep up incrementally over time. I used to think $800 rent was expensive and then $1200 and then mortgages or $1,300 and $2,200 and $4,500 later moneys just become something that you keep multiplying and homes something that you upsize or obtain more of and rent out to create a retirement fund. If need be I could live off 40k, as long as I didn’t have any of these large mortgages of course. Would just take readjusting my life style but not all that long ago I was making $35,000 salary and $52,000 salary basically enough to live without nice vacations or beautiful homes... I don’t do cars, quickly depreciating assets are for dummies
Zoink
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02/10/2019 05:47 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.


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Anonymous Coward
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02/10/2019 05:48 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Living standards and expenses tend to creep up incrementally over time. I used to think $800 rent was expensive and then $1200 and then mortgages or $1,300 and $2,200 and $4,500 later moneys just become something that you keep multiplying and homes something that you upsize or obtain more of and rent out to create a retirement fund. If need be I could live off 40k, as long as I didn’t have any of these large mortgages of course. Would just take readjusting my life style but not all that long ago I was making $35,000 salary and $52,000 salary basically enough to live without nice vacations or beautiful homes... I don’t do cars, quickly depreciating assets are for dummies
 Quoting: Anonymous Coward 74457708


How much is that rent or mortgage again?
Waste of money live in the car.
At least this way you have a way out when this house of cards falls.
BFD

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02/10/2019 05:52 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I have a friend who has a net worth over $5.5M.

He lives in a travel trailer and spends less than $30,000/yr.

THAT is why he is millionaire! He is very careful in spending his money.

He was my roommate in grad school. He actually SAVED up enough to get his masters degree in business. Paid his own way through undergrad as well.

He worked and saved and invested his way to wealth.

For example, when Obama was elected, the stock market bottomed. My buddy bought bond funds in Oct. 2008 that were paying 42% interest! He made a killing when the markets turned up and interest rates dropped.

BTW, he studied the markets intensely for years. It was hard work and study, not luck.

Quit whining. The reason most people make less than $40,000 is because that's all their work is worth in the labor market. Don't like it? Get some skills and work harder.

I once knew a couple of millionaires one of whom had a measured IQ of 80 and one of whom had massive brain damage. They both worked hard and had common sense.

Sometimes, that is enough.
 Quoting: darth


Superlative levels of skill and hard work don't yield linear rewards.
Anonymous Coward
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02/10/2019 05:52 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196


Why should they? I’d they worked harder and smarter why can’t they enjoy their millions?

Personally I bust my ass every day to make ends meet and probably won’t ever see that kind of money, but I don’t begrudge the people that have it. Good for them.
Anonymous Coward (OP)
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02/10/2019 05:53 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Even 500K earns around $20K a year in interest alone.

Simply live off the interest, live CHEAP!
Anonymous Coward (OP)
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02/10/2019 06:00 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196


Why should they? I’d they worked harder and smarter why can’t they enjoy their millions?

Personally I bust my ass every day to make ends meet and probably won’t ever see that kind of money, but I don’t begrudge the people that have it. Good for them.
 Quoting: Anonymous Coward 73476355


GREED.,,,, they always want more and more and more.

They worship MONEY....

Here is what Jesus said about money....



Matthew 19:24:

Again I tell you, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God."
Anonymous Coward
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02/10/2019 06:00 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196



I challenge YOU to earn $1 million, pay taxes on it, and live like a millionaire.

Guess which challenge is harder!


.
 Quoting: Anonymous Coward 6925264


Well, If I had 1 MILLION< I would deposit it into a high yield savings account and live off the interest ALONE that it would earn.

I wouldn't even touch the million, just live off of the interest it produced.
 Quoting: Anonymous Coward 56945196


Not very wise considering interest rates will not keep up with inflation.

If I had 1 million dollars I would build a few duplexes then live off of the rent money collected. While houses do tend to need money to maintain they don't depreciate in value like the dollar has. And for instance a duplex could easily earn me around 2,000 dollars profit per building and with 1 million I could probably build 4 of them.

So 8,000 per month for 30 years and I have damn near tripled the initial investment.

But alas I am not rich nor will I ever be under the current climate and world system.
Anonymous Coward (OP)
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02/10/2019 06:01 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
ChipModerator
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02/10/2019 06:02 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They'd just take the little they save and turn it back into another million.

cruiser

I'll never understand why losers are so angry about choosing and being a loser.

It makes no sense. Stop being a loser!!

Last Edited by Chip on 02/10/2019 06:02 PM

"I don't give a tuppenny fuck about your moral conundrum, you meat-headed shit-sack." ~Bill the Butcher

"Any sufficiently advanced technology is indistinguishable from magic." ~Arthur C. Clarke

"He's a nut-bag! Just because the fucker's got a library card doesn't make him Yoda!" ~David Mills ~ Se7en


"THE PLANET IS FINE! THE PEOPLE ARE FUCKED" ~George Carlin
Anonymous Coward
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02/10/2019 06:04 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
I have a friend who has a net worth over $5.5M.

He lives in a travel trailer and spends less than $30,000/yr.

 Quoting: darth



is he an autistic accountant?
7..X.LePsihoLog

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02/10/2019 06:06 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
you should call up billionaires to do that....
love gave birth to a sacrifice, which brought forward the hatred what brought forward THE PAIN!....

and to a sadness, deep deep deep way down...is. .....

