7 Millionaire Myths

[Heracles 417]

being a millionaire is simply unachievable for a significant part of the population. statements like this just reinforce the belief that poor people are poor because they're lazy and lack self-control. sometimes the case, sometime not.

Well one does have to wonder about those in ghettos and the equivalent communities. Basic accommodation, utilities, education, food and eventually health care is paid for, so what else do they want? In return, they clearly cannot even take care of these areas. Their biggest Achilles heel is that they cannot even work as a community [or team] to improve their own areas. Just look at Katrina five years later, it's teams of Caucasian volunteers that are building those areas. This says a hell of a lot about the underlying attitude and culture of such communities.

When my folks and many like them migrated to AUS, US or Canada, most had little more than $10 to their name. They worked as a community to help and build themselves. Fast forward 30 to 50 years later and many are multimillionaires. There is simply no excuse for the appalling conditions of the ghettos and the lack of community spirit in them. Sure those doing nothing can get together and house-by-house help and improve their community. Is that really that much to ask from someone? Especially, considering the houses are most likely government subsidized.

Nevertheless, I do agree that how does anyone of the tens of millions of Americans working on minimum wage or stores like Crapmart become middle-class, let alone millionaires?

Edited August 30, 2010 by Heracles

[mawilson 2,133]

Nevertheless, I do agree that how does anyone of the tens of millions of Americans working on minimum wage or stores like Crapmart become middle-class, let alone millionaires?

They don't - they are not supposed to.

Are all Australians millionaires?

The US has more millionaires per capita than Australia.

Number of millionaires by country

1. United States 2,886,200
   
2. Japan 1,650,000
   
3. Germany 861,500
   
4. China 477,400
   
5. UK 448,100
   
6. France 383,000
   
7. Canada 251,300
   
8. Switzerland 222,000
   
9. Italy 179,000
   
10. Australia 173,600
    
11. Brazil 146,700
    
12. Spain 143,000
    

[Dakine10 5,452]

The Bottom Line

Maybe you see a pattern here: Today's millionaires are people who live within their means, budget and spend wisely, and focus on financial independence first. These are habits that take discipline, but ones we can all adopt to begin growing wealth. If these facts prove anything, it's that every one of us can strive to become a millionaire -- you can start by driving your old car with pride.

link

It doesn't really matter. The governments MO is to keep printing and spending until the dollar becomes the new peso. No one is going to strive for a million pesos.

[Heracles 417]

They don't - they are not supposed to. Are all Australians millionaires? The US has more millionaires per capita than Australia.

Number of millionaires by country

[*]United States 2,886,200

Much like GDP, that is the facade, a typical look at the exception and consider it to be the norm. Like Slim showing an apartment in Cincinnati worth $600k. 0.9% of Americans then are considered Millionaires, yet the rest are not. Whereas, when it comes to Canadians or Aussies, while they may not have the equivalent millionaires or billionaires, the majority [the 80%] are living quite a good life. As of May 2010, the average weekly salary of someone working full time in AUS is $1,187 USD.

I want the country to do well, as the benefits of most doing well, living a middle class lifestyle, trickles back to me. Too bad so many here fail to grasp this concept. I might get tough on the ghettos but the reality is that it's in my interest as well as the United States to invest in them, to get them on their feet and contributing to an economy legally.

http://www.smh.com.au/business/australia-the-millionaires-factory-20080923-4mer.html

As of 2007, Australia has 190,000 millionaires; which is about 0.8% of the population

Edited August 30, 2010 by Heracles

[Amby 490]

I'm moving to Australia

[Heracles 417]

I'm moving to Australia

It's funny you joke about that because just the other day I went to a local Aussie forum and gave Aussies a bit of ####### about a local issue and used America as an example of doing x better. An American of all people, who moved there, said I was stupid to have left Australia and still be in the US. He's apparently migrated from Boston and living there now. By his own admission, he said it's the best country he has lived and worked in.

I thought about getting his details and having him talk to spook.

Edited August 30, 2010 by Heracles

[mawilson 2,133]

Much like GDP, that is the facade, a typical look at the exception and consider it to be the norm. Like Slim showing an apartment in Cincinnati worth $600k. 0.9% of Americans then are considered Millionaires, yet the rest are not.

There is a wide disparity in the estimates of the number of millionaires residing in the US.

A quarterly report prepared by the Economist Intelligence Unit on behalf of Barclays Wealth

in 2007 estimated that there were 16,600,000 dollar millionaires in the USA.

According to TNS Financial Services, as reported by CNN money, 2 million households in the

US alone had a net worth of at least $1 million excluding primary residences in 2005.

According to TNS, as of mid-2006 the number of millionaire US households was 9.3 million,

with an increase of half a million since 2005.

Millionaire households thus constituted roughly 7 percent of all American households. The study

also found that half of all millionaire households in the US were headed by retirees. In 2004

the US saw a "33 percent increase over the 6.2 million households that met that criteria in 2003,"

fueled largely by the real estate boom.

