Here's one reason that millionaires with $1-2 million in net worth don't feel wealthy: they don't have much free cash.
Most of their net worth is not liquid nor easily accessible. On average 39% of their net worth is their home, as a result of significant appreciation since 2020 and 33% is in retirement accounts. Only 17% is in liquid assets, which would be stocks, bonds and cash.
Combine the above asset distribution debt servicing such as student loans, home mortgage, and car payments. And don't forget daycare costs. Thus, most of their paycheck is already committed necessary expenses or debt service.
A million isn't what is used to be 50 years ago.
This is not financial advice. Please consult a professional advisor.
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