3 Credit Cards Millionaires Use

[Kat58]

https://www.fool.com/credit-cards/2017/09/04/3-credit-cards-millionaires-use.aspx

 

 

 

[Burgerwars]

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

[cv91915]

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

 

You have to have assets worth a million dollars AND paper currency flying out of your suit everywhere you go.

 

[TheVig]

I like this guys suit better.

 

[Kat58]

+

 

 

What a Hoot! I love this guy

Edited September 4, 2017 by Kat58

[mendelssohn]

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

 

Remember that there is also a business version of this card, so it has more to do with how much money you put through it in that case. They want to see $250K+ in spending per year, and at 1x for everything, I would never put spending through that card. I have been surprised at how many of them I have seen in the Centurion Lounge at DFW though. It gets you a few top shelf drinks that are not available to us lowly Platinum card holders.

[Burgerwars]

 

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

 

Remember that there is also a business version of this card, so it has more to do with how much money you put through it in that case. They want to see $250K+ in spending per year, and at 1x for everything, I would never put spending through that card. I have been surprised at how many of them I have seen in the Centurion Lounge at DFW though. It gets you a few top shelf drinks that are not available to us lowly Platinum card holders.

 

 

 

I'll probably never get to see the inside of a Centurion Lounge, unless a Centurion/Platinum member ever invites me to join them. I'll never pay $50 to get in.

 

I thought it was a downgrade when all the McDonald's closed at LAX. When traveling through my home airport now, it's a bunch of overpriced crap that airport management now thinks is "upscale dining."

Edited September 4, 2017 by Burgerwars

[IndyPoolPlayer]

 

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

 

You have to have assets worth a million dollars AND paper currency flying out of your suit everywhere you go.

 

Right ... Just look at TAD - he has billions in paper currency flying around. Problem is its all Turkish Lira which is like a million per USD.

[tobettercredit]

 

 

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

You have to have assets worth a million dollars AND paper currency flying out of your suit everywhere you go.

Right ... Just look at TAD - he has billions in paper currency flying around. Problem is its all Turkish Lira which is like a million per USD.

$1=3.4 Turkish Lira. This is a knowledge based site.

[cv91915]

 

 

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

 

You have to have assets worth a million dollars AND paper currency flying out of your suit everywhere you go.

Right ... Just look at TAD - he has billions in paper currency flying around. Problem is its all Turkish Lira which is like a million per USD.

We do still have "family money" in Turkish lira, invested in Turkish government bonds, although we have accelerated the transfer of this money to the US in recent years.

 

The yield on the bonds is about 10%, yet when you account for the declining value of the TL against the USD we still go backward on this money every year.

 

Also, the Turkish government withholds something like 15-20% income tax on the "gain."

 

We deduct this whole mess from our US taxes. This is part of the reason our annual tax prep runs ~$2,000.

[IndyPoolPlayer]

 

 

 

What's the current definition of a millionaire? If it's having just over one million dollars in assets, something like the American Express Centurion Card would still be far out of reach.

You have to have assets worth a million dollars AND paper currency flying out of your suit everywhere you go.

Right ... Just look at TAD - he has billions in paper currency flying around. Problem is its all Turkish Lira which is like a million per USD.

$1=3.4 Turkish Lira. This is a knowledge based site.

Wow. Things change. When I used to chat with my friend in Istanbul he told me the rate was somewhere around 1,750,000 TL to USD. Hence his signature line in English emails was "You're just jealous because I'm a millionaire and you're not"

[OwMyNose]

You're right, IndyPoolPlayer.

 

Before 2005 the Turkish Lira had many more zeros. 1,000,000 TL in 2004 got me a sandwich + a can of cherry juice. (I think a million lira amounted to a little more than one USD at the time, so that meal was quite a bargain. Plus, Turkish bread at any price...)

 

Then Turkey wiped out the zeros. 1,000,000 TL became 1 YTL (yeni = new). Merchants would sometimes quote prices in the old system (bir milyon--1,000,000--instead of 1) and then add, "Bir. Bir. Ye te le, ye te le," to clarify.

 

And then, to make life more confusing, they started saying TL again instead of YTL.

 

I've been reading this board awhile, so I know that one of the posters above is much better informed about the matter than I.

 

Not sure why Turkish Lira got me to sign up and post tonight. I've resisted earlier urges to jump into even more esoteric conversations...

[Kat58]

I've been reading this board awhile, so I know that one of the posters above is much better informed about the matter than I.

