Why Americans Don’t Want to Be Millionaires

[@jasonrodgers9063]

I retired a year ago, now age 66. I have zero debt, paid-off house. $100K in cash & liquid investments. My wants / needs are quite modest. I am greatly blessed.

[@mjs28s]

and social security that would be equivalent of probably $750,000 portfolio spitting out dividends. do you have any other pension / retirement plans? So counting all that, including your home, you are well over $1,000,000 equivalent.

[@jasonrodgers9063]

@@mjs28s Just perking along, savoring life!

[@XYtotheZ]

Being happy and having few worries is of the utmost importance as you age. Stress and worry (besides poor diet) can lead to poor health as we age. People don’t need as much as they think in retirement. The issue with most: they unfortunately spend too much on junk and continue to have debt. May you live for many more years, remain safe and healthy.

[@jasonrodgers9063]

@@XYtotheZ Thanks!

[@joefunk76]

Your wants/needs may be modest, but they include a paid-off house, the median value of which is over $400k today. If you wanted to pay off a mortgage for that house today purely with passive income, you would need a lump sum of more than your house is worth to do so.

[@Mississippian]

Our net worth is not who we are. But there is something to say about a person who has shown discipline, focus and the drive to get to where they want to be. To do things that are not easy and to put yourself through challenges that others are avoiding out of comfort and convenience is infact a demonstration of character. The dollar amount does not matter. But the journey is very telling.

[@LincolnFelix-s4z]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[@GraysonNathan-v8y]

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

[@SophiaChloé6f]

The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.

[@LoganGabriel6m]

Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

[@SophiaChloé6f]

NICOLE ANASTASIA PLUMLEE' is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@LoganGabriel6m]

Thank you for this amazing tip. I just looked the name up and wrote her.

[@FeliciaEmily-m2y]

Hit 100k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024

[@MachHenry]

Wow that's huge, how do you make that much monthly.

[@stoneJulio]

that's nice you makes you that much!! please is there a way to reach her services, I work 2 jobs and trying to pay off my debts for a while now!! Please help me.

[@FeliciaEmily-m2y]

As a beginner investor, it’s essential for you to have a mentor to keep you accountable. michelle sule 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.

[@GeorgeSylvania]

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

[@FeliciaEmily-m2y]

@@stoneJulio She’s mostly on TELEGRAMS, using the ?…

[@isabelbecerra9258]

Build the life that you want!

[@kortyEdna825]

Things arent getting any easier. The average social security check is $2000 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you. better start today

[@BluDynamo]

100%!!! A good half of the retirement-aged people I know have nothing, never saved anything during their working years, and live on only SS now. I honestly couldn't imagine myself doing that and being so spend-thrift for most of my life. I have about 10 years to go, myself, but I refuse to be poor in retirement. You don't have to live like a pauper during your working years to save a decent amount for your post-working years, either.

[@lindawilson4625]

Great advice. A life not lived is squandered and you won't be happy. You can build wealth and be happy at the same time!

[@GAFB1122]

You know what though, you don't need wealth to be happy.

[@ysareyes]

The right choice of an investment has always been a big problem for me I know picking a wrong investment will leave a big scar in the future

[@amytuttle1621]

Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.

[@faysdt414]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@nandojuace]

I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

[@LolMan-qy9cc]

Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family and life ahead of me.

[@bombasticlove76]

nice! once you hit a big milestone, the next comes easier. How can i reach him, if you don't mind me asking?

[@austinbar]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@joshbarney114]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@rogerwheelers4322]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@FabioOdelega876]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@rogerwheelers4322]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@enlilannunaki9064]

The more money I have the fewer things I want. When I was “climbing” I desired some items to show I was “successful.” Now that I am there I prefer to blend in.

[@philochristos]

I think I'd be a lot more comfortable if I were a millionaire.

[@rachelcrossen8136]

There has to be a middle ground

[@NWforager]

compound interest : Get some ,Kids ! DO it Early

[@ChosenKhaza-]

I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Mrs Emily L Romano, imagine investing $12,000 and received $305,500.

[@GinaCrinton]

You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment

[@MaureenBrown-y1r]

Mrs Emily L Romano was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Emily L Romano.

[@LindaKirsten]

She must be really dedicated and well trusted for people to talk much good about

[@AdamNicholas-3d]

I Started with $5,000 and Withdrew profits $89,000

[@ChrisAmir-k2m]

just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@pnwflipper2089]

Rachel, we are on baby step 5 and I am overwhelmed by all the different 529s for every state. Which one do you use? Would it be best for someone from, say, Washington state? How do we even go about opening one for our kids?

[@onedangerousmanreacts]

So true! Dave’s 15% saving rule is fine, 20-25% to get rich in a decade or two

[@garvincrosby4349]

The number is 10 million.

[@bulldogfightingforfreedom]

Then you want $12 M, after that you want $20 M , then one day, you visit California Bay Area looking at Los Altos hill, pebble beach you are staring at those $30M house and you will want one of them. It’s an endless circle, loop

[@nickyarka6929]

​@bulldogfightingforfreedom Not for me and my number is $20 million to retire. Based on my current income I extrapolated my income at 67 to be $800,000 (about $150,000 in 2024 dollars) and I need 25x that to retire. If I hit $20 million (or if I'm overshooting my yearly targets), I stop caring. I stop saving. I wear Gucci loafers and visit Florence every year. I wouldn't stop working but my life would get a lot easier.

[@berryduke6823]

You know who doesn't want to be a millionaire? Billionaires.

