When I was growing up, becoming a millionaire was considered an aspirational financial goal. Very few people had a million dollars and my parents bought a new house for $28,000. A million dollars seemed very unattainable. In 1965, there were 100,000 millionaires in the US.
Today, a million dollars seems much more achievable. In 2020, the there are over 18 million millionaires in the US. That house I grew up in is valued at $421,000 on Zillow. Many families have dual incomes, leading to over a million dollars salary over their lifetime.
I should have set a $100 million as a financial goal. In 2020, there were about 80,000 households with over $100 million, which is close to the number of millionaires in 1965. $100 million would have been a appropriate inflation adjusted goal.
For more on Reaping the Rewards, check back Fridays for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2020 Achievement Catalyst, LLC
Subscribe to My Wealth Builder
November Income – $5214.58
6 days ago
No comments:
Post a Comment