Posted on 11/13/2023 3:27:53 PM PST by george76
Only a small share of millionaires say they feel wealthy,..
Persistent inflation has taken a toll on most Americans’ financial security, making it harder to feel well off..
What does it take to be rich? “The short answer is more...
Feeling “rich” is increasingly elusive.
Even among millionaires, only 8% would characterize themselves as wealthy these days.
Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class,
...
Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and a well-padded retirement savings account, said they don’t feel well off at all. Some even said they feel poor,..
Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either “very poor,” “poor” or “getting by but things are tight.”
Even a share of those making more than $500,000 and $1,000,000 said the same.
Despite their high net worth, just 44% of all millionaires felt “very comfortable,”
...
In the past year, credit card debt spiked to an all-time high, while the personal savings rate fell.
...
Where there was a time in the U.S. when a married couple, with children, could get by with a single-wage earner in the house, those days are mostly vestiges of the past.”
Money continues to be the No. 1 source of stress among households,
(Excerpt) Read more at cnbc.com ...
Common advice in retirement is to spend no more than 4% of your assets annually. So a millionaire can only spend $40,000 per year. Does that feel “rich”?
Rich is when what comes in exceeds what goes out. Adjust accordingly.
A $20 gold coin goes for around $1,200 in current paper money.
Where did the other $1,180 go?
The gubmint stole it with inflation.
I agree 💯
A million buck$ ain’t what it used to be.
Even a target of +2% will financially kill ya in the long run.
A million is nothing these days. If you’ve got a million dollars, you aren’t even close to rich.
It’s not that hard to be a millionaire now that the dollar has been hyperinflated. Paid for house and cars and modest bank and stock market accounts and you are there.
Biden has printed 70-80% of the US dollars that have ever existed in the past 18 months.
We are headed for Zimbabwe/Venezuela territory, and there is no way to avoid it now.
With Bidenflation you need at least $5Mil to feel like you have $1Mil.
“A $20 gold coin goes for around $1,200 in current paper money.”
for tv shows and movie shows of yesteryear, i always divide any dollar amounts mentioned by 20 and then multiply by 2,000 to get a quick estimate of equivalence to current dollars ...
for instance, $500 rewards for wanted banditos on westerns set in the 19th century, would be equivalent to $50,000 in today’s dollars ...
Why not just multiply by 100? (2000 / 20 = 100)
It is about right for comparing wealth to 1900 levels.
To some extent, this is going to be a regional thing. Being worth $5 million in Palm Beach, FL, isn’t the same as being worth $5 million in Wheeling, WV.
Looks like they have expenses that are too high. If you are well-off, and live well under your income, you won’t have any problems. You can live very nicely on under $100K in most parts of the country if you own your house outright.
I was merely pointing out that the math was more complicated than necessary.
Multiplying by 100, you just add to zeros to the end.
You have to actually do calculatin to divide by 20 and then multiply by 2,000.
A million bucks ain’t that much anymore when a house can easily top $400,000 and a truck can be over $100,000.
You’re way off. A $20 gold piece is over $2000.
And what is wealthy???????
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.