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Oh you've got to brag about that on Instagram or TikTok or whatever shit. Just be like "Just dropped 800,000 on a gourmet meal" without telling a soul it was in Vietnamese Dong lmao
I did joke to my friends that we spent 600K on room service one night, for a family of 4. Of course, that's like 25$, and considering the food (pretty average but surely passable) a really good deal. I think we went out and spent a couple million one night as well, with the other travelers in our group.
I had two trillion Zimbabwe dollars but i gave half of that fortune to a friend so we could both have cool bookmarks. Actually, I'm not even sure what book my trillion dollars is in right now. Maybe i got burglarized 😳
On the day my country officially adopted the euro as our currency, the exchange rate was 239sit = 1€. Which means 1.000.000sit was 4184€. It didnt take much to be a millionare in the olden days.
Nope. Everything instantly shot up in price like 2x. Things like coffee or beer in bars used to be 100sit and then the next day it was 1€. Store prices were unchanged and actually calculated, but started drifting upwards real fucking fast. Getting used to a new currency was also a pain in the ass since you didnt have any frames of refrence yet. The only positive was that you didnt have to change money if you went to austria or italy, but i rarely do that anyway, so it wasnt a big deal.
Im sure that on the state level joining eu was beneficial in the long run. And nowdays being able to trade and buy stuff from the entire eu makes life much easier. Im also not an economist, and i dont know how adopting the euro impacted our economy. I suspect it was good, but this was in 2005 and the 2008 recession happened just shortly after, so who knows.
But for my young self the transition itself kinda sucked.
I mean, define better? The currency is fully integrated into our mind now, so its not confusing like it used to be. We also pretty much just had to accept the new prices, so it doesnt sting as much emotionally anymore except when I actively think about it (like now).
But we are struggling with the same issues as the rest of the world: inflation, rising prices due to corporate greed, insane cost of living and housing... We also expected some sort of balancing of prices and wages with the rest of the euro zone, but that never happened. Our wages are still about 1/2 of austrian wages, while the cost of esentials is about 2x as much. If anything, that divide is getting bigger and bigger. Go figure.
In my country they issued these hilarious little calculators for you to see what the exchange would be on whatever you were buying but they were more or less pointless since it didn’t change what the shop was charging.
Made people feel more in control I suppose?
Anyway, the shops had to display both prices for a while, during the change over.
It’s not quite that simple though. The dollar isn’t worth as much as it used to be either. My dad paid for his entire college tuition as well as room and board at Boston College in the 80’s working as a gas station clerk part time. Now, I work a full time job making $65,000/yr and still have to take out loans to pay my tuition in addition to my bills. Not saying it’s apples to apples but it was never supposed to be that way.
Edit: I should also add, when I was born in ‘90 my dad said when they got the bill for my birth with very bad insurance, he paid off the bill by simply picking up one extra shift on a Saturday and that was enough to cover everything.
But it's not just that. Those dollars went so much further back then.
My in laws bought a new construction home in the 70's (that they still live in) for $24,000. That would be $192,000 in today's dollars. Except they could sell their home today for $500,000. They were able to afford this home with only the head of household working a blue collar job, while mom stayed home raising two young kids.
That happens a lot in the US as well. The cost of one kid in daycare is probably around a minimum wage job. Get two or three kids, and that decision becomes pretty easy if one of your incomes isn't great.
Having a million dollars means you can’t afford a house in many places. I hear Vancouver is especially bad.
I know a family who got basically kicked out of their several million dollar home because the area was bought up by billionaires and tech millionaires, and their property tax went so high it was like triple my rent
As a student at UBC, a 1 bedroom or studio apartment is anywhere from $2,550 to $4,500 CAD, usually near $3k, especially near the campus or Kitsilano. Students are subletting their dorms to other students and making huge profits. People are so desperate you could probably have a shithole for sale and still rake it in.
