When Will Attaining Millionaire Status Be Obsolete?

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bigtex
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When Will Attaining Millionaire Status Be Obsolete?

Post by bigtex »

Hello all,

I was thinking about this today. At what point in the future, do you think having a million dollar net worth will no longer be much of an achievement due to rising wages and inflation over time? Obviously, $1 million today is a whole lot less than what it would have been to be a millionaire in the 1970s for example. I feel like millionaire status today is still something that is difficult to achieve as less than 10% of households are millionaires. I am 28 years old and am wondering what % of households might be millionaire households in the year 2050 when I am 60. 30%? 50% or more? Or do you think millionaires will always be in the minority since wages seems to be declining over time as compared to costs of living? All in all, not that becoming a millionaire in itself is any magic achievement or milestone. Just some thoughts I was pondering.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bgf »

it already isn't much of an achievement right now. i say that as a person who does not yet have a net worth of one million, but i dont think its really anything impressive. you can go back a century now to when being a millionaire really meant something originally. that's a long time.
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magicrat
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by magicrat »

I think it's an arbitrary number that has no relevance whatsoever.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by MnD »

Considering that the median value of household financial assets is around $20K, I'd say something 50X greater than that and a round number will maintain very significant status value for quite some time. I suppose it will morph into something like the $100,000 income which isn't lifestyles of the rich and famous is still something that many individuals aspire to earning.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by The Wizard »

Increasingly, "millionaire" is starting to mean someone with a seven figure INCOME per year...
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bloom2708 »

It's all about your spending.

$1 million invested 60/40 will spin off about $30k-35k using the 3 to 3.5% rule for early retirement.

If you spend $30k, this is great. If you spend $60k, keep saving.

$1 million is still a special number, but everything is in context with your spending needs. Slow, steady progress. Don't buy too much house or cars. Have some fun along the way. "Fun" doesn't have to mean spend more or buy something. :wink:
Last edited by bloom2708 on Tue Oct 23, 2018 2:18 pm, edited 1 time in total.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Ged »

About 4% are millionaires right now. Average inflation is about 3.2%. In 32 years that is a factor of 2.74.

So that would be about $400,000 in current dollars. About 25% of households currently have that much.

Data source: https://www.federalreserve.gov/econres/scfindex.htm
Last edited by Ged on Tue Oct 23, 2018 2:10 pm, edited 1 time in total.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by barnaclebob »

I'm not considering our household as "millionaires" until we hit 2 mil for a 1 mil average per working person. We were on pace to hit that early/mid 2019 but that pace might be different now...

Being "rich" really should be about 5-10 million now, as that's the amount of money most people could find a way to comfortably retire at just about any age. 1 million in 1970 has the buying power of 6.6mil today according the the first inflation calculator on google i found.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by The Wizard »

Ged wrote: Tue Oct 23, 2018 2:05 pm About 4% are millionaires right now. Average inflation is about 3.2%. In 32 years that is a factor of 2.74.

So that would be about $400,000 in current dollars. About 25% of households currently have that much.
Individual wealth is probably better for determining millionaire status.
Or married household wealth divided by two.

Otherwise, we have confusion...
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Nate79 »

The Wizard wrote: Tue Oct 23, 2018 2:00 pm Increasingly, "millionaire" is starting to mean someone with a seven figure INCOME per year...
Certainly there is a lot of ignorance out there. Not knowing what a millionaire is is just one more example.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Jack FFR1846 »

I slept right through becoming a millionaire without even knowing it. By the time I read something that said that one should know the cost of their investments, I had half a dozen accounts and not only had I not paid attention to the amounts in each, I couldn't even point to all the accounts. It took a year of actually opening statements to fill in my spreadsheet with all of them. By then, I had over a million and a half in investments and a paid off house.

