A millionaire member

I read a stat that there are 167,000 millionaires in Minnesota. I wonder who here is a millionaire? I’ll bet some members are. If it’s you congrats!

Interesting that the Kiplinger article excludes employer-sponsored retirement plans. I know that I certainly consider that MY money!

HRG

As Jack Hoffman said “Your All Millionaires, you just have to get it out of the ground”

Perception is a powerful tool and people have many different views of a millionaire. Is it having that available in cash, is it having the net difference in assets, and for some it’s having that in debt. But no doubt the first million is the hardest

If it includes home equity, that’s a lot easier these days. Especially if you have more than one house.

Dollar-menuaire club member here.

It’s good to be rich, with saturated fats.

Guessing most people don’t qualify if you take away retirement funds, real estate, etc. $1M liquid “walking around” money would be nice…. but certainly not necessary to keep the train on the track…

Pete

I wont be long before we all have a million dollars or gas in our vehicles

I worked with a guy single who lived at home until he was 60 . He was working on his second million . Pentair stock , he bought as much as he could , but a trip to Minnesota was a a really be deal for him . Work all your life to amass a fortune and give it away to whomever , nursing home?

I agree with Randy that the 1st million takes time and patience! Also, The book “Die With Zero” should be read by anyone that wants to leave a legacy.

Dutchboy wrote:

I read a stat that there are 167,000 millionaires in Minnesota. I wonder who here is a millionaire? I’ll bet some members are. If it’s you congrats!

Assuming Minnesota has a population of 5.7 million people that figures out to be about 3% of the population or 1 per 34 people. You all know 34 people, odds are at least one is a Millionare using that number.

There’s 18775 active IDO members, looks like there are 552.20588 members sporting 7 figure bank accounts.

Back in 1992 Barenaked Ladies had a song “If I had $1,000,000”. It starts off singing I’d buy you a house. Today it would be I ‘d buy a nice 2-bedroom fixer upper. Congratulations if you have it. It is still a lot of money. Just not as much as it used to be. Heck, I never thought I would own a home that is worth as much as it is.

I’d assume this title is given based on having that amount of cold hard accessible cash? If assets are included (that are paid for), I think it’d be substantially more than 1 out of 34 people and just about everyone who owns a decent parcel of land and has it paid off.

Some of the people who go well beyond the title of millionaire drive older vehicles, live in very modest homes, and dress the same on the daily. Never assume anything about anyone based on what someone has, uses, or shows the general public. There’s a local guy here who fishes in a 16′ Lund with a 40hp Mercury that looks like it was salvaged from a hurricane in 1986. I know for a fact that he could purchase every boat that has launched here in a summer week with cash and every large boat slipped in the marina simultaneously. He definitely has the world figured out.

buckybadger wrote:

I’d assume this title is given based on having that amount of cold hard accessible cash? If assets are included (that are paid for), I think it’d be substantially more than 1 out of 34 people and just about everyone who owns a decent parcel of land and has it paid off.

Some of the people who go well beyond the title of millionaire drive older vehicles, live in very modest homes, and dress the same on the daily. Never assume anything about anyone based on what someone has, uses, or shows the general public. There’s a local guy here who fishes in a 16′ Lund with a 40hp Mercury that looks like it was salvaged from a hurricane in 1986. I know for a fact that he could purchase every boat that has launched here in a summer week with cash and every large boat slipped in the marina simultaneously. He definitely has the world figured out.

No he really doesn’t!

Remember the show Who Wants to be a Millionaire? Just doesn’t carry the same weight today lol. I am not even close, but I know quite a few people who are and agree with Bucky the overwhelming majority you would never know. They are almost universally frugal, whereas the people who look like they live like millionaires are usually in the worst spot financially.

BigWerm wrote:

Remember the show Who Wants to be a Millionaire? Just doesn’t carry the same weight today lol. I am not even close, but I know quite a few people who are and agree with Bucky the overwhelming majority you would never know. They are almost universally frugal, whereas the people who look like they live like millionaires are usually in the worst spot financially.

Not from what I see, you two may be speaking of the exceptions.

If you would never know they are a millionaire, how would you know they are a millionaire?

Lots of paycheck to paycheck people out here. Of course many of those have a new house, 2 car payments, cell phones, internet, Satellite TV and daycare. The keeping up with the “Jones” does more to make a person broke than a 1/2 ass job does.

Mobile phones, internet and daycare are necessities. Daycare for most mortals is equal to another mortgage.

Of course we all know the average IDOer is free from all debt and buy all their homes, trucks, boats, snowmobiles, atvs, wheelhouses, college with cash because it’s the dignified way to go through life.

I’m not condemning anybody. Like everything in life, it’s a choice people make.