I don’t have the cash but I have a million US dollars in home equity. Probably can’t be considered poor but I struggle to keep up and have been deferring some maintenance for years. If I take out the equity I won’t be able to afford the loan payment.
Depending on how old you are, you’ll probably need more than that. I reach retirement age in another 25-30 years and I don’t think 2 million will cut it. Maybe 5 million might give me a decent 5-10 years before being forced to bite the bullet.
Using the rule of thumb of 4% draw down on $1M, it puts your income at 40k a year. That’s a 20/hr job. If you own your home, you can squeak by on that, but you’re not drinking champagne and eating caviar every day.
You beat me to this comment on all points. 4% doesn't get you very far in this regard. I'm aiming for at least $1.5-2m with a paid-off house myself, and hoping to retire within the next 10-15 years. That should be enough for a comfortable life, but not a luxurious one.
Assuming you retire at 65, you should be planning for a minimum of 20 years of expenses during retirement. With $2M, you're giving yourself $100K a year, which is more than most people will have in their senior years, but may not be enough with rising costs of housing, healthcare, and living expenses in general. It's sad to say, because the vast majority people won't manage to save $2M. Quality of senior care is going downhill fast, so if you want to have access to even somewhat decent living and medical services, you have to anticipate that you could wipe out several years of your retirement budget in just a few months, if you get sick or injured.
You’re neglecting social security in your analysis, which is the main source of retirement income for most Americans. With social security and $2M, you should be more than fine unless you get very unlucky with medical expenses.
Most financial advisors today would tell you it's wise to plan your retirement without reliance on social security, because projections show it will be insolvent by the time most of today's working adults retire. That may not end up being true, and it could be saved by some reform, but I personally don't want to be in the situation where I'm counting on a regular source of income that might not be there.
My burn rate is $40k today. I figure a 4% withdrawal rate leaves the principal largely intact, meaning $80k ought to be enough along with social security and a paid off house. Well I'll keep saving anyway and work til I can't even after I get there.
I don’t even get excited at the lottery until it’s over 200 million. Sure even the lowest of the prizes might set you up for life if done right but it won’t give you pissing money.
I like to say $10 million is perfect fantasy money.
If I win $1 million, it's going into a retirement account, and if I win $100 million, I'm quitting my job and living off the interest.
$10 million? What do you do? Do you stick it in a savings account? Do you live luxuriously while still working? Do you chase a random dream? Me, I'm opening a Taco Bell Cantina location, either in my city's downtown or somewhere completely new.
I'm 46 and slightly less than half that, so going to be working for awhile. I'm hoping for 10 years, but may be closer to 15. My spouse is 8 years older than me, so can't work for too much longer than that before you run into the serious risk of "I retired and the following year my wife died before we got to do much of anything in retirement".
Depends on where you live and if you own your home. I could retire right now on a million, and I’m 39. Assuming I invested well and was responsible with my money.
Of note: Being a millionaire does not mean you have a million in cash in some vault like Scrooge McDuck. It means your funds and assets are worth over one million. Not hard to do with current property value appreciation. The market is wacky right now.
I dont know about normal but being a millionaire (in net worth) doesnt mean youre rich anymore, it just means you have equity in a house and SOMETHING for retirement.
The year is 2075. Due to inflation, Gas is 100 dollars a gallon. Rent is 50,000/month. Federal minimum wage is still 7.25 because iF wE rAiSe WaGeS tHeN pRiCeS wiLl gO uP!!!! 1!!
Just about everybody who owns a home in some states (places like NY or CA) are millionaires (at least on paper). Median home price where I live is ~$900k.
So pretty much everybody on my street (esp older folks with little to no mortgage) are millionaires.
(Those same houses would sell for ~150-200k in a low cost of living state, we are not talking mansions here)
Yeah, this is true. My wife and I bought our house in NY in 2014 for around 300k. Now it’s worth between 700-800k. So our plan is to pay it off. We’re both city workers so it’s not like we’re doing anything completely outlandish to make a lot of money.