 

Not sure why Turkish Lira got me to sign up and post tonight. I've resisted earlier urges to jump into even more esoteric conversations...

 

Welcome to CB!

[tobettercredit]

You're right, IndyPoolPlayer.

 

Before 2005 the Turkish Lira had many more zeros. 1,000,000 TL in 2004 got me a sandwich + a can of cherry juice. (I think a million lira amounted to a little more than one USD at the time, so that meal was quite a bargain. Plus, Turkish bread at any price...)

 

Then Turkey wiped out the zeros. 1,000,000 TL became 1 YTL (yeni = new). Merchants would sometimes quote prices in the old system (bir milyon--1,000,000--instead of 1) and then add, "Bir. Bir. Ye te le, ye te le," to clarify.

 

And then, to make life more confusing, they started saying TL again instead of YTL.

 

I've been reading this board awhile, so I know that one of the posters above is much better informed about the matter than I.

 

Not sure why Turkish Lira got me to sign up and post tonight. I've resisted earlier urges to jump into even more esoteric conversations...

Please keep posting. The forum needs your insights

[Burgerwars]

 

You're right, IndyPoolPlayer.

 

Before 2005 the Turkish Lira had many more zeros. 1,000,000 TL in 2004 got me a sandwich + a can of cherry juice. (I think a million lira amounted to a little more than one USD at the time, so that meal was quite a bargain. Plus, Turkish bread at any price...)

 

Then Turkey wiped out the zeros. 1,000,000 TL became 1 YTL (yeni = new). Merchants would sometimes quote prices in the old system (bir milyon--1,000,000--instead of 1) and then add, "Bir. Bir. Ye te le, ye te le," to clarify.

 

And then, to make life more confusing, they started saying TL again instead of YTL.

 

I've been reading this board awhile, so I know that one of the posters above is much better informed about the matter than I.

 

Not sure why Turkish Lira got me to sign up and post tonight. I've resisted earlier urges to jump into even more esoteric conversations...

Please keep posting. The forum needs your insights

 

 

Years ago when Zimbabwe started issuing 100 trillion dollar bills (that wasn't even enough to buy a loaf a bread). I bought a dozen of them on eBay. I think I paid about US$2.00 for each of them. I gave a couple of them away. It's not often you meet a person as generous as me that gives people 100 trillion dollars. I kept the other 10 bills for myself. They're in my safe deposit box. I'm a quadrillionaire!

[OwMyNose]

Thanks for the welcome, the encouragement to post, and the jealousy-inducing story about the ZWD.

[insolent1]

From the bottom of the website:

"Matthew Frankel owns shares of American Express. The Motley Fool recommends American Express. The Motley Fool has a disclosure policy."

[hegemony]

On 9/4/2017 at 2:47 PM, tobettercredit said:

$1=3.4 Turkish Lira. This is a knowledge based site.

Turkish lira hits another historic low amid pandemic

 

1$=7.3677

Edited August 8, 2020 by hegemony

[swimmingwithsharks]

2 hours ago, hegemony said:

Turkish lira hits another historic low amid pandemic

 

1$=7.3677

On Flyertalk's United forum people keep posting that Turkey is open and welcoming US travelers (there are many with travel withdrawal on FT). I'm not sure if it's true, and I'm not making a comment on whether it's a good idea or not. But maybe if Turkey is open to US travelers, there could be bargains with that kind of exchange rate! 

[cv91915]

51 minutes ago, swimmingwithsharks said:

On Flyertalk's United forum people keep posting that Turkey is open and welcoming US travelers (there are many with travel withdrawal on FT). I'm not sure if it's true, and I'm not making a comment on whether it's a good idea or not. But maybe if Turkey is open to US travelers, there could be bargains with that kind of exchange rate! 

Reports from inside Turkey suggest that the favorable virus stats that are being published by the Turkish government don't match up with hospital and morgue activity, and are designed to lure tourists back under a false guise of safety.

 

In other news, as of sometime last year we have no more investments that are tied to this god-forsaken currency.  Our 2019 FBAR has been sent to the IRS, and should be our final one.

[cashnocredit]

A Million made you wealthy back in 1920. In 2020, not so much. If you're retired, already own your own home and have a million bucks in the bank you are going to be comfortable but hardly wealthy or even rich.  It puts you only around the 90th percentile.

 

But it's nothing to sneeze at.

[cv91915]

On 9/4/2017 at 7:07 AM, TheVig said:

I like this guys suit better.

 

 

I keep forgetting to go to the dry cleaner to pick up my question mark suit.