Furnish my home with beautiful expensive furniture.
Buy gorgeous designer shoes, handbags and clothes.
Buy fresh organic food.
Eat out at the best restaurants in town.
Attend Broadway shows every summer, as much as I want.
Send my child to the best private school in town, and eventually the best college education money can buy.
Fund an Aids orphanage
Contribute 10% to my church
Fund a home for estranged teenage girls
Get to see the best artists -- singers, comedians etc
Stay at the best hotels when I travel
Enjoy relaxing spa treatments
Consume the best quality there is to consume, I could go on and on....and I still haven't bought a luxury car.
If you have anything over $5k, I'll take it
And this is a very partial list of the worlds biggest philanthropists
- Leona M. Helmsley
- James LeVoy Sorenson
- Peter G. Peterson and Joan Ganz Cooney
- Harold AlfondHarold
- Donald B. and Dorothy L. Stabler
- David G. and Suzanne Deal Booth
- Frank C. Doble
- Robert L. and Catherine H. McDevitt
- Michael R. Bloomberg
- Dorothy Clarke Patterson
- Richard W. Weil
- Helen L. Kimmel
- Jeffrey S. Skoll
- H.F. (Gerry) and Marguerite B. Lenfest
- David Rockefeller
- Stephen A. Schwarzman
- Gerhard R. Andlinger
- Eli and Edythe L. Broad
- Philip H. and Penelope Knight
- David H. Koch
- Kenneth G. and Elaine A. Langone
- Fritz J. and Dolores H. Russ
- Frank Sr. and Jane Batten
- Jesse H. and Beulah C. Cox
- Henry R. and Marie-Josée Kravis
- Ronald O. Perelman
- Guy E. Beatty Jr.
- Malone III and Amy Mitchell
- Felix E. Martin Jr.
- Paul G. AllenPaul G. Allen
- Stewart A. and Lynda R. Resnick
- Donald J. and Ruth Weber Goodman
- Jerome and Anne Fisher
- Michael Moritz and Harriet Hayman
- Perot family
- Emily Rauh Pulitzer
- Lorry I. Lokey
- Theodore and Vada Stanley
- Adrienne Arsht
- Sheldon G. and Miriam Adelson
- Jon L. Stryker
- Lawrence J. Ellison
- Andrew S. Grove
- John A. and Cynthia Fry Gunn
- William B. Quarton
- Michael S. (Mickey) and Janie Maurer
- Dennis J. and Constance Templeton
- Andrew H. and Ann Rubenstein
- Peter T. Paul
- David F. Bolger
- Jon M. Huntsman, Karen Huntsman
- George Soros
this is not my budget, but is a sample budget for $5K.
$300 medical insurance
$100 car insurance
$800 car payment
$100 cell phone
$100 electric/water bill
$300 heat/gas bill
$200 for Christmas/bday/baby shower/wedding presents
$100 Health Club membership
$75 Internet service
$25 land phone line
$400 house cleaner
$150 security system for your home
This does not include any money for
Car maintenance and repair
Home maintenance and repair
Landscaping, lawn maintenance
Insurance deductibles and medical expenses not otherwise covered
Entertainment including dining out
Pilates classes/yoga/personal training, etc.
Hair, nails, beauty products.
Pet Lion, or any pets for that matter.
I do not call that living like a king. It doesn't make me wrong or right for not sharing the same values; it just makes us different. If you can live like a king on 5k, that's great for you. If you take the mortgage and car payment out of the equation, obviously there is more money left over for the categorie that were not covered by the 5K, but even then, you would be watching your pennies.
Last edited by mleighp1; 03-11-2009 at 12:31 PM.
Rest in peace, Cat Lover. -12/28/10
If one had no debt, then 5K is a "sufficient" income for the moment, then you must also take into account loss of that income and having bank to tide you over and that would mean at least $30K in the bank or invested. You also need to increase that income over time as inflation eats away at it year after year so there needs to be a solid plan in place. It also means no debt at all. No mortgage, no cars and completely controllable expenses such as food, water, sewage, waste, insurance, emergency funds etc...
why on earth would I need more than $5k/Month?
Travel around the world
Travel and accommodations to parts of the world to deliver mosquito nets
Travel and accommodations to parts of the world to help feed and water 3rd and 4th world nations
Trips for my family to places they have never been
Take up residencies in foreign countries to learn the languages, cultures and what I can do to make a difference
Fund a project to clean up space junk (Oh, you said on this world )
Fund Programs to fight Illiteracy around the world
Reef awareness projects
Battle invasive species around the world in reefs and forests
My own dive boat / Research fleet to support reef surveys
Fund discoveries of new clean energy sources
Fund Pancreatic Cancer research and other Cancer Researches
Start several grants for education in Cancer or Marine research
Need I go on?
some interesting responses from MidasGirl and Scooter
the assumption seems to be that to live a life of excitement and adventure AND to contribute massively requires a lot of income though. if you're totally happy with that assumption then best of luck with it.
getting back to the topic, in terms of having a plan for wealth;
I wonder who here has a formal written plan for how they intend to become a millionaire?
How did you come by this plan?
lots of research and study
Is it a tested plan that you have come across?
yep, tested by many thousands of people
Did you study and come up with your own plan?
If so what did you study?
"Your Money Or Your Life" by Vicki Robin and Joe Dominguez LINK
When did you come up with your plan and how much progress have you made towards achieving your plan?
two years ago
made significant progress, will be financially free (passive income > expenses) within 3 to 5 years
NOTE: this is a plan for financial freedom, not necessarily for becoming a millionaire. Having a million dollars/net worth is not my goal, having automatic income that meets or exceeds my expenses is my goal and is a better measure of real wealth.
Kings have castles, and palaces.
"Doubt is the origin of wisdom" - Descartes
"The only thing that will redeem mankind is cooperation"- Bertrand Russell
"What we observe is not nature itself, but nature exposed to our method of questioning" - Werner Heisenberg
"If I have seen a little further it is by standing on the shoulders of Giants" - Sir Issac Newton
You tell me, i forget. You teach me, i remember. You involve me, i learn. Benjamin Franklin
No "formal written plan". My finances are just one aspect of my life that support the fulfillment of a broader vision for my life overall.
Becoming a millionaire, or to be more specific, having a net worth of 20 million by age 60 , is necessary for me to achieve my view of financial freedom.
My plan has and will continue to be a work in progress.
I have always viewed my financial goals in stages. First I had to earn enough to meet the basic needs of my family; food, clothing, shelter, transportation, health care, etc... Once this was achieved I began to work on achieving financial security; secure source of income, more money to improve standard of living, college money for kids, money for retirement, etc...
I am still in the financial security building stage of my plan and have begun to work on the next stage, which is financial freedom; money to pursue hobbies, support various causes / charities, more money for travel, etc...
My most productive vehicle to date has been business ownership. For the first ten years all available profit was reinvested into the building of one business. For the past 6 years increased focus has been on diversification into more investments that generate residual income.
Ultimately for me, happiness and quality of life hold the most value, and in those respects I am rich. I'm certain I'll achieve milliionaire status as a side effect of pursuing the greatest vision for my life.
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