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Locally there is an ad running for a casino. It shows people telling what they would buy if they won the million dollar jackpot.
I've got to say, the general population has no idea what a million dollars is (or maybe it is just the gambling public?). Sorry, folks, a million dollars will not buy you your own private jet let alone afford to fly it anywhere, your own gigantic yacht, or your own huge private beach in a place with fantastic weather.
There are a lot of places in America where, after taxes, your million dollar jackpot won't even buy you a middle class 3 bedroom house.
Not that I'd turn down a free million dollars, but it just isn't all that much spending power any more.
$1M was luxury retirement money back in the 50s-60s, it certainly is not now. If you're financially irresponsible, you could easily blow that within a few years time. The demon of inflation strikes again.
Less than 10% of the population are millionaires by net worth. In many cases, that’s a lifetime of building.
Let’s say winning a million is 600k after taxes. That’s a very material sum of money to be handed to and potentially added to your net worth for no effort in a lottery winning.
Obviously, you can’t buy a “private jet” and it’s not what it used to be, but it’s a substantial sum of money by any reasonably measure.
I’m sure the ad was just some marketing stunt trying to be funny with what you’d do with it.
$1M was luxury retirement money back in the 50s-60s, it certainly is not now. If you're financially irresponsible, you could easily blow that within a few years time. The demon of inflation strikes again.
It's not a "demon". It's the natural result of a competitive economy. Regardless, cumulative inflation since circa 1960 has been about a factor of 10. $1M back then, is comparable to $10M now... certainly a handsome achievement, but still, not exactly luxury-yacht or private-jet money.
Culturally, the very term "millionaire" has become trite and pointless. The more appropriate term, based on both buying-power and exclusivity, is "billionaire". That's the sort of financial wherewithal, where now one can reasonable afford a big yacht (and still not "the biggest"... those themselves cost around $1B!) or a private jet.
It's not a "demon". It's the natural result of a competitive economy. Regardless, cumulative inflation since circa 1960 has been about a factor of 10. $1M back then, is comparable to $10M now... certainly a handsome achievement, but still, not exactly luxury-yacht or private-jet money.
Culturally, the very term "millionaire" has become trite and pointless. The more appropriate term, based on both buying-power and exclusivity, is "billionaire". That's the sort of financial wherewithal, where now one can reasonable afford a big yacht (and still not "the biggest"... those themselves cost around $1B!) or a private jet.
Median home price 1960: $11900
Median home price now ( according to zillow): $281300
A million dollars could buy you 84 median priced homes in 1960. It could buy you only 3.5 to 3.6 median priced homes now. You drastically underestimate how much inflation has ravaged the purchasing power of money.
Who the hell wants to buy several homes and a private plane and a yacht… That’s just crazy talk for the average person. Everyone I know would be very pleased to $1 million even after taxes. In many cases it would provide them with an early retirement. Certainly not what it was many years ago, but it ain’t nothing to sniff at.
We should also retire the expression "six figure income". That has lost its intended meaning.
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