/biz/ - Business & Finance

>normies unironically think an adult being a millionaire is impressive
>mfw they count home equity in this equation

>>28238233
i dont even have to read the article. these are mostly boomers who bought houses decades ago and contributed to their 401ks.
it's not difficult to become a millionaire if you do this for 40 years

>>28238233
64 million people live in a millionaire household in the US. Almost 19% of the population. That includes NEETS bunking in with their boomer parents that have an overvalued home.

>>28238512
yup
t. child of millionaire
we aren't rich. a $500k apartment and $500k in my mom's 401k isn't much in NYC. my mom worked for the city and made around $100k/year before she retired.

>>28238233
lol just save for 60 years of course you'll be a millionaire at 65 when you're too old to enjoy it

>>28238233
>tfw father-in-law is millionaire
just a 401k boomer with an upper-middle-class home

>>28238233
>>28238678
>Just save for 40 years while missing out on opportunities
Why does the establishment always shill the slow path to wealth?

>>28238233
Work hard goyim, get your education.

>>28238358
I just realized my boomer parents are millionaires if you count their overinflated home equity. About $700,000 in equity (paid about $200,000 for the house 20 years ago) and their retirement savings.

I'm pretty sure if you asked them if they were millionaires they'd say no, the house is kind of shitty and rundown and they live modestly on their retirement income.

>>28238350
yeah if you count muh home equity then it's a joke

we should get the stats for millionaires under 40

it should be illegal to have more money than your paycheck
-Sent from my iPhone

>>28238233
Not surprising. Major cities have a massive population and people that live in those cities need to clear about $100K/year for a decent qol. Makes sense that $1m is relatively common when ab appreciable percentage of the population needs that kind of money to simply survive.

>>28238968
home equity is a bitch because you can't just sell it and move if you want to stay in the area and avoid downgrading. it also means higher property taxes. if you want to cuck your kids you can use it to get a reverse mortgage i guess

Property owned by the banks isn't personal equity

>>28239030
This
>made your first million at 70
What's the point

>>28238350
>mfw they count home equity in this equation
>>28238997
>yeah if you count muh home equity
It's a fucking asset isn't it faggots? If debt counts so do assets.

>>28238922
nepotism. They are afraid of competition, they know they are not the best.

>>28238233
...and $1 million barely buys you a loaf of bread anymore

>>28239196
>Property owned by the banks isn't personal equity
Home value - outstanding debt = equity.

I swear this board is just fucking braindead morons shilling one scam after another.

My parents are easily multimillionaires. My mom never made more than $35K when she was working and my dad worked the same job from age 17 until 55. They had a business that lost them about $100K in the 90s but bought their current house for $190K in 2001 and it's currently worth about $1.3M.

They aren't genius or super savers. They literally didn't have to do anything other than exist as you would expect them to and they today have wealth that their children could never possibly achieve because they let their children's opportunities and freedoms erode.

>>28239030
.00002% of population all inherited or small loans of 1 million

>>28238350
The fact that you have to count home equity to get 8% shows just how poor people really are

>>28239255
not really. You need to live in a home anyway, if you sell it you need to use that money for another home, or a nursing home which is also expensive as fuck. It's not money you can use for something else unless you got extremely lucky by living in a shitty neighbourhood that got gentrified, you sell your house for a 4x profit and move into another shitty neighbourhood

>>28238350
This equity means nothing. Net worth = assets minus liabilities, if your home is still mortgage’d than that means you’re in the red and poor.

>>28238233
This is probably counting insurance and non-liquid assets. If that counts then I'm worth easily almost $1million. But I've only got $1k in my bank account.

>>28239084
Wow look at how smart you are!

Putting them on Algo and getting the staking rewards

>>28239196
You own the property. The bank has a lean on it, which is your liability. Your equity is what's left over after that debt is settled.

>>28238922
It's the "safest" way to go. Majority of American's fucking suck when it comes to money. So pushing the notion of wasting away at a lame-ass job for 30-40 years to get a pension (now mostly 401k) is the easy approach. Or lock up money in a low interest CD. Yeah, I want to reach a million at 65 when I've wasted away my glory years.

>>28239486
Equity = home value - mortgage value.

This really isn't that complicated.

>>28239108
Question that no one has ever answered, and Google is of no help:
When people say "clear" a certain amount, is that before or after tax?

If you're over 20 and not a millionaire your life is already over though.

I'm 43 and a "millionaire". I own my home and a beach home outright. The rest is in index funds. It's not impressive at all.

>>28239744
this

>>28239689
Home value fluctuates. If you still owe the bank money then you’re poor.

>>28239738
I assume before taxes. I never hear anybody describe their income after taxes.

>>28239387
>bought their house for 190k 20 years ago
>it's worth 1.3m now
Must be nice being a boomer.

>>28239749
You sound under-leveraged

>>28239030
https://dqydj.com/net-worth-by-age-calculator-united-states/

>>28239868
>If you still owe the bank money then you’re poor.
A mortgage could be $5k. It could be $500k. You cannot make this assessment categorically.

The true mark of how middle class is how much their primary residence takes up most of their wealth. Say if your primary residence accounts for 60 to 80 percent of your wealth. You are most likely middle class and not super wealthy. There are exceptions though.

