Why do people now think having under $1 million means you’ve failed financially?

[Anonymous]

The avg. Net worth for my age bracket is 971,300 to 975,800 and this is greatly pulled up by the truly high earners (of which i am sadly not one😆). The median number (which is a more accurate depiction of wealth for MOST people my age) is 246,700 to 247,200. I'm currently sitting in the middle of these two figures at about 600,000. But if you ask people they will act like if you haven't got a million by now you've somehow failed. Add to this most people's wealth is tied up in home ownership and retirement plans. So it's not like people are sitting around with stacks and stacks of Benjamin's. So why are so many people today so off base when it comes to a person's wealth? Is it social media? People like Mr. Beast making look like having a million dollars to give away is just normal? Is it tik tok video where they can waste a hundred dollars worth of food in one video making some culinary monstrosity? Is it people like Kim Kardashian who make living a life of leisure look commonplace?

[WindAtMyBack]

It's not a financial failure to not have a million. 600K is probably far more than most people have when they reach retirement. But true, a million is a lot more financially secure. 600K is *probably* OK for retirement, especially if you have a reasonable retirement income. But on the other hand, 600K can go real quick if you aren't careful, or you run into large expenses.

Someone with a decent income, like any STEM field should be able to reach a million or more. That's for people already retired or approaching retirement age. Young people will need a lot more because of inflation, but they also make a lot more.

[Asker]

Everything you said is true. But I was just talking about a SNAPSHOT of anyone's net worth. I just highlighted mine and my age's range cause it's relevant to me. Yeah I'm about 10 to 15 years. From retirement. I estimate to have about 1.2 to 2 mill. when I retire and yes inflation over the next 10 to 15 years will eat away at that. I think I've done well considering I've NEVER made a high wage. And this was kind of my point. The median income nationally is about 62k. Where I live it's only about 40k. So yeah, in places where the cost of living is much higher I can see why a million seems more reasonable. But a million is still a lot of money. And while a lot of people will make a million in their lifetime, few will hold onto it. And I'm not excusing people who squander. I just think the overall view of success is a little skewed.

[permanentem]

Who cares about what people claim... What do they actually own? What do they produce? Most of the people that think they are wealthy are impoverished and delusional...

https://www.youtube.com/embed/iJWzDJunmBo

[Asker]

"If you don't find a way to make money while you sleep you'll work till the day you die". -Warren Buffet.

I always find this quote of his funny just because he's in his mid 90's and still working.😆

[FreyaRed]

Worse are people who think if you don't own an Iphone 17 so you failed financially. XD

[Asker]

😆, I've heard that about phone snobs. Yeah that is silly.

[jamesgoldman]

No, I'm richer than most my age, debt free with fast approaching 20 grand to my name

[Asker]

Good job man!👍 that first 100k is the hardest 100k you'll ever make. Of course I'm channeling Charlie Munger here.

[Jeff51]

The wealthy say that. I wish I had at least that.

[Asker]

I see it all the time on here. And I'm betting most people on here are not wealthy.

[In_Trance]

This is retarded

It's not about how much money you have. it's about how much debt you're carrying.

[Asker]

That is a factor as well. But debt is factored in when figuring net worth.

[In_Trance]

Exactly. So saying you have under a million dollars is a failure is retarded

[LC75LC71]

Because they don't know how to manage money.

[Asker]

Some don't. This is PRECISELY my point. Life is hard and it's harder for some than others. A million dollars just isn't realistic for everyone.

[exitseven]

A million dollars does not buy what it used to.

[Asker]

True. And a lot of people will make a million dollars in their life time. But how many can say they were able to hold onto it.

[exitseven]

I have made more than that but it was hard to hold onto it, especially putting 3 kids through college

[Asker]

Well said man.👍

[888theGreat]

Because to retire today you need between $3 to $5 million.

[Asker]

Well, YOU need 3 to 5 million. That isn't universal. I think I could do just fine with 1.2 mill. Where you live and your lifestyle plays a lot into that.