Investing General Discussion

Rangoth said:

jesus dude way to split hairs. Basically means in total assets. Not 1 million sitting in a BoA checking account.

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I dunno, I agree with him.

You're not a millionaire unless you have it in something liquid (I'd say something you could access within a month if you needed to).

Having -$20 in your bank account but a $2 million home means you're broke.

Gravel said:

I dunno, I agree with him.

You're not a millionaire unless you have it in something liquid (I'd say something you could access within a month if you needed to).

Having -$20 in your bank account but a $2 million home means you're broke.

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yup, lot of people got rich in terms of real estate over the past few years but have very little liquid.

I didn't even feel that 401k should've counted.

Should be 1 million+ in liquid assets meaning you could plop it on a table within a few days notice.

Sanrith Descartes said:

Fuck y'all poors. Imma hundred trillionaire.

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Need some change baller?

Gravel said:

Having -$20 in your bank account but a $2 million home means you're broke.

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But if you downsized your house you'd be liquid. Hardly broke, IMO.

Edit: It's a tougher spot for people whose house is worth little enough that they're basically stuck there, but that's unlikely to be $1M+.

Captain Suave said:

But if you downsized your house you'd be liquid. Hardly broke, IMO.

Edit: It's a tougher spot for people whose house is worth little enough that they're basically stuck there, but that's unlikely to be $1M+.

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Great, and the second they sell their house and actually get that money in their accounts, they're a millionaire. Otherwise it's the same as any other house.

This is what happened with us. We quit our jobs, listed our house for sale, and moved from California to Florida in 2021. We decided to drive our van on a 6 week trip. Our house closed a few weeks into it and I told my wife that with the $90k-ish we made on it, it pushed us over the top to being millionaires (it was a fun thing because we were literally living in a van driving cross country but had crossed the million mark).

We worked 5 more months after that and our million grew even more. But oopsie, the economy cratered and we dropped to like $800k. Not millionaires anymore even though we had a new house that was "worth" $320k. Because you can't just liquidate your house in a reasonable time period.

Lambourne said:

As an aside, if you think you hate your extended family now, wait until there is a 7 figure inheritance at stake.

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Family, and people in general. Dad died, and all of a sudden people we have never heard from called. A few were panhandling in a roundabout way. Siblings expected a cut (a cut of what? People don't know how inheritance works), despite not having lifted a finger to help mom care for dad.

I was at her house and overheard one call, and intercepted it. Some distant relative w/condolences cloaked in panhandling. The call did not end as he expected it would.

Scum of the Earth, all of em.

Fucking Hims, my coworkers told me it was going to be huge, but I didn’t take any action as I have some hair, my weener works, and im not obese. I just didn’t see the value in this magic pill ! Should have known

Being house rich can be fairly meaningless. One aspect is getting bled to death with property taxes. Another aspect is move into what after downsizing? Your house tripled in price, but so did that little shitbox on the other side of town. My mom wanted to downsize into a cozy cottage, but something 1/4 the size of her house cost more than the house she was in. One option is to uproot and change states entirely, but not an option if it takes you away from family.

Having a few million cash in the bank isn't all that much money. Geriatric care is alarmingly expensive. My parents were well off, but managed to smoke a lot of cash in 4 years, with the final year being the most expensive. If have 2 parents in need of care, and most of their savings will be gone. One spouse dies with a giant pile of debt? That debt doesn't go away on death. Surviving spouse has to pay it off, often with no money left over after geriatric care. Surviving spouse losing it all is more common than one would think. Oh yeah, if that geriatric parent also has a mental illness? Cost of care goes way up. My dad was nice enough to leave a giant pile of debt behind to a spouse who now had 1/3rd the income. Neat trick! I paid off all her bills, but I'd wager few elderly people have this as an option.

And this is now, imagine how expensive things will be in 35 years when we become geriatrics.

This doesn't include money for life-altering events. I knew someone who got meat crayoned while he was on a motorcycle. No more job, no more insurance, no more house, no more spouse, no more nothing. Sure lawsuit, but those are years in the making and may not right all the wrongs. No cash in bank to last years w/no job? Next house will have Coleman printed on the side.

Cash millionaire doesn't mean what it used to, and will continue to mean less as the decades grind out.

I can give all the free advice you want if you want to build your own personal refinery or power plant. Of course like they say, you get what you pay for.

On a serious note, I wish silver would come down. I do not buy silver as an investment. I buy 1oz. rounds maybe once or twice a month cause I enjoy them. Only recently found out Mexico is the biggest producer of silver in the world.