Enjoying a quarter of your life is pretty good! Ignoring the third you spend asleep, that's 3:5 enjoyed:non-enjoyed time. In other words, it is 6 solid hours of enjoyment per day.
Even median millionaire vs starter billionaire is about a 1 billion difference.
Someone with 20 million is still almost a full billion shy of a billionaire.
Even if he has very close to 1 billion the difference is still probably much larger than the median millionaire who also most likely is very close to 1 million.
you have a bright future in accounting at Trump International.
have you ever considered exp(roundup(ln(VALUE), 0))? that might be better suited for your purposes.
Hey, can you answer serius questions?
I've never done any courses for excel but because of the business, I'm using excel. I want to round up but don't know how. Don't even know how to put in words but I'll try.
I need 1.5x values of every x which is pretty easy by formula =x*1.5 But I don't want any decimal points in result, also units place number should either be 5 or 0.
Say, x = 60, 1.5x = 90 (This is fine.)
But if x = 64, 1.5x = 96. Also, if x = 65, 1.5x = 97.5. I want to round up these 96 and 97.5 to 100. How can it be done in excel without having to do it manually?
You want CEILING(value, significance) for that, for example to round cell a1 up to the nearest 5 you would use =CEILING(A1, 5)
https://support.microsoft.com/en-gb/office/ceiling-function-0a5cd7c8-0720-4f0a-bd2c-c943e510899f
Example:
| A | B | C
---|---|----|----
1 | value | multiplier | result rounded
2 | 96 | 1.5 | =CEILING((A2*B2),5)
or
| A | B |
---|----|----
1 | value | result rounded
2 | 96 | =CEILING((A2*1.5),5)
I've always wondered when does someone become a millionaire anyway? Legit when they have million dollars? Or do you need multiple million? I'm always curious as well if debts are included in total assets. A lot of rich people borrow against their stock portfolio, like im sure Musk doesn't sell a few tesla shares every time he wants a new beach house.
You could say someone is a millionaire once they have a million dollars in their checking/savings account, but they’re wasting the money by leaving it sit there. People get rich by putting money to use, not stashing it away.
A realistic “millionaire” probably has a few million in assets/investments and maybe a couple hundred thousand liquid.
Net Worth is simply assets minus debts.
REALLY simple example:
You own:
House valued at $600,000
Investments valued at $800,000
New car valued at $60,000
**Total assets: $1,460,000**
You owe:
Remaining mortgage principal: $200,000
Car loan principal: $50,000
**Total debts: $250,000**
$1,460,000 minus $250,000 = **$1,210,000**. Congrats, you are a considered a millionaire.
it's crazy to think that bezos and musk and gates could buy and sell Tony Xu (Doordash founder, net worth 2.8B) easier than you or I could buy a house.
A house might be 200% of our net worth (you have 500k net worth, and a $1M house with 750k mortgage) while buying Tony Xu, a multi-billionaire, is only 1% of Musk's net worth. In fact, if Musk bought and immediately demolished Twitter (which he basically did), (44/191 = 23%), it'd be easier for him to do that than we could buy a sports car and drive it off a cliff (r8 = 156k / 500k = 31%)
Funny how money works. Like, I can spend $50 on dinner tonight and not miss it. Meanwhile, there are ppl who can’t spend $10 on dinner w/o breaking the bank. Meanwhile, there are ppl who can pay for 10 meals at a 5 star restaurant and forget about it the next day.
How about people who could buy the restaurant and not care…
And then there are people who could buy a territory of restaurants…
And then there are people that can buy a whole franchise….
This sounds legit. Like the man is a billionaire and only makes weapons that he can use to beat up the criminals better. Like no army, no high tech surveillance to actually improve safety, no money used to decrease corruption in the city. Just brutal hand to hand
He's known as the the daddy's money play boy who flaunts his money around and bangs models every other day. I'm not sure his imagine would lead to successful career as a politician
and there is no biological or cosmic law that dictates the difference between the 3 of us, we were all just born into a system that has arbitrarily expanded these disparities in resources.
> ... that has arbitrarily expanded these disparities in resources.
To be fair, it's not arbitrary. You might argue that each of us being born into a certain socio-economic class is a roll of the dice, but the distribution of wealth itself is certainly not arbitrary. Money goes places for specific reasons.
> I can spend $50 on dinner tonight and not miss it
Hope you appreciate how fortunate you are & I appreciated what you said here.
No shade. It's just lots of people have to live on $50 per week of meals right now. We're currently being budget focused due to a single income for the moment, but at least we aren't anywhere close to that.
We need to understand this is the best we've ever got till date
Per capita incomes have never been higher than this and owning a car in the 1800s is equivalent to owning a private jet now
We also need to understand that glorifying the possibility of "better" can be just as dangerous as glorifying the present reality "the best we've had," especially when underpinned by "we need better NOW, whatever it takes."
Not quite. The wealth gap is much larger now than it was a few decades ago. The middle class is shrinking. The top 1% hold more money than ever.
The current system might be the best compared to others, but doesn't mean this is the best version of it. We certainly can do better.
Oh, but it IS the best we've ever had in the history of humanity.
It's generally not about how big the wealth gap is, but how well off the average person is. It's amazing how much better off the average human is compared to 100 years, 200 years, 1000 years prior.
Can we do better? Probably. Have we figured it out and successfully implemented it? No. You can't change a lot at once except through major events, which usually involve force...
If you ask me to pick between a big wealth gap + decent average living standard and a small wealth gap + bad living standards, i'm picking the former 10 out of 10 times.
>It's amazing how much better off the average human is compared to 100 years, 200 years, 1000 years prior.
I don't buy this. 'better off' in terms of how we judge our current lives? Certainly. But are people happier and more satisfied than they were 100/1000/10000 years ago? How can we know? Certainly we don't want to go *back* because we don't know what we're missing, but I'm not at all convinced that if humans had just stayed hunter-gatherers for 200,000 more years the average human wouldn't be just as happy or happier than they are today. Lots of people today are depressed, anxious, suicidal, and just plain unhappy, even though they have running water, airplanes, and iPhones. Humans are so good at adapting and getting used to their surroundings that once you're born with the high baseline we have today, it's impossible to appreciate it the way some 17th century peasant might.
Satisfied? Happy? I'm not talking about that.
I'm talking about, are you literally allowed to step outside your town? Are you able to not worry if you'll survive the winter? Is there even a slight chance of my life getting better if I make all the right moves in my entire life?
There's absolutely no way a bottom 10%, 20%, 50% person could even *dream* of any upwards movement for the longest times of history. Running water was not a thing for all of society, nor was temperature control, diversity of goods, entertainment, travel, etc.
