Re: What's a MILLIONAIRE ? - Saab General Bulletin Board - Saabnet.com
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Re: What's a MILLIONAIRE ?
Posted by Reality (more from Reality) on Thu, 10 Mar 2011 10:23:29
In Reply to: What's a MILLIONAIRE ?, STICKMAN, Thu, 10 Mar 2011 07:14:34
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The term Millionaire was invented when a $ was 1/20 Oz of gold, or roughly equivalent to $70 today. You are reasonably set for life if you have $70million income generating assets today. Also, the term may had been in use in the UK in the 19th century before becoming popular in the US; the British Pound Sterling was worth about $5 at that time. So, yes, having $350million worth of income generating assets can probably take care of your family reasonably well . . . and given today's crony capitalism, your grandchildren may not even run the risk of losing it all to competition like Millionaires back then had to worry about. Incidentally, the security of the grandchildren of the millionaires from competition (not from tax; government bureaucrats always funnel money back to the rich more steadily than people spending their own money: nobody gets fired for buying IBM) is also the reason why the rest of us are kept poor.
posted by 76.118.39...
Posts in this Thread:
- What's a MILLIONAIRE ?, STICKMAN, Thu, 10 Mar 2011 07:14:34
- Hanging out on the bridge......, Mike Lynch
, Thu, 10 Mar 2011 15:51:59 - It's all relative.., AlS, Thu, 10 Mar 2011 14:16:11
- Correction - You need about $2 Million to retire....., MI-Roger
, Thu, 10 Mar 2011 13:48:51 - I'm a "Swedish" millionair. If that count for anything?, SWEDECAR
, Thu, 10 Mar 2011 11:30:42 - Re: What's a MILLIONAIRE ?, Reality, Thu, 10 Mar 2011 10:23:29 <-- Viewing This Message
- Billionaire is the new millionaire, No Snaab, Thu, 10 Mar 2011 07:50:33
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