Current Events > The USA has 18,000,000 millionaires

(+) Yeah! (+)

Questionmarktarius posted...

Who decides the distribution of the caves that we'd all live in, then?

Do you think no one would do anything to further civilization if they didn't become millionaires for it? That's a depressing and wrong outlook.

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Awesome posted...

And in the usa anybody can become a millionaire but that takes something called intelligence and hard work ethics which many people dont have

So where's your millions?

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Surprised it's that little. This isn't 1970, 1 million dollars doesn't make you rich at all.

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Lost_All_Senses posted...

How did you personally become a millionaire?

please review the part of my post where i said "decades of compounding roi"

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if you're not a millionaire on this day in 2020 you never will be

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Questionmarktarius posted...

Who decides the distribution of the caves that we'd all live in, then?

White people don't get a cave because of their privilege.

Yikes, I'm really disappointed to see the posts in this topic. Considering how most of CE is liberal, it's haunting to see so many people try to defend how "easy" it is to become a millionaire.

Maybe from the perspective of a white person with immediate access to quality education and the fortune of having a good degree at a better price. It's easier to start businesses, get degrees, have good job connections etc. for many people.

But the fact is, the majority of America will never see even close to that much money even through a lifetime of working. It's hard when you start poor and have few resources to even pass a quality job interview, or when you're too poor to get the degree path you would prefer in order to nab a better job.

Hard work and all is fine, but you can only save so much. Most Americans live paycheck to paycheck, struggling with bills, food, medical bills, car payments, etc. It's not like they live extravagantly in the moment due to ignoring the concept of retirement.

Also, I highly doubt anyone on this topic is even close to a million. The accurate statement mentioned is that a million dollars is barely cushy enough to retire on...that's how fucked our current society is.

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Self control is another big thing. Many lack it. All businesses manipulate you into wanting what they are selling and quite a few don't have the mindset to say no. Walk up to the average middle class person say stop doing certain things to save up money and they'll say they don't care. Also factor in going or taking out to eat a lot than cooking at home and buying lots of junk food (chips).

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Jabodie posted...

This is true tbh. We probably should add more finance education to school curriculums. As long as you don't get fucked with something like medical debt, a middle class person can build their wealth over a few decades to something substantial as long as they're not constantly buying bullshit and are reasonably smart about what loans they take.

instruction on financial literacy absolutely needs to become a core part of educational curriculums, perhaps even starting at earlier levels of education so that it's more effectively absorbed.

healthcare system needs an overhaul to cut costs - healthy mix of deregulation, abolishing patents, liberalization of imports of generics and what not, ending subsidies to sectors empirically driving health issues, more efficient use of public funds allocated to health

that aside, other reforms would help with respect to generational institutional barriers - particularly with respect to education, where neighborhood schooling needs to come to an abrupt end, but i've already gone well off topic

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TheMikh posted...

healthcare system needs an overhaul to cut costs - healthy mix of deregulation, abolishing patents, liberalization of imports of generics and what not, ending subsidies to sectors empirically driving health issues, more efficient use of public funds allocated to health

Ban 3rd-party payers, somehow, and prices will collapse instantly.

NOOOOOOOO you can't just have an economic system that makes people richer how can this be happening Marx promised us capitalism would collapse NOOOOOOOOOOOOO

"Maybe from the perspective of a white person with immediate access to quality education and the fortune of having a good degree at a better price. It's easier to start businesses, get degrees, have good job connections etc. for many people."

Banks will happily lend small loans to start a business unfortunately many businesses fail within the first few years regardless of your race. School loans are handed to almost everyone and there are many people with degrees who can't land a job in their field. Stop making excuses. Unfortunately, not everyone is going to become a millionaire, but certain moves in your life can help better it. If based on my skill set and ability I was to work a min wage job in my lifetime I wouldn't be looking to get a cool looking car to show off or whatever else to impress people. Fact is people waste thousands of dollars in their lifetime on crap (liabilities) then whine close to retirement they are struggling. Those thousands wasted each year adds up to quite a bit long term wise. Most people who become somewhat rich thought long term.