>>28239749
what funds? do they pay dividends?
if i actually make it in the next 2 years i'm going to want to put some of my money into boomer assets. it doesnt hurt to diversify.
$2M in funds that pay 3% dividends is $60k/year. obviously there's risk of the market tanking but it seems like a good play especially if it's a fund that's been steadily increasing for years.

>>28239881
Thanks. The term "clear" is ambiguous.

>>28239930
>tfw 27th percentile in my age bracket
I'm fucked forever

>>28239980
you don’t own the home if you’re on a mortgage.

>>28239749
you are in the top 8% in the US, much higher up everywhere else

>>28239141
You can if you really want
Just move abroad, as a retired person its easy ( if you really want and not just talk about it)
Imagine what lives you can have if you move with 500k to places like thailand

>>28239377
>>28239607
Lads you could have paid off 80% of the mortgage, the bank can and will evict your ass.

>>28240064
get on your fucking grind faggot
time waits for no man

>>28239910
I'm sure it is. My dad worked Manual Labour for 38 years before retiring at 55. Since retiring 10 years ago he just spends all day watching CNN or YouTube videos about rebuilding cars.

>>28240235
>>28240156
The bank can foreclose if you stop paying your loan, yes. That's because they have a lien. It's not the same as them owning the property.

If you owe someone a debt, and you secured that debt with your house, it's a good idea to keep paying that debt. That doesn't mean you don't own your house.

>>28240064
It's not as hard as you imagine. Going from 27th to 50th is about as easy as going from 27th to 80th. Just pick a good employable skill and teach yourself. It gets harder the higher up the pecentiles you go because they are exponentially greater thresholds.

>>28239930
>99th percentile in my age bracket
>98th in age bracket above me
nice :-)

>>28240569
i'm 97th in my age bracket but moving brackets in a year. if my crypto bags pull a 4x i'll be in 99th next year.

>>28238233
They owned a home on a coast. That is the majority. 60% of people in Vancouver Canada are millionaires because of this.

>>28238233
>3 houses worth about 1.2 million total
>no mortgage
>$350k in IRAs
>$100k in my investment account
>$120k income
I have a hard time calling myself a millionaire or rich. I don't feel like my lifestyle is any better than most middle class people. I don't think that "rich" lifestyle kicks in until the 10 million range.

>>28238233
There's nothing impressive about being a millionaire if you're some 50 yo boomer lmao. Who cares that you can live the last 10 years of your life in "luxury" when you retire. When you're 75 yo it won't make a big difference whether you have $500k, $1MM or $10MM. Things like family, health, friends, hobbies, legacy etc. are what that matters at that age.

Being a self-made millionaire is only impressive if you're in your 20s.

inb4 poorfag wagie cope

>>28239930
>tfw top 1% for my age

>>28238233
>8% of adults are millionaires
>.1% have half the money in the entire world

>>28240767
Also, a lot of boomers lucked out on real estate with tons of leverage (mortgages).
>>28240786
Same.

>>28239387
Not with that attitude you won’t make it. Boooooo Go back.
>t. millionaire millennial

>>28238233
What happen to 92%???

>>28239930
>88 percentile

>>28238350
>be boomer
>buy house anywhere outside of the midwest or deep south from 1975-2000
>2020, am millionaire now

kek

>>28239467
Would probably be less than 5% if they didn't add that.

>>28240767
>who cares that you can live the last 10 years of your life in "luxury"
People in their 40's who are tired of wageslaving and know they have no future and no retirement in this broken as fuck system?

>>28239749
Imagine tying up this much of your net worth in the illiquid real estate market, yikes. You better be renting out your unused home the whole time you're not there.

>>28239387
>They literally didn't have to do anything other than exist as you would expect them to and they today have wealth that their children could never possibly achieve because they let their children's opportunities and freedoms erode.
This. My mother always bitched about how irresponsible I was because I was constantly losing my job and having a hard time finding a new one. Well, mom, it's goddamned hard to get a job when the software industry was firing all the Americans and only hiring pajeets. There were a few years during the Trump administration when his policies were blocking H-1B's from being imported en masse, but that's over again now.

>But Trump's a racist!!!
Yeah, sure, telling companies to hire Americans is racist, gotta let the Pajeets and Pedros take all the jobs. We'll just make do on BidenBucks.

Meanwhile she worked as a tenured professor. Well, that career path pretty much doesn't exist any more; the universities only want to hire adjuncts because they're cheap, $3000 per class per semester at some places.

>>28239387
Wealth inheritance is how most of us will achieve this now.

>>28241188
>illiquid real estate market
have you been outside?

>>28238350

How is home equity not wealth? They had to pay for that home equity. It's more real than your crypto

More millionaires than ever everything is fine goy

>>28238233

>>28241205
The quality of education has plummeted in the western world, except for Europe. We’re all racing to the bottom now.

>>28238233
>80% of all Boomers have a net worth of less than $1 million including home equity.
Jesus Christ. They literally had it on Tutorial mode. How did they fuck up this badly?

