Reply to 31% of millionaires think they're middle class

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[quote=Anonymous][quote=Anonymous]Per the bureau of labor statistics inflation calculator, $1m in September 2023 has the same buying power as $531K in 1998, 25 year ago. That explains a lot I think. [b]$1M today is worth about half of what it was 25 years ago.  This is why millionaires don’t feel they are rich. It doesn’t provide what they thought it would. Also, lots of big expenses have more than doubled in the last 25 years, housing and tuitio come to mind[/b].[/quote]

My house in FCC is valued at about a million at this point (the one next to us is identical and sold for like 950k two years ago). It is what I would consider a "starter" house. It's on a postage stamp lot and has 3 bedrooms but one of them is one of those tiny "crib rooms." Most of the appliances and the carpet have been here since it was built in 1996. So where I live -- "a million dollars" won't get my starter house and the renovations anyone would want at this point. So, yeah, "millionaire" doesn't get you much around here. It'll get you a house in a middle class lifestyle, at best.  [/quote]

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