GaryClare said:

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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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The average salary at all levels today is three times more than salaries in 1985. So it is the same effort to get to 3 million today as it was to 1 million in 1985. It is all relative.

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Shh. It makes people feel good to point out inflation.

GaryClare said:

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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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The average salary at all levels today is three times more than salaries in 1985. So it is the same effort to get to 3 million today as it was to 1 million in 1985. It is all relative.

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The S&P500 was at 200 in 1985, it's now 7,600. The Dow Jones was at about 1500, it's now at 50,000.
My investing power in the market is an order of magnitude lower than it was for someone in 1985. It's all relative

GaryClare said:

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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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The average salary at all levels today is three times more than salaries in 1985. So it is the same effort to get to 3 million today as it was to 1 million in 1985. It is all relative.

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Furthermore the stuff available to purchase now is incredible compared to what it was back then

I got rich, but it took 35 years and consistently investing. I would be even richer had I not tried to pick stocks myself, but had simply invested in the index. My arrogance cost me.

Interesting article on Investopedia on states where you can retire on less than a million. That catch is this is for a single person.

https://www.investopedia.com/you-may-not-need-1-million-to-retire-comfortably-8k-works-in-28-states-12033798

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An $800,000 nest egg is enough to fund a comfortable retirement for a single person in 28 states, according to Investopedia's analysis. Maine comes closest to the cutoff, at about $786,000, followed by Texas at $777,000 and Pennsylvania at $771,000. At the other end, North Dakota requires the least savings, at about $644,000, followed by Arkansas at $648,000 and Mississippi at $653,000.

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Also rare for people to save de minimus as discussed upthread.

Quote:

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Clearing $800,000 is uncommon at any age, and rarer still among the savers this analysis is about. About 17% of U.S. households headed by someone 65 or older held at least that much in financial assets, according to the Federal Reserve's 2022 Survey of Consumer Finances, the latest available survey. Among households headed by someone neither married nor living with a partner, the share falls to 9%.

Households headed by older singles had median financial holdings of about $25,000 in 2022, less than 4% of the $644,000 that North Dakota, the least expensive state in this analysis, requires.

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Logos Stick said:

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I got rich, but it took 35 years and consistently investing. I would be even richer had I not tried to pick stocks myself, but had simply invested in the index. My arrogance cost me.

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I agree with the constant investing portion. I too have over thirty years of constant savings and investing. Watched it grow slowly at first, then balloon the last few years. You have to be diligent.

Though on paper I would appear to have a nice bottom line, I can't really describe myself as "rich". I'm trying to figure out how I can stop working and use what I have to maintain my lifestyle another thirty years.