A report by Capgemini for Merrill Lynch on the other hand stated that as of 2007 there are

approximately 3,028,000 households in the United States who hold at least US$1 million in

financial assets, excluding collectibles, consumables, consumer durables and primary residences (p.35)

According to TNS Financial Services, Los Angeles County has the highest number of millionaires,

totalling over 262,800 households as of mid-2006. Los Angeles County is also the largest single

jurisdiction of any kind in the United States.

link

[Heracles 417]

Lets say 20 million millionaires and billionaires, it does not change the reality that the rest of the country is hurting and badly. The US has more than the UK's equivalent population living in poverty. And in poverty I mean using shifty US scale, like earning under ~$16k rather than the ~$25K used by others. Had you used others scale, over 100,000,000 would probably be considered living in poverty.

It was only the other week or so where I realized that poverty is the norm and the gated wealthy communities are the exception. Yet based on how people speak, you would think it's the total opposite.

To the contrary, the middle class are the norm and poverty is the exception in AUS. Two different approaches to government and economics, with two vastly different results. US is going through one of many wall-street induced recessions and the worst recession since the depression; while Australia is stemming along, both investing and growing their country. It's clear whose approach workers better for the average Joe - the 248,000,000 Americans.

Edited August 30, 2010 by Heracles

[SMR 368]

If you make $11 an hour, in 45 years you'll have earned over $1 million. The point is that $1 million isn't what it used to be. While 7 figures means you're doing well, it doesn't mean you're out of the rat race. Depending on how it's counted, at 55 you could be a "millionaire" just because you've paid off a house and have significant retirement savings. $1 million isn't enough to allow you to live your life comfortably.

Also, in regards to rich and poor. A lot of people just don't have a mindset that will make them rich. Australia may dictate that they have to be paid well anyways. But they still aren't really rich.

[Darnell 8,478]

I'm moving to Australia

You should !!! it's a great place to live and work, always. If you qualify on points for any work visa - hey ! even better !!!! you'll get allowances and some credits and some nice benefits during the first year in country, to help you 'ease into' Australian life.

[Heracles 417]

If you make $11 an hour, in 45 years you'll have earned over $1 million. The point is that $1 million isn't what it used to be. While 7 figures means you're doing well, it doesn't mean you're out of the rat race. Depending on how it's counted, at 55 you could be a "millionaire" just because you've paid off a house and have significant retirement savings. $1 million isn't enough to allow you to live your life comfortably.

Also, in regards to rich and poor. A lot of people just don't have a mindset that will make them rich. Australia may dictate that they have to be paid well anyways. But they still aren't really rich.

A lot of people here in the US do not have the opportunity or realistic means to become wealthy anymore. The reality is that based on current auto-pilot settings, the US is on a course to become a second world country; with few rich, no middle class and the rest poor. Basically back to the Mr Potter days.

China on the other hand is heading the other way and doing so using the exact opposite strategies of repubs and libertarians. The seeds have been sown for China to overtake the US. Yet over here, we have Repubs and Libertarians who claim screw the seeds, every man for themselves; because this strategy clearly worked so well in the 20's and 30s for America.

Edited August 30, 2010 by Heracles

[mawilson 2,133]

A lot of people here in the US do not have the opportunity or realistic means to become wealthy anymore.

I don't think that's true - the opportunities are there for those who want them.

You won't become wealthy sitting on your аss and/or waiting for a handout, that's for sure.

[Heracles 417]

I don't think that's true - the opportunities are there for those who want them.

You won't become wealthy sitting on your аss and/or waiting for a handout, that's for sure.

The US relies on a winner takes all approach, it's a fundamental aspect of American culture. Many ignore that life is not an NFL game and that the rest [the majority] are left with nothing.

The rest of the first world demands a minimum Q.O.L for all, then you can make whatever you want on top of that. What they will not allow is the Waltons to earn billions upon billion for doing nothing, perhaps fishing on their yacht, while the people actually working in the stores get paid $8 an hour.

I challenge anyone who claims handouts are so great in the US to go and actually live on them for a year or two. Go live in Section 8 and then come tell me how awesome this cheap housing located in ghettos is. You couldn't pay me $150K to live in that mess.

Edited August 30, 2010 by Heracles

[Amby 490]

The US relies on a winner takes all approach, it's a fundamental aspect of American culture. Many ignore that life is not an NFL game and that the rest [the majority] are left with nothing.

The rest of the first world demands a minimum Q.O.L for all, then you can make whatever you want on top of that. What they will not allow is the Waltons to earn billions upon billion for doing nothing, perhaps fishing on their yacht, while the people actually working in the stores get paid $8 an hour.

I challenge anyone who claims handouts are so great in the US to go and actually live on them for a year or two. Go live in Section 8 and then come tell me how awesome this cheap housing located in ghettos is.

I don't think all section 8 housing is located in ghettos. I've seen some nice apartment complexes turn into partial section 8 housing.

[BobandXiaomei 14]

I don't think all section 8 housing is located in ghettos. I've seen some nice apartment complexes turn into partial section 8 housing.

What I've seen looked like DMZ areas at best.