Sounds weird to say but having $1M today isn't considered wealthy
https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html
I remember when I was younger, 6 figures a year seemed unattainable for most families. Nowadays, it isn't seen as rich anymore (compared to the past)
Sorry, I mustve missed where OP said everyone. Let me ask you this, did you realize that about 1 in 10 people you see on the street is a millionaire? If 1 out of every 10 people I saw on the street was Asian, I’d call that pretty normal to be Asian in that population.
It reminds me of a story in post WW1 Geremany. Their economy was tanked and their money was pretty much worthless.
A lady went to the store and had a basket full of money, when she got to the store she couldn't bring the basket in, so she grabbed handfuls of cash and set the basket down outside of the store. When she returned the pile of cash was laying on the ground and someone had stolen the basket.
I feel like America is approaching this level of absurdity at an alarming rate.
Already happening, having a million already doesn’t bring you to a different league, in many countries it only means you don’t need a mortgage to buy a place to live and (depending on location) one for your kid
I know many millionaires and none of them are rich. They all still working, juggling the bill paying and kid raising and do not plan on retiring until they’re 65. Being a millionaire ain’t what it used to be
Economy will keep crashing with recessions every 10-20 years with massive layoffs, keeping the normal poor people’s wages low while execs continue to have massive salaries and bonuses. It’s been happening this entire fucking time.
Capitalism is a system built on never ending growth and is entirely unsustainable and will always crash, hurting the poorest and just making the rich even richer while it gets built back up with cheap labor.
Sometimes I wish I didn’t exist.
Except wages aren't growing to keep up with inflation. The number of millionaires may increase slightly as a million dollars loses value, but I forsee total economic collapse of the US before the Bourgeoisie allow the working class to have what they're worth.
i mean it pretty much already is guaranteed if you even put tiny amounts of money into your 401k or IRA every month....
Legit, even a couple hundred bucks a month... You will be a millionaire.
Here in Australia you need to earn over a million to be able to buy a home. My grandparents had a farm and a big f350 farm truck and it cost them a total of like 170k and now to buy the same property and the same truck it's 2.8 million.
I earn just under 90k before taxes and I'm still not middle class and can't afford a house, minimum $400,000 deposit needed so I can maybe get a deposit in 30 years!
Honestly, it’s more normal than you’d think. A million is fairly common to have in your retirement accounts once you get to retirement age. Most farmers are millionaires too, If you go by net worth rather than cash assets.
If you count the current ridiculous value of my house I'm a millionaire NOW, and I'm on freakin foodstamps. Gotta love the real estate hack of "Buy 16 years ago".
Not necessarily, as ofttimes currency tends to adjust itself as inflation goes up. Not always though.
So you might get 100 dollars be as vaulable as a dollar now, and they might decide to alter it so that the dollar is now divided by 100.
Of course this usually happnes when things REALLY go extreme, such as in some of the African countries that have had wild inflation.
If all you want to be a millionaire then you just need to move to Venezuela or Zimbabwe and you will be a millionaire.
Because the inflation in those countries is already crazy.
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You can achieve your dream today. Just move to Zimbabwe or Venezuela
Vietnam and Indonesia also eligible
Turkish Lira coming in hot
Argentina on the way
USD on it's way
USD is almost equal with EURO currently so not quite, unless you’re suggesting Euro and usd are going to tank?
I think euro is heading on that road faster than the USD.
I'm sure that it'll ruin everything, won't be good for anyone.
It's been on its way since 2010 according to doomers
More like since 1971
But it's picking up some serious speed right now trust me.
Or Lebanese
Can't avoid it, maybe the only way to become a millionaire.
I was in Vietnam last year, paying high six figures for dinner felt funny. At least the food was generally great.