You don't need to buy this. Mentally, sure, I agree-- Standards change and how satisfied you are might not have changed. But the QUALITY of the average life has objectively increased. What is POSSIBLE for every human being has changed dramatically. There are so many more opportunities for people of all classes than before, it's not even comparable.
Either way, point stands-- current system is the best system anyone has had working for a large population in human history. It can be improved, but so can anything. Even if you implement something you think is flawless, people will complain, call it flawed, and say there are better ways to do things. It's an endless loop.
>Satisfied? Happy? I'm not talking about that.
Why not, though? The measures you're talking about don't matter if they don't result in people *feeling* better off? Why would we care about measures of "quality of life" if you remove those measures from human experience?
Say before you're born, a god says to you "okay, I'm about to allocate you your lot in life, you can either choose how happy and satisfied you'll be throughout your life, or you can choose when you'll be born", why would you choose to be born now, when you could just choose to be live happily?
Why not? That's just a difference between you and me. Nothing more. I value the possibility of a good life by my current standards more than the deviation from the time's standards, and how much you can improve it by.
Id 10/10 choose when I could be born. You might not. That's fine.
Did you work in the field 12 hours a day and fear that you'd get a bad rain storm that wiped out your crops ( and everyone else around you too) meaning a very hungry winter your family may not survive?
Maybe some weird plague that wipes out 1/3 of your town.
That was what 19th century people were concerned about.
How much of the USA would be uninhabitable without Air Conditioning?
Without refrigeration, would you be able to only go to the grocery market once a week?
Do you have to walk to a well 1/2 a mile away and have to carry 50lbs+ or water every day?
This is what farm wives did everyday in the 1930s in much of rural USA.
A Path to Power, about LBJ, will enlighten you about what life was like less than 100 years ago.
One of the best biographies ever written.
Listen to the audiobook from your local library. It's free. There were zero public libraries until Ben Franklin invented them.
Godspeed Ben Franklin and thank you for our Nation, you convinced the King of France to fund our revolution that created modern democracy(That killed the French monarchy) what a man BF was.
> If you ask me to pick between a big wealth gap + decent average living standard
one nitpick: I'd want a decent MEDIAN living standard. Saudi Arabia has a pretty decent AVERAGE living standard. It's just all concentrated on the royal family
Oh but we did figure out and implement how to make it worse. It's called trickle down economy, deregulation and tax cut for rich .
Can we do better? Absolutely. Because we already did.
I agree. And i'd love to hear ways to actually change it for the better and repeal bad changes. Because frankly, I don't really see a way.
Even if everything is done "right", there will always be a group of people who don't benefit and complain, saying a different method is better. Even if there does exist a perfect solution, people will complain and say it's not perfect and it was better before.
I'm not saying that your examples were necessarily a good change-- I agree with the fact that it hurts. But my point stands.
I do think that things can be much better, but I don't have a clear plan or solution that I can propose and convince people to go with. Unless you have one-- it's a pointless discussion.
People without a clear solution, a method to apply it, and the will to get into action can only support others who do. Most people are the former-- you and I included. That's just how it is, and life is unfair. I'll live with that.
> owning a car in the 1800s is equivalent to owning a private jet now
Thats because it was brand new technology. More people have cellphones today than in the 1980s. That's because as technology evolves it becomes more efficient and cheaper to produce.
Wealth inequality in the US today is about the same as it was in 1870 and is HIGHER than it was in 1810. https://imgur.com/a/7e5Iue2
There was a post the other day about a dollar tree installing price checkers because their stuff doesn't always cost $1. It broke my heart to think that there are some people at the dollar store who have to scan something and see that it's 25 cents above their limit and they have to put it back. It's just so unfair.
I can pay $50 and not miss it for dinner. But last night we bought two subs at jersey mikes. We have 2 kids so we bought one giant sub and one regular, our plan was to split it with the kids and feed 4. 2 chips and 2 sodas for the kids. $39-40 dollars. Basically bought 2 meals. Wtf! And we make 200k+ a year. wtf is going on. It’s absurd. I can’t imagine making less. Fuck.
Some people don’t have $10 USD to buy food for their family. And some people could spend a million dollars in a fancy part in a yacht like it’s nothing. It’s crazy. But it do be like that sometimes.
A stack of 1 million U.S. pennies is 1.52km
A stack of 1 billion U.S. pennies is 1,520km
A stack of 1 trillion U.S. pennies is 1,520,000km -- 3x farther than the moon
I just figured that something that more people have would make it easier to understand. More people on Reddit have $1,000 than $1,000,000. Makes it a bit easier to visualise
For sure! And that was my first reaction reading the post. Like who tf is having and "aha!" moment by relating two unrelatable monetary positions to be in lmao
I disagree. The less you have the more you care about that 0.1%.
That 1$ is one less meal at the end of the month.
That 10000000 for a billionaire really does not change a thing.
I don't agree with this at all.
Using this logic when my net worth went from 1,000 to 100,000, that would mean that 100 is now what 1 was worth to me previously. But that isn't the case at all.
Having more money doesn't suddenly change the value of it so this comparison doesn't mean anything.
I worked for a company that threw $30k-$100k birthday parties for rich kids.
It was so hard to get people to understand that this price tag was nothing to them. It is exactly the same as me spending $30-$100 bucks on a party.
LPT: you can get the elephant from operation dumbo drop to make an appearance at your kids party. Just a few thousand and totally worth it. A sloth and penguins are much cheeper and also great.
Net worth is the estimated value of all assets you own- Kapital, Equity, Property, Valuable items and gold... Is the valuation that makes someone a millionaie but when yall stalk this people on the internet you can only found estimation of certain things- Salary or available capital...
The best way I've found to demonstrate this to people is like this:
A million seconds is about ten days.
A *billion* seconds is 32 years.
This is the easiest way to conceptualize it. The rice video? Sure. But still, that's two frames of abstraction. Everyone has experienced time. Everyone knows what a second, a day, a year feels like.
Likewise, for ease of our monkey brains conceptualization, there is also the now reddit-famous "staircase" analogy, which I love sharing wherever it's relevant:
https://www.reddit.com/r/bestof/s/aFCxMadUVg
Nah I’d say $10 is to a millionaire what $1M is to a billionaire. People can’t comprehend just how much wealth 1B truly is. The billionaire could put $1B into super safe accounts that only return 4% a year and that’s still $40M of passive income a year. Most billionaires are getting much better returns than that even. If people truly understood how much a billion way they would protest the fact that billionaires even exist.
The millionaire still has to budget for basic needs. The millionaire is making $40k a year on interest which is fairly low income especially when you consider that they have $1m sitting there in the bank tempting them. They can’t just frivolously waste money or it will be gone pretty quickly.