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TomNook20 posted...

Surprised it's that little. This isn't 1970, 1 million dollars doesn't make you rich at all.

1m in cash will make you secure for a pretty long time, but with respect to net worth - mostly tied up in property and stocks for the middle class - it's basically just "comfortable if you're healthy and working"

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Yikes. Most people I've ever worked with, gone to school with, taught etc. Don't even have "thousands wasted each year". Most are fortunate to have a thousand or two of personal spending money a year, period. Most of that goes to essentials.

Bank loans are hard to get when you've already been born into a family deep in debt with poor credit history anyways. It's tough for kids even into their 20's to get the start they deserve.

Yes, people waste money, but they're also allowed to do that. I'm fortunate to have had a good start and am currently down a career path with gigs that will hopefully take care of me(and many already have), even though school is putting me a fair amount into debt. But you all should really empathize and realize a lot of people actually don't have that.

And yeah, that includes a lot of rural white folk. But it includes a hell of a lot of people of color and white people in urban areas, too.

Financial literacy classes would be good. But...we need a lot more than that, structurally. Public schools can't fix everything on their own lmao. Come on now.

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The same applies to many pro athletes who after they are done sports are like whattttt I can't afford my lambo or mansion now? And as nice as it is to help others when you can some blow their money to help out family/friends then are shocked they have nothing left. I think some major leagues now teach this especially giving some poor kid millions who has no clue about stocks and stuff. It just boils down to living within your means or slightly lower. The average millionaire doesn't tend to have a luxury or sports car compared to a multi-millionaire.

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TheEvilMushroom posted...

Yikes. Most people I've ever worked with, gone to school with, taught etc. Don't even have "thousands wasted each year". Most are fortunate to have a thousand or two of personal spending money a year, period. Most of that goes to essentials.

Bank loans are hard to get when you've already been born into a family deep in debt with poor credit history anyways. It's tough for kids even into their 20's to get the start they deserve.

Yes, people waste money, but they're also allowed to do that. I'm fortunate to have had a good start and am currently down a career path with gigs that will hopefully take care of me(and many already have), even though school is putting me a fair amount into debt. But you all should really empathize and realize a lot of people actually don't have that.

And yeah, that includes a lot of rural white folk. But it includes a hell of a lot of people of color and white people in urban areas, too.

Financial literacy classes would be good. But...we need a lot more than that, structurally. Public schools can't fix everything on their own lmao. Come on now.

This is all fair. My personal experience in graduate school has been with a lot of upper middle class people who are total dummies when it comes to finances. They'll be fine in the end despite their ignorance, but if they didn't have their family safety and a degree to a good paying job... lol

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I kinda wonder how much good financial literacy classes would do. For most kids, that's all conceptual shit that they won't be dealing with until after high school. The kids who actually absorb the material are probably good students in the first place.

I'm not saying there shouldn't be financial literacy classes, but I definitely don't think it's going to fix the problem.

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EndOfDiscOne posted...

I kinda wonder how much good financial literacy classes would do. For most kids, that's all conceptual shit that they won't be dealing with until after high school. The kids who actually absorb the material are probably good students in the first place.

I'm not saying there shouldn't be financial literacy classes, but I definitely don't think it's going to fix the problem.

Even being exposed to the basics would be helpful I think. If the only thing they walk away with is "start in your 20s!" maybe it would increase the likelihood they pursue some financial knowledge later in life. But odds are this wouldn't help the poor that much for various reasons. Just the middle class.

