<p>When you go to see a lawyer and he suggested different types of trust vs the old regular vanila trust then you know.</p>
<p>
</p>
<p>LOL veryhappy. That was exactly the phone call I got. I was so excited that I jump up and shout out for joys. </p>
<p>Then, I woke up. </p>
<p>Fresh from that, I did some google searchs and wrote this post by lunchtime.</p>
<p>“NewHope, even if you can live until you’re 100, why would you include future income in your calculations to determine your net worth?”</p>
<p>limabeans - Let’s look at this from another perspective. Take two 65-year-old women, both renting, no debt. One has $500K in the bank, plus a $2,000/month Social Security benefit. The other has $750K in the bank, but no Social Security. Which one has the higher net worth?</p>
<p>The second lady has been reading up on retirement, and decides to buy an annuity that pays $2,000/month. That costs $338,000 (you can look it up on immediateannuity dot com). That leaves her with $412K in the bank. Which of the two women has the higher net worth now?</p>
<p>This example could be expanded to a third lady, who had $3.38 Million in the bank just yesterday. But today she bought ten $2,000/month annuity policies. Is she really worth zero now?</p>
<p>
</p>
<p>This is EXACTLY what I was thinking when I read DadII’s first post on this thread!!! :rolleyes:</p>
<p>
</p>
<p>LOL!</p>
<p>So Dad II…did you actually get a phone call from those personal banking folks at your bank (you have mentioned them in the past)? I guess this takes you off the “low income” list.</p>
<p>T1, that phone call were in my dream.</p>
<p>Then why did you start this thread? Are we responding to your dreams now??</p>
<p>
Well it’s true. I have some money in a bank account for my business, I have some money in a money market account that I got when I sold some stocks and had to put the leftovers somewhere (I still have some of the stocks too), I have some money in our joint accounts, I have some money that I inherited from my parents that is managed by people in Boston and there is money dh inherited that is in CDs. My IRA and SEP are with the same bank as our main bank account, but dh’s 401 plan is somewhere else. It will be a nightmare for our kids if we don’t get it more consolidated!</p>
<p>According to TNS Financial Services, as reported by CNN Money, 2 million households in the US alone had a net worth of at least $1 million excluding primary residences in 2005.[19] According to TNS, as of mid-2006 the number of millionaire US households was 9.3 million, with an increase of half a million since 2005.[20] Millionaire households thus constituted roughly seven percent of all American households.[original research?] The study also found that half of all millionaire households in the US were headed by retirees. In 2004 the United States saw a “33 percent increase over the 6.2 million households that met that criteria in 2003,” fueled largely by the country’s real estate boom.[21]</p>
<p>A report by Capgemini[22] for Merrill Lynch on the other hand stated that as of 2007 there are approximately 3,028,000 households in the United States who hold at least US$1 million in financial assets, excluding collectibles, consumables, consumer durables and primary residences (p. 35).</p>
<p>DW and I were well on our way to multi-millions until we decided to have children.</p>
<p>Hey, how do I value my children if I plan to sell them into slavery?</p>
<p>“I’m a thousandaire!” - I loved that!</p>
<p>30,000 (one year private school tuition) X 13 (K-12) X 2 (2 kids) = $780,000
55,000 (one year college tuition) x 4 x 2 (2 kids) = $440,000
Total $1.22 mill</p>
<p>I know I am a millionaire by just looking at my kids.</p>
<p>
</p>
<p>So as of 2006, 9.3 million US households had a net worth of $1 million or more, including the value of their primary residence. But that was before the crash, and housing values are way lower now. Most likely, the number of US millionaire households is smaller now.</p>
<p>When one suddenly changes his tune from If I Had a Million Dolars to I Wanna Be a Billionaire So Freakin’ Bad, it’s a clue.</p>
<p>Pssst… Nikon lenses do not count towards one’s net worth, but Reissues do. :D</p>
<p>Haha. You guys stole my thousandaire line. I have a client whose Person called me one day. In the course of a four minute conversation he said “my billionaire…billionaire…billionaire” What do you know ? My cel phone lost reception in the middle of the call. Funny how that happens. I called DH immediately and told him I felt like telling the Person, “I’m a thousandaire and I don’t really care about your billionaire.”<br>
Decided losing the call was more politically correct.</p>
<p>My parents are IMHO millionaires. They also happen to be obsessed with education, which is why we are all hyper-educated, and why education has always been the primary driver in our household. </p>
<p>All four of us went to prep school (Day and boarding)($25-40k/year for 5 years * 4 kids),
So about $680k</p>
<p>Then we all went to University for multiple undergraduate degrees (Figure $40k per year per kid for 4 years*2 degrees each) so $1.28 million</p>
<p>As well as graduate degrees (three), $120k, and a Ph. D $50k</p>
<p>We have 12 degrees between us so far. Cost? $2.13 million</p>
<p>Worth it? I think so.</p>
<p>Oldfort, you included private school since the first grade?</p>
<p>I can picture Dr. Evil saying, “one milllllllllion dollars” … :)</p>
<p>I will know I am a millionaire when the numbers on my Lotto ticket match the drawing (of course, I have to buy a ticket first).</p>
<p>I have missed out on more than a million dollars (by my estimation) over the years as a result of choosing to stay home with my kids for many years. I consider it priceless time well spent, so I will say I am a could-have-been-millionaire (as I clip coupons, which I would do even if I were a real millionaire).</p>
<p>“Hey, how do I value my children if I plan to sell them into slavery?”</p>
<p>Sell them at auction. The market will value them.</p>