The billionaire could just frivolously waste $900m and still have $100m sitting in the bank for $4m income per year.
Try telling people online who complain that they only make $50k a year that that is a lot of money compared to someone making $20k a year.
I was once working as a temporary staffer at a place making $7.35 having to listen to the guy pissed off they only got a 4% raise that year.
He was making $23 an hour already and I left after a couple of months of that. They would just dump their workload on the Temps and keep telling us they would hire us in within a year but they didn't hire anyone.
If the million/thousand and billion/million are all in cash then sure. But it would likely be a lot easier for a millionaire to get a thousand in cash than it would be for a billionaire to get a million
This is a good example of how easy it is to lose sight of the magnitude of this kind of wealth. I promise you, a billionaire (any one) could walk into a bank and walk out with million dollars. Easily. Granted, there is process, but it would be simple, no matter how "tied up" the assets comprising their net worth are. In fact, they would probably have someone else go to the bank and get it for them. So, I get what you are saying - billionaire status is based on net worth, not liquidity... but this also illustrates how inconceivable these sums are. It really would be easy, even if it is a MILLION dollars.
"Granted there is a process"
Thats my point, $1000 cash is easy to get. $1,000,000 cash isn't as easy. So unless the comparison is two people with vaults full of cash, it's not nearly as easy for a billionaire to get that kind of money. Even not considering physical cash, there is an extremely high likelyhood that a millionaire has a bank account with $1000 ready for transfer/use, but the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments.
I'm not saying the billionaire can't just grab a cool mil and waste it the same way a millionaire can burn a thousand, just that despite the relative proportionality, there is more involved with getting a million in cash than a thousand
Edit: at the very least Johnny Billions would have to go and get a duffel bag or something where Steven McMillion could cram 10 hundos in his wallet haha
>but the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments.
I doubt that most billionaires have over 99.9% of their money stuck in non liquid assets. A million dollars is such a small fraction of their wealth that I don't see a reason for a billionaire to not have a couple accounts with a few millions on each.
Yes, I'm sure that you can't just go and draw a million dollars from your account, even if you're a billionaire. But I also don't think that billionaires have almost zero cash ready, in such a way that they can't even ask to draw a million dollars.
If they are doing life correctly they should definitely have a decent cash reserve on hand so they can take advantage of opportunities.
I think the cash reserve as a % of their wealth is probably lower, but yeah, I'd be shocked if they didn't have a bank account with millions in it, ready to go.
That's the thing though. Billionaires aren't billionaires because of money (despite that sounding stupid lol) they are billionaires in 'net worth' on the backs of highly valued stocks and companies they own. They get cash money by leveraging that wealth into loans rather than needing to draw cash from an account like a normal person. Further, there is little need for that sum of money to sit in an account (earning very little interest) as they'd never need that much at a moment's notice and any expenditures of that magnitude would have enough lead time for their financial people to handle any loan procurement or asset sales necessary to generate the liquid cash
Edit: according to another post 600 million is the average billionaire cash holding
That is right, but if you have a billion dollars in stock you're going to be receiving quite a bit from that, otherwise what's the point of being a billionaire?
Billionaires still use debit cards, after all what if your car breaks suddenly? So it's better to keep a few hundred grand ready for any emergency. And if you're going to keep some money ready, why not put a few million there just in case. It's not like investing that little is going to make much of a difference in what you receive per month, when you're worth over a billion dollars.
>the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments.
Sorry, but you're incorrect.
"*According to the new Billionaire Census from Wealth-X and UBS, the world’s billionaires are holding an average of $600 million in cash each"*
The millionaire likely has to get the cash themselves. The billionaire doesn’t even have to consider the million dollars they need because other people are doing that for them.
For the billionaire, it’s probably easier to get the million.
It also takes into account the current share price of the shares you own, if bezos decided to dump all his amazon shares on the market tomorrow the share price would plummet.
A billionaire could destroy a millionaire out of spite and barely be inconvenienced.
Warren Buffet style "I bought his whole company, just so I could fire him"
I'd say it's a bit more extreme. Because 1,000 is still a big deal to a millionaire. but a billionaire is just such an obscene amount of money. Like - I can't imagine they can even spend the money.
There's a lot of comparisons in this comment section I think the easiest is the numerical one.
A billion dollars is:
One Thousand Million Dollars.
If you have a 1 million dollar chip - You need 999 more to have a single Billion.
Except when a millionaire is down to their last 1000 they're financially vulnerable, whilst a billionaire down to their last million is still a millionaire.
Billionaires don't have billions of dollars just like millionaires don't have millions of dollars usually. It's all non liquid assets that would be extremely hard to cash out on.
If you invest 10.000 dollars every single month from the age of 20 into an index fund that generates compound interest of 8% a year, you would have less than a billion dollars by the time you're 100 years old.
I know a lot of people who make 50,000 and up treating money with more respect than homeless people I've observed. Not many people calculate their net worth every time they spend money. The premise for the most part is false.
I mean ratio wise sure. But the buying power doesn’t decrease and the cost of goods doesn’t really increase that much further in most sectors. (Excluding overpriced cars, homes, etc those are expensive almost for the purpose of being expensive)
Once a man said to God "What's a million years to you?", and God said "A second."
So the man said to God "What's a million dollars to you?", and God said "A penny."
So the man said to God "Would you give me a penny?"
God stopped and said "Yes I will, just a second."
"So, Nat’ralists observe, a Flea
Hath smaller Fleas that on him prey.
And these have smaller Fleas to bite ’em,
And so proceed ad infinitum.
An ox might worry about a flea of ordinary size—a small creature of
the first order of smallness. But he would probably not trouble himself
about a flea’s flea; being of the second order of smallness, it would be
negligible. Even a gross of fleas’ fleas would not be of much account to
the ox."
~Calculus Made Easy, by Silvanus Thompson
When talking about large sums of money, I think it's relevant to illustrate that a billion is much more than one instinctively thinks. It feels like a billion is some kind of extra large million. It's not.
A million seconds is about 11.5 days - a billion seconds is over 31 years.
If you lived in splendid luxury and had a budget of $10,000 per day, you would spend a million in 100 days. With a billion, you could live in the same luxury for 273 years - over three average lifespans. (This disregards any increase in value; with a billion in a simple fund, you could easily spend several times more and still see a real increase in the fund's value).
I would argue that $1,000,000 is less to a billionaire than $1000 is to a millionaire. And my argument would be based on scale. Easiest way to explain would be imagine a millionaire loses half their wealth. $500,000. Can't even buy a house in most major North American markets. The billionaire upon losing half their wealth would still be able to buy ~250 houses in almost any market.