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My mindset compared to my 20s is a lot different financially in my 30s, but growing up even in my teens I was never a kid who wanted name brand stuff. Most kids around my group had name brand stuff and my parents had the money to buy me stuff, but I only had 1 Nike shirt when I was like 12 and since then never owned a Nike shirt. If I could change back time instead of blowing money on a wedding I should have used that for getting a house earlier. My tenant living in my basement makes about $10K more than me a year and she has literally 3 closets full of clothes. My sister same...makes more money than me and wasted it on some lame ass Parada glasses and clothing and yet I'm the one with a house and saving up money. I have more saved up than her plus I pay for fucking child support. People forget how easily such as going on road trips or travelling adds up.

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Austin_Era_II posted...

My mindset compared to my 20s is a lot different financially in my 30s, but growing up even in my teens I was never a kid who wanted name brand stuff. Most kids around my group had name brand stuff and my parents had the money to buy me stuff, but I only had 1 Nike shirt when I was like 12 and since then never owned a Nike shirt. If I could change back time instead of blowing money on a wedding I should have used that for getting a house earlier. My tenant living in my basement makes about $10K more than me a year and she has literally 3 closets full of clothes. My sister same...makes more money than me and wasted it on some lame ass Parada glasses and clothing and yet I'm the one with a house and saving up money. I have more saved up than her plus I pay for fucking child support. People forget how easily such as going on road trips or travelling adds up.

Yeah I think one of the keys to financial stability (and happiness) is being content with what you have. Once your basics are met, what you spend is much more important than what you make. Me, there's really nothing I want. I don't care to have a better car, house, etc. What I have now is fine. All I want is more free time, but I know that I have to save up a lot more money first.

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Having a budget and sticking to it helps. It's like people who make New Years resolutions then after a few weeks or months give up going back to the old habit of overspending or eating crap. Self discipline is key and it comes from within. And self discipline requires sacrifices which some don't make. If the chance of someone becoming a millionaire was to spend 10 years overseas in another country they might not want to do that being far away from their current friends/family, but once you gain what you want you can always move again this is why some people when looking for work move far away like my folks did when they came to Canada.

Also keep in mind just cause your neighbours have stuff or friends on social media showing crap off many are probably in crazy ass Visa debt and loans.

From what I've observed of many in my generation is they look at people in their 50's/60's who no longer have to support their kids going on vacations and buying stuff and they all want it "now" when they don't realize their parents waited a while before to enjoy some stuff. My former inlaws have a used couch set for many years and in the last 2 years finally bought something new. My ex wife looks at that and wants all new shit instead of waiting it out.

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There are lots of things you can do to improve your chances of becoming a millionaire. None of those things guarantee that you will become/stay a millionaire. You can do everything right and still have economic disaster. Also, none of those things are necessary for becoming a millionaire. You can do everything wrong and luck into economic success.

It's a good thing to encourage people to work hard, learn and practice financial literacy, etc. It's not a good thing to judge people just for being poor. It's also not a good thing to venerate people just for being rich.

Why is AE having a whole topic-long meltdown holy shit

E: Also wtf @ Awesome not even trying to be subtle with the racism
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TheEvilMushroom posted...

Yikes, I'm really disappointed to see the posts in this topic. Considering how most of CE is liberal, it's haunting to see so many people try to defend how "easy" it is to become a millionaire.

by no means "easy" - but it takes a long time and commitment to allocation to accomplish it passively

less than 3/4ths the price of the average home tossed into an index fund in 1980 would make someone a millionaire today

one third of americans today are homeowners, take that how you will

Maybe from the perspective of a white person with immediate access to quality education and the fortune of having a good degree at a better price. It's easier to start businesses, get degrees, have good job connections etc. for many people.

not that it should matter but i'm black

working a job chiefly leveraging skills i started learning as a hobby, state college degree, job cold applied to with no connections (aside from the mandatory previous job references)

But the fact is, the majority of America will never see even close to that much money even through a lifetime of working. It's hard when you start poor and have few resources to even pass a quality job interview, or when you're too poor to get the degree path you would prefer in order to nab a better job.

early education goes a long way, hence my earlier emphasis on reforming the segregated mess that is the education system