I do think it's still a significant number. I have friends who would like to retire in the next few years and have well under $100k and another $20k in equity in their house because they've tapped the equity so many times.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by dm200 »

I remember this TV show from the 1950's :

Here is one episode - https://www.youtube.com/watch?v=VAjkvFe ... e=youtu.be
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by lostdog »

Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by JoMoney »

bigtex wrote: Tue Oct 23, 2018 1:52 pm... since wages seems to be declining over time as compared to costs of living? ...
FWIW, that isn't quite the case
US Real Income Per Capita
US Median Real Income

What has happened, is
-the gap has widened between the poor and the rich (even though they've both been raised up)
-Healthcare costs have grown to take up a larger part of incomes, GDP, everything...
-Many urban areas have seen increased growth (along with restrictions on building new homes) and rents have grown more in those areas (taking up a larger chunk of incomes) relative to other areas.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by TomatoTomahto »

I remember when the state lotteries started, with a prize of a million dollars, paid out in 20 payments of $50,000. People, even young people, considered themselves “set for life” if they won.

While it’s better than a stick in the eye, how lucky would you feel today winning that prize? Note that the Mega Millions lottery is currently up to $1.6 Billion.
I get the FI part but not the RE part of FIRE.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by dm200 »

TomatoTomahto wrote: Tue Oct 23, 2018 2:17 pm I remember when the state lotteries started, with a prize of a million dollars, paid out in 20 payments of $50,000. People, even young people, considered themselves “set for life” if they won.

While it’s better than a stick in the eye, how lucky would you feel today winning that prize? Note that the Mega Millions lottery is currently up to $1.6 Billion.
Some states allow winners to remain anonymous - while other state mandate the winners be public.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by iamlucky13 »

Jack FFR1846 wrote: Tue Oct 23, 2018 2:11 pm I slept right through becoming a millionaire without even knowing it. By the time I read something that said that one should know the cost of their investments, I had half a dozen accounts and not only had I not paid attention to the amounts in each, I couldn't even point to all the accounts. It took a year of actually opening statements to fill in my spreadsheet with all of them. By then, I had over a million and a half in investments and a paid off house.
That's a different level of surprise for sure compared to when my wife gets excited about finding a $5 bill in her coat pocket.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by barnaclebob »

lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Nate79 »

lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
Planet Bogleheads. Very far from reality of Earth.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by POLO »

lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
Agreed, planet Boglehead is a strange place. As for this planet $40,000, in real terms, in perpetuity, without lifting a finger, is a very decent life. I can't think of any point in the future where a net worth of a million USD, even including illiquid home equity, isn't impressive.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by mancich »

magicrat wrote: Tue Oct 23, 2018 1:57 pm I think it's an arbitrary number that has no relevance whatsoever.
+1000
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by dm200 »

JoMoney wrote: Tue Oct 23, 2018 2:15 pm
bigtex wrote: Tue Oct 23, 2018 1:52 pm... since wages seems to be declining over time as compared to costs of living? ...
FWIW, that isn't quite the case
US Real Income Per Capita
US Median Real Income

What has happened, is
-the gap has widened between the poor and the rich (even though they've both been raised up)
-Healthcare costs have grown to take up a larger part of incomes, GDP, everything...
-Many urban areas have seen increased growth (along with restrictions on building new homes) and rents have grown more in those areas (taking up a larger chunk of incomes) relative to other areas.
Yes --
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by MarkRoulo »

bigtex wrote: Tue Oct 23, 2018 1:52 pm At what point in the future, do you think having a million dollar net worth will no longer be much of an achievement due to rising wages and inflation over time? Obviously, $1 million today is a whole lot less than what it would have been to be a millionaire in the 1970s for example. I feel like millionaire status today is still something that is difficult to achieve as less than 10% of households are millionaires.
It *IS* still difficult to achieve millionaire status in 2018 America, but note that in 1900 the US seems to have had around 5,000 millionaires (which probably worked out to around 5,000 households). Today, around 10 million households. The term is used to mean "rich" today, but in 1900 it would have been "ultra-rich", as in top 0.03% or some-such.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Nova1967 »

