Infection_Ag11 said:

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techno-ag said:

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Infection_Ag11 said:

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Having a million dollar net worth doesn't make you "rich" in any meaningful or traditional sense in 2026, especially since most of them are only millionaires due to the equity they have in their primary residence.

I wouldn't call anyone with less than $5 million in easily liquidated assets rich.

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It's still top 8 %. That means 92 % of all Americans aren't that wealthy.

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Sure, it's nothing to sneeze at. I'm just saying that even being a liquid millionaire (which is what the average financially illiterate American thinks of when they think "millionaire") doesn't make you rich let alone a net worth millionaire. And the number of liquid millionaires in America is only around 6 million I believe.

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I still think all the definitions and inflation blather misses the point of the article, which is there's never been a better time for economic success if people put in the effort necessary. Anyone can become a millionaire in this country if they work at it.

Over_ed said:

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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.

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The other problem with a home is that it costs you money which kills cash flow. We pay close to 28K annually in property taxes so even though my home values categorize me as a "multi-millionaire" I'd be a lot better off financially if I had 2 million in income property instead so instead of looking at total net worth you have to consider where that net worth is. Someone with 3 million can be "richer" that someone with twice that. Cash in hand (aka disposable income) is what makes you rich, not assets unless those assets are putting cash in you hand

moreagthanyou said:

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

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That's my point. Capitalism isn't failing me, inflation caused by the government is.

Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

jeremy said:

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moreagthanyou said:

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

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That's my point. Capitalism isn't failing me, inflation caused by the government is.

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People just see this enough to say enough is enough.

So nothing really changes.

I AM one of them and if you save from an early age you can pull it off but it helps to have well to do family folks. It helps to buy your house at the age of 24 so it is paid off so you can take that mortgage money and move it to mutual funds. The last 8 years I put 40% of our income in savings. The vast majority of folks can't do that and nobody is buying a house at 24 anymore. Nobody is making a million just working. Start a company, maybe, but most companies fail. Even Trump got a leg up with a ton of cash from his Dad. I retired with $850k in savings. Then my father in law died and we got $700k more. When my 95 year old mom eventually leaves us, I'll get $1 million from her. Yeah, I saved a massive percentage of my income and still didn't get there without an inheritance - like most people.

80% of American millionaires are self made.

So....your wrong.

*you're

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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CPI is a joke.

If you use average growth in M2 as a better gauge of inflation, $1M in 1985 is about $11M today.

BkYdPitmaster said:

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moreagthanyou said:

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

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I gather you're not one of them.

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I think most people who have worked an entire career and were good or even decent with their money are millionaires or close to it. Although being a millionaire ain't what it used to be.

My definition of rich is if you can pay cash for a new vehicle and put down 20% on a new home without if affecting your day to day standard of living.

ts5641 said:

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BkYdPitmaster said:

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moreagthanyou said:

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

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I gather you're not one of them.

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I think most people who have worked an entire career and were good or even decent with their money are millionaires or close to it. Although being a millionaire ain't what it used to be.

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If you are Gen-X, graduated college, and had any sort of professional job, I don't see how you wouldn't be a 401k millionaire. Just by contributing the enough to get the company match alone. But yeah, it ain't enough

Quote:

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Plenty of them right here on Texags…

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Silent For Too Long said:

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80% of American millionaires are self made.

So....your wrong.

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They also have a money and vote D, which means they desire to distribute that money to others. Someone should tell them they don't have to vote D to giver their money away to others.

Dallas82 said:

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I AM one of them and if you save from an early age you can pull it off but it helps to have well to do family folks. It helps to buy your house at the age of 24 so it is paid off so you can take that mortgage money and move it to mutual funds. The last 8 years I put 40% of our income in savings. The vast majority of folks can't do that and nobody is buying a house at 24 anymore. Nobody is making a million just working. Start a company, maybe, but most companies fail. Even Trump got a leg up with a ton of cash from his Dad. I retired with $850k in savings. Then my father in law died and we got $700k more. When my 95 year old mom eventually leaves us, I'll get $1 million from her. Yeah, I saved a massive percentage of my income and still didn't get there without an inheritance - like most people.

