ATM Receipt With $1 Million Balance Shows Tale Of 2 Cities In New York

Does that prove a recipe for disaster?

We don't know why one client is a millionaire while the other is broke. The pair may deserve their fates. Or not.

But we do know that extreme, fixed, inequality is a recipe for disaster in a society that claims to be democratic and socially fluid. We'll leave it to you to debate the merits.

Here's the evidence. The pauper and the millionaire at the same ATM:


Read more: http://www.businessinsider.com/atm-receipt-1-million-cash-balance-2013-4#ixzz2RHPJ2hGm

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Why did someone with a million in savings first try to get a cash advance from credit? What sense does that make?

The receipt on the right is in impeccable condition, and the ink is darker than the one on the left, and the format of the printout is different.

I smell photoshop.

I do believe that the level of income inequality in the U.S. has become unacceptable, but these two receipts, if they are real, isn't the proof. Some people got it, some don't, and that's just a fact of life. These receipts don't tell us how these two people got where they are today, or why.

cash advance from credit, paying two bucks to withdraw $300, and then leaving the receipt don't seem like the financial habits of a millionaire,

Receipt on right is photoshoped. Look at the bottom right corner. The corner lifts up, it's shadow shows this, plus there is a slight bend in the paper on the bottom. Yet the text does not follow...it just goes perfectly strait, out of perspective with the paper itself.



Thanks for playing, try again.

Even if real what does it prove? One person has lots of money in an acct another has less than 100$. So what?
The first receipt could easily be from a millionaire as well who has several accts and tried to withdraw from one that was empty.
So in answer to the OP nope it doesn't have anything to do with a recipe for disaster

ChuckBerry said:

Why did someone with a million in savings first try to get a cash advance from credit? What sense does that make?

The receipt on the right is in impeccable condition, and the ink is darker than the one on the left, and the format of the printout is different.

I smell photoshop.

I do believe that the level of income inequality in the U.S. has become unacceptable, but these two receipts, if they are real, isn't the proof. Some people got it, some don't, and that's just a fact of life. These receipts don't tell us how these two people got where they are today, or why.

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I so resent crap like this. Real or not; the message is the same: You shouldn't have that much money while I'm broke! These "broke" people ought to be asking themselves some hard questions, beginning with, "What did THAT guy do that I'm not doing?"

If you live your life right, there's no reason anyone can't be a millionaire. It's out there for everyone. There's no magic to it at all.

one more question : who keeps a million dollars in a savings account? there's barely any interest.

MaggieD said:

I so resent crap like this. Real or not; the message is the same: You shouldn't have that much money while I'm broke! These "broke" people ought to be asking themselves some hard questions, beginning with, "What did THAT guy do that I'm not doing?"

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I agree.

If you live your life right, there's no reason anyone can't be a millionaire. It's out there for everyone. There's no magic to it at all.

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It's mighty hard someone who is a median wage earner to become a millionaire, maybe only after some luck in investments, living like a miser, and a 40 year career. It's even harder to have a million dollars in a savings account. Most people who are millionaires have most of their millions invested in real estate or stocks, not cash in a savings account. I would assume that for someone to have that type of jack in their savings account, earning less interest than they are loosing in value from inflation, that they must be a moron. Why is it that morons become millionaires? I think that they very rarely become millionairs, but when they do, it's probably just sheer luck (like inheritance).

So now let's say that a median income earner somehow managed to save nearly all his after tax income in a savings account drawing 1% interest (maybe he lived in his mama's basement til he was age 50 and she provided him with most of his groceries, transportation, clothing, medical care and spending money). How many years would he/she have to save to have a million bucks? Well ignoring interest, it's a pretty easy math problem - about 33-34 years. But with the "magic of compound interest", this calculator Simple savings calculator -- Bankrate.com tells me that it could be done is a swift 29 years.

Unfortunately, with an inflation rate averaging around 4%, that million bucks would only be worth around $320k by the time that the saver got there.

I fully expect to be a millionare when I retire, but I will probably never have a million dollars cash in my savings account. That's really not realistic for me. Most of my million(s) will be in the value of my home and commercial real estate investments.

ChuckBerry said:

Why did someone with a million in savings first try to get a cash advance from credit? What sense does that make?

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That reminded me of this:

A Hasidic Jew walks into a bank in New York City and asks for the loan officer. He says he is going to Europe on business for two weeks and needs to borrow $5,000.

The bank officer says the bank will need some kind of security for such a loan, so the man hands over the keys to a new Rolls Royce parked on the street in front of the bank. Everything checks out, and the bank agrees to accept the car as collateral for the loan.

An employee drives the Rolls into the bank's underground garage and parks it there.

Two weeks later, the man returns, repays the $5,000 and the interest, which comes to $15.41.

The loan officer says, "We are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multimillionaire. What puzzles us is why would you bother to borrow $5,000?"

The Hasidic Jew replied, "Where else in New York can I park my car for two weeks for 15 bucks?"

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