Having a million dollars is still a big accomplishment and without including home value still puts one in the top 5% in the USA, or a fraction of 1% if you include the entire World, Having one Million Lire or Yen is not much but in ancient times it might have been, I am sure as the years go by and with inflation there will be a time when a million dollars will be obsolete, Back in the day having 100K was a big accomplishment, In the 70s if you were making 20K a year you were doing phenomenal
Last edited by Nova1967 on Tue Oct 23, 2018 2:37 pm, edited 1 time in total.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by sailaway »

barnaclebob wrote: Tue Oct 23, 2018 2:23 pm
lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
Sure it does, just "unless you screwed up" includes fewer luxuries. It hasn't really meant considerable luxuries in my lifetime, we have just continued to use it as a shorthand for extravagance because decamillionaire doesn't roll off the tongue.

It is still rich, it is certainly an amount someone could make themselves comfortable with, as an individual (or even a family) of independent means. It just doesn't lend itself to conspicuous consumption.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Dottie57 »

lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
For me reaching 1m was a big deal. I have friends who refer to 1m as a “God awful amount”.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by moghopper »

bloom2708 wrote: Tue Oct 23, 2018 2:00 pm
$1 million invested 60/40 will spin off about $30k-35k using the 3 to 3.5% rule for early retirement.
This is the Boglehead version of the hedonic treadmill. The SWR treadmill, if you will.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by barnaclebob »

sailaway wrote: Tue Oct 23, 2018 2:36 pm
barnaclebob wrote: Tue Oct 23, 2018 2:23 pm
lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
Sure it does, just "unless you screwed up" includes fewer luxuries. It hasn't really meant considerable luxuries in my lifetime, we have just continued to use it as a shorthand for extravagance because decamillionaire doesn't roll off the tongue.

It is still rich, it is certainly an amount someone could make themselves comfortable with, as an individual (or even a family) of independent means. It just doesn't lend itself to conspicuous consumption.
A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Johnsson »

It will become insignificant only when it becomes a much more common event.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bloom2708 »

moghopper wrote: Tue Oct 23, 2018 2:44 pm
bloom2708 wrote: Tue Oct 23, 2018 2:00 pm
$1 million invested 60/40 will spin off about $30k-35k using the 3 to 3.5% rule for early retirement.
This is the Boglehead version of the hedonic treadmill. The SWR treadmill, if you will.
Most here should at least aspire to retire (or have the option) before 67. Taking SS at 70. 4%+ works great if you are at 70. If not, use a lower number.

First, get to $1 million. Then do whatever you want next. :arrow:
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by lostdog »

barnaclebob wrote: Tue Oct 23, 2018 2:48 pm
sailaway wrote: Tue Oct 23, 2018 2:36 pm
barnaclebob wrote: Tue Oct 23, 2018 2:23 pm
lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
Sure it does, just "unless you screwed up" includes fewer luxuries. It hasn't really meant considerable luxuries in my lifetime, we have just continued to use it as a shorthand for extravagance because decamillionaire doesn't roll off the tongue.

It is still rich, it is certainly an amount someone could make themselves comfortable with, as an individual (or even a family) of independent means. It just doesn't lend itself to conspicuous consumption.
A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by moghopper »

bloom2708 wrote: Tue Oct 23, 2018 2:52 pm
First, get to $1 million. Then do whatever you want next. :arrow:
While the rest of the world spends more and more, we will devolve until we get to a 0% Withdrawal Rate. Below 0%, if we can figure that out with New Math.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bloom2708 »

moghopper wrote: Tue Oct 23, 2018 2:55 pm
bloom2708 wrote: Tue Oct 23, 2018 2:52 pm
First, get to $1 million. Then do whatever you want next. :arrow:
While the rest of the world spends more and more, we will devolve until we get to a 0% Withdrawal Rate. Below 0%, if we can figure that out with New Math.
Certainly. That already exists. Never stop working. Many subscribe to that philosophy. I've worked with several life long programmers that worked until 5 on they day they died. I hope they got their code checked in and through the test gate that day.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by wootwoot »

Once money is obsolete.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Smorgasbord »