Hard work and all is fine, but you can only save so much. Most Americans live paycheck to paycheck, struggling with bills, food, medical bills, car payments, etc. It's not like they live extravagantly in the moment due to ignoring the concept of retirement.

the only excusable barriers are, imo, preexisting health issues, personal issues/trauma stemming from upbringing, freak accidents beyond their control - other life circumstances largely from personal choice or downstream from such

Also, I highly doubt anyone on this topic is even close to a million. The accurate statement mentioned is that a million dollars is barely cushy enough to retire on...that's how fucked our current society is.

not "close" but definitely coming along in net worth - studied, worked, saved like a maniac, invest liberally (but conservatively if that makes any sense) and don't touch, down payment in a working class neighborhood, californians driving up property values astronomically (screw the tax hikes tho)

but you are absolutely correct, by no means cushy

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Questionmarktarius posted...

Ban 3rd-party payers, somehow, and prices will collapse instantly.

this is true, though i might add that red tape has made them "convenient"

both must go - 1st party / direct payers and a healthy ecosystem of third-party metaregulation is key (imo)

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1337toothbrush posted...

If you want a decent retirement in the US, you pretty much have to be a millionaire.

Crazy how times have changed

1337toothbrush posted...

If you want a decent retirement in the US, you pretty much have to be a millionaire.

Still a while til I retire from my career, but my advisor has me on a plan to have 2.88M at retirement age (to meet my needs).

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TheMikh posted...

1m in cash will make you secure for a pretty long time, but with respect to net worth - mostly tied up in property and stocks for the middle class - it's basically just "comfortable if you're healthy and working"

?

I don't get the point of your post.
Having 1 million in cash is fucking stupid.

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DevsBro posted...

I could believe it. It's not the 50's anymore. A million is a lot but it's not even retirement money these days.

The vast majority of Americans could retire pretty comfortably off of a well invested million dollars of capital. Especially if their house is paid off.

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TheEvilMushroom posted...

Yikes, I'm really disappointed to see the posts in this topic. Considering how most of CE is liberal, it's haunting to see so many people try to defend how "easy" it is to become a millionaire.

Maybe from the perspective of a white person with immediate access to quality education and the fortune of having a good degree at a better price. It's easier to start businesses, get degrees, have good job connections etc. for many people.

But the fact is, the majority of America will never see even close to that much money even through a lifetime of working. It's hard when you start poor and have few resources to even pass a quality job interview, or when you're too poor to get the degree path you would prefer in order to nab a better job.

Hard work and all is fine, but you can only save so much. Most Americans live paycheck to paycheck, struggling with bills, food, medical bills, car payments, etc. It's not like they live extravagantly in the moment due to ignoring the concept of retirement.

Also, I highly doubt anyone on this topic is even close to a million. The accurate statement mentioned is that a million dollars is barely cushy enough to retire on...that's how fucked our current society is.

Most Americans dont have self control either.

I started watching and listening to Dave Ramsey in my early 20s. Im in my early 30s with zero debt outside of my mortgage. My mortgage will be paid off in my 40s.

No, I dont have an extravagant job. I dont make 6 figures a year.

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Solid Snake07 posted...

The vast majority of Americans could retire pretty comfortably off of a well invested million dollars of capital. Especially if their house is paid off.

Well do tell where you invest.

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I'd invest heavily in toilets unless people stopped taking shits.

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1337toothbrush posted...

If you want a decent retirement in the US, you pretty much have to be a millionaire.

If retirement lasts for 30 years and you're spending 30k a year maybe.

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DevsBro posted...

Well do tell where you invest.

I personally have most of my net worth in stocks and real estate. As for the average person, diversifying into a few mutual funds is probably the easiest route. Which funds you should be in depend on you and your age/goals

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Solid Snake07 posted...

