It's good to be rich!

[west]

If I had 1 million dollars, first I'd get rid of any debt my parents may have and then buy them each a new house and car. Then I'd invest $250 000 into a compounded interest savings account (prolly bi-monthly) and let that grow and live off the interest. Anyway I'd prbably have around $500 000 left after that

Where do you live? Anywhere where you can pay off all your debt and buy two houses and two cars for $250K sounds great to me.

[Snake_byte]

My mother only has like 15-20 thousand left to pay on her house and I don't think my dad has any... He's never taken a loan or put a mortgage in his name. So it's not like they have an incredible amount of debt.
I'm not talking mansions here... Maybe they wouldn't want a new house. Besides, I'd still have some in the bank other than my savings...
Man trust me, this isn't the first time I think of it.

[wichita]

If I had a million dollars....I'd be rich! Alright, that's pretty sad, ya'll page two of this thread and NOBODY can throw out the obligatory BNL homage? I'd eat Kraft Dinner with the finest Dijon ketchups.

If I had a million dollars, I'd buy you a house.

Furniture too? Like an Ottoman, or maybe a nice Chesterfield?

Yes we did!!

Look at my red face! Sorry, I posted that this morning after breezing through this thread 15 minutes after waking up!

[The Sociologist]

Is a million dollars considered a lot? To my mind it isn't enough to give much away. Anyhow, what tends to happen when you're "wealthy" is that you put some into stocks and then some into various ways of hedging the risks involved in stocks, like securities and property. Now, since it's taken you much of your life to become "wealthy", you then sit tight with a sinking feeling in the pit of your stomach that you probably won't get a chance to make that kind of money all over again. So there you sit, waiting to die, bearing in mind that it will take you something like forty years to die in a long drawn-out process during which time you will become seriously ill at some point. While sitting there waiting to die, you play Cantr. After that you die. And that was the story of your life.



OK, so I wasn't in the best of moods tonight.

*wanders off looking for his meds*

[west]

Not me. Money comes and goes (although in my life it does precious little arriving and a lot of departing). I would use it to finance fun, and get my parents out of debt for the house and the college tuition. A million isn't a lot, but it's about a million more than I have at the moment, so by golly I'd take it, and gladly.

[Dee]

Awww...

I don't know why that made me feel sad...

[Snake_byte]

1 million is enough to live on for the rest of your life if you know what you're doing... Like I said if you put $250 000 in a savings account to be compounded bi-monthly at 2%, that's approximitly $5000 every two weeks. I'd be happy making that kind of money

[Dee]

I should move to where you guys live... You can make money just like that! And, do you know what a million dollars mean here? It's 5.80 million L.E. (Egyptian pounds).

Seriously, if you invest your money wisely, you could be billionares in no time!

[Snake_byte]

All that has to be done is research. Once you find the best way to make money WITH money, go for it.
It's easy to make money when you have money. Then you can use your money to get more money and sit back while your money makes you money. But when you have no money you can't use the money to make you money because you have no money....

Make sense?

[rklenseth]

Umm...not really. Most people in America are lucky if they ever see a 100,000 dollars nonetheless a million. I think that is one of the biggest misconceptions in that all American are rich and well off. We certainly aren't rich though we are more well off than other people in similiar situations in other countries though not all American are well off either.

[west]

All that has to be done is research. Once you find the best way to make money WITH money, go for it.
It's easy to make money when you have money. Then you can use your money to get more money and sit back while your money makes you money. But when you have no money you can't use the money to make you money because you have no money....

Make sense?

It's totally true. It's easier for a millionaire to become a billionaire, or a billionare to double his/her worth, than a middle-class or especially a lower-class person to become wealthy.

Money begets money. That's why every time I get a couple twenties, I put them in a drawer with some mood music and low lighting...I'm hoping they'll make me a few more bucks Or at least some loose change.

[Surly]

I should move to where you guys live... You can make money just like that! And, do you know what a million dollars mean here? It's 5.80 million L.E. (Egyptian pounds).

Then £million would equal 10.17 million L.E....

[mortaine]

That's why every time I get a couple twenties, I put them in a drawer with some mood music and low lighting...I'm hoping they'll make me a few more bucks Or at least some loose change.

There's your problem, west. You need to get the loose change together, because they're less prudish than the 20's and more likely to make like bunnies.

[ephiroll]

It's totally true. It's easier for a millionaire to become a billionaire, or a billionare to double his/her worth, than a middle-class or especially a lower-class person to become wealthy.

Even so, the odds of becoming a millionaire aren't that bad. A recent study come up with 325 to 1 odds for an ordinary person to be a millionaire by the time they die. Of course that depends on a little luck, and even more so on how hard a person is willing to work and how much effort they put into everything else.

Just recently there was a guy in Texas that retired from a 22k a year job with the school system, in 30 years he'd managed to save 1.5 million. Then when he died it was all willed to the school he retired from.

[Surly]

Just recently there was a guy in Texas that retired from a 22k a year job with the school system, in 30 years he'd managed to save 1.5 million. Then when he died it was all willed to the school he retired from.

How?

Considering he would have been paid $660000 in those 30 years?