How Many People Are Actually Millionaires? (Surprising)

[@Riggsnic_co]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@Jamessmith-12]

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@kevinmarten]

I wholeheartedly concur; I'm 60 years old, just retired, and have about $1.25m in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.

[@JacquelinePerrira]

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocationV

[@kevinmarten]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@JacquelinePerrira]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@Adam-dm8wg]

Building a solid retirement fund early is one of the most effective ways to ensure financial independence in your later years. Compound interest really works wonders over time!

[@TeresaMicheals]

Diversifying your retirement portfolio is key. Consider a mix of 401(k)s, IRAs, and even taxable accounts to maximize flexibility and tax benefits.

[@SarahGonzales-sk6tn]

It’s important to periodically review your retirement goals and adjust your savings rate. Life changes, and so should your financial plans.

[@NicholasSebastin]

Roth IRAs are particularly valuable because they offer tax-free growth and withdrawals in retirement. They’re an excellent tool if you expect your tax rate to be higher in the future.

[@JoshuaMartins-sr7ez]

Don’t forget to account for healthcare expenses when planning your retirement fund. A Health Savings Account (HSA) can be a great complement to your other savings.

[@TeresaMicheals]

Many people overlook the importance of estate planning when thinking about retirement. Having a clear plan can protect your loved ones and your assets.

[@Bobhenry-c7z]

Biggest lesson i've learnt in 2024 in the stock market is that nobody knows what is going to happen next, so practice some humility and follow a strategy with a long term edge.

[@DeannaPeters-lz8we]

Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

[@Andreallln]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst

[@FaithJay-d9n]

bravo! I've been getting suggestions to consider financial advisory, but where and how to find someone reputable has been challenging, mind if I look up the advisor guiding you please?

[@Andreallln]

Her name is. DEANNA RENEE LAURE . You’d find necessary details to work with a correspondence to set up an appointment with her contact

[@Andreallln]

(916)

[@PASCALDAB]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[@DonaldStokes-p]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@Tonyrobs2]

You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.

[@SeanTalkoff]

TRUE!! I thought I knew enough about finance and investing to handle everything myself but then I realize that I was spending too much money and energy on researching, analyzing, and monitoring my finances. I was also overwhelmed by the amount of information and options available. I decided to hire a finance advisor and it was one of the best decisions I ever made. They saved me a lot of time and money, and give me peace of mind.

[@Tonyrobs2]

@@SeanTalkoff I actually want to get in with a financial advisor this year, especially as all markets are hitting lows. I don't want to be too optimistic and end up losing everything.

[@SeanTalkoff]

Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

[@realcapers]

I finally became a millionare this year at age 38. 🇺🇸🇺🇸🇺🇸

[@garyish]

Gratz 🎉 I also crossed 1M last year at 38.. now at 39, my networth is 1.2M

[@FaintAura]

Hope to be joining you guys by the time I reach that age.

[@AkikoMakiOfficial]

Way to go my friend! I will be joining the club in a number of years from now, maybe sooner than later. You Rock!👍💵😉

[@ChrisInvests]

@@realcapers great job 👍

[@tombkk1322]

How are you guys doing g it so early?!

[@HectorWhitney]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[@JohnSmith060]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@PaulKatrina.]

That is why I work with Sophia Maurine Lanting, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.

[@Vincent-j8u]

That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@PaulKatrina.]

Yeah for real, Sophia Maurine Lanting is one asset manager that gives the breakdown of everything on how things are done, joining an effective financial community can be 100% beneficial when joined properly that's all I can say out of experience..

[@BellamyGriffin19]

That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!

[@Victoria_10249]

I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k,but guess what? I put it all back and traded again and now I am rounding up close to a million

[@Jonhny476]

"Wow, congratulations on your impressive investment returns! Your discipline and long-term thinking are truly inspiring. You're a great example of how patience and smart financial decisions can lead to life-changing results."

[@Kellyswag-jm6op]

"Kudos to you for staying committed to your financial goals! Your story will motivate many to prioritize saving and investing. What advice would you give to those just starting their investment journey?"

[@Victoria_10249]

Thank you! I'm grateful for the guidance of my incredible advisor, Kavita Rohan. Her expertise and strategic advice have been instrumental in my investment success. To those starting their investment journey, I highly recommend her to beginners.

[@BIDENAN_tfrsz]

This is interesting! I'm a beginner, and this information will definitely help me. Thank you for sharing your experience with Kavita Rohan!Can you please share her contact details or the best way to reach out to her?"

[@Margaret-b3u]

I'm thrilled to see Kavita Rohan's name mentioned here, and her guidance helped me earn $255k, which has been a game changer blessings, I've been able to purchase a dream home, buy a new car, and Fund my son Emily's life changing surgery, Praise God for his goodness and provision.

[@tonysilke]

One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I know I’ll make profits.

[@Nernst96]

You are right. The best approach I feel is to diversify investments by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.

[@PatrickLloyd-]

That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.

[@PhilipDunk]

I really want to get in with a financial advisor this year, especially as all markets are hitting lows. I don't want to be too optimistic and end up losing everything.

[@PatrickLloyd-]

Sharon Ann Meny is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@PatrickLloyd-]

My CFA Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@ryans2829]

Mid 40s Millionaire outside the equity in my house. I may be wealthier than most but by no means wealthy. It buys some peace of mind. That is about it.

[@LewTitterton]

Same on all counts. Congrats though, still fairly impressive.

[@AgileSnowWeasel]

Don't underestimate peace of mind. Anxiety is a life-killer.

