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  1. Member
    Join Date
    Feb 2020
    Location
    KY
    Posts
    241
    #21
    I would say that is an accurate number. You would be surprised at the number of people that do not have the money you think. Some do have it, but most don’t. For example, I work in a nursing home. Out of the 60 residents here, only about 10 are private pay, which means they do not qualify for Medicaid to cover their stay. A majority are on Medicaid. You have to be pretty poor to qualify and be covered by Medicaid.

    That is if they do not have Medicare Part A or a Managed Care service (Humana, Managed WellCare, etc.) to cover their first 100 days (up to 100 days, depending on progress with therapy). After that, it’s on you or Medicaid to cover your stay. A very large majority have to rely on Medicaid because they do not have any money, and it is like that at basically all nursing homes.

  2. Member
    Join Date
    Jun 2006
    Location
    St.Louis
    Posts
    4,756
    #22
    Quote Originally Posted by Bassin08 View Post
    It must be. I see pictures of the boats, trucks, cars, houses and the way people talk about their investments in the stock market. There has to be a lot of multi-millionaires on this forum alone. If a person is 60 years old and only has 600K put away for retirement, they had better stop spending and start saving now.
    -
    Thats the interesting thing about the book Millionaire Next Door; it gives real world perspective on these ‘high consumption lifestyles’………..high consumption rarely equals rich. More times than not, it means lotsa debt.
    -
    (I’m not a big reader and this book was an easy read and very interesting!)

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