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A very small modest house in many parts if the coast cost over $500k. If two partners save $15k per year over ten years you're already close to $800k, completely ignoring any returns on investment. It should be achievable by 50 to be a millionaire. We are in track to have our first million on paper by the end of our 30s and we really haven't done anything special except own a $650k home and contribute to our retirement accounts, although one big choice was not to have kids.
We plan on retiring abroad, so with SS, our wealth on paper, and pensions we will be able to live very comfortably, possibly even retire by 50-55 and consult on the side if we really wanted to.
Personally, I don't judge somebody's wealth based on their asset values. I mean, if you suddenly inherit a house worth a million dollars from your uncle, though you live in a 50's ranch house, are you a millionaire? Not in my book. To me, you're only "a millionaire" if your annual income exceeds a million. In that case a much smaller number of people are going to be "millionaires," mostly CEO's and sports players, probably.
Lol, you don't get to make up a new definition just because you don't like the existing one.
A very small modest house in many parts if the coast cost over $500k. If two partners save $15k per year over ten years you're already close to $800k, completely ignoring any returns on investment. It should be achievable by 50 to be a millionaire. We are in track to have our first million on paper by the end of our 30s and we really haven't done anything special except own a $650k home and contribute to our retirement accounts, although one big choice was not to have kids.
We plan on retiring abroad, so with SS, our wealth on paper, and pensions we will be able to live very comfortably, possibly even retire by 50-55 and consult on the side if we really wanted to.
The reality is the majority of "modest" homes across the country do not cost $500k. And the majority of 30 somethings can not afford a $650k home. The fact that you do and can still save $30k a year pretty much proves you make well north of the median couples income of $61k. You probably fall in the upper 10% of what the population makes. Great for you, enjoy your success but it is how the majority of the country lives.
Lol, you don't get to make up a new definition just because you don't like the existing one.
I'm not proposing it be a new official definition. Just saying my own personal criteria. Kinda like saying whether you like broccoli or not. Some people like it, others don't. Some people are satisfied with the official definition of "millionaire," I'm not.
A very small modest house in many parts if the coast cost over $500k. If two partners save $15k per year over ten years you're already close to $800k, completely ignoring any returns on investment. It should be achievable by 50 to be a millionaire. We are in track to have our first million on paper by the end of our 30s and we really haven't done anything special except own a $650k home and contribute to our retirement accounts, although one big choice was not to have kids.
We plan on retiring abroad, so with SS, our wealth on paper, and pensions we will be able to live very comfortably, possibly even retire by 50-55 and consult on the side if we really wanted to.
I'm not proposing it be a new official definition. Just saying my own personal criteria. Kinda like saying whether you like broccoli or not. Some people like it, others don't. Some people are satisfied with the official definition of "millionaire," I'm not.
The old definition is HATE Speech.
Speech you personally hate.
Know whats stupid? WAY too many people not realizing that inflation will do this naturally. It doesn't mean more people had more wealth, it means inflation made being a millionaire easier.
Good news everyone! Almost EVERYONE in Zimbabwe became millionaires in less then a year!
Well and you've just demonstrated why fiat currency backed by nothing eventually always becomes toilet paper. It can be inflated away until it is practically worthless. The US dollar carried weight when it was backed by gold and coins were made of silver.
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