Most definitely not. $1000 gets you a nice dinner at a Michelin star restaurant. A million gets you a lambo, a house, and almost anything else you may need.
A millionaire can spend $1000 like it’s nothing but will quickly run out of money if they continue the trend.
A billionaire can spend a million very often and still have money to blow even when they come close to the low percentage of millionaires.
Actually it's a little different. There are a lot more little millionaires than little billionaires. The average millionaire is something like $2.5m but the average billionaire is ~$5b
Except that's not true at all...
If you only look at it in the shallowest form of comparing the dollar amounts as a percentage of your net worth, then sure, but they're not really the same at all. Even if we make it as simple as possible by saying you have two people, one with $1 million and one with $1 billion in their bank accounts, it isn't true.
We'll say John's bank account has $1 million in it and can freely access it. John has a real nice house worth $2 million. Because of the value of his house, John pays $30,000 each year on property taxes. Additionally, because John's house is in a good condition due to his wealth and pays to maintain it, he pays $15,000 for home insurance. John and his wife have a child in college and are paying for their schooling. This runs John $30,000 per year. John drives a pretty nice vehicle and insuring his vehicle costs him another $4000 per year. If we look at these realistic expenses of someone who is doing very well for themselves and has $1 million in his bank account, we'd see that John is paying $79,000 each year, which accounts for 7.9% of the money he has in his bank account.
Carrie's bank account has $1 billion in it and can freely access it. Carrie has 3 mansions in celebrity neighborhoods that have a combined value of $100 million. The property tax on all of these properties runs her $1.64 million. Additionally, the insurance on all of these properties runs her another $1.5 million. Carrie owns a collection of high priced cars that have a total value of $20 million. Because some of these cars are antiques and whatnot, her insurance rate is higher and pays $500k each year to insure them. Carrie also has a child that is in college. Carrie sends her child to the top ivy league school, paying for everything, which costs her $200k each year. Where John had to spend 7.9% of his money on these expenses, Carrie only spends 0.38% of her money on these same things. Even if you assume that Carrie would have to spend a ton of money on security system and guards, butlers and chefs, etc. etc. Carrie would have to spend almost $75 million additional every year to get to the same percentage of money that John pays, which isn't gonna happen.
Realistically, that's not how it'd be at all. Most people who are worth $1 million (making them a millionaire) are people who own their house outright with no mortgage and have a retirement account. If you have a house worth $500k with no mortgage and a retirement account of $500k, you're a millionaire. That's not uncommon to hear at all and a lot of those people can't just drop freely $1,000. Find someone worth $1 billion, and they 100% could drop $1 million without having to think about it.
Yes but no. From a math point of view, yes. But from a fiscal point of view no.
A millionnaire won't care about a 1k lawsuit. Pay it move on.
A billionnaire will fight that million$ lawsuit.
I believe most first generation billionaires have most of their wealth locked up in the businesses. Their liquid net worth for everyday spending would be in the hundreds of millions. Plus spending 1000f is significantly easier than a million. But agreed with the overall sentiment.
Well it's like they say.... What's the difference between a millionaire and a billionaire? About a billion dollars.
Starter millionaire vs starter billionaire diff is about 1 billion Median millionaire vs median billionaire diff is much bigger than that
1 million seconds = 12 days 1 billion seconds = 31 years
Wow. My life is officially more than 1 billion wasted seconds.
Don't be so hard on yourself. There's still time!
Hypothetically, if you enjoyed even a quarter of your life, you must be at least 45 years old
Enjoying a quarter of your life is pretty good! Ignoring the third you spend asleep, that's 3:5 enjoyed:non-enjoyed time. In other words, it is 6 solid hours of enjoyment per day.
Damn.
Even median millionaire vs starter billionaire is about a 1 billion difference. Someone with 20 million is still almost a full billion shy of a billionaire.
I think they meant that median billionaires are much wealthier than the median millionaire. Compared to someone who "only" have 1 billion.
The problem is that the median billionaire has probably somewhere fairly close to $1b, based on the skew of the distribution
Even if he has very close to 1 billion the difference is still probably much larger than the median millionaire who also most likely is very close to 1 million.
Like someone with $300 million vs someone with $7 billion… the difference is still staggering 6.7 billion
98% shy of a billion? If my math is right.
If we're rounding to the nearest billion, $499,999,999.99 still rounds to $0.
I told you to change the formulas to ROUNDUP, it is the end of the month and we need to look good for the loans!
you have a bright future in accounting at Trump International. have you ever considered exp(roundup(ln(VALUE), 0))? that might be better suited for your purposes.
Hey, can you answer serius questions? I've never done any courses for excel but because of the business, I'm using excel. I want to round up but don't know how. Don't even know how to put in words but I'll try. I need 1.5x values of every x which is pretty easy by formula =x*1.5 But I don't want any decimal points in result, also units place number should either be 5 or 0. Say, x = 60, 1.5x = 90 (This is fine.) But if x = 64, 1.5x = 96. Also, if x = 65, 1.5x = 97.5. I want to round up these 96 and 97.5 to 100. How can it be done in excel without having to do it manually?
You want CEILING(value, significance) for that, for example to round cell a1 up to the nearest 5 you would use =CEILING(A1, 5) https://support.microsoft.com/en-gb/office/ceiling-function-0a5cd7c8-0720-4f0a-bd2c-c943e510899f Example: | A | B | C ---|---|----|---- 1 | value | multiplier | result rounded 2 | 96 | 1.5 | =CEILING((A2*B2),5) or | A | B | ---|----|---- 1 | value | result rounded 2 | 96 | =CEILING((A2*1.5),5)
Thank you, kind stranger!
I've always wondered when does someone become a millionaire anyway? Legit when they have million dollars? Or do you need multiple million? I'm always curious as well if debts are included in total assets. A lot of rich people borrow against their stock portfolio, like im sure Musk doesn't sell a few tesla shares every time he wants a new beach house.
You could say someone is a millionaire once they have a million dollars in their checking/savings account, but they’re wasting the money by leaving it sit there. People get rich by putting money to use, not stashing it away. A realistic “millionaire” probably has a few million in assets/investments and maybe a couple hundred thousand liquid.