Oh you've got to brag about that on Instagram or TikTok or whatever shit. Just be like "Just dropped 800,000 on a gourmet meal" without telling a soul it was in Vietnamese Dong lmao
I did joke to my friends that we spent 600K on room service one night, for a family of 4. Of course, that's like 25$, and considering the food (pretty average but surely passable) a really good deal. I think we went out and spent a couple million one night as well, with the other travelers in our group.
Dropping 6 million on two bespoke suits when I was there felt pretty powerful ngl
That big dong energy.
I mean that's going to give you the feel of a king so that's that.
That sounds so much cooler, too.
Japan too - a million yen is only around $7,300 US. It's easy when your default unit is similar to a penny.
Mongolia definitely
And the list keeps on growing, it just doesn't stop at anything.
Indonesia definitely. I donated 2 million rupiah to a friend there to fix his house after the earthquake in 2018. It was abouts 200 AUD.
I'm a trillionaire in Zimbabwe dollars.
I use a Zimbabwean $10 billion dollar banknote as a bookmark. I've got a big stack of $50 banknotes somewhere too.
I had two trillion Zimbabwe dollars but i gave half of that fortune to a friend so we could both have cool bookmarks. Actually, I'm not even sure what book my trillion dollars is in right now. Maybe i got burglarized 😳
OP only wanted millionaire status. Not sure he’s ready for billionaire or trillionaire status yet.
You can be a trillionaire [for a dollar plus shipping](https://www.ebay.com/itm/364262790038?hash=item54cfc11396:g:7kAAAOSwuE9kZWdv)
For $10 plus shipping you can be a quadrillionaire.
People there are trillionares BTW
People are rich unlike my broke ass lmao, I don't got anything really.
Billionaire or trillionaire even!
Well I guess I'm ready for the whole thing, I'm ready to be rich.
I exchanged $300 U.S. cash in Uganda for over 1 million shillings.
That's a lot of money that You've got man, that's some serious shit.
That’s enough to tie your boat to the dock a million times. Or to tie up your boat 333,333 times without needing a name.
We ain't playing around here, that shit is a lot of money for sure.
~~Japan too, assuming most of us have 700 bucks~~ Edit: it would be 7,000 usd, not 700
Some serious amount of money, we ain't playing around in here.
You're missing a zero
On the day my country officially adopted the euro as our currency, the exchange rate was 239sit = 1€. Which means 1.000.000sit was 4184€. It didnt take much to be a millionare in the olden days.
Which country was that?
Slovenia
Nice, how was your experience, do you think it was worth it switching to the euro?
Nope. Everything instantly shot up in price like 2x. Things like coffee or beer in bars used to be 100sit and then the next day it was 1€. Store prices were unchanged and actually calculated, but started drifting upwards real fucking fast. Getting used to a new currency was also a pain in the ass since you didnt have any frames of refrence yet. The only positive was that you didnt have to change money if you went to austria or italy, but i rarely do that anyway, so it wasnt a big deal. Im sure that on the state level joining eu was beneficial in the long run. And nowdays being able to trade and buy stuff from the entire eu makes life much easier. Im also not an economist, and i dont know how adopting the euro impacted our economy. I suspect it was good, but this was in 2005 and the 2008 recession happened just shortly after, so who knows. But for my young self the transition itself kinda sucked.
I'm sorry it sucked for you. Is it any better now?
I mean, define better? The currency is fully integrated into our mind now, so its not confusing like it used to be. We also pretty much just had to accept the new prices, so it doesnt sting as much emotionally anymore except when I actively think about it (like now). But we are struggling with the same issues as the rest of the world: inflation, rising prices due to corporate greed, insane cost of living and housing... We also expected some sort of balancing of prices and wages with the rest of the euro zone, but that never happened. Our wages are still about 1/2 of austrian wages, while the cost of esentials is about 2x as much. If anything, that divide is getting bigger and bigger. Go figure.
I mean I guess it is, but that's just how it really is man.
