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Reply to "31% of millionaires think they're middle class"
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[quote=Anonymous]How much and age matters. Having $1M does NOT make you wealthy if you are 55-57, still have 2-3 kids to put thru college. That's 1M across everything(house, college savings, retirement, etc) That makes you UMC in reality. $100K+ per kid is likely targeting towards their college education. Times 3. That leaves you $700K for retirement. UMC However, if you have $1M in net worth and are 30, then yes you are wealthy. Also, if you live in NYC, Boston, SF, LA or Seattle, cost of living is very different than having the same in Montana or Nebraska. [/quote]
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