[@JoeTaxpayer]

Exactly this. With decades of inflation, the million from the 70's takes $5M today. And rising home prices means that more and more people have home equity of $500K or more. A million dollar house and $500K in the bank may be "millionaire" but still not "well off". The word has lost its meaning. Or at least its implication.

[@7SideWays]

Outside home equity is key. I never bothered to count it in net. net worth. Ask my parents how living in their largest asset is working out.

[@Shirley-v3g]

It’s well worth the effort and sacrifice..

[@HHH-nv9xb]

If one includes the value of their house(s), then Millionaires are everywhere.

[@davidfairchild1640]

By everywhere do you mean 12% of Americans?

[@neilcook1652]

@@davidfairchild1640there are countries outside America and not all are slums 😂

[@garyish]

9% of people being millionaires is including home equity (value - mortgage)

[@02nupe]

You have to factor the equity and not just the value of the house. If the house is 1.2 million and you owe 800k, they are not a millionaire by the house value.

[@HHH-nv9xb]

@@02nupe True, I live in an older neighborhood with retirees. It is safe to assume that most owen their house out right. So they are basically half if not more toward a million without looking at other things. The main point is, that it it is common. What is uncommon is people who has millions as pocket change.

[@SprintTri57]

It would be more interesting to see the percentage of millionaires excluding their home value

[@Andreavince-v]

My portfolio doesn’t just cater to dividend stocks. I hold $VFIAX (S&P 500 index fund) in my Roth IRA and $VTI (Total Stock Market ETF) in my taxable brokerage account. Two of my largest holdings. The individual dividend stock positions all complement the index holdings.

[@KarenJ.Mancia]

I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

[@heatherj-o5j]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@pauline-o2q]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation

[@heatherj-o5j]

I have a female advisor named Stacy Lynn Staples. I recommend researching her. To be very honest, I'm glad I decided to let someone handle expanding my finances even though I almost didn't think I should.

[@heatherj-o5j]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@DamienKarras1]

"A million ain't what it used to be" - Somebody

[@educatedwanderer9293]

A million isn’t what it was 40 years ago but more like 3 million. The fact remains a million is still a lot. One million invested will quickly become 2 million.

[@michaelwoods4495]

I had to tell my grandson, "Ben, a million dollars isn't really a lot of money." As for becoming 2 million, it takes a little time but you're right, it'll come.

[@educatedwanderer9293]

Given a little more time 2 can become 4.

[@AgileSnowWeasel]

Compound interest tells use that 300k is halfway to a million, and 3m is halfway to 10m. It's just time and persistence.

[@educatedwanderer9293]

@@AgileSnowWeasel Is that only with a pure equity portfolio?

[@canyonoverlook9937]

More like 1930. But most people still aren't millionaires so it is a lot especially when it isn't tied up in house equity.

[@Mekias]

Just crossed the million net worth point 5 months ago (a week after my 52nd birthday). Don't feel any different now and I can't really quit my job yet or anything but it did feel significant at the time. I think I'll finally feel financially independent if I can get to a million in liquid assets and actually have penalty-free access to all of it.

[@marklopez4762]

You won't. You will when you expenses or lifestyle is covered when you stop working.

[@mocheen4837]

At 54 I hit $3 million and I still plan to work for another 10 years. I still feel poor and need to save more. My peers all have $5-10 million. Plus more if you count real estate in the equation.

[@ChrisInvests]

@@Mekias congratulations! The goal posts keep moving...

[@AgileSnowWeasel]

@@mocheen4837 Don't chase the $$$ and miss out on life experiences.

[@woodrmp1]

@@mocheen4837you must live in a very wealthy area if everyone you know has 5-10m liquid assets.

[@frankalexander5401]

My adult kid became a millionaire at 26 (net worth). He became a multi millionaire at 31. Being a millionaire is not a “BIG” deal.

[@tinsleyLuna]

What a week! A lot of news have been going on about a rally after the election, urging investors to watch out for stocks that would be experiencing significant growth. Any idea which stocks to put on my watchlist?

[@VanChuong-on2gh]

Elon Musk has played a major role in the campaign, especially in sectors like energy and automotive. With Trump winning, there's uncertainty, as the market has been full of surprises. It's wise to follow professional advice.

[@sneakernyame-or7ld]

These uncertainties are why I don’t rely on "hearsay." In 2020, I held underperforming stocks, but with the help of a professional, I revamped my portfolio and saw significant gains. To date, I’ve achieved nearly 320% ROI over the past 4 years. My advisor and I are now working towards a seven-figure goal, and we're not far off.

[@HarunTosun-wg4rc]

Your advisor must be really good. How I can get in touch? My portfolio's decline is a concern, and I could use some guidance.

[@sneakernyame-or7ld]

CAMILLA MARIE FULLER... has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@HarunTosun-wg4rc]

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

[@mlee1308]

$10 million. Drive. A 32 years old car with 815000 miles.

[@thzzzt]

Gads, pray tell what car that is.

[@Uncommonsensetoo]

Wow, I think you an afford yourself a new car at this point. 🤣No sense being the richest guy in the cemetery. It's about time you learn how to spend money too. 😉

[@stocksxbondage]

@@Uncommonsensetooyeah I’m all about frugality for a purpose, but there’s something really depressing about 10m with a 30yo car with almost a million miles on it. Really paints the picture of the person

[@Jesse615]

@@thzzzt Look into Lexus', Toyota's luxury brand. The ES350 is very popular, and is, basically a very nice, and built-in-a-special-Japanese-factory Camry. They are a fantastic value. I bought mine with just over 100k miles on it for just under $10k in 2019 and, aside from regular oil changes and replacing the brake and rotors, haven't had to spend any money on maintenance.