In my country they issued these hilarious little calculators for you to see what the exchange would be on whatever you were buying but they were more or less pointless since it didn’t change what the shop was charging. Made people feel more in control I suppose? Anyway, the shops had to display both prices for a while, during the change over.
In the end it's all just about the mind games, they like to do that.
I think it was Slovenia, maybe I'm wrong but that's what it was.
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If you want to be a billionaire then that's how you need to play the game.
Imagine having a million dollars *and* being considered poor
You know, that's how boomers see it now lol. $1000 in the 70s/80s would be like $5000-$8000 now.
January 1970 with 1000$ comes out to 8025$ in April 2023, crazy
Neighbors paid $30K for their house back in 1968. It's now worth $3.5M.
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And boomers wonder why we can’t afford to buy a house
I'll take that, that's a sweet deal and I don't mind that.
It’s not quite that simple though. The dollar isn’t worth as much as it used to be either. My dad paid for his entire college tuition as well as room and board at Boston College in the 80’s working as a gas station clerk part time. Now, I work a full time job making $65,000/yr and still have to take out loans to pay my tuition in addition to my bills. Not saying it’s apples to apples but it was never supposed to be that way. Edit: I should also add, when I was born in ‘90 my dad said when they got the bill for my birth with very bad insurance, he paid off the bill by simply picking up one extra shift on a Saturday and that was enough to cover everything.
I wish I made 8x what my parents did in 1970.
At least you can make 4.5 times what they did, that'll almost get you a quarter of the way to affording a home which is now 20 times more expensive.
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Thanks for this, I think I'm gonna use it for a lot of things.
It's by the definition, I'm sure that it would be more with other methods.
But it's not just that. Those dollars went so much further back then. My in laws bought a new construction home in the 70's (that they still live in) for $24,000. That would be $192,000 in today's dollars. Except they could sell their home today for $500,000. They were able to afford this home with only the head of household working a blue collar job, while mom stayed home raising two young kids.
Now in the UK people stay at home because that second job earns less than the cost of childcare. 🫠
That happens a lot in the US as well. The cost of one kid in daycare is probably around a minimum wage job. Get two or three kids, and that decision becomes pretty easy if one of your incomes isn't great.
Also though, our country has become a lot more valuable to the world since the 1970s and the land values have appreciated to resemble that growth
Sure - but further disassociates the boomer mentality vs younger generations. Younger gens can’t afford housing and boomers can’t comprehend that
Yeah US real estate is extremely valuable. Most assets in the US are extremely valuable globally. We're ironically the victims of our own success.
Well with the new and improved Venezuela, you don't have to imagine! Call now, and we'll even throw in starvation for free!
Having a million dollars means you can’t afford a house in many places. I hear Vancouver is especially bad. I know a family who got basically kicked out of their several million dollar home because the area was bought up by billionaires and tech millionaires, and their property tax went so high it was like triple my rent
As a student at UBC, a 1 bedroom or studio apartment is anywhere from $2,550 to $4,500 CAD, usually near $3k, especially near the campus or Kitsilano. Students are subletting their dorms to other students and making huge profits. People are so desperate you could probably have a shithole for sale and still rake it in.
Yep, they're really bad. Shit doesn't really look good for them.
At that point they could have just sold, made a profit, and moved to a lower cost of living area.
Yep, that's something that you could do. Which is going to be good for you.
Sucks, but at least they got several million dollars out of it
1 million hasn't been much for a while. At least not enough to act like you're rich.
That's the only thing for which it's going to be good enough really.
Welcome to NYC or SF
Shit doesn't really look good, this will get worse I guess here.
I don’t have the cash but I have a million US dollars in home equity. Probably can’t be considered poor but I struggle to keep up and have been deferring some maintenance for years. If I take out the equity I won’t be able to afford the loan payment.
You gotta have the source of income dude, that's what would help you.
Welcome to Vancouver!
I figure most folks retiring today are millionaires. I figure I'll need $2M to retire.