>>28238233
>tfw boomers control half the wealth in the country

>>28240012
I pile my money in VTIAX and VTSAX @ around 30 / 70

>>28241188
I actually use my beach house almost every weekend during the summer. No way I'm renting to niggers, spics or kikes.

>>28241793
Sex, drugs, rock n roll.

>>28239486
t. Failed accounting 101

>>28238233
>one million USD current year
>wealthy
kek, jews wrote this propaganda.

>>28241793
people will say the same thing about us and the internet

>>28240455
And in clown market it’s retarded to have a house without a mortgage. Mortgage rates are so low even if you bought in cash you should take out a line of credit on it and buy index ETFs at least. They are guaranteed by the government to keep going up faster than the interest rate on your loan and they pay a dividend. You can buy certain stocks RIGHT NOW that would pay you more in dividends than you would pay in interest in a home loan. It’s literally free money.

>>28241502
Only the land's value counts as wealth. The house is a rotting piece of garbage you have to pay taxes on anyway just for the privilege of owning it.

>>28238233
I have home equity and im nowhere near a millionaire. Even if a liquidate all my assets I would have 250k max. Max.
Realised stonks and crypto are the only ways to get ahead.
Bought my boomer stonks for long slow growth, no going to start my crypto. Can't wait to pay of my fucking mortgage and make it.

>>28241487
What does going outside have to do with real estate being illiquid? It's unquestionably a pain in the ass to buy or sell.

In America you can't even retire in your early 60s and live a comfortable lifestyle until death without around $1.5 million saved, depending on the area you live in.
People need to get over the term "millionaire" being impressive. If you aren't a millionaire at 60, you're going to be below the poverty line by the time you're 80. And that's boomers retiring now. My retirement calculator says I will need $4.5 million to live off 70% of my current income in retirement.

>>28238922
This always kills me.
>To get rich, just be poor for your entire fucking life.
Real galaxy brain shit, right there.

>>28241282
Sure would be a shame if.....some kind of Great Reset was about to come around.
Hyperinflation, fiat money collapse, stonks and houses go to zero, take the vaccine and surrender your rights to private property to get get UBI good goy points in the new Fed coin.
Sorry kid, nothing personal.

>>28238922
If everybody started making meme bucks there would be no actual substance to the economy.

>>28241171
My point was that $1MM at 50 yo really isn't very.. valuable.. for lack of a better word. At least half of the money is probably locked in a house if you have a family and you don't have all that many good years left to spend your money..
$1MM at 50 yo is the equivalent of having $50k at 25 yo and save $1k/ month for the next 25 years. Not very impressive/ difficult to achieve. Pic related. If you save $2,750 instead you end up with $2.5MM at 50 yo.

>>28238233
There is a difference between making your first million when you're 40-50 by depriving yourself for 20 to 30 years and investing in S&P500 index funds, and being an actual millionaire.

>>28242230
No they won't. Making money on the Internet actually requires you to have a minimum IQ and the drive to learn new skills like web development and coding. The Boomers literally partied their asses off in college, got handed a piece of paper, and walked into a 60k a year starting gig in todays dollars.

Not a surprising number. Hell, my boomer parents are millionaires off just 401k and IRA investing. The new "millionaire" is being a deca-millionaire. You can actually do some fun rich people shit with $10m. Being a millionaire just makes you comfortable and not have to worry about spending a few thousand at the hospital or on vacation.

>>28242042

Every weekend during the summer comes out to about 24 days a year, 36 if you count Fridays. Why not just rent an Airbnb those days you wanna chill/party and put that huge amount of equity in stocks or crypto? That's a lot of capital being put to no use.

>>28242548
Forgot the pic.

>>28238350
Yes assets are wealth. Are you a child who thinks millionaire means a million dollars in a checking account?

>>28239255
>It's a fucking asset isn't it faggots
not a very liquid one. you gonna sell your house to live in a box?

>>28238233
why do people think accumulating wealth is glamorous?

>>28242254

you also pay back 3x the value of the home by the time the 30 years is over. (((interest))) is a bitch.

>>28242901
Because you have more leisure and don’t die poor.

>>28242656
You're not wrong anon.

There is value in keeping the wife happy. But, just happiness in general, I enjoy hanging out at the beach on the weekends.

>>28242901
Less stress. That’s the only reason I’m saving and investing. I want to be free from slave jobs.

>>28242906
>sign here goy, a very reasonable interest... 300%!
>noooooo damn you shekelstein I’ll buy but I won’t be happy

>Hehehe it's so easy to be a millionaire.

Why did only 8% of people do it then?

>>28241943
ty for the info fren

Lol my parents are millionaires because my dad put money into a 401k for 30 years and they sold the house they bought for 60k for 280k.

>>28239930
>https://dqydj.com/net-worth-by-age-calculator-united-states/
>mfw dismayed that i was only in the 84th percentile before realizing i forgot a 0 on my networth
>add theextra 0
>shoot to the 99th percentile for my age group, the age group above me, and 98th percentile for the age group above that
buying LINK in 2017/2018 was honestly the cheat code for life

>>28242667
>Boomer asshole:"My house is worth $1 million because i said so"
>Realtor: "B-but sir. It's been on the market for almost 2 years. Don't you think we should lower the price a bit?
>Boomer:"Fuck no! I know what I got! No low ballers!"
>Realtor: "O-okay."
Your house isn't worth that much if you can't find a willing buyer. You have a ton of Boomers right now that are trying to sell their houses, but can't get their ridiculous asking prices. Since they don't NEED to move, they can literally sit on the house until they die with the belief that it's worth what they tell themselves it's worth in their minds.

