https://www.wsj.com/business/entrepreneurship/the-american-dream-is-alive-and-its-minting-millionaires-3903775b?st=5D6YDa&reflink=desktopwebshare_permalink

It's a great economy. Loads of people are getting rich.

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But Portillo's story is hardly unique. Across America, such business ownerswe call them Everywhere Millionaireshave built extraordinary fortunes running ordinary businesses. Some launched their own ventures, working long hours and reinvesting the profits to stay afloat and grow. Others inherited a family firm and built upon the success of prior generations.

Pop culture portrays the rich as an elite few, akin to the Rockefellers and Carnegies of the Gilded Age. But rich private business owners are now so plentiful that we're living in America's first Age of Millionaires.

You probably know an Everywhere Millionaire, even if you don't realize it. They're coaching your child's soccer team, sitting next to you at a community fundraiser or chatting with you at a neighborhood barbecue. They might be the veterinarian who expanded his office to a regional network of practices, the commercial HVAC contractor whose trucks you see around town or the owner of that local restaurant chain that keeps opening new locations. They're hiding in plain sight, as ordinary people who run businesses woven into the fabric of everyday life.

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Most of these rich folks didn't inherit their wealth. They earned it the old fashioned way by providing services. And they were willing to get back up when knocked off their feet. They didn't go to the Ivy leagues. Sometimes they didn't go to college at all.

Good read. We're constantly told capitalism is failing. But in fact there are more millionaires than ever. All a kid has to do to become one is be willing to work.

Anyone that lives next to a cow calf guy lives next to a millionaire

torrid said:

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Million dollars ain't rich.

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Not anymore. I would argue 10 million dollars is the new benchmark for being "rich".

moreagthanyou said:

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There are millionaires than ever because a dollar means less than it ever has.

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Tell me you missed the point without telling me you missed the point.

Hint...
People that are doing well, and there are PLENTY of them, aren't flashing it. The ones crying that the system is rigged, crying they can't afford X or Y, with an overwhelming sense of entitlement while driving the newest luxury car, going out to eat regularly, and yes ordering Starbucks on the latest iPhone are indeed being left financially behind. They're being left behind by the quiet ones putting in the work.

lol @ a million dollars. What's that $500k pre-covid?

$1 million in 1985 = $3 million now. or

Based on historical Consumer Price Index (CPI) data, $1,000,000 today would have had a purchasing power of approximately $321,200 in 1985

Still better to have a million today even if it's worth less than in 1985.

Thoughts about $1M.
1) If you count assets (home) it is a very low bar.
2) If you count retirement assets (401K for example) then Uncle Sugar owns between 22% and 25% of that money. So it is really $750K.

More, if you don't get it switched over to ROTH asap, those required minimum distributions could have you and your spouse paying $10k / year for Medicare.

The dems will kill Roths. Plan (and vote) accordingly.

torrid said:

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Million dollars ain't rich.

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Damn sure ain't lol poor, either. Especially if that's retirement investments for a still working person.

TexasAggie_97 said:

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torrid said:

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Million dollars ain't rich.

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Not anymore. I would argue 10 million dollars is the new benchmark for being "rich".

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$10 million?

I would say $3 million to $5 million qualifies you. North of $12 million puts you in the VHNW category by many standards and where estate planning and alternate investments start to matter and be available.

From 2007 ...



https://www.goodreads.com/book/show/512029

There is a chapter about the guy who started a company that mfg. those little ceramic houses, churches... a village that have internal lighting... that people put up at Christmas, on fireplace mantles.

Dude became mega wealthy when a company (China-based?) bought him out, but retained him to lead/consult. He wanted to leave the co. because he hated flying commercial to/from China and he was a smoker. The China owners got him a private jet to commute him, allowed him to smoke.

Most of the book dealt w/ the different levels of wealth ... to the uber-wealthy, how they manage their wealth (there is actuslly a "butler" school ... in Colorado if memory serves... their graduates are in high demand... they are needed to run the wealthy's homes, possessions.

About 8 percent of Americans are millionaires.

Of course, that includes everyone on TexAgs.

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Loads of people are getting rich.

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The sad, scared people who aren't have decided communism is better.

