I personally don’t consider someone to be a millionaire unless they have at least a million USD actually sitting in the bank. It’s easy to be “net worth” rich but I’m not impressed until someone is cash rich.
Yes, I'm a Millionaire
No, I'm Not a Millionaire
You don't have to be brilliant to become a millionaire. You just have to save and skimp like hell.
Let me tell you the story of my Dad. He worked very hard all his life. I remember him telling me that at one time he had a job with a horse and wagon. Anyway my Dad worked for the same company for 47 years. He told me of how he was buying stock on margin right before the 1929 stock market crash. I believe he lost just about every thing in that 1929 stock market crash. During the height of the great depression he was making $35 a month. Yes, that is $35 a month. My Dad was so poor that he and my Mother waited until 1936 to get married at the age of 29, my mother was 25.
Now the area where we lived never really recovered from that great depression, and to this day wages and the cost of living is still below the national average. You can still buy a decent house for $65,000 to $75,000 and a livable house for as little as $25,000.
During my parents 59 years of marriage they had and raised their seven children. I had a lot of hand me downs over the years. When my older brother out grew something it became mine. If our socks got a hole in them my mother would sew them up. I can still remember when we didn’t have a telephone. I was in 6th grade when we finally got a TV and we probably wouldn’t have got one then if it wasn’t for my Dad’s sister winning a small 19 inch black and white TV who gave it to my Dad.
Our house only had one bathroom for a family of nine. I think my Dad paid $1,300 for the house shortly after they got married. The house across the street sold for $900 during the great depression.
Anyway, after my Dad turned 85 we started to get involved with his finances. The most he ever made in his lifetime was $10,000 a year and I think he retired around 1973 which is slightly below the then median family income of $12,050 in 1973. So at age 85 and right before my mother had to go into a nursing home my Dad managed to save about $250,000 which was not counting the value of his house. That is 25 times his final salary. Now when I retired I believe my final salary was above the median household income. However, at 25 times my final salary I should have over one and a half million dollars. I’m not there yet, but with inflation maybe at 85 I will be there if I live that long.
Last edited by Midwest Player; 11-19-2017 at 03:25 PM.
No, I'm not an expert. But I reside more in the camp that it will crash and burn than in the one that sees it going to $100,000. The whole thing makes little sense to me. If it were a political philosophy, it would be anarchy, and that would scare the life out of me.
Don
Here is a link. You might fall into one of these groups.
This article is an attempt to describe two schools of thought on how Bitcoin consensus is formed.The two theories have been compiled by analyzing the logical implications of some common arguments.
Extreme Consensus is the theory that Bitcoin’s properties can be relied on because of protocol immutability created through strong social consensus.
Market Consensus is the theory that Bitcoin’s properties are ultimately decided by investors, and protocol rules will be added or removed based on market support.
https://medium.com/@Mengerian/two-th...n-f4da84468a7a
Not my words. Just following the herd. Up we go.
Analysts expect the price of bitcoin to rise even further by the end of 2017 with the entry of institutional investors and retail traders through Coinbase, CBOE, Gemini and CME.
To further boost the market, which is eagerly awaiting the debut of Bitcoin on the CME stock exchange, the world's largest futures exchange, which is expected to happen by December 15, and also one of the largest exchanges in the world, Coinbase, introduced Coinbase Custody, another Bitcoin trading platform for institutional traders and retailers. At Custody Coinbase, large investors can invest a minimum amount of $ 10 million in bitcoin
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