[@Jesse615]

@@Uncommonsensetoo A lot of wealthy people got that way because they deeply understand the concept of "value". A new car is very expensive and depreciates rapidly in the first three years of ownership; while the average time of ownership is 12 years. Might as well buy a three or four years old car, which is practically new. I've always owned luxury cars, but I buy them used for only a fraction of the original price. Another benefit, for those who care, is that most people cannot tell an older, well-maintained luxury car from a new one. So, for those who care, you'll still get the "impress the people I don't even know" factor! This is why we're millionaires!

[@jackson-rogers-h2m]

What a week! There has been a lot of talk about a rally after the election, with investors being advised to keep an eye out for equities that are expected to expand significantly. Do you know which stocks I should add to my watchlist?

[@EdisonNorman-b8b]

Elon Musk has played an important role in the campaign, particularly in industries such as energy and automobiles. With Trump's victory, there remains uncertainty, since the market has been filled with surprises. It is prudent to follow professional counsel.

[@MorganJacobs-1w]

Because of these uncertainties, I avoid relying on "hearsay." In 2020, I had underperforming equities, but with the assistance of a professional, I rebuilt my portfolio and achieved huge gains. Over the last four years, I have produced over 320% ROI. My adviser and I are currently working for a seven-figure target, and we're not far off.

[@AntonioLorussoo]

Your adviser must be quite good. How do I get in touch? My portfolio's fall is concerning, and I might require some direction.

[@MorganJacobs-1w]

Sharon Ann Meny has always been at the top of my list.She is considered as a prodigy in her field and well-versed in financial markets.

[@AntonioLorussoo]

My needs are kind of unique and complex. I'll contact her, and i hope i'll be able to make something out of it

[@TammyHensley-z7l]

My million came from real estate, compounding interest and passive income. Really snowballs once properties are paid off. 💯

[@JB_Hobbies]

As someone who is not a millionaire, I am not afraid to admit that $1M is a lot of money. It’s not superyacht money, but it’s you’re good anywhere money. It’s can live life just fine money. It’s you can splurge every once in a while and not worry about it money. A lot of people are dealing with maxed out cards, student loans, paycheck to paycheck, renting, getting by. My point is, there is a huge gap between millionaires and those just getting by, and that’s why it is a lot of money.

[@Splooie99]

It can take a long time to accumulate 1 million dollars. But it is possible even on lower incomes. It just takes longer. Most people don't start until their older and by then, it is much harder to do, without taking extreme measures. Honestly, I don't think the gap is as big as you think. The challenge most people have, is not spending more than what they make, or buying something they can't afford. Why buy a new car when you can get a used one for half as much.(of course that may have changed since the last time I bought a used car). Still, I used to buy a 5 year old car with 50,000 miles on it and drive it for 7-8 years. Sure there may have been more maintenance on it, but not as much as a brand new car and I could plan for it. Not go into debt for a car and have to make 5 years worth of high payments. If people could sit down, do the math and really figure out how much a new car cost, versus a used car, it pencils out very differently and it impacts your finances over the long haul less. Little stuff like that adds up over 20 years. I would challenge people to save $100 a week for 10 years and invest it with a qualified trusted financial planner. (I am not one by the way) I have a very good one who is worth every penny.) But, I did not start out like that. He helped us make the little bit of money we had at the time and turned it into a nice amount. It took 12 years to get to a safe place financially. It takes dedication and determination if your goal is 1,000,000+. But, it can be done. Be steadfast!

[@AgileSnowWeasel]

A million is both a lot of money, and not a lot of money, depending on your age, and location. It seems to me that if you can escape the trap (or avoid it in the first place) then you can build on that over time and be fine and dandy, otherwise you will be struggling forever, and working in your mid 70s. As @Splooie99 above says, it's about starting early, and not splurging unnecessarily. I have an 8 year old car (new to me this year) but I could get a car that was very nice back in 2016, but still not a horrible amount of money, and it just has to last be a few years to be worthwhile.

[@loganlasvegas]

First $mil is tough. Second $mil is much easier. Money builds on itself. Keep learning, saving and making smart choices and you’ll get there.

[@helixator3975]

@@loganlasvegas Agree. The first $100k was much harder than the first million.

[@Shirley-v3g]

- The power of home ownership - Frugal living - Remaining single / - Investing in stocks - not much schooling - I found myself on the street at 17yrs searching for work..

[@ChrisInvestSupport-g1u]

Hmm, so do you have an active portfolio?

[@kenm8162]

I personally do not include house, cars, jewelry, etc in my personal calculations for my retirement planning. I do not have any intention of tapping into the house value for living expenses. If/when I decide to downsize the house sale will be used for a new smaller place and net proceeds will be counted then, until then the value is an unknown. Other items like jewelry are dependent on finding someone that wants it or spot value on the metals, they are items I enjoy and nothing more. My heirs can deal with determine if they really hold value.

[@jrm2383]

It still counts towards net worth

[@kenm8162]

@@jrm2383 I don't include it in my calculations. If I said I have 1mill net with and 600k of that was in my house then I would still be working today. Why because I need a place to live and I never use my dwelling as collateral in any loan, you do you. I entered the 2 comma club 2 years ago excluding home value and left the workforce before that in my early 50's. IF I was to use my home value I would have more than 70 times what I need in annual withdrawals instead of 40. The stock market can tank and I live entirely off my pension and possibly make smaller withdrawals when needed. If I had counted my house and the market collapsed I would likely have to reenter the workforce in bad economic times in my late 50's early 60's, no thanks.. Again you count how you want and I could care less what the official definition is or what banks do because I set myself up for success without depending on my place to sleep..

