Millionaire Middle Class ~ the new reality?
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- Опубліковано 23 тра 2024
- There are more millionaires in the US than ever before. And as inflation squeezes the middle class, net worth is going up. So what does it take to be in the middle class these days. Do you need a million dollars to be middle class, or upper middle class. Where do actual millionaires think they rank? What net worth do you think it takes to make the cut?
I think 1 million is middle class if you are close to retirement or that number includes your house. I would also like to hear what you think the numbers are compared to the federal government.
I agree. Especially if you include your primary residence.
True: 1M today is not enough, and it is not what it used to be thirty years ago. It does not buy you what it used to either. There are some cities/areas in the US where one million, or pretty close to that, is entry level for a house; so I'd agree that one million net worth is middle class nowadays.
Yea, I think some people may look at the equity they have in their home and think they are millionaires. But, unless the sell and get that equity and invest it and move to Thailand, that equity ain't paying for their retirement.
Are you including house?
I think you should include your house in Net Worth. Some people don;t. But also most people have seen their house price jump up. So for the average person it could give them a picture that they are doing better than they really are. I have 6 houses... so my numbers look pretty good.
I'm poor. Need to figure out some income like yours. Rentals
I have a lot of content on how I bought one property every year until my income surpassed my expenses. It's been a while since I made any of those video. Maybe I need to make an updated one.
Awesome video!
You are my favorite fan. 🤣
I think a million leads having 5 million. That is the new minimum number
I agree 100%.
By the time I hit 60 in 20 years $1 million will be worth less than $300k in 2019 dollars.
I came to the conclusion I need to target $5-10 million to be able to mitigate the risk of corrupt government spending and inflating the value of my retirement away.
I think if you were retiring today you'd need a min. of $2.5M. Anything in the future... add to that number.
You can consider some Geo-arbitrage too. That's what I'm looking at now.
Agree, $1m isn’t what it once was. Society has changed and yes what wealth really is isn’t just a number.
Just looking at the 4% rule, a million bucks only gets you $40K pre-tax. I'm not sure what these people with less than $500K are going to do.
Time freedom is the new flex.
For sure, only middle class for retirement. I saw a stat today that $1M in 1980 equals $6M in 2024.
That's pretty interesting. I'm not at $6M that's for sure. But, that explains why there weren't very many millionaires back then too.
If you are retired with a million you are technically living under the poverty line. A mil is only worth about 30k a year, I subscribe to the 3% rule, so you’ll qualify for Medicaid as a millionaire.
Yea, that's right. But very few are hitting this level of savings.
These numbers are meaningless without knowing the ages
I don't think so. I think a person with $1M net worth at 30 and someone at 50 are probably living pretty similar lives. That's why I wanted to focus on net worth and not income. There is no perfect way to look at it. I just thought it was an interesting topic for conversation.
Yes that’s middle class . You live about as well as the 1955 highschool janitor
LOL probably right.
It’s silly to say you’re middle class when you have well over a million dollars. It doesn’t matter if you live a frugal lifestyle. That’s like saying Warren Buffett is middle class because he counts his pennies at McDonald’s.
Middle class is also not about how much liquidity you have. Saying all your money is locked up in rental properties doesn’t mean you’re middle class.
It sounds like you agree more numbers in the stats that showed in the video. What you say is a good middle class net worth?
@@TheRetirementality I would say whatever the net worth statistics say for being above the bottom 20% but below the top 20%.
I don't know about everyone else, but as a millennial, it was drilled into me that I need to invest for my future and to be able to retire. Social security is essentially a ponzi scheme and will likely go bankrupt.
I and everyone my age that I know, who isn't an addict, will be millionaires before retirement.
Part of the reason why is because of inflation.
When I retire, $1 million will be worth less than $300k in 2019 dollars.
I feel like I need to target at least $5 million for retirement to compensate for corrupt out of control government spending.
I'm GenX and it was basically a conspiracy theory to say that SS would run out of money when I was growing up. But, I was also self employed my whole life so I knew I needed to be responsible for my own retirement. I think you're right to target $5M.
Another GenX here. I was told it was false about SS running out of money. Somehow government will save SS because it was SS. I would nod my head and secretly prepare for the fall of SS. I figure I would need 850,000 to 5 million depending on inflation. 😁
Maybe it's time to live abroad if you have million dollar already because it takes a lot of money to live a really good life in USA now.
@@Rain-ec4jj I already have a for sale in my yard and a house picked out in Spain.
@@jjred233 Yep, me too. I hit my target income number for the rentals and now I'm ready.