I personally have most of my net worth in stocks and real estate. As for the average person, diversifying into a few mutual funds is probably the easiest route. Which funds you should be in depend on you and your age/goals

You're getting pretty good rates if you expect to live comfortably off of your inflation-free interest with a principle of $1M.

For most people that's gonna tend toward about $40-60k. Which is far from impossible but not really what a lot of people would call comfortable.

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DevsBro posted...

You're getting pretty good rates if you expect to live comfortably off of your inflation-free interest with a principle of $1M.

For most people that's gonna tend toward about $40-60k. Which is far from impossible but not really what a lot of people would call comfortable.

I guess comfortable is subjective. But the average income is like 30k. So yeah, I'd call 40k a year indefinitely with a paid off house pretty comfortable unless you live in a particularly high cost of living area, in which case you should probably move when you retire anyway. I'm not saying you'll be yachting in the hamptons, but you'll have a place to live and plenty of food to eat.

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PrideOfLion posted...

What's the average age though? Nearing retirement it's not particularly impressive to be a millionaire with proper planning

This. I'm less than 30 years old and already 10% of the way there in my retirement accounts. I understand that a lot of people do not have the opportunities that I have had and that's a problem, but $1 million by the time you're at retirement age isn't completely outlandish.

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Is this a million liquid in the bank or net worth?

My parents are millionaires based on net worth but have like 60k in the bank

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TreyFlowers posted...

Is this a million liquid in the bank or net worth?

My parents are millionaires based on net worth but have like 60k in the bank

Having a million dollars cash is pretty dumb unless you're worth at least 3 million.

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Where I live about 1/100 people are millionaires, in the US it's about half that.

Yay I suppose.

TreyFlowers posted...

Is this a million liquid in the bank or net worth?

My parents are millionaires based on net worth but have like 60k in the bank

Thats a lot of cash just sitting there doing nothing.

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They buy shit for their house, go on holidays 2-3 times a year, etc

They put a jacuzzi in this year

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TreyFlowers posted...

They buy shit for their house, go on holidays 2-3 times a year, etc

They put a jacuzzi in this year

After I posted that, wanted to retract what I said but I figured Id let it stand.

we are talking about a non-millionaire (me) trying to correct millionaires. Stupid.

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DevsBro posted...

Solid Snake07 posted...

I personally have most of my net worth in stocks and real estate. As for the average person, diversifying into a few mutual funds is probably the easiest route. Which funds you should be in depend on you and your age/goals

You're getting pretty good rates if you expect to live comfortably off of your inflation-free interest with a principle of $1M.

For most people that's gonna tend toward about $40-60k. Which is far from impossible but not really what a lot of people would call comfortable.

Assuming the house is paid off and you're essentially living paycheck to paycheck with that 40-60k since you don't have to save, that's really good
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Good. A healthy society should create millionaires like crazy at the current value of the dollar. It's the fucker billionaires who don't actually do anything but leech wealth off the top that are the problem.

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DiegoSanchez206 posted...

After I posted that, wanted to retract what I said but I figured Id let it stand.

we are talking about a non-millionaire (me) trying to correct millionaires. Stupid.

Haha, yeah. They busted their ass working and raising my sister and me, now they've got their house paid off, are semi retired (dad still makes great money though), and my sister and I are both out. They've earned the right to do whatever the fuck they want

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TomNook20 posted...

?

I don't get the point of your post.
Having 1 million in cash is fucking stupid.

that is absolutely correct

the point i was making was that while a million in the bank (god forbid it not be invested) might be a generous amount, a million on paper for the typical middle class millionaire is largely illiquid, far less cash on hand than that, not nearly as cozy as the financially illiterate may think

in short, i concur with your original post, and was just adding to it

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emblem boy posted...

Assuming the house is paid off and you're essentially living paycheck to paycheck with that 40-60k since you don't have to save, that's really good

Fair enough. No income tax either... Provided you invested properly

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I wish I was rich.

And I wouldn't give a damn if anyone hated me for it.

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