[@diannestephens2397]

Exactly

[@lordabhikingfisher8087]

15M will get you to Top 1%. No one remembers who came in second. ;-)

[@joefunk76]

This isn’t the early 80’s, where a $1m net worth meant “you’ve made it.” $1m, invested conservatively, will allow for a safe withdrawal rate of 4%, at most, assuming you want it to last for potentially decades of retirement. That is $40k/year, pre-tax. That is $20/hour of full-time work, which is just over minimum wage, and barely a subsistence wage for a single person living in a LCOL area.

[@mocheen4837]

You can live comfortably while saving. You need to find a balance. It is hard not to spend when you see everybody on social media enjoying their money. Try not to pa6 too much attention to it and do what makes you happy.

[@hejiranyc]

"I don't want to be a millionaire." - said no American, ever!

[@jollama]

I enjoy watching people say this while complaining and struggling to live

[@TheyRiseBand]

Having $1 million used to mean something. Now, that's a starter house, in some parts of the country. As the dollar becomes increasingly worth less, the "number" will continue to go up, exponentially. It was $500k, then $1 million, now it's $2.5 million. In 5 years, it'll be $5 million. In another 5 years, it'll be $10 million.

[@SilentSputnik]

$2.5M is the goal.

[@thehousingvlog7034]

My goal as well. ❤

[@SilentSputnik]

@@thehousingvlog7034 4% withdrawal rate would be $100K 😀

[@patrickgoss4729]

Out of range for most of us

[@SilentSputnik]

@@patrickgoss4729 Not for young people who know about investing.

[@sharjeeljawaid]

Net worth vs Self worth

[@Coover90210]

Not "vs". Instead, " AND". You NEED enough money where you are not worried about food, shelter etc. Money is not a dirty word. It provides freedom and security. But to your point, it should not be worshipped.

[@Arlenewalter]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[@r_b5951]

My best recollection is I was sitting at around $400 at 40. Life is not linear of course. But that simple comparison suggests you are doing just fine. (I am mid-60's now, and am one of those people that "Americans don't want to be" apparently.) Can't offer specific suggestions, but just know you have several things working in your favor: 1.) time...time to recover from a downturn (or 2), or build on gains. 2.) My experience: investment portfolio began to grow in chunks beginning around $500. Best wishes.

[@mhodge0890]

Great video Rachel

[@kws5354]

I retired 9 years ago. About 10 months ago we hit the million dollar mark. My wife and I look at each other and realize we don't need or want anything. So we kicked up our contribution to the church. We will figure out the rest of it later on.

[@RetNavyChiefBTC]

You can actually be comfortable after meeting millionaire status.

[@KLC777]

Great video!

[@FINAL-B0SS]

Rachel, your look is giving younger Mandy Moore vibes. That is definitely a compliment.

[@donnaallgaier-lamberti3933]

I don't care about becoming a millionaire. I just want to have enough to pay our bills and pay for my health care until the end of my life. I also hope to be able to stay in my condo and have a decent working car. I'm age 73 and focused more on my health and vitality and my mental health than my income.

[@danielhurst8863]

Becoming a millionaire is just a question of time. $450 per month at 6.5% in 40 years is $1,027,628. While $450 may seem like a large amount of money to many, the average household can actually afford that, without killing their budget. The key isn't even the amount, or the interest rate, the key is TIME, the earlier you start the more money you will have.

[@te7406]

Pink is your color. Nice outfit.

[@BKNb77]

I would love 1k net per day passive income. How much do I need to invest to obtain that?

[@EricMoore790]

Rachel is beautiful.

[@crystaldon4995]

Very, and natural beauty - inside and out.

[@Preflightterror4]

? She's got those ant size eyes

[@nathanielcarreon5634]

Dont want to be millionaires, more like dont want to sacrifice now for later

[@evanwindom]

Why do the Ramsey folks talk about compound interest when the primary savings mechanism they promote is mutual funds? They're not the same thing.

[@evanwindom]

Depending on where you live, hitting millionaire status may not be enough to feel really "comfortable".

[@BranislavB-hx9zy]

Becoming a dollar millionaire is the goal of many in a small country like Croatia too, that has completely integrated into the Western world through NATO, the EU, the Euro and Schengen. Croatia is an open market and capitalist society, the result is dollar millionaires are increasing in number every year. Capitalism has won!

[@ThrowBackZone]

Wait, so you're saying that chasing after a million could make us miserable? Mind blown! 🤯

[@scottjackson163]

I would like to be peaceful with you. ❤️😊

[@Flintlock1776]

You can actually do both if you don't have absurd wants and ridiculous expectations regarding what comfortable is.

[@agriffin5308]

Usually, you don't even know when you had reached $1 million (I know that seems odd ) but someday you will be looking at the newspaper see the 52 week S&P high in realize at that time you were at 1 million. 😊

[@fred-ts9pb]

Newspaper? i remember my late grandmother looking at the stock page in the newspaper the day after to check her stocks. We have computers now. Ha!! She wouldn't watch CNBC because she didn't know her stock tickers.

[@nae4830]

Ok, but for point #1. It’s not because of how it looks.

[@OptimalOpinion]

YA COPING !!!

[@mocheen4837]

$5 million is the retirement goal.

[@zachdarr7605]

I believe the tortoise won the raise, be the 🐢. Also young men chase money and woman; but wise men chase peace. A life without peace isn’t a life you want

[@martywilliard]

First World Worries can be the heaviest! Imagine living in a deeveloping country without anything

[@HazardonerFTR]

first

[@davidwilson1134]

After the first dollar it’s the same hamburger.

[@RoseHanVerified]

Hi

[@RoseHanVerified]

Nice

[@BCRichDraco1990]

I want to watch this video but the wrinkled/crooked shirt is sooooo distracting.

[@hejiranyc]

OMG, I was just about the comment about that. The asymmetry with the stretched collar and the sleeves being off center were triggering to me.

[@fred-ts9pb]

@@hejiranyc She is living frugal. Ha!!