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A WalMart greeter will make a million dollars (in today's purchasing power) in a lifetime. A million dollars is $10.22 an hour from age 18 to 65, no overtime and not counting retirement benefits after age 65. Taking those benefits into account, about $9 an hour would be enough to yield a million in a lifetime. And anybody with an income that low would probably qualify for other benefits like food stamps.
My first job was when I was 9 years old, dropping tomato plants for 10 cents an hour. In 1960 I had one job that paid $1 per hour, installing 5 miles of water line. My helper had 5 kids and was paid $1.50 per hour. We worked on that job for 3 months while working other jobs at higher pay. Glad at the time for the work.
Now the prez says people are making 6 figures, whew?????
no one ever talks about the term "millionaire" based on past earnings you had . everyone of us can earn a million dollars in a lifetime. so what?
heck if your on social security long enough you can collect a million bucks in benefits.
having a million as a net worth is an achievement for some . for others having a million in liquid assets without their home being counted is an even greater achievement.
no one really cares if someone can earn a million bucks over their lifetime, its not what the term refers too.
I have had customers that were millionairs and most of them were really nice people. Only the newly rich wanted something for nothing.
Not my social security could make a million. My first year was $64 per month. At that rate it would take a lot of compounding. SS people told me that I was penalized for having teacher retirement.
Fidelity says the average age of millionaires is 59, and their average net worth is $4.3 million. So from the time they finished college at 22, it took them 25 years to get to their first $1 million at age 47. Yet it only took them 12 years to amass the next $3.3 million to hit $4.3 million at age 59. After that first million, wealth growth becomes exponential. The power of compounding in action.
I guess I'll never make their definition of a millionaire since my preferred method of accumulating wealth is to buy distressed real estate, renovate it, rent it, and pay it off within 5 years. Their definition is heavily skewed toward cash, equities, bonds, commodities and other more liquid investments.
It also excludes retirement accounts. If one saves the maximum amount allowable in a 401k starting at a young age and puts the rest into real estate they can easily accumulate more than a million dollars by age 40. There is little reason to expose oneself to more equities or bonds if you are maximizing your 401k. There is little reason for not put cash into other assets if you have beyond a conservative safety net set aside in my opinion.
Fidelity says the average age of millionaires is 59, and their average net worth is $4.3 million. So from the time they finished college at 22, it took them 25 years to get to their first $1 million at age 47. Yet it only took them 12 years to amass the next $3.3 million to hit $4.3 million at age 59. After that first million, wealth growth becomes exponential. The power of compounding in action.
I assume you mean median. There's no way the average millionaire is only worth $4.3 million.
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