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.
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This is not financial advice. Please consult a professional advisor.
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