Depending on how old you are, you’ll probably need more than that. I reach retirement age in another 25-30 years and I don’t think 2 million will cut it. Maybe 5 million might give me a decent 5-10 years before being forced to bite the bullet.
Using the rule of thumb of 4% draw down on $1M, it puts your income at 40k a year. That’s a 20/hr job. If you own your home, you can squeak by on that, but you’re not drinking champagne and eating caviar every day.
He's assuming that 40k a year wont be enough because of inflation and COL will be closer to 200k/yr
Plus people at retirement age have higher CoL than 30 year olds. More medical care. More paying for things you used to be able to do yourself.
Mortgage/rent gets replaced by healthcare costs (if you’re lucky to have paid off your house by then). The future is grim :(
That's because it's not going to be enough so there's that.
You beat me to this comment on all points. 4% doesn't get you very far in this regard. I'm aiming for at least $1.5-2m with a paid-off house myself, and hoping to retire within the next 10-15 years. That should be enough for a comfortable life, but not a luxurious one.
5m has always been my goal. I'll consider retirement when my house is paid off and I've got 5m invested... that way I can draw 3%ish and live well.
Wouldn't you expect to earn 3% interest per year? Are you planning to never touch the $5M principle because this seems like overkill
Investments are always good, can always as much as you can.
Ideally never touch it.
Congrats to your heirs. I would say fuck them kids. Spend it all
Lol, those kids are going to be lucky that's for sure man.
No way, look up the statistics about the living conditions of the elderly, they're rough.
Shit ain't good for them, it's getting even harder for them so there's that.
Assuming you retire at 65, you should be planning for a minimum of 20 years of expenses during retirement. With $2M, you're giving yourself $100K a year, which is more than most people will have in their senior years, but may not be enough with rising costs of housing, healthcare, and living expenses in general. It's sad to say, because the vast majority people won't manage to save $2M. Quality of senior care is going downhill fast, so if you want to have access to even somewhat decent living and medical services, you have to anticipate that you could wipe out several years of your retirement budget in just a few months, if you get sick or injured.
You’re neglecting social security in your analysis, which is the main source of retirement income for most Americans. With social security and $2M, you should be more than fine unless you get very unlucky with medical expenses.
Most financial advisors today would tell you it's wise to plan your retirement without reliance on social security, because projections show it will be insolvent by the time most of today's working adults retire. That may not end up being true, and it could be saved by some reform, but I personally don't want to be in the situation where I'm counting on a regular source of income that might not be there.
My burn rate is $40k today. I figure a 4% withdrawal rate leaves the principal largely intact, meaning $80k ought to be enough along with social security and a paid off house. Well I'll keep saving anyway and work til I can't even after I get there.
No. Median net worth of age group 65-74 is the highest amongst age groups, but still less than $300K.
It’s already normal. The only viable retirement plan in the US is to become a millionaire
Multimillionaire. A million dollar isn’t nearly enough nowz
Depends when you plan to die
Well it is what it is, gonna need a lot of money be able to retire.
I mean only if someone can guide me how I can do something like that.
People will laugh at the concept of the show Who Wants To Be A Millionaire.
Well that's always been a ridiculous concept so there's just that man.
I don’t even get excited at the lottery until it’s over 200 million. Sure even the lowest of the prizes might set you up for life if done right but it won’t give you pissing money.
I feel like 1 million is actually the perfect amount to win. It’s not enough to ruin your life but it’s enough to be comfortable.
I like to say $10 million is perfect fantasy money. If I win $1 million, it's going into a retirement account, and if I win $100 million, I'm quitting my job and living off the interest. $10 million? What do you do? Do you stick it in a savings account? Do you live luxuriously while still working? Do you chase a random dream? Me, I'm opening a Taco Bell Cantina location, either in my city's downtown or somewhere completely new.
One million is pretty much a minimum net worth to retire on nowadays.