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I didn't buy a house until my 30s. My employment was not stable until then, so I just couldn't justify the risk.

Something discussed here before, even with a late start I had my mortgage paid off in my mid 40s. In retrospect, I should have spread that out and put more of it in the markets. I'd be much better off now, but I'm not going back either.

torrid said:

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ts5641 said:

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BkYdPitmaster said:

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moreagthanyou said:

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

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I gather you're not one of them.

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I think most people who have worked an entire career and were good or even decent with their money are millionaires or close to it. Although being a millionaire ain't what it used to be.

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If you are Gen-X, graduated college, and had any sort of professional job, I don't see how you wouldn't be a 401k millionaire. Just by contributing the enough to get the company match alone. But yeah, it ain't enough

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I started my small business in 2010 and setup a 401k for myself and employees with a 4% match for safe harbor. I maxed out every year. That 401k alone is right at $1 million and invested in nothing more complex than target retirement date funds.

To your point, anyone who has had access to a 401k with any sort of match who has contributed the max annually should be right at $1 million.

Now, I also spent the 10 years prior to that in corp America and maxed out most years there as well. Comparing the balances gives me a clear picture of compounding returns over long periods.

flown-the-coop said:

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torrid said:

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ts5641 said:

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BkYdPitmaster said:

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moreagthanyou said:

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

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I gather you're not one of them.

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I think most people who have worked an entire career and were good or even decent with their money are millionaires or close to it. Although being a millionaire ain't what it used to be.

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If you are Gen-X, graduated college, and had any sort of professional job, I don't see how you wouldn't be a 401k millionaire. Just by contributing the enough to get the company match alone. But yeah, it ain't enough

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I started my small business in 2010 and setup a 401k for myself and employees with a 4% match for safe harbor. I maxed out every year. That 401k alone is right at $1 million and invested in nothing more complex than target retirement date funds.

To your point, anyone who has had access to a 401k with any sort of match who has contributed the max annually should be right at $1 million.

Now, I also spent the 10 years prior to that in corp America and maxed out most years there as well. Comparing the balances gives me a clear picture of compounding returns over long periods.

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I started at a very small company in the mid 90s, a rather shaky place. One of the better things they did was start a 401k. Unfortunately, the 401k provider was even more fly-by-night. When I left, it took me a better part of a year to get my account rolled over to my new employer. I sweated bullets over that, and it was like $10k.

We Gen-Xers approaching retirement can look at our account balances today and feel very secure, but understand that is a result of the CRAZY returns of the last few years.

That's fine but I poured money when the returns were not crazy and times when they are negative and times when doing so meant no Instagram-worthy vacations and dinners and driving old cars.

The "youngsters" today need to learn about delayed gratification, compromise and how long the road ahead of them is, for better or worse.

Heck, I still have a 2017 Tahoe the son now drives and a several year old Audi that I planned to keep for just a few years but may go ahead and keep it a few more.

And I don't need a car to post on TexAgs so that we can get by without another car.

Point is, folks need to get their **** together if they want to be a success. It's not handed to you. Even Hunter Biden had to paint, serve on boards and frequent the pleading clubs to keep his success rolling.

reineraggie09 said:

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

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Have you read "Profit First"? Didn't reduce my tax burden, but makes it easier to manage, mentally.

IDaggie06 said:

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Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

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Can I give you some free advice? Just avoiding the problem won't make it go away.

We all have been there. I suggest something very simple. Put away whatever money you can spare (not money you need right away) into an index fund like VOO. Give it some time, about a year. You should see it appreciate.
Start small, gain confidence and grow.

Worked for me. That is what I did to attain financial independence and get to a debt-free status by 2018.

You might be able to buy fractional shares. 15% in the past year, not bad.

infinity ag said:

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IDaggie06 said:

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Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

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Can I give you some free advice? Just avoiding the problem won't make it go away.

We all have been there. I suggest something very simple. Put away whatever money you can spare (not money you need right away) into an index fund like VOO. Give it some time, about a year. You should see it appreciate.
Start small, gain confidence and grow.

