A million dollars doesn’t seem like much today. In 1950, my parents bought a house in West Whittier, Calif. for $7,000. Today, similar houses, now around 80 years old, in the area, which is not nearly as safe as it was in the 1950s, are selling for around $8000,000.
In 1950, my parents bought a house in West Whittier, Calif. for $7,000.
Real Estate in West Whittier has exceeded the national inflation rate.
I just had this conversation with my son. I told him that our net worth just crossed the million dollar point. He was impressed because we have always been very frugal.
I reminded him that there are millions of people in the US with a million dollars in the bank. It’s not nearly what it seems.
I’ve never played the lottery but if I did and won big, step one would be to put in in a trust and pay myself a healthy stipend. That way when leeches come calling, “I’m sorry, the trust controls the money and I don’t have unfettered access to it.”