[@02nupe]

@@jrm2383 bingo. I count all that to keep it 💯

[@heidikamrath1951]

I don’t include those things, either. I think in “The Millionaire Next Door” they didn’t include those things; at least not the primary residence.

[@johnnyboyvan]

Located in only some parts of the country. Let us face reality. A poor area does not have 1 in 10 on the street who are rich.

[@Sashapov-h7b]

My target retirement fund in my 401(k) had poor returns compared to the S&P 500. I switched everything to the S&P 500, but I regret not doing it earlier. What are the best options for investing $200k for reliable cash flow?

[@MyersRadfordKeith]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@yeslahykcim]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again

[@Tonyham198]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.

[@yeslahykcim]

Credits goes to "Mary Elizabeth Fugelsang" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@Jadechurch-ql3do]

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

[@JulianaBondtsG]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@ThamaraSchlossarek]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

[@JulianaBondtsG]

@@ThamaraSchlossarek That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@ThamaraSchlossarek]

@@JulianaBondtsG My advisor is *MARGARET MOLLI ALVEY*

[@ThamaraSchlossarek]

@@JulianaBondtsG You can look her up online

[@AlilatTiamiyu]

@@ThamaraSchlossarek The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@brianpso]

What matter is money in the bank. My house doubling in value doesn't allow me to increase my actual purchasing power unless I sell it (borrowing using it as collateral doesn't count as more purchasing power). That's why I don't like the net worth metric to define someone's wealth. Too many people with lots of net worth stuck in homes and cars they can barely afford and their day to day is full of anxiety because they're running thin. Money in the bank and in actual investments that generate cash flow is what should be the metric for someone's wealth.

[@Bill-im6nt]

Money in the bank is a gift to the bankers.

[@garyish]

I am assuming money in the bank is a metaphor for liquid investments and you don’t actually have a lot of money in your checkin/savings account earning paltry interest.

[@kenm8162]

Well said on defining Wealth vs Net Worth. From my observations ones that count the home equity into their retirement planning are the ones that are trying to keep up with the Jones. Yes home equity is part of your NW but if you have a 1m NW and half is your house you will most likely be selling, reverse mortgage or HELOC sometime in retirement.

[@robloxvids2233]

You know people can sell a home for cash, right? And that people who don't own a home have to...pay rent. Net worth is an accounting phrase. But yeah your understanding of accounting is better than decades of CPAs.

[@thewhiteknight02]

Called net worth not cash on hand. Never seen a retired homeowner upset about selling their home for 3-5x what they paid.

[@USMC-CAR]

Millionaires excluding home value are more like 3% of the US population.

[@C-Mack]

why would excluding a primary residence be a factor? its still an asset that holds value, appreciates and can be 'withdrawn' upon sale in a high market or when downsizing.

[@adams5773]

@@C-Mack One of the possible criteria to be considered an accredited investor is having a million dollar net worth, excluding your primary residence. So that is one possible reason. Another is just to say you're in a more exclusive millionaire club by having a million dollar liquid net worth.

[@C-Mack]

@@adams5773 sooo...a millionaire vs a better positioned millionaire. I understand & appreciate your points but they are both still millionaires.

[@killersentra]

Nope more that that the majority being hidden in crypto. Matter fact a co worker just told me just 2 days ago. He is a millionair. I'm like wow. What do you know.

[@billcarruth8122]

@@C-Mack If you're at a net worth of 1.25 million, and 800,000 is in your home then you really don't have access to a million. If you sell your home you'd need to pay the 800,000 right back if you're maintaining your lifestyle. In theory you could have 1.25 million in the bank but then you'd be homeless. Poor people consider a home an asset. Rich people consider them a liability.

[@patrick7228]

The metric should concentrate more on liquid wealth. I don't see how home ownership related net worth is that impactful if you have to sell your home to access your money.

[@korn111685]

Many don’t have that option. So for those that do it should count. You can’t access your 401k until retirement, should that too not count?

[@antonvantilburg345]

You're missing the point of this video

[@cashflow68]

@@korn111685 I would include that since this is what you need when you retire. Your primary house doesn't provide cash flow. You have property taxes, insurance and maintenance every year even in retirement. I like to invest in dividend growth stocks that pays me while I wait for capital appreciation.

[@v_DICE_v]

Not true. My paid off home means I'm saving 30k pa in rent/mortgage repayments that I would otherwise have. Plus it's value has nearly doubled in 11 years.

[@Jumpman67]

So if I sold my house for $1,000,000 and started renting an apartment, that money doesn't count? See how silly that sounds?

[@Crocodile2873]

Millionaires today are still struggling like the rest of us because most of their money is tied up in their house or retirement accounts

[@garyish]

@@Crocodile2873 depends on how you distribute it. My 1.2M is distributed like 30% retirement accounts, 10% house, 20% brokerage accounts, 10% alternative investments, 20% international markets, 10% cash, money market etc

[@scottjackson163]

Dang straight. The dog that caught the car.

[@Splooie99]

I found 3 basic things that provide the way to financial stability. 1. Pay yourself first (star early to form the habit) 2. take advantage of any free money. (matching funds in a 401K and the tax advantage to tax deferred accounts. 401K, IRA...) 3. Don.t play keep up with the Jones. (Live on a budget that allows you to save for your future) The ironic thing about these basic concepts, is that we started late. But we are also 2 educated people who have been working a long time. I believe if you can learn to pay yourself first, don't go into debt and leverage what you have, you can have a secure future. Unfortunately, most people don't do that. They just stopped teach this type of stuff in schools years ago. It was up to our parents to teach us and most parents didn't make the time to teach their kids what planning for your future looks like and how to do it.