My answer is 2238. Assuming 3% inflation, 2238 is the year that anyone making less than a million dollars a year will be below the Federal Poverty level.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by JoMoney »

It happens about the sane time you become one.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by barnaclebob »

lostdog wrote: Tue Oct 23, 2018 2:52 pm
barnaclebob wrote: Tue Oct 23, 2018 2:48 pm A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
Yeah they'd have that dream life of Mr Money Mustache (without all the blog income), budgeting for a used civic every 10 years, worrying about having two major unexpected expenses in a single year, and being able to eat out once a month.
Last edited by barnaclebob on Tue Oct 23, 2018 3:09 pm, edited 5 times in total.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by daheld »

Who cares?
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Sheepdog »

I no longer feel that a Millionaire is "Rich", but my relatives and most neighbors still do. My wife's grandfather lost his $79,000 "fortune" in the Great Depression. That would be today, according to the CPI Calculator, $1,159,458.20. $1,000,000 in 1929 would be approximately $14,676,686.05 today.
Let's just say that being a Millionaire is still very well off here for me and most people. It is worth striving for.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bmelikia »

lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
+1

I know I'll be celebrating the day I cross the threshold!
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by sailaway »

lostdog wrote: Tue Oct 23, 2018 2:52 pm
barnaclebob wrote: Tue Oct 23, 2018 2:48 pm
sailaway wrote: Tue Oct 23, 2018 2:36 pm
barnaclebob wrote: Tue Oct 23, 2018 2:23 pm
lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
Sure it does, just "unless you screwed up" includes fewer luxuries. It hasn't really meant considerable luxuries in my lifetime, we have just continued to use it as a shorthand for extravagance because decamillionaire doesn't roll off the tongue.

It is still rich, it is certainly an amount someone could make themselves comfortable with, as an individual (or even a family) of independent means. It just doesn't lend itself to conspicuous consumption.
A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
If by austere you mean no McMansion and the car is merely reliable, rather than showy...
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by bloom2708 »

bmelikia wrote: Tue Oct 23, 2018 3:31 pm
lostdog wrote: Tue Oct 23, 2018 2:14 pm Do some of you realize that most Americans live paycheck to paycheck and barely have $1000 in savings? Only 50% invest at all.

Reaching millionaire status is a huge milestone for most people. Not sure what planet you're on?
+1

I know I'll be celebrating the day I cross the threshold!
You will celebrate, but may realize it is just another step. You do all the right things, save, wait 15-20 years. You hit $1 million. You celebrate. Then you realize it it just another step. You still have many (hopefully) years ahead. A wife, kids, mortgage, college ahead. What do you do next? Trudge on toward $2 million. The market also giveth and taketh away. You may cross the milestone multiple times on the journey.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Texanbybirth »

barnaclebob wrote: Tue Oct 23, 2018 3:06 pm
lostdog wrote: Tue Oct 23, 2018 2:52 pm
barnaclebob wrote: Tue Oct 23, 2018 2:48 pm A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
Yeah they'd have that dream life of Mr Money Mustache (without all the blog income), budgeting for a used civic every 10 years, worrying about having two major unexpected expenses in a single year, and being able to eat out once a month.
LOL! That was snarky but made me laugh.

OP, it depends on which side of the ever-expanding divide we have in America between rich and poor. For the poor it will be more and more difficult to obtain, while for the rich it will quickly become (if it isn't already) an obsolete number.
Last edited by Texanbybirth on Tue Oct 23, 2018 3:39 pm, edited 1 time in total.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by kaeltor »

Well, is tracking Networth actually useful?

I mean, we are at the mercy of the market.

You could be a millionaire one day and not the next day.
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by barnaclebob »

sailaway wrote: Tue Oct 23, 2018 3:32 pm
lostdog wrote: Tue Oct 23, 2018 2:52 pm
barnaclebob wrote: Tue Oct 23, 2018 2:48 pm
sailaway wrote: Tue Oct 23, 2018 2:36 pm
barnaclebob wrote: Tue Oct 23, 2018 2:23 pm

So is reaching 0 net worth, or 100k for many people. Whats your point? The discussion is that being considered a millionaire used to mean you were set for life unless you screwed up. Not so much these days.
Sure it does, just "unless you screwed up" includes fewer luxuries. It hasn't really meant considerable luxuries in my lifetime, we have just continued to use it as a shorthand for extravagance because decamillionaire doesn't roll off the tongue.

