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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Personal Finance / Millionaire Shrewds
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Author: richinmd   😊 😞
Number: of 74 
Subject: My father
Date: 01/08/24 9:05 PM
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No. of Recommendations: 18

My father made a casual mention of becoming a millionaire late in life. Obviously in the era he started working, around 1958, a million dollars was something special for someone to shot for. According to my estimate, $1M in 1958 would be close to $11M in today's dollar. I guess he thought it was a nice thing to see before he passed away in late 2021.

Of course many workers of his time were covered by a solid pension so his pension and social security covered his expenses. My brother and I were able to split what savings he had at the end. His biggest expense was probably taking care of my mother, especially the last year in assisted living with a very rare disease.

I think most people now with a solid job don't view $1M as anything special. Obviously there are some people out there knowing that it will never happen for them.

For most people trying to get to $10M+ now is probably as difficult as getting to $1M was in the 1950s/60s. Certainly not impossible for a couple w/o kids and solid jobs but for the vast majority of people not something attainable. And really not even needed.

I'm not sure what my uncle has overall but I know almost all of his RMDs in his 80s go directly to charities. He has been doing this for a long time.

No real point here although being happy is more important than chasing $$$. I've always selected jobs that interested me but didn't require long hours because I knew once my time is gone, I can't get it back. No regrets at all.

Happy New Year.
Rich
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This community has written 73 posts about Millionaire Shrewds. The article-length ones it recommended most:
Million to Billion · 21 recs · 2022
I'd love to... · 17 recs · 2022
Bankers, Lawyers and other Parasites · 13 recs · 2022
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