GeorgiAg said:

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$1 million in 1985 = $3 million now. or

Based on historical Consumer Price Index (CPI) data, $1,000,000 today would have had a purchasing power of approximately $321,200 in 1985

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That's sobering.

In other words, my net worth will need to be $3,100,000+ to be a true "millionaire" compared to 1985.

techno-ag said:

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About 8 percent of Americans are millionaires.

Of course, that includes everyone on TexAgs.

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There is the long running thread on the Business forum that lays this out.

We can all aspire to be MFBarnes, but only a few can achieve such renowned success.

HunterAggie said:

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GeorgiAg said:

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$1 million in 1985 = $3 million now. or

Based on historical Consumer Price Index (CPI) data, $1,000,000 today would have had a purchasing power of approximately $321,200 in 1985

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That's sobering.

In other words, my net worth will need to be $3,100,000+ to be a true "millionaire" compared to 1985.

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It's even worse if you go back to 1885.

HunterAggie said:

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GeorgiAg said:

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$1 million in 1985 = $3 million now. or

Based on historical Consumer Price Index (CPI) data, $1,000,000 today would have had a purchasing power of approximately $321,200 in 1985

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That's sobering.

In other words, my net worth will need to be $3,100,000+ to be a true "millionaire" compared to 1985.

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Yep. As said above. $3 - $5 mill is kinda the new mil.



As Flown the coop said, if you head over to the millionaires thread on the business and investing forum, that's kind of the floor for us on Texags. Most have about $15 mil at age 24.

Queso1 said:

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lol @ a million dollars. What's that $500k pre-covid?

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Probably 100 grand in purchasing power versus the late 80s or 90s.

Hell, most of the characters on the show Dallas that were supposed to be filthy. Rich only had a couple mil and they were supposed to be the richest of the rich.

oldord said:

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Queso1 said:

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lol @ a million dollars. What's that $500k pre-covid?

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Probably 100 grand in purchasing power versus the late 80s or 90s.

Hell, most of the characters on the show Dallas that were supposed to be filthy. Rich only had a couple mil and they were supposed to be the richest of the rich.

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Well, $1 million still puts you in the top 8% in 2026.

It ain't what it used to be, but I would sure rather have a net worth over a million dollars than under it.

Never been a better time in history to do well, for those that want it. The tools are at everyone's fingertips and the barricades are the lowest they've ever been.

But there is a dividing line. For those that just want to go to work, come home, buy a house, and live a middle class life, I do think it's harder. There are way more money drains today than what people dealt with 25-75 years ago. Every company is basically trying to scam you out of every penny they can. The government is trying to tax you out of every penny they can, etc. The world is jam packed with financial sharks of all flavors, all tugging at your money in every transaction you make. Times are tough for people with low financial literacy or people that easily fall for scams, add on fees, etc.

Queso1 said:

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lol @ a million dollars. What's that $500k pre-covid?

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$770,108

The internet says median savings of the median American (ages 55-64) is $8,000.

I think most people would love to be able to lol @ a million dollars

GeorgiAg said:

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$1 million in 1985 = $3 million now. or

Based on historical Consumer Price Index (CPI) data, $1,000,000 today would have had a purchasing power of approximately $321,200 in 1985

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Just think of all the smart phones, 105" flat screen TVs, and self driving cars you could buy back in 1985!

Two stats.
1) survey done a few years ago showed an overwhelming majority of Americans cannot cover a $1000 emergency
2) a separate survey showed that Americans believe $1000 is life changing money.


Poop all you want on this, but America is still the greatest country and economic system on planet earth and a million dollars ain't nothin to sneeze at.

B-1 83 said:

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torrid said:

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Million dollars ain't rich.

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Damn sure ain't lol poor, either. Especially if that's retirement investments for a still working person.

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Not an immodest sum, and certainly a good benchmark for a mid-career person. But would someone be able to retire at age 45 with $1 million in their 401k, even post-tax, and still maintain a middle-class lifestyle? I think it would be a lean retirement even at age 65.

Thankfully the American spirit tells us that we can help our friends, family and neighbors cover those $1,000 emergencies without government assistance.

Quit taxing the rich. I paid enough in taxes last year to cover a small town's worth of emergencies. I would have much preferred to actually have helped a small town through investment of those dollars back into business or a new venture.

Tell me about it. Paid our quarterly yesterday. I was in a bad mood all day.