[@TVHouseHistorian]

Dad always drilled into us to pay ourselves first. I was too busy in my 20’s living my dreams for that, and burned for it. Well, you burn you learn. After college, finally arrived at my ultimate career of choice at age 42 with barely $30k in retirement savings. Today, I’m 51, and while I’m no millionaire, my savings is over $230k. It’s not much, and definitely not where I want to be, but I continue to try to make good choices and watch my investments like a hawk.

[@cashflow68]

i live in California where owning a shack is over 1M. Thats why i dont include my primary residence as part as my net worth. I use investments like equiries. Of course, if you plan to sell your primary house then its part of net worth. I use cash flow as a more accurate measure

[@Jumpman67]

It's always part of net worth. You can personally do whatever you want.

[@cashflow68]

@@Jumpman67 true, but I like investments that provide me with regular cash I can use immediately. My primary residence doesn’t provide me with everyday cash I can use now. I don’t want to take out a loan against my home just to pay for everyday expenses. Yes, a home is an asset, but not a liquid asset. Most homeowners in CA are then millionaires.

[@jrm2383]

If you have 500k in home equity and decide to sell and move to a cheaper state, that 500k counts

[@cashflow68]

@ thats true, but meanwhile that 500k in equity in your home is not producing cash flow. Again it does count as net worth on paper, but I like real useable cash flow that I can buy dinner with.

[@realcapers]

For $500k, you can get 2 acres, pool, 2500 sq ft house, in San Bernardino county. Stop trying to live near L.A or S.F.

[@TheVosack]

Not there yet, but well on my way.

[@WOok2a]

I became a millionaire at 33… and it does not feel any different. You’ve said it when you say that millionaire look ordinary, because they are. What people mean when they say millionaire is the top 1%… which is more like $10m. That’s what millionaire traditionally meant back in the 1940-1950s. I’m still working, still saving, still budgeting…. And it’s a long ways off from what most people would consider “rich”.

[@ChrisInvestSupport-g1u]

what is on your portfolio?

[@WOok2a]

@ Nothing fancy. I own 2 homes, a small business, index funds, and a pile of cash. I still work a 9-5 job. I always invested but I invested a lot more during COVID recovery, which was why the portfolio grew so much faster than expected.

[@ChrisInvestSupport-g1u]

Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting

[@ChrisInvestSupport-g1u]

@WOok2a Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting

[@jessemaxwell8815]

Excellent video, excellent analysis, and excellent advice, sir.

[@ChrisInvests]

@@jessemaxwell8815 I appreciate it! Thanks for watching.

[@greghelton4668]

Net worth should exclude money owed in taxes. $1M in stocks is really $700k in expendable assets.

[@ChrisInvests]

@@greghelton4668 true

[@canyonoverlook9937]

You might not pay any taxes on stocks in a brokerage account and of course in a Roth. Even a traditional ira has a standard deduction. Why even count a house? You can't spend that. Many of the millionaires have a lot of their worth in their house.

[@freemarketspeople3514]

You’re assuming cost basis, account type, tax rates, and other circumstances.

[@dustinjones8887]

If you're young, limit debt as much as possible, and save what you can both cash savings and 401k--Roth 401k/IRA. The less debt you have, the faster you can get a house and stack those retirement accounts.

[@paulbrungardt9823]

"I worked for Money, until I had invested enough that Money works for me."

[@ChrisInvestSupport-g1u]

Wow, what is on your portfolio?

[@paulbrungardt9823]

@@ChrisInvestSupport-g1u Greetings Chris -- 45 years ago, I was an in-debt graduate student. Many of my professors in optometry school were wealthy. I learned much in casual conversations with them. More millionaires have been made by real estate investment. I followed suit by first buying my primary residence a year after graduation . Later, my first investment property was even easier to buy because I had a tenant to make my mortgage payment in addition to great tax deduction for depreciation. The alternative to real estate is investment in stocks / bonds. The stock market will have down periods for a couple years each decade but over any 10 year period produces an average of 10 % per year. I have always donated to charity as it is good for the soul of the giver. Now that my kids are grown and educated, I created a charity that provides optometry services and lenses for indigenous children in Central America. Do Well, Then Do Good. Thank you for your question.

[@SarahStuff-p5u]

A dollar saved, is 10 dollars earned...live life by that motto and you will be a millionaire.

[@Charlies1970TA]

The challenge of including your primary residence within your "millionaire calculation" is that the value is not available funds unless you plan to live in your car! So you could have a primary residence worth $1 million and be poor!

[@7SideWays]

If your house is your largest asset, you're in trouble. Clarify portfolio millionaire from total NW millionaire.

[@ChrisInvestSupport-g1u]

what is on your portfolio?

[@tomTom-lb5cu]

To become a millionaire of your from a low or middle income family you have to definitely change your thinking and approach. I was born and raised in a middle class family. Not rich not poor, a working class family. Father died when I was 14, so my mother was my mentor. She taught opening a savings account, buy CD’s or savings bonds. This is a strategy to stay right where you are. In my mid 20’s I went to the library and got books out on investing, nothing serious just how to become rich type books. There I learned in the USA 🇺🇸 it’s the Stock market, Business owner or Real Estate , that’s it plain and simple. I choose Stock market because it’s the easiest way and laziest way to riches. Laziest meaning pick good companies put as much money in month after month year over year as you can for 15 solid years then sit back and do nothing but collect passive income if you want or appreciate unrealized capital gains. Any of the 3 will make you a multi millionaire.