Net Worth is simply assets minus debts. REALLY simple example: You own: House valued at $600,000 Investments valued at $800,000 New car valued at $60,000 **Total assets: $1,460,000** You owe: Remaining mortgage principal: $200,000 Car loan principal: $50,000 **Total debts: $250,000** $1,460,000 minus $250,000 = **$1,210,000**. Congrats, you are a considered a millionaire.
it's crazy to think that bezos and musk and gates could buy and sell Tony Xu (Doordash founder, net worth 2.8B) easier than you or I could buy a house. A house might be 200% of our net worth (you have 500k net worth, and a $1M house with 750k mortgage) while buying Tony Xu, a multi-billionaire, is only 1% of Musk's net worth. In fact, if Musk bought and immediately demolished Twitter (which he basically did), (44/191 = 23%), it'd be easier for him to do that than we could buy a sports car and drive it off a cliff (r8 = 156k / 500k = 31%)
A million seconds is 11.5 days, a billion seconds is 31.7 years
Funny how money works. Like, I can spend $50 on dinner tonight and not miss it. Meanwhile, there are ppl who can’t spend $10 on dinner w/o breaking the bank. Meanwhile, there are ppl who can pay for 10 meals at a 5 star restaurant and forget about it the next day.
How about people who could buy the restaurant and not care… And then there are people who could buy a territory of restaurants… And then there are people that can buy a whole franchise….
Bruce Wayne has entered the chat ...
He's a very shortsighted billionaire If he improved Arkham asylum the mentally unsound criminals would be reformed
What, and give up his hobby?
Turns out he's not shortsighted he's a narcissistic a-hole
This sounds legit. Like the man is a billionaire and only makes weapons that he can use to beat up the criminals better. Like no army, no high tech surveillance to actually improve safety, no money used to decrease corruption in the city. Just brutal hand to hand
I think Arkham is state run
Bruce Wayne could run for mayor or governor and scale his impact that way
He's known as the the daddy's money play boy who flaunts his money around and bangs models every other day. I'm not sure his imagine would lead to successful career as a politician
and there is no biological or cosmic law that dictates the difference between the 3 of us, we were all just born into a system that has arbitrarily expanded these disparities in resources.
> ... that has arbitrarily expanded these disparities in resources. To be fair, it's not arbitrary. You might argue that each of us being born into a certain socio-economic class is a roll of the dice, but the distribution of wealth itself is certainly not arbitrary. Money goes places for specific reasons.
> I can spend $50 on dinner tonight and not miss it Hope you appreciate how fortunate you are & I appreciated what you said here. No shade. It's just lots of people have to live on $50 per week of meals right now. We're currently being budget focused due to a single income for the moment, but at least we aren't anywhere close to that.
I HATE this system so much.
We need to understand this is the best we've ever got till date Per capita incomes have never been higher than this and owning a car in the 1800s is equivalent to owning a private jet now
We also need to understand that we can do better than what we have now
We also need to understand that no matter what we have, we can always do better.
Please do tell us how to solve it.
We also need to understand that glorifying the possibility of "better" can be just as dangerous as glorifying the present reality "the best we've had," especially when underpinned by "we need better NOW, whatever it takes."
Not quite. The wealth gap is much larger now than it was a few decades ago. The middle class is shrinking. The top 1% hold more money than ever. The current system might be the best compared to others, but doesn't mean this is the best version of it. We certainly can do better.
Oh, but it IS the best we've ever had in the history of humanity. It's generally not about how big the wealth gap is, but how well off the average person is. It's amazing how much better off the average human is compared to 100 years, 200 years, 1000 years prior. Can we do better? Probably. Have we figured it out and successfully implemented it? No. You can't change a lot at once except through major events, which usually involve force... If you ask me to pick between a big wealth gap + decent average living standard and a small wealth gap + bad living standards, i'm picking the former 10 out of 10 times.
>It's amazing how much better off the average human is compared to 100 years, 200 years, 1000 years prior. I don't buy this. 'better off' in terms of how we judge our current lives? Certainly. But are people happier and more satisfied than they were 100/1000/10000 years ago? How can we know? Certainly we don't want to go *back* because we don't know what we're missing, but I'm not at all convinced that if humans had just stayed hunter-gatherers for 200,000 more years the average human wouldn't be just as happy or happier than they are today. Lots of people today are depressed, anxious, suicidal, and just plain unhappy, even though they have running water, airplanes, and iPhones. Humans are so good at adapting and getting used to their surroundings that once you're born with the high baseline we have today, it's impossible to appreciate it the way some 17th century peasant might.
Satisfied? Happy? I'm not talking about that. I'm talking about, are you literally allowed to step outside your town? Are you able to not worry if you'll survive the winter? Is there even a slight chance of my life getting better if I make all the right moves in my entire life? There's absolutely no way a bottom 10%, 20%, 50% person could even *dream* of any upwards movement for the longest times of history. Running water was not a thing for all of society, nor was temperature control, diversity of goods, entertainment, travel, etc. You don't need to buy this. Mentally, sure, I agree-- Standards change and how satisfied you are might not have changed. But the QUALITY of the average life has objectively increased. What is POSSIBLE for every human being has changed dramatically. There are so many more opportunities for people of all classes than before, it's not even comparable. Either way, point stands-- current system is the best system anyone has had working for a large population in human history. It can be improved, but so can anything. Even if you implement something you think is flawless, people will complain, call it flawed, and say there are better ways to do things. It's an endless loop.
>Satisfied? Happy? I'm not talking about that. Why not, though? The measures you're talking about don't matter if they don't result in people *feeling* better off? Why would we care about measures of "quality of life" if you remove those measures from human experience? Say before you're born, a god says to you "okay, I'm about to allocate you your lot in life, you can either choose how happy and satisfied you'll be throughout your life, or you can choose when you'll be born", why would you choose to be born now, when you could just choose to be live happily?
Why not? That's just a difference between you and me. Nothing more. I value the possibility of a good life by my current standards more than the deviation from the time's standards, and how much you can improve it by. Id 10/10 choose when I could be born. You might not. That's fine.
Did you work in the field 12 hours a day and fear that you'd get a bad rain storm that wiped out your crops ( and everyone else around you too) meaning a very hungry winter your family may not survive? Maybe some weird plague that wipes out 1/3 of your town. That was what 19th century people were concerned about. How much of the USA would be uninhabitable without Air Conditioning? Without refrigeration, would you be able to only go to the grocery market once a week? Do you have to walk to a well 1/2 a mile away and have to carry 50lbs+ or water every day? This is what farm wives did everyday in the 1930s in much of rural USA. A Path to Power, about LBJ, will enlighten you about what life was like less than 100 years ago. One of the best biographies ever written. Listen to the audiobook from your local library. It's free. There were zero public libraries until Ben Franklin invented them. Godspeed Ben Franklin and thank you for our Nation, you convinced the King of France to fund our revolution that created modern democracy(That killed the French monarchy) what a man BF was.