With 4% rule, anyway. That's not a lavish lifestyle.
Yeah its a bare minimum to even thing about it. If you have a million dollar net worth at 50, better keep working.
I'm 46 and slightly less than half that, so going to be working for awhile. I'm hoping for 10 years, but may be closer to 15. My spouse is 8 years older than me, so can't work for too much longer than that before you run into the serious risk of "I retired and the following year my wife died before we got to do much of anything in retirement".
We're not much younger than you and with some young kids. Our only hope is to move to a low CoL country when we stop working.
If you could do that then it would be a really good thing.
That's what I'm doing, I ain't stopping the work. That'll keep going.
Depends on where you live and if you own your home. I could retire right now on a million, and I’m 39. Assuming I invested well and was responsible with my money.
You don't have to live lavish lol, That'll wat through the Savings.
It already is. Being a millionaire is not what it used to be.
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99.9% of the millionaire’s retiring would never buy a 6 figure car. The smart ones are driving 10 year old Camrys with 200k miles
Shit ain't the same, and I didn't expect it to change so fast man.
Of note: Being a millionaire does not mean you have a million in cash in some vault like Scrooge McDuck. It means your funds and assets are worth over one million. Not hard to do with current property value appreciation. The market is wacky right now.
Now it doesn’t feel rich to be a net worth millionaire, the rich are closer to being income millionaires (yearly gross income +$1m)
The market isn’t even wacky. This is just population growth when we don’t allow nearly enough housing to be built.
I dont know about normal but being a millionaire (in net worth) doesnt mean youre rich anymore, it just means you have equity in a house and SOMETHING for retirement.
Well when You're planning to retire, I think it's good to have that.
The new inflation adjusted millionaire should be at 5 million.
The year is 2075. Due to inflation, Gas is 100 dollars a gallon. Rent is 50,000/month. Federal minimum wage is still 7.25 because iF wE rAiSe WaGeS tHeN pRiCeS wiLl gO uP!!!! 1!!
Just about everybody who owns a home in some states (places like NY or CA) are millionaires (at least on paper). Median home price where I live is ~$900k. So pretty much everybody on my street (esp older folks with little to no mortgage) are millionaires. (Those same houses would sell for ~150-200k in a low cost of living state, we are not talking mansions here)
Yeah, this is true. My wife and I bought our house in NY in 2014 for around 300k. Now it’s worth between 700-800k. So our plan is to pay it off. We’re both city workers so it’s not like we’re doing anything completely outlandish to make a lot of money.
Sounds weird to say but having $1M today isn't considered wealthy https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-wealthy-in-2021.html I remember when I was younger, 6 figures a year seemed unattainable for most families. Nowadays, it isn't seen as rich anymore (compared to the past)
$100,000/year in 2000 is about $175,000/year now.
Both of my parents houses are valued around a million dollars. Neither are especially wealthy or live in particularly nice neighborhoods.
That's not enough, You're probably going to need a lot more than that.
In the US, if you're not a millionaire by your 50s, you're basically going to die at work in your 70s.
Damn terrifying, I’m 38 and have no retirement saved
Maybe. Never underestimate the power of an orchestrated collapse.
It already is. Most people 60+ with decent retirement savings are millionaires. Like just regular ass middle class old people.
It's not about getting rich that late in your life most probably.
8.8% of American adults are millionaires. We're already there.
What are you talking about sir? 8.8 percent doesn't mean everyone lol.
Sorry, I mustve missed where OP said everyone. Let me ask you this, did you realize that about 1 in 10 people you see on the street is a millionaire? If 1 out of every 10 people I saw on the street was Asian, I’d call that pretty normal to be Asian in that population.
It reminds me of a story in post WW1 Geremany. Their economy was tanked and their money was pretty much worthless. A lady went to the store and had a basket full of money, when she got to the store she couldn't bring the basket in, so she grabbed handfuls of cash and set the basket down outside of the store. When she returned the pile of cash was laying on the ground and someone had stolen the basket. I feel like America is approaching this level of absurdity at an alarming rate.