[@ChrisInvests]

@@tomTom-lb5cu well said. I hope it's working out for you.

[@tomTom-lb5cu]

Being a millionaire has a nice ring to it but unfortunately it’s not a big deal anymore . A young person of today who wants a really comfortable life in older age will imho will need 3-5 million when they retire

[@alexharker7223]

$1m net worth is pretty accessible, even to below average earners, if you start young enough. Buy a house in your 20s and you own it outright in your 50s even if you never pay a cent in additional principal on your payments. Over the same 30 years if you were putting just a few percent of your income (plus company match) into a 401k you’d be a millionaire between the house and retirement account.

[@grudgerun]

There's a distinction to be made between "household net worth" and "individual net worth". Many/most households naturally include two or more individuals. Are all members of a household included in the 9% figure? If so, maybe they are more like "co-millionaires"

[@graciaschlafly7183]

A million isn’t what it used to be.

[@francescosilvestri6709]

If you're middle-aged or older, live in the same house you grew up in (house paid off) and reside in an expensive city such as New York City, San Diego, Seattle, Boston, or Los Angeles, there's a good chance you could be a millionaire. A smaller home that needs some work in many parts of Los Angeles is worth at about $1 million.

[@ChrisInvestSupport-g1u]

Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting

[@effwitt]

There's a surprising number of Billionaires as well. My wife worked for a CPA firm and one of her clients sold his business that he had started from the ground up almost 50 years earlier for over $1B and invested the entire proceeds with "his close personnel friend, Bernie Madoff". He drove an old domestic car and she said that if I ever met him I'd think he was living on only Social Security. What was weird was that his wife had no clue how rich they were until after his death. She went from dressing like an average elderly woman to being covered in furs and expensive jewelry. My wife changed jobs about five years before Bernie's downfall and she often wondered what became of the family.

[@Bill-im6nt]

Never understood that, but the inheritors are probably happy! It's nice to earn the money, but you might as well enjoy yourself too. Things paid for, kids through school and established, then enjoy it … old saying is true, can't take it with you, and pyramids are way out of style!

[@ahwhite2022]

I think it's obvious how why he kept it from his wife. She strikes me as the type that would have found a way to spend every penny, and definitely upturn their lifestyle.

[@AgileSnowWeasel]

I can understand why he hid his wealth from his wife.

[@mattbleiler7294]

Do people count everything you own to calculate net worth? Including house, kidney, a lunge. Etc?

[@aaront936]

You cant eat a house dont take your primary residence into account when determining your safe withdrawal rate.

[@amyb1078]

Many people are millionaires, but their assets are tied up in their home. Even if you don't include your home in your net worth, having $1 million today is more like being middle class, and I mean middle class in the old sense-- no debt, some spending $$, ability to take 1-2 vacations. It's not weathy. To me, wealthy means you no longer have to work if you don't want to. If you're able to save from age 21-22 or so, you'll be a millionaire by your 40s but you'll still have to work.

[@williewonka6694]

Someday, a million will buy a cup of coffee.

[@Elle20324]

A balanced work life will not get you past that lauded figure. Working your ass off, living below your means, saving and investing like hell is essential!! Amazing how many young folks on my wifes side of the family are a looking for hand outs and inheritances!! Unbelievable! Nobody left my wife and I any inheritance of any kind...

[@baum6721]

Shut it, Boomer.

[@jjmurray327]

I'm always a bit confused hearing stats like this. Is being a millionaire an individual net worth calculation or a household calculation? With 340 million people in the US (that's counting children), does my household count as 6 millionaires (Myself, Wife, Children) IF we had a networth of 1M?

[@stevendavidson8733]

22 mil out of 346 mil is 6%. That seems high but is also fairly deceiving. For instance, a very small % of these 22 mil are under the age of 40. If you were to consider only the population of ppl 50 and over, the % of millionaires would probably be between 10-15%. The thing I’ve always wondered about is how they actually count this. For instance, if a married couple has 1.5 million in assets do they count 2 millionaires or 0 millionaires? That could throw this off pretty wildly.

[@xanderverse1474]

Thank you! I couldn’t get past the 1 in 10 claims because the mental math clearly showed this to be closer to 1 in 16, or ~6%. The SCF data does support the average household having a net worth of over $1M though, but the original data used in this video is bad math.

[@ChrisInvests]

@@stevendavidson8733 adults

[@ChrisInvests]

@@xanderverse1474 adults

[@wizbobliverpool2034]

Are your videos monetised? I’m wondering because you use video scribe and I read that they could not be monetised as they are “reused” content?

[@Phillipsburg08]

Thank lord Jesus for $75k that biweekly changed my mindset and behavior, my goals, my family and I've to say this video has inspired me a lot!!!!🙏❤️

[@Colleencox804]

I'm feeling really motivated. Could you share some details about the biweekly topic you brought up?

[@Phillipsburg08]

Thanks to my co-worker (Alex) who suggested Ms Mary Elizabeth Webb.

[@문상현5kn]

WOW I know her too! Miss Ms Mary Elizabeth Webb is a remarkable individual whom has brought immense positivity and inspiration into my life.

[@문상현5kn]

I got started with a miserly $7000. The results have been mind blowing I must say TBH!!