Worked for me. That is what I did to attain financial independence and get to a debt-free status by 2018.

You might be able to buy fractional shares. 15% in the past year, not bad.

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The first $100k is the hardest.

Silent For Too Long said:

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80% of American millionaires are self made.

So....your wrong.

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It is "You're wrong".

Here is how I remember it.

• It is: "You are wrong" when written in full.
• Combine the "you" and the "are" to get "youare"
• Remove the "a" and replace with an apostophe " ' " to get "you're"

This is how I remember "You're".

fc2112 said:

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infinity ag said:

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IDaggie06 said:

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Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

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Can I give you some free advice? Just avoiding the problem won't make it go away.

We all have been there. I suggest something very simple. Put away whatever money you can spare (not money you need right away) into an index fund like VOO. Give it some time, about a year. You should see it appreciate.
Start small, gain confidence and grow.

Worked for me. That is what I did to attain financial independence and get to a debt-free status by 2018.

You might be able to buy fractional shares. 15% in the past year, not bad.

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The first $100k is the hardest.

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Start with $1000. Get into the habit of putting some money away. In 2009, my entire portfolio was in the 90k region. I remember the time because I was at a large famous financial institution. I wanted to see 100k but it would get to 99k and then pull back. Took me another year to get to 100k.
16 years later I make and lose more than 100k a day and don't even notice.
Start small and build.

PS: Sorry for the detour, but just trying to help out a fellow Ag.

infinity ag said:

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fc2112 said:

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infinity ag said:

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IDaggie06 said:

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Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

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Can I give you some free advice? Just avoiding the problem won't make it go away.

We all have been there. I suggest something very simple. Put away whatever money you can spare (not money you need right away) into an index fund like VOO. Give it some time, about a year. You should see it appreciate.
Start small, gain confidence and grow.

Worked for me. That is what I did to attain financial independence and get to a debt-free status by 2018.

You might be able to buy fractional shares. 15% in the past year, not bad.

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The first $100k is the hardest.

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Start with $1000. Get into the habit of putting some money away. In 2009, my entire portfolio was in the 90k region. I remember the time because I was at a large famous financial institution. I wanted to see 100k but it would get to 99k and then pull back. Took me another year to get to 100k.
16 years later I make and lose more than 100k a day and don't even notice.
Start small and build.

PS: Sorry for the detour, but just trying to help out a fellow Ag.

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Thank you for enlightening us Mr. Barnes.

torrid said:

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infinity ag said:

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fc2112 said:

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infinity ag said:

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IDaggie06 said:

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Can this thread please get moved to the investments board? I intentionally avoid that board because of how poor it makes me feel. I now feel financially worthless after reading this thread. Man I am poor. Every single person on Texags appears to be a millionaire but me.

---

Can I give you some free advice? Just avoiding the problem won't make it go away.

We all have been there. I suggest something very simple. Put away whatever money you can spare (not money you need right away) into an index fund like VOO. Give it some time, about a year. You should see it appreciate.
Start small, gain confidence and grow.

Worked for me. That is what I did to attain financial independence and get to a debt-free status by 2018.

You might be able to buy fractional shares. 15% in the past year, not bad.

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The first $100k is the hardest.

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Start with $1000. Get into the habit of putting some money away. In 2009, my entire portfolio was in the 90k region. I remember the time because I was at a large famous financial institution. I wanted to see 100k but it would get to 99k and then pull back. Took me another year to get to 100k.
16 years later I make and lose more than 100k a day and don't even notice.
Start small and build.

PS: Sorry for the detour, but just trying to help out a fellow Ag.

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Thank you for enlightening us Mr. Barnes.

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Ags helpin' Ags.

Texas12&0 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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1985 I was 27 years old. $300,000 in DEBT with 12% and 14% loans with my business. I worked 70 to 100+ hours every freaking week. Didn't take a vacation until 10 years later in 1995. That was, also, the year my net worth went over a million (work hours average ~70). 10 years after that over 8 million (work hours average ~50).
7 years after that I sold my business and retired at 54.

