how many people on here are millionaires (including "on paper")

N1AK

lisyloo wrote: »

The top 1% is £530K I believe, so yes, it still means something.

You're creating a strawman; No one is saying being a millionaire doesn't mean something, what's been said is that it doesn't mean what it used to.

Being a millionaire 20 years ago was something you couldn't possibly do by getting a typical job and working to retirement. You either needed to come from a rich family, get a extremely good job and save hard, or be one of the tiny faction of people who founded a multi-million pound firm.

Now being a millionaire is unusual but not a level of wealth that couldn't be achieved in a normal working lifetime.

What it means in terms of lifestyle has also changed hugely. In the 90's it would mean a couple living in a very expensive property who could comfortably afford luxury holidays, premium new cars every other year, designer clothing, a cleaner, an au-pair etc etc. A millionaire now is probably £10-20k a year better off than the average person. That's a big difference but only a fraction of the difference it was back then.

Loughton_Monkey

lisyloo wrote: »

.....Often one (usually the woman) has found a job (like teaching assistance) to work around picking up the kids from school.
I'm not saying that's everyone, but career couples are not the norm.....

Depends how you define "career".

Mrs LM is a prime example. Leaving school at 16, she worked as a lowly clerk for a few years but managed to save £100 by the time she was 21. Enough to pay for a honeymoon if parents would pay for the actual wedding.

At this age, she gave up the job and married a penniless 21 year old student entering his final year. She 'temped' for a while, thus bringing in a few shillings to help pay for hiring a black & white television, and allowing for a bit of meat to add to the beans on toast.

Every time yours' truly was shunted around the country in a "career move" she found herself unemployed again, having to 'temp' again. The futility of this - coupled with the extremely low wages - made such activity rather meaningless, when she could be a "lady who lunched", or an unpaid volunteer at a charity.....

However, after such a career, this lady finds herself, now to have joined the millionaire club.

Personally, I blame the Married Women's Property Act 1870. Should we not mark the forthcoming 150th anniversary of it by repealing it?

MFW_ASAP

I'll be a millionaire once my interest rate gamble has come to an end!
:money::beer::j:D;)

lisyloo

However, after such a career, this lady finds herself, now to have joined the millionaire club.

Sorry if I'm being thick, but how did she do this?
If you are saying your career has made 2 millionaires, then I think that's extraordinary - but great all the same.

PasturesNew

MILLIONAIRES = 12 characters.
You can put me down as a MIL (almost). More than a MI, but not a MIL.

Loughton_Monkey

lisyloo wrote: »

......If you are saying your career has made 2 millionaires, then I think that's extraordinary - but great all the same.

I don't find it too extraordinary, since it is merely a matter of mathematics. Anyone who, by and large, spends below 70% of gross income and invests the rest well in one's own property, pensions, and equities eventually cannot fail to have wealth which exceeds total lifetime career gross earnings.

Despite all the wishes of the Devon lad, I have been unable to stop the value of the house running into 7 figures. Against my wishes, Mrs LM had to be on the purchase transaction to get a mortgage. Now that it has been paid off, I have felt it rather trite to insist that she signs her half back to me. Other assets need to be in her name for legitimate tax avoidance purposes.

She will very soon be the proud owner of an extra £20K of 'Granny Bonds'.

However, please don't fret too much on my behalf. She doesn't know where a lot of the money is, and she certainly doesn't know the passwords. Her strengths do not include financial management and quite frankly, she doesn't know her Artemis High Income from her Legg Mason Global Equity.

TheBlueHorse

PasturesNew wrote: »

MILLIONAIRES = 12 characters.
You can put me down as a MIL (almost). More than a MI, but not a MIL.

I put you as a !!!!!! ;-)

PasturesNew

TheBlueHorse wrote: »

I put you as a !!!!!! ;-)

And all that without even seeing a photo.
You must be using the "if it has a pulse" yardstick

Loughton_Monkey

PasturesNew wrote: »

MILLIONAIRES = 12 characters.
You can put me down as a MIL (almost). More than a MI, but not a MIL.

Don't put it all in the bank. That is exactly 50% towards being BANKRUPT.

PasturesNew

Loughton_Monkey wrote: »

Don't put it all in the bank. That is exactly 50% towards being BANKRUPT.

I'm living in it. Got an igloo made of £1 coins.