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According to this paper from Fidelity http://fiws.fidelity.com/download/mi...lionaire_5.pdf most millionaires hit their first million dollars in net worth at age 47. Entrepreneurs get there at a younger age (42), while educators in their 50s.
Interesting read, although the paper is dated (from 2008). I can't find anything more current.
I don't think much could change in the last 4 years. I'd hold those numbers to be true today.
I am over 75 and owned several businesses, some at the same time, taught for 28 years and don't think I grossed a million if you totaled all of them. LOL
i say it all the time. to really accumulate wealth you are not going to do it with what you scrape up to save from your income.
huge capital gains over decades of compounding on those tid bits we save is what does it .
the problem is usually not the fact folks cant scrape up that money to save, the problem is most of america has no clue about how to invest and plan properly.
with me entering almost 30 years of investing a typical market year can increase in value up or down more than my wife and i even earn added together.
Last edited by mathjak107; 08-22-2012 at 03:45 PM..
I am over 75 and owned several businesses, some at the same time, taught for 28 years and don't think I grossed a million if you totaled all of them. LOL
The term "millionaire" is based on net worth (i.e. assets minus liabilities), not income. That's what the Fidelity paper is talking about. In fact, the millionaires in the paper had incomes that averaged "only" $380K. So I suspect you are a millionaire (in net worth) even though you never made a million a year in income.
I am over 75 and owned several businesses, some at the same time, taught for 28 years and don't think I grossed a million if you totaled all of them. LOL
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.
I don't think much could change in the last 4 years. I'd hold those numbers to be true today.
The real estate collapse was not quite full swing in 08 (plenty of folks were thinking it was going to be a dip, not a downward spiral for 5+ years) so plenty of people were a lot richer in 08 than now!
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.
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