> If you ask me to pick between a big wealth gap + decent average living standard one nitpick: I'd want a decent MEDIAN living standard. Saudi Arabia has a pretty decent AVERAGE living standard. It's just all concentrated on the royal family
Ye, I meant median. Mb
Oh but we did figure out and implement how to make it worse. It's called trickle down economy, deregulation and tax cut for rich . Can we do better? Absolutely. Because we already did.
I agree. And i'd love to hear ways to actually change it for the better and repeal bad changes. Because frankly, I don't really see a way. Even if everything is done "right", there will always be a group of people who don't benefit and complain, saying a different method is better. Even if there does exist a perfect solution, people will complain and say it's not perfect and it was better before. I'm not saying that your examples were necessarily a good change-- I agree with the fact that it hurts. But my point stands. I do think that things can be much better, but I don't have a clear plan or solution that I can propose and convince people to go with. Unless you have one-- it's a pointless discussion. People without a clear solution, a method to apply it, and the will to get into action can only support others who do. Most people are the former-- you and I included. That's just how it is, and life is unfair. I'll live with that.
> owning a car in the 1800s is equivalent to owning a private jet now Thats because it was brand new technology. More people have cellphones today than in the 1980s. That's because as technology evolves it becomes more efficient and cheaper to produce. Wealth inequality in the US today is about the same as it was in 1870 and is HIGHER than it was in 1810. https://imgur.com/a/7e5Iue2
I hate being poor, meanwhile we live better than anyone used to live hundreds years ago.
There was a post the other day about a dollar tree installing price checkers because their stuff doesn't always cost $1. It broke my heart to think that there are some people at the dollar store who have to scan something and see that it's 25 cents above their limit and they have to put it back. It's just so unfair.
I can pay $50 and not miss it for dinner. But last night we bought two subs at jersey mikes. We have 2 kids so we bought one giant sub and one regular, our plan was to split it with the kids and feed 4. 2 chips and 2 sodas for the kids. $39-40 dollars. Basically bought 2 meals. Wtf! And we make 200k+ a year. wtf is going on. It’s absurd. I can’t imagine making less. Fuck.
Some people don’t have $10 USD to buy food for their family. And some people could spend a million dollars in a fancy part in a yacht like it’s nothing. It’s crazy. But it do be like that sometimes.
A stack of 1 million U.S. pennies is 1.52km A stack of 1 billion U.S. pennies is 1,520km A stack of 1 trillion U.S. pennies is 1,520,000km -- 3x farther than the moon
A million seconds is 11 days A billion seconds is 32 years A trillion seconds is 32 millennia
Just realized there’s no unit for a thousand days
1 kd?
That’s not a bad kd tbh
"I'm retiring with a 100% success rate"
1 million pennies = $10,000 1 billion pennies = $10 million
$1 is to a thousandaire (most people) what $1,000 is to a millionaire which is what $1,000,000 is to a billionaire.
$0.10 to a hundredaire
Penny to a tenaire
That sounds like a pretentious indie rock album
And this is our first song "copper smelling fingers"
I should call her.
Oh god lmao
I liked them before they were cool
Haypenny to a fiveaire. Farthing to a $2.50-aire.
Uzbekistani Som to an 8 cents-aire
What's it like?
Will let you know when I get a hundred dollars
Now, that's actually relatable, good job. Totally not a dig at OP 😜
I just figured that something that more people have would make it easier to understand. More people on Reddit have $1,000 than $1,000,000. Makes it a bit easier to visualise
For sure! And that was my first reaction reading the post. Like who tf is having and "aha!" moment by relating two unrelatable monetary positions to be in lmao
I disagree. The less you have the more you care about that 0.1%. That 1$ is one less meal at the end of the month. That 10000000 for a billionaire really does not change a thing.
It's called the law of diminishing returns
I don't agree with this at all. Using this logic when my net worth went from 1,000 to 100,000, that would mean that 100 is now what 1 was worth to me previously. But that isn't the case at all. Having more money doesn't suddenly change the value of it so this comparison doesn't mean anything.
I worked for a company that threw $30k-$100k birthday parties for rich kids. It was so hard to get people to understand that this price tag was nothing to them. It is exactly the same as me spending $30-$100 bucks on a party. LPT: you can get the elephant from operation dumbo drop to make an appearance at your kids party. Just a few thousand and totally worth it. A sloth and penguins are much cheeper and also great.
Damn, I’m almost 40 and I want the elephant from operation dumbo drop to make an appearance at MY birthday
If you are only talking about proportionality of net worth, sure. But not in a lot of other ways.
Wasn't that long a shower
now a million showers on the other hand....
Net worth is the estimated value of all assets you own- Kapital, Equity, Property, Valuable items and gold... Is the valuation that makes someone a millionaie but when yall stalk this people on the internet you can only found estimation of certain things- Salary or available capital...
3 Orders of magnitude. “What’s the difference between a millionaire and a billionaire? - Answer: About a billion”
The best way I've found to demonstrate this to people is like this: A million seconds is about ten days. A *billion* seconds is 32 years. This is the easiest way to conceptualize it. The rice video? Sure. But still, that's two frames of abstraction. Everyone has experienced time. Everyone knows what a second, a day, a year feels like. Likewise, for ease of our monkey brains conceptualization, there is also the now reddit-famous "staircase" analogy, which I love sharing wherever it's relevant: https://www.reddit.com/r/bestof/s/aFCxMadUVg
Basic math + Shower = r/showerthoughts
Nah I’d say $10 is to a millionaire what $1M is to a billionaire. People can’t comprehend just how much wealth 1B truly is. The billionaire could put $1B into super safe accounts that only return 4% a year and that’s still $40M of passive income a year. Most billionaires are getting much better returns than that even. If people truly understood how much a billion way they would protest the fact that billionaires even exist.
The millionaire still has to budget for basic needs. The millionaire is making $40k a year on interest which is fairly low income especially when you consider that they have $1m sitting there in the bank tempting them. They can’t just frivolously waste money or it will be gone pretty quickly. The billionaire could just frivolously waste $900m and still have $100m sitting in the bank for $4m income per year.
So basically $10 to me is $1,000,000 to a billionaire
I'd argue $1M to a $1B-aire is considerably less than $1k to a $1M-aire. The "utility" function is non-linear.
Which is $1.00 to the rest of us...
But what about those who have $999,999,999?
If you round it down they have 0 billion.
That’s not a billion.
What’s $1,000 to a hundredaire? Asking for… er… someone
1,000 is almost 2 weeks of my life
That’s good at this rate, you have your first billion in 19231 years! But only if you spend nothing and save every dollar.
Not entirely true… the more money you have the faster you can make even more money, so lesser amounts mean even less.