>>28242967
>>28243192
I mean the actual act of accumulating wealth. It's actually quite boring - follow the steps, rinse and repeat a couple times a year. But people conflate accumulating wealth with some sort of edgy, jetset lifestyle.

>>28243280
Skyrocketing cost of living and the consoomer lifestyle.

>>28238350
i am from yourope. 1,000,000 usd is really much here. enough to retire.

>>28243280
cause the other 92% spend their money on funko pops, impulse amazon purchases, cigarettes, drugs and eating out.

>>28242967
Better to live rich and die poor than live poor and die rich.

Time is the most valuable asset. Outside of Bitcoin and land, it's the only thing of value with a hard cap, and qualitatively, not all time is equal: time in youth allows for vastly more possibilities of enjoyment than time in old age.

People should retire when they're young and work at Wal-Mart when they're old if they have to. And you can only retire young if you have wealth.

Tl;dr: get rich fast or die trying.

>>28242906
Mortgages are insanely cheap right now because of zero/ negative interest rates and a very competitive banking environment (at least here in Europe). I pay 0.3%/ year on my two mortgages. And I get 3%/ year in rent + price appreciation. It's like printing money.
inb4
> real estate will crash!!!111
I'm not all in real estate. I have crypto, stocks and PMs.

If you go MGTOW and live frugally, you can easily be a millionaire by 40 and retire early.

>>28243280
>Why did only 8% of people do it then?

Because it's the internet. In reality, most NORMAL people have bills like rent, car loans, student loans, etc. You're in a board that's full of neets using their allowance from mommy to trade coins that they can't use

>>28242906
interest rates on mortgages are stupid low. literally less than inflation let alone the returns you could make in the market

>>28238233
I thought I made it. But now I see I'm only in top 8%. Time to rope I guess...

>>28241502
kek I can send the linkies from my trezor to binance and sell them right now for usd.
they'll have to list their house for sale and wait for years until someone buys it in this economy.

>>28238233
8% seems low to me considering that according to the census 26.4% of the population is between 45 and 64 and 13% is over 62. People in that age range should be at a million if they ever plan to retire well.

>>28244478
No one saves enough for retirement.

>>28239546
Checked

>>28243717
This. I worked insanely hard (pure wagie hell) and lived very frugally for the past 7 years. I didn't have much time to enjoy my youth. Now I'm 26 yo with a $1.3MM net worth. And I'm unironically not sure if it was worth it..
People who do the same for 30 years to have $1.5MM at 50 yo are insane.

>>28239255

Good luck buying groceries with a piece of your house faggot. Houses are shitcoins, completely worthless unless you can cash out. There's abandoned buildings everywhere. They fall apart in a matter of years.

>>28238233
It is nearly impossible to become a millionaire in current times if you are starting from the bottom. You have to get extremely lucky. Most wealth is just going to be passed along to your children's children until they stockpile the family's wealth.

>>28238922
nepotism as other anon said same reason why they teach common core in schools and why they promote other crazy shit that in the end hurt young people

>>28243717
This. The whole idea of working your entire life for retirement is just pathetic. From age 20-50 that is when you are supposed to be accomplishing things in the world, starting a family, and actually living your life. Cashing out at age 50 or 60 means nothing. Its a consolation prize for a wasted life.

>>28244678
what are you talking about
26 is still young... r-right?

>>28238233
>counting home equity
Well I own two homes so I'm a millionaire. Too bad I only have like $90k in liquid assets.

>>28244894
Really the only way to get rich and retire early is to save/invest aggressively and go MGTOW.

>>28238968
>mfw my parents fucked up so bad they're gonna be renting until they're dead

¯\_(ツ)_/¯

>>28239467
How the fuck is it an asset if the bank still owns it?

>>28244948
That's what I tell myself.. I still look young.. I think.. And I still feel youthful.. But maybe that's what all boomers tell themselves.

Around this time last year I realized that I need to change my life because I was/ am fucking miserable. had a ton of plans lined up (travelling, setting up a small comfy business, finding a gf etc.). But all my plans got ruined because of covid.. And now I'm 1 year older.. fuck.

At least I escaped wagie hell...

>>28244977
>Well I own two homes so I'm a millionaire.

That's because most people sell their homes when they retire so yeah it counts

>>28245595
Because if you look at it from an accounting standpoint you recognize an asset of the house and a mortgage obligation which is a liability. Leading to the difference being your next assets.

>>28245595
It's no different than taking out margin with your crypto/ stocks as collateral. Using leverage with collateral does not mean you don't own your collaterized assets.

>>28245595
You don’t have to 100% own an asset in order to have it on your balance sheet. Assets = Liabilities + Equity.

>>28238233
That is a surprisingly high number, most of them are probably old people who have paid off their house and have their 401K.
But it is still high, 1 million is a lot of money, considering that the median income in the US is 31K, the annual return if invested in any random money manager would most likely mean they are in top 20% of the US population with the highest income - and that is without working.

