Reality of the Middle Class Millionaire
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2024-04-26に共有
01:43 Millionaire
03:47 Protection
05:14 Market Volatility
06:21 Saving
07:20 Age
08:24 Spending
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Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
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コメント (21)
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The term “millionaire” entered the common parlance in the 1920’s. That sum was equal to about 20 million in today’s dollars. It signified one who was truly rich, did not have to work and could live in luxury. Today it means someone who will be able to afford to retire at 65 and won’t have to eat dog food.
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As an investing enthusiast, I often wonder how top level investors are able to become millionaires of investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or diversify ?
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$5 mil is the new $1 mil
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I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
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I knew a guy who was basically an acquaintance. When we did some business together, I found out that he was quite wealthy. He had a house that was very nice, but not ostentatious. He told me he always bought his cars one or two years old, because they were still as good as new but way cheaper. He always bought Toyota's because they had the best quality and lasted the longest. You see the pattern.
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I'm a millionaire and I'm loading an 18 wheeler with a safety vest on as I type this. 1 million is definitely not enough to be lavish and not work. There's also the notion of KEEPING your million once you've got it, and you might find yourself pretty attached once you get there. Not the grandiose lifestyle most people think, but it definitely takes a lot of pressure off if you know how to handle your funds.
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7 figure debt free club here. Comfortable, yes. Rich, no. Common sense, gratitude and a well balanced life style is a winning prescription here. Money’s a tool to help enable your best life. It’s not the end game. Love your intelligent and thoughtful content.
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I’m a wealth manager and I think there is a huge discrepancy between a true millionaire and the perception of millionaire that permitted media. When you’re seeing social media wealth, you’re seeing people with tens or hundreds of millons of dollars. In a major city like San Francisco, a million dollars can get you to the threshold of middle class stability. A couple of millions can plant you firmly in to middle class. But unlimited freedom and buying what you want starts at about $10M and up
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We hit millionaire last year and it’s not what I thought it would be. I am 52 and still have 3 kids in the house. Tomorrow I’ll be installing brake pads and rotors on my 2.5k beater. We still owe some on our home. Once that is paid off I’ll feel better, but I’ll still need to work.
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When we hit $1 million this year it felt good but was kind of anti climatic. As Erin said, you still keep working and saving and making good choices in an unstable economic environment. We also just keep living our simple lifestyle - none of our neighbors or friends would even guess our financial situation.
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Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
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Erin, I'm so sorry to hear about your dad. My mom passed away last summer from covid but she did have advanced dementia. It was extremely difficult but we did our best to take care of her at home. I feel for anyone in this situation, it's not easy......♥
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Ask someone without enough food to eat what it means to be rich. Ask someone without shelter. Ask someone without a secure retirement. Ask someone who has those things but still lacks meaningful relationships and purpose in life. It’s all a matter of perspective. Thanks for the insights. You rock!
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My net worth is at $3.5m. 100% debt free and retired young. $5 mill net worth is the number that will work for me. I should be able to get there over the next 7 years or so. The key is to live below your means and don’t stop planning for the future. Make sure you always have a plan.
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The term “millionaire” has a practical meaning very different from its cultural meaning which is antiquated because of inflation. My wife and I are 49 with a net worth just over $4M. We still live in the same house we bought in 2006 when we were making 25% of what we make now and hardly have expanded spending habits. I don’t feel rich in anyway…just secure.
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A net worth millionaire simply means you own your home, have a few hundred K in your IRA, and have no debt. You're probably in your mid late '50s and taking your foot off of gas, but still paycheck dependent. Sounds very middle class to me...
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As someone who has hit this milestone, I can assure you I don't feel wealthy. I have a better than average income, but I keep my yearly expenses less than the median income, and invest the rest. I think once I hit the $2-3M range, I'll start to feel more wealthy; when I can finally justify spending more than the median income on lifestyle.
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We hit the $M point several years ago. We still live a fairly simple lifestyle, but now smile a lot.
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A $10,000 a month care facility is one of the insane expenditures in our society. My wife's last 6 weeks of life in Hospice was $5,000 a week. Imagine getting that bill on top of funeral and debt (medical + cancer) payoffs as a retiree. We were well prepared, but it could have easily obliterated 55 years of careful saving. Being a millionaire is not enough anymore.
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I agree Erin, I’m debt free with 7 figures in the retirement account at 57 yrs old. Feels great to hit that goal but doesn’t feel like nearly enough. Probably need 2- 3 before I retire. The best feeling is being Debt Free.