It is still rich, it is certainly an amount someone could make themselves comfortable with, as an individual (or even a family) of independent means. It just doesn't lend itself to conspicuous consumption.
A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
If by austere you mean no McMansion and the car is merely reliable, rather than showy...
That and a pretty strict budget without a lot of room for error.
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Abe
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by Abe »

Sheepdog wrote: Tue Oct 23, 2018 3:11 pm I no longer feel that a Millionaire is "Rich", but my relatives and most neighbors still do. My wife's grandfather lost his $79,000 "fortune" in the Great Depression. That would be today, according to the CPI Calculator, $1,159,458.20. $1,000,000 in 1929 would be approximately $14,676,686.05 today.
Let's just say that being a Millionaire is still very well off here for me and most people. It is worth striving for.
Yep. I also think a million is a worthy goal to achieve.
Any amount of money amassed is an accomplishment. I can remember when savings accounts paid about 5% interest and thinking that if I saved 100 thousand, I would have 5 thousand a year that I didn't have to work for. I sort of liked that concept of something working for me other than myself. :happy
Slow and steady wins the race.
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JoMoney
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by JoMoney »

Texanbybirth wrote: Tue Oct 23, 2018 3:38 pm
barnaclebob wrote: Tue Oct 23, 2018 3:06 pm
lostdog wrote: Tue Oct 23, 2018 2:52 pm
barnaclebob wrote: Tue Oct 23, 2018 2:48 pm A 30 year old would have to have a fairly austere life in a LCOL area to live on 1 million dollars for life.
40k a year in a LCOL area, not really.
Yeah they'd have that dream life of Mr Money Mustache (without all the blog income), budgeting for a used civic every 10 years, worrying about having two major unexpected expenses in a single year, and being able to eat out once a month.
LOL! That was snarky but made me laugh.

OP, it depends on which side of the ever-expanding divide we have in America between rich and poor. For the poor it will be more and more difficult to obtain, while for the rich it will quickly become (if it isn't already) an obsolete number.
It is true that "the rich" have been getting richer, but it's not necessarily the same rich people.
It's still the case in America that individuals are not tied to a class of being "rich" or "poor". There is still tremendous mobility and the list of Forbes richest people sees new additions all the time, and people in poverty frequently do raise themselves out of it.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
staythecourse
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by staythecourse »

Hard to believe we are so elitist as a forum many feel millionaire is no big deal. It is a VERY big deal. The % of folks who are millionaires in the U.S. make the odds still low so one should feel proud of making it if that is their goal in the first place.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle
KJVanguard
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by KJVanguard »

I'm a multi-millionaire and I sure don't feel rich. Being a millionaire makes you middle class in 2018.

I wouldn't consider someone truly rich until they had over $10M. Note that Vanguard has Flagship Select for $5M+ (which I don't have), so perhaps that could be some benchmark for "rich."
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Re: When Will Attaining Millionaire Status Be Obsolete?

Post by KJVanguard »

staythecourse wrote: Tue Oct 23, 2018 4:49 pm Hard to believe we are so elitist as a forum many feel millionaire is no big deal. It is a VERY big deal. The % of folks who are millionaires in the U.S. make the odds still low so one should feel proud of making it if that is their goal in the first place.

Good luck.
There are literally millions of millionaires out there and you can find them shopping at up-scale boutiques like Walmart.

Yes, most people are not millionaires and never will be. Sadly, most people know zip about investing and don't care to learn, such that they never will be a millionaire. I know plenty of people who are broke despite earning a good living. I'm sure you have met these folks yourself. America has perfected the fine art of buying crap you don't need with money you don't have. We even have a special season in December specifically for it (though most Americans practice this art 24/7/365).
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