[@jonbonjovi115]

I know that woman (Mary Elizabeth Webb) If you were born and raised in new York you'd know too, No Bingle doubt she is the one that helped you get where you arell

[@calr4459]

If you live in California in that 3 bedroom 1 bath ranch with a 1 car garage that you bought 30 years ago, you’re a millionaire.

[@ChrisInvestSupport-g1u]

Thanks for the comment! If you're curious about my work, I’ve shared some info in my bio

[@WilmaHochmuth]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...

[@ClarieZwiehoff]

I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...

[@WilmaHochmuth]

@@ClarieZwiehoff Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help....

[@ClarieZwiehoff]

@@WilmaHochmuth Oh please I’d love that. Thanks!

[@WilmaHochmuth]

@@ClarieZwiehoff *MARGARET MOLLI ALVEY*

[@WilmaHochmuth]

Lookup with her name on the webpage

[@royalmellon6811]

I hate how this video says millionaires drive low key cars. It discounts all the other millionaires who do drive nice cars

[@Coover90210]

Half of US dollars in circulation were created between 2019 and 2023. Therefore most home prices/portfolio values "doubled" as well. But of course this is an illusion, as cost of living has at least doubled. If you go by the rule of thumb that you should have a net worth that is 10x your income, 1MM represents an income of 100k per year which is upper middle class but certainly not silly rich.

[@joe62845]

I feel like most older people who own a home is considered a millionaire.

[@mikeg3439]

I live in So-Cal in a gated golf community so while I am a millionaire and decently into my journey beyond that first one, I assume I am in the lower half of net worth range in my community lol.

[@Iffy50]

Overall good video and interesting, but your conclusions regarding the $2.2 million are wrong. When you use the term "average" it's very important to specify median vs mean. The $2.2 million is the mean and it's heavily skewed by the people who have hundreds of millions or billions. If you do a simple Google search you will see that the average net worth of Americans is over $1 million, but only 9% have a net worth over $1 million.

[@jeanchapman1301]

Mean is a synonym for average. Median is not, so there is no need to specify. Although it is helpful to include the median for the reason you stated.

[@Uncommonsensetoo]

He said that the average net worth among millionaires is $2.2M not among all Americans.

[@Pablo_M98]

And maybe another reason there are so many millionaires is because $1 million isn’t worth what it used to be…

[@vallejoborncalihasbecomeal9022]

My wife and I have achieved the 2 million mark!

[@thep751]

You mean those people that drives a fancy 70k SUVs are usually not millionaires?

[@Coover90210]

LEASED 70k SUVs haha the opposite of wealth and they don't realize we are all laughing at them.

[@ChrisInvests]

@@thep751 🤔

[@Universallife1213]

Title should say how many millionaires in USA. There is a whole world outside USA.

[@SunRise-ul7ko]

Living in Sydney means anyone who owns a house is a millionaire.

[@thomasryan2679]

I decided to join Public Employees Deferred Compensation in 1987. My father discouraged me. He said it was a scam and a tax shelter. Well, screw you dad. I just retired with $1.4 million accrued besides my house being paid off.

[@mikeflair6800]

I don't think non liquid assets should count in your millions. If your home is 90% of your wealth, you are home locked. Liquidity is second to asset appreciation and is underappreciated. I'll take stock volatility to get asset liquidity any day.

[@ChrisInvestSupport-g1u]

Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting

[@papasmurf9146]

Inflation has made being a millionaire not nearly as impressive as it used to be.

[@erth2man]

This information kind of explodes myths about wealth inequality being so unfair. How could anyone with any reasoning power not understand that wealth inequality is completely natural. Consider the wealth of a 65 year old life long worker that invested long term while living a modest lifestyle compared to the negative wealth of a 25 year old single mom with two kids in debt while driving a new car. Politicians all too often use the concept of wealth inequality to invoke envy in potential voters with false suggestions that they are poor because someone else simply worked hard over many years and made good choices in life. Terms like making the wealthy "pay their fair share" implying that a political figure would be better qualified to redistribute wealth than someone that worked on their feet for the last 50 years that actually earned it.

[@brianbaker5140]

Vehicles and Primary Residence are not good variables in net worth. A primary residence is needed for shelter and should be considered a secondary or tertiary asset. Vehicles generally don't hold value well and don't make sense as a fungible asset at all. You want to be a real millionaire? Assets that convert to cash in 5 days or less + Term Assets + Real Assets - less debt equal/greater than $1,000,000 is a better equation.

[@ChrisInvestSupport-g1u]

Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting

[@addicted2baseballrgd21]

Remember when Bruce Wayne was a millionaire. Even the comic books had to have adjust over time. He went from socialite to millionaire, to multi-millionaire, and now Billionaire 😂

[@wagon9082]

Good video

[@ChrisInvests]

@@wagon9082 thanks for watching

[@ChrisInvests]

@@wagon9082 thanks for watching

[@SpydrByte]

I put the max yearly roth amount into my 401k since i was 18. Now im 27 (my yearly pay is about 51k) and it has ballooned to over 90k. Thats such a minimal investment for substantial gain. But I'm not naive, I believe there will be 2 or 3 stock market crashes in my adult life. But if i just leave it in there and continue doing the roth investment then i should be golden. It took about 8 or so years for stocks to return to pre 2007 levels after that crash so you have to be really patient when another crash happens. Good luck to all and hope you all continue or start investing soon!

[@jamesfeeley4810]

A million is nothing anymore.5 mil is the new million.

[@RashelYeva]

!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement

[@ElizabethHansick]

As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@DerickSams]

I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.

[@ElizabethHansick]

I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.

[@RashelYeva]

how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?