>>28239868
depends on the rates. Why pay off something thats basically free money when you can get a better return for that cash elsewhere? Basic stuff here mate.

>>28245661
>I still look young.. I think..
yeah I'm not even sure after this bullrun... the stress has started to take its toll.

>Around this time last year I realized that I need to change my life because I was/ am fucking miserable. had a ton of plans lined up (travelling, setting up a small comfy business, finding a gf etc.). But all my plans got ruined because of covid.. And now I'm 1 year older.. fuck.
I know how you feel anon. I have also been so obsessively focused on making money that I have completely forgot to live my life in the meantime. Now I am even more miserable because my gf, who I loved very much, broke up with me (also because my money obsession got so bad I forgot about her). I'm trying to fix my mindset and my life before it is too late. Wagmi... I hope

>>28239749
Some strange replies to this thread. I'm this anon AMA if you want.

>>28239744
Not everybody is Jewish and gets free money for nothing

>>28243370
Have a rare apu friend. (it was)

>>28246172
You sound a lot like me.. My ex gf broke up with me 1.5 years ago. The main reason was me being too obsessed with work (read: getting rich) and not spending enough time with her.. She wasn't perfect and it probably wasn't meant to be, but I still cringe at how shitty of a boyfriend I was at times..

I hope you find meaning/ happiness in life fren.

>>28241115
>be millenial
>buy one (1) btc between 2009-2020
>2025, am millionaire now

kek

>>28242901
It makes people feel superior to their peers and neighbors.
I'm guilty of this too.

>>28238649
>500k apartment in NYC
>6 fig salary
>not rich
Bro, your family is rich. I've never been dirt poor, but for years I walked over three miles to school and back every day wearing shoes with holes in them. I worked in a kitchen for 4 years since 15 earning less than $5 an hour. I'm not complaining, just offering some perspective.

>>28247204
>but I still cringe at how shitty of a boyfriend I was at times..
yeah, I fucking hate myself for being such a piece of shit just to make number go up

>I hope you find meaning/ happiness in life fren.
thanks and you too fren

>>28239868

Wormbrain take. If you had 200k cash right now would you pay off your mortgage @ 3% or invest it to get 10%?

>>28247896
peace of mind vs. investing it in a market that almost everyone agrees is overvalued (unemployment highest ever, corporate earnings vs. valuations completely bonkers). i think i would take peace of mind. also you would have to continually sell some of your investments to pay your mortgage unless you're going to continue to wagecuck. which means paying capital gains tax. which is going to go up under biden. which means even if you get 10% on your investments, you really don't get that 10%.

>>28238350
This is how they counted it.
>>28238649
>>28247549
500K apartment in NYC is basically cheap anon. I can live in the ghetto for that much where I live. And if the 500K in the 401k was added over a period of 10 years, then it isn't a lot considering the last decade long bull run has at least 5x every medium to large cap company.

>>28241793
https://www.reddit.com/r/StudentLoans/comments/lgbj18/my_husbands_and_my_student_loan_balance_is_around/

>>28248983

Ho
Lee
Fuk

>>28238922
So that you waste time in their system paying rent for many years until a (((crash))) happens and you lose everything in mutual funds.

>>28247204
frens it seems I have 2 clones
my ex-gf who I loved very much broke up with me last month

there were times when I made her feel really bad about herself and our relationship because of the way I acted. At least I'll never make that mistake again. Challenge yourself to become the person she'll regret dumping, and wagmi.

>>28246483
how did you make enough money to buy the 2 houses outright? And what part of the country are you in?

>if you spend literally ZERO dollars for 65 years youll be a millionaire!!!
Who writes this bullshit

>>28250166
also meant for >>28247774

>>28244647
checked what you newfag

>>28238649
Oh go fuck yourself

>>28250166
thanks fren
we live and learn
wagmi

>>28245661
>Around this time last year I realized that I need to change my life because I was/ am fucking miserable. had a ton of plans lined up (travelling, setting up a small comfy business, finding a gf etc.). But all my plans got ruined because of covid.. And now I'm 1 year older.. fuck.
kek, literally me except for the business part. 2020 was supposed to be my fucking year.

>>28244647
I wish reddit scum would leave

>>28248983
>$250,000 in unforgivable debt
>Retired

How the fuck do you retire when you're THAT deep in the hole? Are boomers delusional or do they have some sort of way to avoid having to conforming to the laws of the universe?

What the fuck, I thought the average normie didn't even invest any money or have an emergency fund. How the fuck are 8% of people millionaires??

Is this just from inflation or what? Millionaire actually used to be a major milestone.

>>28241487
>have you been outside?
No

>>28250718
Mostly by inheriting land and real estate.

>>28238233
The dollar has been so heavily devalued over the past few decades that being a millionaire means nothing. Being a millionaire will buy you the equivalent of an average middle class life in the 80's in the biggest cities (where all the jobs are).

>>28250718
Most of them are older people with most of the money coming from their house. But yeah, inflation is a big part. It's a bit disappointing that 1 million isn't what it used to be. I need to get over 2 million to become the equivalent of a millionaire in the year I was born.

