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ChickenStripEater t1_j6bbw9n wrote

Surveys have shown that the average person considers someone “rich” only if they have a net worth over 2.2 million. So that day has unfortunately already passed.

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Sherifftruman t1_j6dtbxh wrote

2.2 million isn’t even that much. Take a couple, both right around 50. Between a house a decent retirement savings it is quite easy to have accumulated that much or even $3 mil net worth and that’s by no means feeling rich.

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Effective-Avocado470 t1_j6euwbs wrote

As a reasonably successful millennial earning close to 6 figures, this makes me feel so poor.

I'm saving and investing in retirement, but it'll not be close to enough even after decades of earnings

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TylerArtx t1_j6fidqx wrote

I think you're doing better than a lot of younger people at your age. So many Americans make way less. In recent years, there was a estimate that about 50% of Americans make about 16 dollars or less an hour. It was only in recent few years that federal jobs are required to pay 15 dollars minimum and there are a lot of civilian jobs where in military bases where the pay was so low. As someone who has witnessed this first handed, these people are like grown adults and even older folks with these jobs.

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Effective-Avocado470 t1_j6fm4l6 wrote

Absolutely, and that makes me feel terrible. The economy is fucked for working people right now

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Sherifftruman t1_j6exly3 wrote

I feel you. But Time…is on your side.

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Effective-Avocado470 t1_j6fd4je wrote

Well sure, except I'll retire into the climate change induced economic collapse of the world order. So I guess my savings won't matter anyway lol

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nog642 t1_j6f7w51 wrote

Depends if you own a house or something and that's included in net worth. I don't think owning a 1.4 million dollar house makes you a millionaire, considering you live in it and so don't have the money. I mean you have the option to sell it and move somewhere cheap and be a millionaire I guess, but until you do, you are not a millionaire. Net worth is not a good measure of these things.

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Acidelephant t1_j6f9kcx wrote

If you owned it outright, you would be a millionaire tho, just that your net worth is tied up in a non liquid asset.

Billionaires don't hold all their net worth in cash, it's mainly invested in stock and other investments

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nog642 t1_j6fasp0 wrote

Yes. That's how net worth works. But it's not that useful. It doesn't fit our notion of a millionaire having a million dollars. When you think of a millionaire you think of having 1 million liquid. I think many people also have a similar mental image of a billionaire, which is a misunderstanding and misconception most of the time.

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Busy-Kaleidoscope-87 t1_j6ihs0g wrote

Depends on where they are located ig. In places like Cali, that's probably true, but in Ohio (LMAO I live in Ohio joke about it), its still considered a lot of money.

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MechanicalBengal t1_j6jz4b7 wrote

Exactly this. A net worth of $2MM in a HCOL area can be very much a middle class lifestyle, especially if a lot of it is tied up in a house and property taxes kick in.

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