[@DerickSams]

look up her name on the web for her website.

[@GusMahn]

If you have 1M in your 401K, are you really millionaire if you still owe tax on it?

[@dougg4633]

A million isnt enough (at least in Massachusetts)

[@JimMoylan]

A overvalued stock market helps two.

[@plant4table]

Someone with $5M is the poorest among the rich

[@ChrisInvestSupport-g1u]

what is on your portfolio?

[@michaellilly553]

Serious arithmetic error, here... 22M millionaires out of population 340M is 6.5%, not 9%: One in 15.4 people, not one in 9.

[@ChrisInvests]

Adults

[@logantilley900]

Adults

[@mocheen4837]

I think that almost everybody that I know is a millionaire. Most are multimillionaires with over 10 million.

[@amyb1078]

When people say things like this, I always wonder if people sit around talking about their net worth. How do you know other people's net worth?

[@ChrisInvests]

@@mocheen4837 wow

[@WhiskersAndWords]

I hope to hit 1m by the age of 40

[@PeterVanDeMotter]

Of course, with inflation, a million dollars isnt near as much as it was a decade ago. I bet if you polled financial planners/advisors, they would tell you at least 30% of Americans are millionaires.

[@pauls9011]

When applying to be an accredited investor the value of ones home is not included.

[@chessdad182]

Even more surprising is the fellow who is worth 7 figures and rides his bike to the grocery store and everywhere while making people think how impoverished he is. LOL.

[@Splooie99]

I was going to guess around 10 percent.

[@JimMoylan]

Million dollars is not that much money A lot of people have there wealth in there house its not uncommon for someone to own a house thats worth over half a million dollars. a lot of the increase in wealth is due to inflation your not really that rich if you have even 2 million dollars. a lot of people inherit there wealth.

[@JohnSmith-ps7hf]

The current FU number is $2.5M per person. 1M networth is considered poor in CA.

[@wizardchairman3691]

*Good Video. My wife and I retired recently. We did all the long term investing, and savings. Young people need to be taught in schools, how to manage and save money. I do understand workshop, and art classes are good, BUT I think more work on how to handle money is required at a young age.*

[@cashflow68]

@@wizardchairman3691 I agree that financial should be taught in schools, but most students have more pressing issues than financial like grades and social media.

[@amznprime5145]

Humans are the only species worrying about whether they are millionaires on planet Earth, z far as I know 😂

[@ReddingRed]

I am.

[@timemerchantsmtl]

22/346 = 6.3%, not 9%. 🤦‍♂️

[@ChrisInvests]

Adults

[@EricDaMAJ]

Inflation definitely plays a part in becoming a millionaire. Eventually companies and governments need to raise pay to cover rising product and service costs employees face. Higher paychecks mean more money can be saved and invested which means the million dollar mark is easier to hit. The downside? A million dollars isn't worth as much as it used to be. An older retiree with $1 million using the 4% rule is living in poverty in high cost of living areas like New York or San Francisco. Even with social security! Millionaires driving cheap cars (or no cars!) and wearing jeans and t-shirts everywhere used to be a frugality flex. But nowadays their million dollars is likely tied up in stocks and/or real estate. It's not easily liquid and selling some of it or taking loans on it risks losing more than whatever you buy with that money. So in a lot of ways it's a necessity as much as a habit.

[@garyish]

@@EricDaMAJ yup. But a small % of the world population lives in places like SF or Monaco or Singapore. So for the vast majority of the global (or American) population, a million $ networth is something they never reach. That’s why 1M networth puts you in the top 1% of the world and the top 10% in the US.

[@EricDaMAJ]

@@garyish Oh, I'm not saying $1 million is bad. Just saying it's easier to reach and not as much as it used to be. Though perhaps I should've specified in the US. Yes, a million dollars here is a super fortune in almost any other part of the world. Heck, people with just US social security sometimes retire to places like Panama, the Philippines, and Vietnam where they can live in comfort. There are people in other countries who would envy the average American homeless person. I myself am one of those people that reached $2 million just a few months ago.

[@garyish]

@@EricDaMAJ ohh I am talking about both the US and the rest of the world. Only 9% of the US has 1M so that makes you richer than 91% of Americans and 99% of the world.. yes inflation means every year the value of that is getting eroded but that’s always going to happen. It’s still more money than most Americans will ever see in their lifetimes. Watchers of finance videos and channels are disproportionately although not surprisingly successful compared to the average person.

[@EricDaMAJ]

@@garyish I was born into the 1% just by virtue of being born in this great nation. Believe me. I've been to some 3rd World sh|t holes that'd freak you the hell out. Or at least they freaked me out. I am grateful - very grateful. And yeah, I would LOVE to say I'm an investing genius. I am not. Smarter than the average bear but I can feel that average bear's breath on my neck. All I did was the stuff you and every other good financial channel repeat ad nauseam all the time. Be frugal, stay out of debt, pay off all the debt if you in debt ASAP, save your savings, invest regularly and sensibly for the long term, don't get freaked out by market fluctuations up or down, thank you for coming to my TED talk. Keep up the good work though. There's a reason I keep watching even though it seems I've heard it all before.

[@stevemelton4388]

A 401k millionaire is not really a millionaire after taxes are paid

[@JimMoylan]

chris you need to back to school man a lot of Millionaires are Millionaires because they own a profitable business thats reached a fairly large size. all of there wealth is tied up in that business they may have little if any savings..

[@shootythings5086]

I may have my math wrong, but 22 million out of a population of 346 million is about 6% and not 9%

[@111689josh]

Adults