BigWerm wrote:

Remember the show Who Wants to be a Millionaire? Just doesn’t carry the same weight today lol. I am not even close, but I know quite a few people who are and agree with Bucky the overwhelming majority you would never know. They are almost universally frugal, whereas the people who look like they live like millionaires are usually in the worst spot financially.

Not sure I would agree with the overwhelming majority but I know one both types. I will say that the one who is frugal got there because he was frugal and a workaholic. He used to tell us that he would take a couple days off per year and binge watch his favorite shows for like 20 hours at a time and never leave his family room. He had a nice house in a nice neighborhood but he drove a 30 year old pickup. Nicest guy you’d ever meet.

On the other I have a close family member of mine who is the complete opposite. I won’t give too much info but this person lets everyone know on social media and in person how difficult their life is every chance they get while posting pictures from exotic places every month. They seem to think it makes their way of life justified.

David Anderson wrote:

<div class=”d4p-bbt-quote-title”>Dutchboy wrote:</div>
I read a stat that there are 167,000 millionaires in Minnesota. I wonder who here is a millionaire? I’ll bet some members are. If it’s you congrats!

Assuming Minnesota has a population of 5.7 million people that figures out to be about 3% of the population or 1 per 34 people. You all know 34 people, odds are at least one is a Millionare using that number.

I think while that’s true in a ‘total proportion’ sense, it’s probably farther from the truth in reality.

If you are a member of the millionaire club, it’s much more likely that you are in a social circle with other millionaires. I have a wealthy uncle who is a heart doctor, DEFINITELY a millionaire. I think he’s the ‘poorest’ person in his social circle. I’ve met some of his friends before and they are all extremely wealthy.

Meanwhile, outdoor forum filled with a bunch of rural dudes who love to hunt and fish? Probably less likely to meet that 1 in 34 number.

There is probably some overlap here in the outdoorsmen category of land owners or wealthier folks who enjoy the outdoors, but I’d still wager much fewer than 1 in 34 here are millionaires, especially if assets/retirement accounts doesn’t count(it’s weird that it doesn’t).

Although I’d much rather hang out with the outdoorsmen crowd than the group I referenced above, and it’s not even close.

No he really doesn’t!

[/quote]

We evidently look at the world through different lenses. Different strokes for different folks…

I think it’s awesome the gentleman I mentioned is capable of finding just as much joy in his old boat, outfishing most of the boats on the river, all while quietly providing generational wealth and opportunities to all of his grandchildren. He’s clearly comfortable in his own skin and doesn’t give a S*** what other people have. He has written some jaw-dropping checks to the local school, Booster Club, City renovation projects, etc. and does it all anonymously (even though many people know he’s behind it all). He’s one of the most humble guys I’ve met as a result of the outdoors and running into one another regularly.

I’d be curious of how many actually “worked” for it vs. how many “inherited,” or were just “given” it through a family member, estate, or whatever?.
I’d almost bet those who actually “worked” for it are like the guy with the 1986, 40hp boat and the ones who were “given” it are the opposite like others have described.

bullcans wrote:

I’d be curious of how many actually “worked” for it vs. how many “inherited,” or were just “given” it through a family member, estate, or whatever?.
I’d almost bet those who actually “worked” for it are like the guy with the 1986, 40hp boat and the ones who were “given” it are the opposite like others have described.

^Nailed it.

buckybadger wrote:

<div class=”d4p-bbt-quote-title”>bullcans wrote:</div>
I’d be curious of how many actually “worked” for it vs. how many “inherited,” or were just “given” it through a family member, estate, or whatever?.
I’d almost bet those who actually “worked” for it are like the guy with the 1986, 40hp boat and the ones who were “given” it are the opposite like others have described.

^Nailed it.

I strongly disagree. They are about as much of a mixed bunch as any other groups of people. But if it makes people feel better to generalize than go for it

GOD that is ALWAYS funny!!!

If I had to make a blanket statement, the “frugal” millionaire earns it, and then leaves it all behind to a family who wished they lived it up more, ending up in the hands of children who then go out and buy wakeboats, drive Raptors, and drink at Zorbaz. And good for them, this is America.

buckybadger wrote:

No he really doesn’t!

We evidently look at the world through different lenses. Different strokes for different folks…

I think it’s awesome the gentleman I mentioned is capable of finding just as much joy in his old boat, outfishing most of the boats on the river, all while quietly providing generational wealth and opportunities to all of his grandchildren. He’s clearly comfortable in his own skin and doesn’t give a S*** what other people have. He has written some jaw-dropping checks to the local school, Booster Club, City renovation projects, etc. and does it all anonymously (even though many people know he’s behind it all). He’s one of the most humble guys I’ve met as a result of the outdoors and running into one another regularly.
[/quote]

I like this guy!