>>28250902
This

>>28238233
Yes but how many of those are effectively wagies in cities like NY and LA? Also, isn't it fucking crazy that you can be richer than most people just by having $0 and no debt. Most people have literal negative value.

>>28250718
Most of these people are 45+ yo boomers. It's not that hard to be a millionaire at that age after 20+ years of wageslaving. Play around with this and see for yourself:
https://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx
Use a 6% API (market return after adjusting for inflation). A lot of boomers made tons of money on their houses too, e.g.
> buy $100k house with $20k cash and $80k mortgage 25 years ago
> house is now worth $1MM
> boomer almost 50x'd his money and is now a millionaire

>Is this just from inflation or what? Millionaire actually used to be a major milestone.
This made me think what the equivalent is now compared to what it was in movies/TV shows back in the day referencing millionaires.
>millionaire in 1999, when Office Space came out
$1,553,487.39 now
>millionaire in 1964, when Gilligan's Island came out
$8,348,741.94 now
In Office Space making a million dollars meant you could quit your job and not put up with the bullshit anymore (basically most of /biz/'s goal). In Gilligan's Island, the super rich character was called "The Millionaire" (though he was actually much richer than just one million anyway). Millionaire used to be more synonymous with very rich. Still used that way, but as this thread shows it's not as big of a deal thanks to inflation.

>>28251461
https://www.youtube.com/watch?v=sDEL4Ty950Q

>>28238233
Does this include americans who have money tied up in stocks?

I'm richer than 70% of Americans my age. And I am an unemployed european in college who never had a job.
It's money my parents gave me and money I made on crypto. Still feels good to beat Americans who call themselves the best.

>>28251566
Yeah

>>28238233
Only 8%? Anyone over 40 who owns a house and has a 401(k) plan is a millionaire or close. I'm almost a millionaire and I'm 30. I have a small ranch starter home that is basically the modern equivalent to a thatched roof cottage and drive a piece of shit I bought for $3k. $1m net worth is not wealthy. Inflation is a bitch. Money printer going brrrr has consequences and they all fall on the people who aren't in finance.

>>28250718

The difference between the top 20 % and the bottom 20% is staggering

>>28239467
Apparently 45% of people live on more than they make so
Uh

>>28244678
what were the steps you took to get to 1.3MM?

>>28243400
>buying LINK in 2017/2018 was honestly the cheat code for life

Its honestly hilarious. I told a few close friends. They all scoffed and said no thanks and implied it was a scam. Now I don't work anymore and they still wageslave. Needless to say our relationship is a bit strained. I normally suggest not telling friends about crypto but at the time when I understood smart contracts and the token growth proposition of LINK and the trillion dollar market they were targeting I was so excited. I was just naive and didn't understand why they didn't care or believe me. I tried so hard man so damn hard to get them to understand. They would just change the subject.

>>28238233
Hyperinflation incoming

>>28253292
Same here with one of my only friends and myself. Tried to explain it all to him but usually he just ignored it or laughed it off. He still won't buy into it lol

>>28253232
Had a job that paid very well, worked insane hours, saved like 80% of my post tax income and invested most of it in stocks. As I said, I honestly don't know if it was worth it. If I was 18 again and knew what I know now I would probably focus less on getting rich and focus more on finding something to do with my life that I genuinely find fulfilling..

Of course you should save money and there's nothing wrong with wanting to get rich.. But don't forget to enjoy life.

>>28248983
>65
>$500k in debt
might as well just take it to the grave

>>28244594
This, especially people that should know better. My dad works with a guy in his early 60's with barely $12,000 in savings, and it's an office where most people are clearing $150,000+ a year. At least he owns a boat and RV lol.

>>28238233
I’m a part of the 8%!

>>28242667
your house isn't an asset if it's not earning you any money lol. Having a rental would be an asset.

>20 years old
>About ~150k is enough to be top 1%
Student debt really fucks with a lot of people, huh?

>>28247549
there are 22 year olds here earning $100k straight out of college. $100k at the peak of your career is nothing to brag about here. i know doormen who make $80k/year.

>>28254063
>He still won't buy into it lol

Same Idk what is wrong with these people. They complain about never being able to get ahead and then just don't try. Lol

>>28238922
poor people are risk averse, and that's why they will never make it.

This thread is BS, most Americans have either no money or their entire net worth is the house they live in

>>28242901
do you want to work until you're 70? Wealth buys freedom

>>28248765
Yes the market is going straight up still. Ever tick is new highs in the S&P. It just jumped up another .3% on no news cause why wouldn’t it? The Nasdaq is up around 100% in the last twelve months with no signs of stopping, it’s actually accelerating. He’ll look at today. We closed up slightly and this board was flooded with posts about how it was a terrible day for people’s gains. We are entering a world where 5% gains per week in the broad market is the baseline. The DOW is at levels now that five years ago people said was an absurd price target which wouldn’t happen for decades.

The free money if flying off the printers and into everything. It’s the beginning of hyperinflation where people spend the money as fast as they can cause it’s guaranteed to be worth less a week from now.

I don’t mind too much cause I own a ton of stocks. I’m about to cross the 4 million dollar threshold in my long term accounts. People that don’t own stuff are absolutely fucked and will be priced out forever if they do t panic buy a house and stocks.

