“A million then is $10.5 million in 2024.”
Or more. I think gasoline was 21 cents a gallon in 1960.
As late as 1972 gasoline was about 30 cents a gallon.
One million then is probably equal to 15 million dollars today.
It’s staggering — 10X to 15X debasement of the currency happened in 60 years. I’m 72 and saw most of that.
The Fed and going off the gold standard and moving to fiat currency did that.
It’s really hard to plan your financial future in that environment. You start off thinking “I’ll need $1 million to retire” but, when you get there, that $1M became $10M.