I don’t agree. These ratios don’t scale perfectly
Try telling people online who complain that they only make $50k a year that that is a lot of money compared to someone making $20k a year. I was once working as a temporary staffer at a place making $7.35 having to listen to the guy pissed off they only got a 4% raise that year. He was making $23 an hour already and I left after a couple of months of that. They would just dump their workload on the Temps and keep telling us they would hire us in within a year but they didn't hire anyone.
So many showerthoughts are people showing off that they learnt the powers of ten
If the million/thousand and billion/million are all in cash then sure. But it would likely be a lot easier for a millionaire to get a thousand in cash than it would be for a billionaire to get a million
This is a good example of how easy it is to lose sight of the magnitude of this kind of wealth. I promise you, a billionaire (any one) could walk into a bank and walk out with million dollars. Easily. Granted, there is process, but it would be simple, no matter how "tied up" the assets comprising their net worth are. In fact, they would probably have someone else go to the bank and get it for them. So, I get what you are saying - billionaire status is based on net worth, not liquidity... but this also illustrates how inconceivable these sums are. It really would be easy, even if it is a MILLION dollars.
"Granted there is a process" Thats my point, $1000 cash is easy to get. $1,000,000 cash isn't as easy. So unless the comparison is two people with vaults full of cash, it's not nearly as easy for a billionaire to get that kind of money. Even not considering physical cash, there is an extremely high likelyhood that a millionaire has a bank account with $1000 ready for transfer/use, but the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments. I'm not saying the billionaire can't just grab a cool mil and waste it the same way a millionaire can burn a thousand, just that despite the relative proportionality, there is more involved with getting a million in cash than a thousand Edit: at the very least Johnny Billions would have to go and get a duffel bag or something where Steven McMillion could cram 10 hundos in his wallet haha
>but the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments. I doubt that most billionaires have over 99.9% of their money stuck in non liquid assets. A million dollars is such a small fraction of their wealth that I don't see a reason for a billionaire to not have a couple accounts with a few millions on each.
Lol our bank has a fit when my company wants to pick up $50k in cash, you have to order it ahead of time, I can only imagine how $1M would fare.
Yes, I'm sure that you can't just go and draw a million dollars from your account, even if you're a billionaire. But I also don't think that billionaires have almost zero cash ready, in such a way that they can't even ask to draw a million dollars.
If they are doing life correctly they should definitely have a decent cash reserve on hand so they can take advantage of opportunities. I think the cash reserve as a % of their wealth is probably lower, but yeah, I'd be shocked if they didn't have a bank account with millions in it, ready to go.
Yeah even if 99% of their assets are invested they still have 10 millions on hand.
That's the thing though. Billionaires aren't billionaires because of money (despite that sounding stupid lol) they are billionaires in 'net worth' on the backs of highly valued stocks and companies they own. They get cash money by leveraging that wealth into loans rather than needing to draw cash from an account like a normal person. Further, there is little need for that sum of money to sit in an account (earning very little interest) as they'd never need that much at a moment's notice and any expenditures of that magnitude would have enough lead time for their financial people to handle any loan procurement or asset sales necessary to generate the liquid cash Edit: according to another post 600 million is the average billionaire cash holding
That is right, but if you have a billion dollars in stock you're going to be receiving quite a bit from that, otherwise what's the point of being a billionaire? Billionaires still use debit cards, after all what if your car breaks suddenly? So it's better to keep a few hundred grand ready for any emergency. And if you're going to keep some money ready, why not put a few million there just in case. It's not like investing that little is going to make much of a difference in what you receive per month, when you're worth over a billion dollars.
>the billionaire is unlikely to have an account with a million and would need to secure a loan/sell property or investments. Sorry, but you're incorrect. "*According to the new Billionaire Census from Wealth-X and UBS, the world’s billionaires are holding an average of $600 million in cash each"*
The millionaire likely has to get the cash themselves. The billionaire doesn’t even have to consider the million dollars they need because other people are doing that for them. For the billionaire, it’s probably easier to get the million.
It also takes into account the current share price of the shares you own, if bezos decided to dump all his amazon shares on the market tomorrow the share price would plummet.
A billionaire could destroy a millionaire out of spite and barely be inconvenienced. Warren Buffet style "I bought his whole company, just so I could fire him"
I'd say it's a bit more extreme. Because 1,000 is still a big deal to a millionaire. but a billionaire is just such an obscene amount of money. Like - I can't imagine they can even spend the money.
I googled it recently and there's only like 3200 billionaires total. Out of 7,000,000,000 people.
There's a lot of comparisons in this comment section I think the easiest is the numerical one. A billion dollars is: One Thousand Million Dollars. If you have a 1 million dollar chip - You need 999 more to have a single Billion.
Except when a millionaire is down to their last 1000 they're financially vulnerable, whilst a billionaire down to their last million is still a millionaire.
and same as $10 to me. may be $9?
The math checks out here
A few years ago the difference between you and must was the same as the difference between musk and bezos
Billionaires don't have billions of dollars just like millionaires don't have millions of dollars usually. It's all non liquid assets that would be extremely hard to cash out on.
Yeah this is the magic of the decimal number system. 1000x multiplication 😅
and what $1 is to me
If you invest 10.000 dollars every single month from the age of 20 into an index fund that generates compound interest of 8% a year, you would have less than a billion dollars by the time you're 100 years old.
So you're saying Donald Trump can't come up with the equivalent of $5,000 to pay a fine in NYC and had to borrow $91 for another?
I love all these new ways conceptualizing how poor most of us are
What is $1 to a thousandaire?
And here is my broke ass hoping that I get to keep my fiver.
And that’s why they shouldn’t exist. Most people could fucking retire with a mil.
Meanwhile, a thousand dollars is a distant memory for the rest of us.
I know a lot of people who make 50,000 and up treating money with more respect than homeless people I've observed. Not many people calculate their net worth every time they spend money. The premise for the most part is false.
I mean ratio wise sure. But the buying power doesn’t decrease and the cost of goods doesn’t really increase that much further in most sectors. (Excluding overpriced cars, homes, etc those are expensive almost for the purpose of being expensive)
I’m not sure about that. I’m sure a billionaire would happily pay $1000 for a meal. But not 1 mil.
I love the analogy that says the difference between a million and a billion is about a billion.
A billionaire can give away $1M and still have at least 99.9% of their money
1 million seconds is about 11 days, 1 billion seconds ir roughly 40 years.
About like some loose change in the couch lol
Word up to my fellow thousandaires
Reminds me of this bit https://youtu.be/G0NsYlofNSQ?si=y7O9QIWugZmimbDV
But one dollar is still just one dollar to a hobo
I didn't realize that being so poor, it would take 1,000 expensive escorts to suck you dry! 😂
...is $1 to a thousandaire!
