Comments on: Middle-Class Millionaires are Concerned for Their Future /middle-class-millionaires-are-concerned-for-their-future/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 26 May 2012 03:47:27 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Adfecto /middle-class-millionaires-are-concerned-for-their-future/comment-page-1/#comment-138158 Adfecto Wed, 27 Feb 2008 20:52:46 +0000 http://www.consumerismcommentary.com/2008/02/27/middle-class-millionaires-are-concerned-for-their-future/#comment-138158 I'd be in big trouble very fast, within about 6 weeks, if I lost my income. It is something that I think of occasionally, but I think I'm doing pretty good for someone my age (not quite 25). I haven't really had enough time to build up much of a cushion. Thankfully I have a very stable job. I do think that $1 million isn't much these days. To replace my income (and benefits like health insurance) it would take at least $2 million in assets. To be completely worry free in my current lifestyle I think it may take as much as $5,000,000, and I can easily see (and even understand?) those on the coasts needing $10,000,000. But, I'm sure most of us would be able to adjust to a much more conservative lifestyle if the *$&% really hit the fan. I’d be in big trouble very fast, within about 6 weeks, if I lost my income. It is something that I think of occasionally, but I think I’m doing pretty good for someone my age (not quite 25). I haven’t really had enough time to build up much of a cushion. Thankfully I have a very stable job. I do think that $1 million isn’t much these days. To replace my income (and benefits like health insurance) it would take at least $2 million in assets. To be completely worry free in my current lifestyle I think it may take as much as $5,000,000, and I can easily see (and even understand?) those on the coasts needing $10,000,000. But, I’m sure most of us would be able to adjust to a much more conservative lifestyle if the *$&% really hit the fan.

]]> By: Matt /middle-class-millionaires-are-concerned-for-their-future/comment-page-1/#comment-138153 Matt Wed, 27 Feb 2008 20:15:03 +0000 http://www.consumerismcommentary.com/2008/02/27/middle-class-millionaires-are-concerned-for-their-future/#comment-138153 Investing in markets is always risky but the good thing is that if you've managed to save up a good chunk of money loosing your job doesn't mean you instantly become destitute. I think that the main reason that working millionaires are cutting down on their spending is because this recent market downturn has forced them to realize just how much unnecessary spending they're doing. Investing in markets is always risky but the good thing is that if you’ve managed to save up a good chunk of money loosing your job doesn’t mean you instantly become destitute. I think that the main reason that working millionaires are cutting down on their spending is because this recent market downturn has forced them to realize just how much unnecessary spending they’re doing.

]]> By: savvy /middle-class-millionaires-are-concerned-for-their-future/comment-page-1/#comment-138104 savvy Wed, 27 Feb 2008 14:43:44 +0000 http://www.consumerismcommentary.com/2008/02/27/middle-class-millionaires-are-concerned-for-their-future/#comment-138104 Perhaps I'm an optimist, but I'm not at all worried about maintaining my level of wealth. In fact, I see the current time as a prime opportunity to increase my wealth. I can buy stock/ETFs and even real estate at a discounted price. Because I have 15 or so years left until retirement, I have plenty of time. So for now, I'm not doing much differently than I've always done which is continue to invest as well as pay down my mortgage in addition to focusing on ways to increase my income. If my means are higher and my expenses remain constant (or decrease), then my net worth will only increase. Perhaps I’m an optimist, but I’m not at all worried about maintaining my level of wealth. In fact, I see the current time as a prime opportunity to increase my wealth. I can buy stock/ETFs and even real estate at a discounted price. Because I have 15 or so years left until retirement, I have plenty of time.

So for now, I’m not doing much differently than I’ve always done which is continue to invest as well as pay down my mortgage in addition to focusing on ways to increase my income. If my means are higher and my expenses remain constant (or decrease), then my net worth will only increase.

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