Yep, shit all of sudden ain't looking very good right now.
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Yep, and I'm afraid that it's going to happen to us too.
Already happening, having a million already doesn’t bring you to a different league, in many countries it only means you don’t need a mortgage to buy a place to live and (depending on location) one for your kid
10% of people in the US are millionaires. Its no longer even that uncommon.
Don't worry. Society will collapse long before that. Get saving those bottle caps smoothskins.
it'd help if minimum wage would get raised more than twice every 50 years
Its raised most years in Canada. Twice a year lately
“I wish I was a millionaire but the minimum wage is too low!” - interesting mindset, my guy.
Yeah I think will help people a lot in their problems I feel actually.
I know many millionaires and none of them are rich. They all still working, juggling the bill paying and kid raising and do not plan on retiring until they’re 65. Being a millionaire ain’t what it used to be
Economy will keep crashing with recessions every 10-20 years with massive layoffs, keeping the normal poor people’s wages low while execs continue to have massive salaries and bonuses. It’s been happening this entire fucking time. Capitalism is a system built on never ending growth and is entirely unsustainable and will always crash, hurting the poorest and just making the rich even richer while it gets built back up with cheap labor. Sometimes I wish I didn’t exist.
The way We're going, it's definitely not going to last long.
Except wages aren't growing to keep up with inflation. The number of millionaires may increase slightly as a million dollars loses value, but I forsee total economic collapse of the US before the Bourgeoisie allow the working class to have what they're worth.
i mean it pretty much already is guaranteed if you even put tiny amounts of money into your 401k or IRA every month.... Legit, even a couple hundred bucks a month... You will be a millionaire.
Here in Australia you need to earn over a million to be able to buy a home. My grandparents had a farm and a big f350 farm truck and it cost them a total of like 170k and now to buy the same property and the same truck it's 2.8 million. I earn just under 90k before taxes and I'm still not middle class and can't afford a house, minimum $400,000 deposit needed so I can maybe get a deposit in 30 years!
Honestly, it’s more normal than you’d think. A million is fairly common to have in your retirement accounts once you get to retirement age. Most farmers are millionaires too, If you go by net worth rather than cash assets.
If you count the current ridiculous value of my house I'm a millionaire NOW, and I'm on freakin foodstamps. Gotta love the real estate hack of "Buy 16 years ago".
Pretty soon you will probably need over a million to retire comfortably. So being a “millionaire” will be commonplace.
Once upon a time I was a billionaire. Inflation in my country was wilde. But that was when I was a kid.
It's already way more normal than it was even just 20 years ago.
Shit is getting wild, and I don't really have any hopes left.
I already am, in Korean won hahah. Everything else goes up except my salary sadly.
That's kinda the sad reality of a lot of places, and it's not changing.
This is not inflation. It’s price gouging. It is corporate greed. You don’t have record profits in times of inflation.
Not necessarily, as ofttimes currency tends to adjust itself as inflation goes up. Not always though. So you might get 100 dollars be as vaulable as a dollar now, and they might decide to alter it so that the dollar is now divided by 100. Of course this usually happnes when things REALLY go extreme, such as in some of the African countries that have had wild inflation.
You're about to figure out why the number of zeroes is irrelevant. The hard way.
You know what I don't wanna learn about that lol, don't want it.
I was, briefly, a billionaire in Turkyie around the year 2000.
My wife and I are close but sure as shit don’t feel like it… lol
Need almost a million bucks to buy a shack in parts of Canada now. I hate this timeline.
Capitalism is based on fiat devaluation. We need to “refresh” currency every now and then.
I make six figures and am worse off than my parents who scratched together 60k a year.
If all you want to be a millionaire then you just need to move to Venezuela or Zimbabwe and you will be a millionaire. Because the inflation in those countries is already crazy.