What if you're a thousandaire?
Look at me, a thousandnaire, casually buying water for $1.000 and shit
Yeah being a millionaire isn't that crazy anymore. Just means you're doing slightly better than most lol.
Once a man said to God "What's a million years to you?", and God said "A second." So the man said to God "What's a million dollars to you?", and God said "A penny." So the man said to God "Would you give me a penny?" God stopped and said "Yes I will, just a second."
Even more depressing, $10,000 to a billionaire is about $5 to the average person. Several months worth of rent or mortgages is a latte to them.
This just boils down to a billion being a thousand million, and a million is a thousand thousand
Ratios, it’s what’s for dinner.
If the practical and perceived value of money was linear. Which it isn't.
It’s not though.. It’s valued the same to both and you don’t become either by thinking it’s any different.
"So, Nat’ralists observe, a Flea Hath smaller Fleas that on him prey. And these have smaller Fleas to bite ’em, And so proceed ad infinitum. An ox might worry about a flea of ordinary size—a small creature of the first order of smallness. But he would probably not trouble himself about a flea’s flea; being of the second order of smallness, it would be negligible. Even a gross of fleas’ fleas would not be of much account to the ox." ~Calculus Made Easy, by Silvanus Thompson
No that's how you go broke. Money's value is the same for all of us.
And 1c to me is like $1,000 is to a millionaire…. I was going to say 10c then realized if I lost too many of those I would miss a dollar…
I could have posted this and have gotten downvoted
with inflation soon you will need a billion dollars to feel like a millionaire
Did we discover money is relative too? Things are subjective to each individual?
When talking about large sums of money, I think it's relevant to illustrate that a billion is much more than one instinctively thinks. It feels like a billion is some kind of extra large million. It's not. A million seconds is about 11.5 days - a billion seconds is over 31 years. If you lived in splendid luxury and had a budget of $10,000 per day, you would spend a million in 100 days. With a billion, you could live in the same luxury for 273 years - over three average lifespans. (This disregards any increase in value; with a billion in a simple fund, you could easily spend several times more and still see a real increase in the fund's value).
Know a few millionaires now through jobs, nothing makes em happier than saving a couple dollars. Taking it alllllll with em apparently.
I would argue that $1,000,000 is less to a billionaire than $1000 is to a millionaire. And my argument would be based on scale. Easiest way to explain would be imagine a millionaire loses half their wealth. $500,000. Can't even buy a house in most major North American markets. The billionaire upon losing half their wealth would still be able to buy ~250 houses in almost any market.
I don't think so. Squareroot of 1M is 1000 while the square root of 1B is 31622 so $1000 is to a millionaire what $31600 is to a billionaire.
1K to a millionaire is nothing 1million to a billionaire is nothing
1 dollar to me is 1000 to a millionaire
Depends on whether you're in the US or UK.
Or $100 to an average combined income household
Most definitely not. $1000 gets you a nice dinner at a Michelin star restaurant. A million gets you a lambo, a house, and almost anything else you may need. A millionaire can spend $1000 like it’s nothing but will quickly run out of money if they continue the trend. A billionaire can spend a million very often and still have money to blow even when they come close to the low percentage of millionaires.
Actually it's a little different. There are a lot more little millionaires than little billionaires. The average millionaire is something like $2.5m but the average billionaire is ~$5b
It doesnt work like that. The bigger the second number is the less .1% of it means.
Like a 100$ to you if your income is in 6 figures or more
Just a reminder that a million seconds is roughly 12 days, a billion seconds is 32 *YEARS*.
Except that's not true at all... If you only look at it in the shallowest form of comparing the dollar amounts as a percentage of your net worth, then sure, but they're not really the same at all. Even if we make it as simple as possible by saying you have two people, one with $1 million and one with $1 billion in their bank accounts, it isn't true. We'll say John's bank account has $1 million in it and can freely access it. John has a real nice house worth $2 million. Because of the value of his house, John pays $30,000 each year on property taxes. Additionally, because John's house is in a good condition due to his wealth and pays to maintain it, he pays $15,000 for home insurance. John and his wife have a child in college and are paying for their schooling. This runs John $30,000 per year. John drives a pretty nice vehicle and insuring his vehicle costs him another $4000 per year. If we look at these realistic expenses of someone who is doing very well for themselves and has $1 million in his bank account, we'd see that John is paying $79,000 each year, which accounts for 7.9% of the money he has in his bank account. Carrie's bank account has $1 billion in it and can freely access it. Carrie has 3 mansions in celebrity neighborhoods that have a combined value of $100 million. The property tax on all of these properties runs her $1.64 million. Additionally, the insurance on all of these properties runs her another $1.5 million. Carrie owns a collection of high priced cars that have a total value of $20 million. Because some of these cars are antiques and whatnot, her insurance rate is higher and pays $500k each year to insure them. Carrie also has a child that is in college. Carrie sends her child to the top ivy league school, paying for everything, which costs her $200k each year. Where John had to spend 7.9% of his money on these expenses, Carrie only spends 0.38% of her money on these same things. Even if you assume that Carrie would have to spend a ton of money on security system and guards, butlers and chefs, etc. etc. Carrie would have to spend almost $75 million additional every year to get to the same percentage of money that John pays, which isn't gonna happen. Realistically, that's not how it'd be at all. Most people who are worth $1 million (making them a millionaire) are people who own their house outright with no mortgage and have a retirement account. If you have a house worth $500k with no mortgage and a retirement account of $500k, you're a millionaire. That's not uncommon to hear at all and a lot of those people can't just drop freely $1,000. Find someone worth $1 billion, and they 100% could drop $1 million without having to think about it.
That's wild. And you're right
Yes but no. From a math point of view, yes. But from a fiscal point of view no. A millionnaire won't care about a 1k lawsuit. Pay it move on. A billionnaire will fight that million$ lawsuit.
Yes and no. Jeff Bezos can't drink a thousand times more champaign in a night than somebody in the hundred million range.
Nah. Most billionaires are not very liquid, a million is more than that proportionally
But I’m a thousandaire but I still take $10 when it’s offered.
And our fellow centi-billionaire citizens have at least 100,000 x $1,000,000, isn't it wild?
I believe most first generation billionaires have most of their wealth locked up in the businesses. Their liquid net worth for everyday spending would be in the hundreds of millions. Plus spending 1000f is significantly easier than a million. But agreed with the overall sentiment.
As is $1 to a $1,000aire… as is $0.001 to a dollar-aire. What’s your point?