Hell we are practically at the point where maxing out credit cards at 20% APR and just buying QQQ is sound financial advice cause it’s guaranteed you’ll make over 20% per year just holding index ETFs

>>28254070
what was the job?

>>28241793
divorce rape. boomer men got hit harder by the divorce rape craze of the early 2000s than anyone else. between lawyer fees and alimony/child support a lot of boomers went from the $1 million net worth range down to low six figures. then the ex wives spent it all because women have no concept of saving money, leaving both of them out of the 7 figure range

>>28238512
isn't there only like 49 millionaires in the entire world? That is still a pretty small number.

>>28256066

Lol its like 16-17 Million millionaires world wide

>>28251618
I'm an American, and I'm richer than 99% of people my age. But it's no big deal, I'm not competitive about it.

>>28244433
It’s a sellers market, have you looked outside? Houses for for top dollar everywhere.

>>28254070
I am currently 18, and I intend to take this path so that I can retire by 30. I am going to school for computer engineering and anticipate a salary of 80-100k straight out of school. Is it really worth doing this? I have other passions that are not profitable to pursue in retirement, and I see the decade that I will have to spend saving as a sort of purgatory.

I'm not reading this bullshit article or skimming this bullshit thread. The fact is that nearly half of Americans live paycheck to paycheck and less than that have 3-6months of emergency funds in front of them. Despite pissing away and smoking most of my before tax income from ages 16-25yo, I still have 40k saved up from a job I only make 18/hr at.
Focus on your own savings, and fuck the rest because it's all noise

>>28242667
Yes. Now fuck off you failure.

>>28250718
Something like 50% of the population lives in or near a large city. Housing is expensive there. If 1/4 of them own a house and have it payed off by retirement that is about 12% of the population with a house worth half a mil+.

>>28242906
3x is nothing for 30 years. The S&P has done nearly 6x in that timeframe without dividends.

Paying a house off instead of buying the market is financially retarded. Get the longest term you can and make the minimum payments.

>>28239910
5x in 20 years is dog shit my man

>>28250902
Unfortunately yes, to be a millionaire in the sense of being rich requires a minimum of 10 million after taxes, difficult but doable.

>>28244679
>Houses are shitcoins
Based Diogenes poster

>>28256278
Engineering is still a good thing to go into. Just don't focus on your career at the expense of everything else in your life.

>>28257002
Will it be hard to find a wife to go along with this plan? That's another concern of mine.

>>28254803
Survivorship bias. For every Chainlink and/or BTC millionnaire, you probably have 5 killionaires (those who roped) after losing their crypto in a scam or selling because they needed the cash after it dropped.

>>28256278
I used to think I wanted to retire ASAP but I've changed. NEETing it up, travelling "enjoying" the good life etc. for a few months (or maybe even years) is fun. But it gets old.. I know it sounds a bit cringy, but I want to do something meaningful with my life. But I guess not everyone is like that. When I was 18 I didn't give a fuck about it. I just wanted to get rich, be free and enjoy life.
I guess it really depends on what type of person you are. And (despite what you might think) you probably don't know what 30 yo you will want in life..
If you're high IQ, hard-working and passionate then you can get rich with almost any (non-meme) degree. If you enjoy programming then go for it. But if you hate programming then I'd seriously reconsider your major.

t. didn't major in CS but leaned python and R on the side for work

>>28250913
yes lol being a millionaire in the 80s and 90s actually meant something

>>28254845
Truth

>>28257466
yup neet'd for 7 years it was not good for me
people need to work

>>28257466
unironic good advice is not allowed on Biz ser

>>28238922
Because wealthy people are very risk-averse and investing over time has much less risk. Statistically you’ll get a few people who can pull off making millions day trading but the overwhelming majority of wealthy people get there by playing the long game. And their secret to keeping their wealth is not dumping it all on GME options

>1 million dollars
>a lot

lmao fucking normalfags

>>28257466
That's the whole point, I will not know what I want to do at 30, so saving and becoming financially independent will give me tons of freedom. In the end I think that I will want to move somewhere rural and raise a family on a consistent and unwavering income. I love teaching and am quite good at it (I do student tutoring for fun), so if I do have kids I would probably homeschool. If family does not pan out I would want to become a college professor (not producing assloads of research b/c fuck that). Also yeah I really love coding. Is ~140iq considered "high"? There are tons of smarter people than me.

>>28253292
Based, but my some of my friends joined in.

>>28238233
fuck im not even in th etop 8%. i only have 750k

>>28238649
similar to you, i live in my moms $800k home in NYC. i have $750k in 401k,ira, and brokerage account.

>>28258389
>2026
oh shit

>>28258453
You’ll soon be fren

>>28238233
For those in this thread sneezing at 1 mil - its certainly sneezable but at the same time enough to be a god in certain parts of the world . country even

>>28238233
>they count home equity in this equation

>>28239467
>The fact that you have to count home equity to get 8% shows just how poor people really are

>>28252036
>redd*t spacing
>stating the obvious
As long as people are 115 IQ or higher they have great chances of being in the top 20% no problem. 115 IQ isn't much either but still makes a statistical difference.
Anyone below that IQ thresh hold falls for FUDs, doesn't invest, or buys shiny objects.
The IQ difference between the top 20% and bottom 20% is really what should be paid attention to more than anything else if any anons want to know why there's such a difference between two class groups.