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Anonymous Coward
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02/10/2019 06:08 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.

I have a friend who has a net worth over $5.5M.

He lives in a travel trailer and

Quit whining. The reason most people make less than $40,000 is because that's all their work is worth in the labor market. Don't like it? Get some skills and work harder.
 Quoting: darth


If you want to become rich or at least well off you generally need to create value in the market place and the best way to do that is by creating a business. You may do a job that pays 40-80k but that’s usually nearing the top of most labors value. The next step is to create a business that employs that same labor but profits from it. You need to save up, get a loan, reduce your living expenses to as low as possible and create a business. It’s incredibly intimidating at first but if your smart with a good work ethic there is really nothing you can’t work your way threw. My first business I was working easily 80 hour weeks for the first year and a half doing everything myself to save on expenses. Slowly it grew out and I could start paying more people to do the stuff I really didn’t enjoy doing. Now 9 years later after starting that first business it’s creating a profit of $300-$450k these past few years, the first few years I was lucky to make $30,000 as everything went into business growth.

Just remember, one of the hardest parts of starting a business is actually just doing it and over coming the fear of the unknown. Not many people know what their doing or all the steps involved, it’s a constant, nonstop learning process and it really requires you to be a self learning type of person. You will also learn that at least for most businesses, you are only as good as your workers so retaining them and keeping them happy is a constant battle and you can’t do too much to start or at once because people quickly forget what you’ve done for what they want now.
Anonymous Coward (OP)
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02/10/2019 06:11 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They'd just take the little they save and turn it back into another million.

:cruiser:

I'll never understand why losers are so angry about choosing and being a loser.

It makes no sense. Stop being a loser!!
 Quoting: Chip


In the END, money doesn't really matter anyway, does it?

Are you going to take money to the grave with you and beyond?

I don't think so.

Money is nothing but numbers on a damn piece of paper.

In the END, it really doesn't matter at all.
ChipModerator
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02/10/2019 06:12 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They'd just take the little they save and turn it back into another million.

cruiser

I'll never understand why losers are so angry about choosing and being a loser.

It makes no sense. Stop being a loser!!
 Quoting: Chip


In the END, money doesn't really matter anyway, does it?

Are you going to take money to the grave with you and beyond?

I don't think so.

Money is nothing but numbers on a damn piece of paper.

In the END, it really doesn't matter at all.
 Quoting: Anonymous Coward 56945196


It matters to losers. To the rich it's just a game.

"I don't give a tuppenny fuck about your moral conundrum, you meat-headed shit-sack." ~Bill the Butcher

"Any sufficiently advanced technology is indistinguishable from magic." ~Arthur C. Clarke

"He's a nut-bag! Just because the fucker's got a library card doesn't make him Yoda!" ~David Mills ~ Se7en


"THE PLANET IS FINE! THE PEOPLE ARE FUCKED" ~George Carlin
Anonymous Coward
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02/10/2019 06:13 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
They probably wouldn't survive ONE week without spending their entire 40K in less than a week!
 Quoting: Anonymous Coward 56945196


I challenge all poor folks to stop fucking like rats and having useless children.
Jake

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02/10/2019 06:13 PM

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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
here is the problem op and answer me if I'm wrong

It we tax all the corporations which I really personally

dont care, but if we do, what stops them from just moving

off shore??


Last Edited by Jake on 02/10/2019 06:14 PM
Anonymous Coward
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02/10/2019 06:14 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Living standards and expenses tend to creep up incrementally over time. I used to think $800 rent was expensive and then $1200 and then mortgages or $1,300 and $2,200 and $4,500 later moneys just become something that you keep multiplying and homes something that you upsize or obtain more of and rent out to create a retirement fund. If need be I could live off 40k, as long as I didn’t have any of these large mortgages of course. Would just take readjusting my life style but not all that long ago I was making $35,000 salary and $52,000 salary basically enough to live without nice vacations or beautiful homes... I don’t do cars, quickly depreciating assets are for dummies
 Quoting: Anonymous Coward 74457708


How much is that rent or mortgage again?
Waste of money live in the car.
At least this way you have a way out when this house of cards falls.
 Quoting: Anonymous Coward 76604722


My main house which is probably valued around 850-900k if put on the market today is paid off in full and one of my investment homes is worth 325k and it’s mortgage only has 82k remaining and my third investment house is worth around 285k and I owe 210k. I’m not too worried about a market crash my money is made from my two businesses and these homes are my retirement accounts since I don’t mess with the stock market. I’m actually extremely conservative with my investments and quickly pay all my loans off rather then do what my accountant suggests which is to keep the debt and use my money to invest in the market which would return a greater percentage then my loans are costing me. Perhaps he is right, but I prefer security over more $$ especially now that I have a family to take care of
Anonymous Coward (OP)
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02/10/2019 06:17 PM
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Re: I challenge ALL millionaires to live off of what most people live off of which is <40K a year.
Even Jeff Bezos, worth over $134.1 BILLION DOLLARS!...

[link to www.forbes.com (secure)]

In the end, it will be worth $0.00 at his grave.

That money doesn't exist after he ceases to exist, and he cannot take it with him in the end.

In the afterlife, MONEY doesn't exist!