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I've been figuring that in 2013 someone would have to be worth 20 million and above to live the idealized "millionaire" lifestyle.
In terms of living in a huge mansion, probably true. But expectations nowadays are rather different than they were decades ago.
It's pretty common nowadays for people to live in nice homes in upscale neighborhoods, drive Mercedes Benzes and BMWs, travel regularly to Europe and exotic places, go on cruises, and send their children to private schools - and still have less than $1 million net worth.
Would you consider top 2-3% of households for your age wealthy? 'Cos that is what you are in if you're a millionaire in your 30's. Personally, I would consider that wealthy, I mean you can't wily nily spend, but you at least have EFF U money assuming you expenses are not too high.
Would you consider top 2-3% of households for your age wealthy? 'Cos that is what you are in if you're a millionaire in your 30's. Personally, I would consider that wealthy, I mean you can't wily nily spend, but you at least have EFF U money assuming you expenses are not too high.
Excellent point. Only a very small slice of the rich population can spend willy nilly without draining their wealth. You can loosen up the reins a bit when you get wealthier but you still have to watch your spending and be mindful of lifestyle creep.
Being frugal and conservative tends to be how you save a million bucks in the first place.
Best to hold onto that attitude.
We do.
As far as if it's a ton of money these days...winning a million bucks would not allow most young professionals to retire to a nice lifestyle, so I would say, "Nope. It's not a lot of money anymore." But then again, a buck used to be a lot of money...time goes on.
It's pretty common nowadays for people to live in nice homes in upscale neighborhoods, drive Mercedes Benzes and BMWs, travel regularly to Europe and exotic places, go on cruises, and send their children to private schools - and still have less than $1 million net worth.
Yeah, cuz they're in debt.
I can do whatever I want if I'm leveraged out my whazoodle.
If you have a net worth of $1 million dollars, than that is not a big deal anymore. Now if you have a job where you are making $1 million dollars on a yearly basis, than that certainly is a big deal.
People who have 7 figure a year jobs, tend to have a personal net worth that is way higher than $1 million dollars.
They are the ultra rich because they make more money in 1 month than most Americans make in 1 year.
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