I AM SO CLOSE BROS

I watched the article video earlier and the habits the guy talks about describe me pretty well.

>>28257977
>And their secret to keeping their wealth is not dumping it all on GME options
my fucking banker asked me if thats how I made my money bc they saw that I was only a 4 digit account beforehand. I said yes and that was it. pulling my money out once my savings is back into checking, fuck them

>>28258389
Wasn't around to see the beginnings of LINK but God damn I wish I was. These memes are so fucking funny it's unreal.

I'm a millionaire. (not including my properties or home). Most people are poor because they are stupid and lazy.People who are millionaires are also lucky Harsh but true. That's life.

>>28242532
i quickly realized this when the GE was released

>>28248983
If you read the thread you'll also see that neither of them even graduated. Holy shit.

>>28240786
feels good doesnt it? but get this
>$17,545,849 is the top1% of everyone
we have a new goal

>>28248983
>https://www.reddit.com/r/StudentLoans/comments/lgbj18/my_husbands_and_my_student_loan_balance_is_around/
lmao, i dont feel so bad for having 100k in student debt anymore. for reference i make 120k/yr and my job pays my loan for me.

>>28259330
>new goal
20 million was always my goal

>>28259330
Long way to go, but actually seems possible. We're gonna make it.

>>28238350
Depends. I bought my house last year and its already worth more than it was before. In a highly desirable suburb with the best schools, beachfront, 98% white population, and a local conservative govt that absolutely refuses to allow new construction. They tried a few years back but the locals absolutely lost their shit and made the offending politician's life a living hell. Me being able to get the house in the first place was literally being in the right place at the right time with a good realtor.

>>28244099
the rates are low but the price of homes are high and in demand as fuck right now. we are still getting by fucked

>>28258816
Get a credit union, they don't ask questions.

>>28238358
This, that shit doesn't count unless it's investment property. Everyone needs a place to live, and it's not like you can just liquidate your house for cash and live out of your fucking car in the meantime. It's like owning a safe with 5 tons of solid gold in it, but the safe is buried on the fucking moon. It's only value on-paper because you can't/won't realistically sell that.

>>28257219
>tfw had tens of thousands of btc but decided silk road was a better investment
>tfw had tens of thousands of linkies but had to liquidate due to life

>>28259330
> $17.5m
Fuck man it took me 6 years to get 500k, 17m seems so far away. I don't think I can hit that.

>>28242906
You don't need to wait the full 30 years if you don't want to. Also, you're not factoring inflation. Inflation sucks when ti comes to preserving wealth or getting fucked by your stagnant salary, but it's great for debtors. 30 years later, your debt is worth jack fucking shit. Especially looking at my crystal ball into the future of america, with ever-accelerating money printing and gibs.

>>28259568
>>28259557
>>28260181
we are alive during the greatest transfer of wealth in history, make shit happen. also dont make money your god though

>>28258041
It's not ultra-wealthy, but it's enough to be financially free. Both in terms of literal debt as well as never *needing* to wageslave. With a million dollars you can easily continue investing/lending that and making enough to live a good life.
A million in USDC on a centralized lending platform like blockfi would give you 86k a year to play with. With DeFi, you're looking at something more along the lines of 150-200k/yr, even. And that's without considering the fact that you can continue making accumulating gains in the crypto market, such as DCAing a portion of your funds back into BTC and other tokens during the bear market phases and withdrawing during post-halving bull runs every 4 years

>>28239749
>I own my home and a beach home outright.
>It's not impressive at all.

It actually is. Most "millionaire" wealth is phantom wealth tied up banker owned real estate. If you 100% own the homes then you are exceptionally wealthy.

>>28247896
>Wormbrain take
Debt is the money of slaves retard. The fact you HAVE to make the decision in the first place is a sign of financial poverty. True wealth lies in absolute independence. The purpose of money is to be free to do what you want to do.

>>28245661
Same situation as you brother.... So far it feels like it wasn't worth dumping my savings into LINK. And we're at that age where we are transitioning into boomers. fkkkkk

>>28260181
Money begets money. Sadly that is the way of the world. 6 years for 500K. 3 years for 1 million. 1.5 for 2 million. Money has conventionally been called a doubling game. We are blessed to live in age where we can 10x or 100x our value.

>>28259687
Is this in NJ? If so I know where you are talking about.

>>28241188
thats the boomer way of investing
dad owns 4 patches of land, our house, a beach house, a penthouse (soon to be built) and other 3 properties.
stocks though? probably has 1k tops invested. doesnt even know what derivatives or crypto is

>>28262064
>thats the boomer way of investing
The boomer way is stocks and muh 401K. Land and real estate is the oldest method of investment and will almost never fail.

>>28262606
its also the dumbest one atm. had he not bought that penthouse for 700k last year and instead invested it into the great stock market crash, he would be able to afford 5 of those by now
meanwhile, the penthouse is set to be done 3 years from now, great investment