Having a million dollars used to mean you made it. But, apparently, not anymore? Did you know that around one in six American households are now worth at least $1 million?
But a lot of those millionaires still feel middle-class. One reason is inflation. What $1 million could buy 30 years ago now takes about $2.1 million. So, the milestone just doesn’t carry the same weight anymore.
And most of that money isn’t sitting in a bank account. It’s usually tied up in a house or retirement. That means it’s not really cash you can spend freely.
Here’s what one new millionaire said, “Having a million dollars doesn’t mean you’re super wealthy anymore.”
Can we have a moment of silence for all the millionaires that don’t feel rich? That’s gotta be tough.
