Comment on A reminder

• mcv@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

  Yeah, millionaire status is rapidly becoming meaningless. Lots of people who have a mortgage will probably be millionaires when they pay it off, but they can’t buy anything for it because they still need a roof over their head.

  I think 10 million now is the million of the past. Call it inflation. It’s entirely driven by ridiculous housing prices (which are mysteriously not counted in inflation figures).

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  • anon_8675309@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Put 5 randos in a room and one is a millionaire on paper.

    It means nothing to be a millionaire if you include house car etc.

    You can’t “spend” those items.

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    • IronBird@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      can with a heloc, but that’s just me being pedantic

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  • Rhaedas@fedia.io ⁨2⁩ ⁨weeks⁩ ago

    I am old enough to remember when a simple savings account at the bank was 5% interest, no minimum balance. Now grabbing a high yield account of 3.5% is doing well for the average person, and requires a high balance to qualify for that "incredible" rate.

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    • anon_8675309@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      Yes but a mortgage was 11%.

      Now housing was still affordable then, so…

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      • Rhaedas@fedia.io ⁨2⁩ ⁨weeks⁩ ago

        Housing was affordable and wages hadn't fully flatlined, so a single income family could still possibly pay that mortgage, even pay extra against the rate, and support a family. Definitely a lot more than one single rate number, lots of things are broken.

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  • BarneyPiccolo@lemmy.today ⁨2⁩ ⁨weeks⁩ ago

    Owning a house doesn’t protect you at all. Every decade or so there’s a real estate bubble that pops, you lose all your equity, and you have to start over.

    Also try not paying your taxes, or your HOA, and you’ll quickly find out that you don’t really own your home, you’re still paying someone to keep it, or the court will forcibly remove you. And if a squatter moves in, they can stay, and you’re paying for the right for them to stay there.

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    • arrow74@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

      That’s if you consider a house a store of wealth.

      I consider it a place to live that compared to everything gets cheaper every year. By the time my mortgage is paid off all I have to pay is maintenance and property taxes. Which are a fraction of rent

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      • scytale@piefed.zip ⁨2⁩ ⁨weeks⁩ ago

        I was shocked to learn that the average homeowner in the US lives in their house for only 7 years. I think it’s due to the nature of how huge the country is and that something as simple as a job change means you have to move across the country and sell your house. There’s also the culture of always upgrading.

        I grew up in a place where you usually buy once and live there forever, so equity isn’t really too important. But then again it’s a more centralized way of living where you can stay in place for most of your life.

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  • Flower@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

    10 million

    Decamillionair

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• sparky@lemmy.federate.cc ⁨2⁩ ⁨weeks⁩ ago

  As with all things finance, depends on where. $1m in San Francisco means you can’t afford a home. $1m in Sicily is a great life.

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• blackberry28@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

  Canada?

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