In the 80's, I was told by many that I was crazy for working those long hours. Had many say that they weren't going to work more than 40 hours per week.

i tell this story, short and concise, because it's out there $$$$, if you want it. You're in competition with others. Look at them. I knew I wasn't going to get outworked. My work ethic was developed by my grandfather and uncle on a dirt poor farm south of Donna, Texas.

If you are moaning on this thread about the lack of opportunity and building wealth in America today it is because you've accepted mediocrity in yourself. You're an average worker and that's okay.

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This is a very important point that I don't think a lot of people get and I try to drive this home with all of our new sales guys.

If you want to hang out with the big dogs on the national level, make 400k-800k a year, every year, and travel, work 70hrs+ a week.... That's great! Work your tail off, make it happen.

If you want to make 100k a year, be home every night, work when you want, spend time with family and friends, well, that's OK too. You can do that, too.

If you want to make 60k a year, work 3 months a year and treat it as a side gig. That's OK.

You can do all of this. What you can't do is want to put in the work for 60k a year and whine about not making 600k a year. That's what you can't do.

We are in control of our success and no one else. Not Trump, not obama, not the competition....we are.

I was Sr at A&M visiting some well-to-do friends in Houston - one of them said "being a millionaire isn't a big deal anymore".

I graduated 40 years ago.

Sid Farkas said:

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I was Sr at A&M visiting some well-to-do friends in Houston - one of them said "being a millionaire isn't a big deal anymore".

I graduated 40 years ago.

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It's often a very chic thing to say by people who either want to downplay the economy and whoever is in office or who are trying to impress you by showing how little they think of money.

I'm not rich... I'm comfortable. I pay cash for everything - even the new home I'm buying. 0 debt. Pay more in taxes that I take home every year. Could retire now, never touch the prinicpal and bring home almost 2x what I am today. Disciplined with my money all my life - buying what I need, not necessarily what I wanted. Maximizing all of my savings opportunity. Didn't buy "toys" until I could afford to buy it cash (got a couple of Harley's now and a toy hauler). The thing is, I waited. I've had a good job most of my career, not great, but good. Made good money decisions and didn't chase the quick buck. I can retire any time I want to and will pass down all of the principal and hopefully more to my daughter.

I'm GenX but my parents were older and pre boomer. Was taught to save, not spend. I think spending has gotten progressively worse. Getting to a million isn't hard. Staying disciplined is the hard part.

Every kid I hire, I go through the compounding interest example. IF they take advantage of what the company offers and start when they are 18. Capping the wages at 80K, they will be right at 2 million when they reach 60. America has a spending problem.

slaughtr said:

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torrid said:

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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.

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The majority of people who retire today with $1 million in a 401k will end retirement (die) with as much or more than they started. Tax deferred compounding is a wonderful thing.

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Depends on when you retire. If someone retired at 45 with just $1M, there is little chance they make it to end of life on that in a real-world scenario.

If someone attempts that, they better be single, have zero debt, and live so bare bones in a low-cost market that it would be a miserable existence unless you just want to be isolated in a cabin somewhere.

Net worth data often includes an estimate of real estate valuation. Exploding valuation in certain areas has lifted a lot of persons into millionaire net worth statue without many of them necessarily having to have much in other assets.

Hoosegow said:

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America has a spending problem.

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This. It truly is this.

(In "Amercias" defense, some of the most talented Americans are singularly focused on making other Americans spend as much money as possible.)

MouthBQ98 said:

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Net worth data often includes an estimate of real estate valuation. Exploding valuation in certain areas has lifted a lot of persons into millionaire net worth statue without many of them necessarily having to have much in other assets.

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Well, it should, because that's the definition of Net Worth.

I beg you....do not go down this path. It will only lead to pain and suffering for all of us.

Sid Farkas said:

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I was Sr at A&M visiting some well-to-do friends in Houston - one of them said "being a millionaire isn't a big deal anymore".

I graduated 40 years ago.

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Funny, the people who tend to say that are typically not even millionaires lol.

Over the last few decades, between the tech boom, crypto exploding from literally zero, and digital side hustles, massive wealth accumulation was all but guaranteed if you just consistently put time or money into the game.