Common advice in retirement is to spend no more than 4% of your assets annually. So a millionaire can only spend $40,000 per year. Does that feel “rich”?
Rich is when what comes in exceeds what goes out. Adjust accordingly.
I agree 💯
A million buck$ 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.
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.
A million bucks ain’t that much anymore when a house can easily top $400,000 and a truck can be over $100,000.
And what is wealthy???????
So, yes, "millionaire" isn't what it used to be. Now, you have to be a billionaire before you talk about real money.
“Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class,”
Thanks to the government and the effect of inflation a million isn’t what it used to be anymore obviously.
If one wants to retire and continue with even a modest standard of living for 20-30 years you will need to save a lot of money.
Lots of jobs out there for lawyers at $22 - 25 an hour.
When I started working in 1980 a million was a lot of money. You could park it in a boring, old fashioned passbook savings account at 5-1/4% and live nicely off the interest. $52,000 was a very, very, very nice income at that time.
Now? What does such an account (withdrawals on demand) pay? You’d be lucky to get 2 or 3 percent. Say 2-1/2, about half. You would need a bit over $2-million to generate the same income. But you need $150,000 min to have the equivalent purchasing power of the 52. So you would need $6-million.
What was gold in 1980? $600? So 86 ounces of gold was about $52K.
86 ounces of gold at $1,950 gives you $167,000.
The currency is being destroyed.
Phony definitions.
Misleading use of words.
What do you call a person with a paid-off home mortgage in California, if they have no other assets?
A MILLIONAIRE.
Having a million dollars of investable assets is not much for people who worked to full retirement age.
I had a good paying job for 35 years. Paid off my house and have no debt. But I am shocked at the prices of everyday items. I had a talk with my grown kids about inflation when Biden got selected and told them that it would be brutal.
They are becoming economic conservatives.
1/4 of people earning $175,000, said they felt poor? Simply incredible. Well, maybe high end colleges cost a million nowadays.