Is 1 million dollar net worth a lot of money in 2018?
What does 1 million dollars buy really?
Are you rich? The smart money says you answered “no” to that question, regardless of how much money you have. According to a 2013 report by investment bank UBS, only 28% of people with $1 million to $5 million in assets considered themselves wealthy. Even when you ask people with more than $5 million in assets, only 3 in 5 consider themselves wealthy.
A lot of people brag about buying lambos and we here stories of crypto millionaires. What we don't really hear about are the deeper questions such as whether or not becoming a millionaire will even make a difference? Will the average crypto millionaire even have a means of cashing it out?
A million dollars actually is not a lot of money anymore in the United States
1 million dollars seems like a lot of money for most people just starting out. If you are young and you just got into crypto or are just starting your career, or if you come from an under privileged background, then a million dollars seems like a fortune. In reality a million dollars only seems like a lot of money but due to inflation, the rise in the cost of living, and other aspects, is it really?
In reality 1 million dollars isn't even enough for a dignified retirement in a lot of places in America. In addition, houses in some places in America cost more than a million dollars so a million dollars may not even be enough to buy a house in a luxury area. 1 million dollars for certain is not enough to afford a mansion, and some cars cost a million dollars. This is not to say that 1 million should be taken lightly but that what 1 million dollars meant 20 years ago is not what it means today.
- The average salary worker with a bachelors degree earns $2.4 million over a lifetime.
- There were 8.6 million millionaires in the United States, in 2012.
How much do you need to live the way you want?
And this is ultimately what matters. It's about how much you need to do what you want. A person with 1 million dollars may be able to do everything they want but another person with a million dollars might not. An apartment complex costs a few million dollars? So with just 1 million dollars a person may not even be able to afford that.
The lesson? Don't chase the numbers, chase the lifestyles. If you like lambos, mansions, etc, you will need much more than 1 million dollars.
References
- https://seanwes.com/lambogoal/041-if-you-think-a-million-dollars-is-a-lot-of-money/
- https://www.cheatsheet.com/business/3-reasons-why-1-million-is-not-a-lot-of-money.html/?a=viewall
- https://www.census.gov/prod/2012pubs/acsbr11-04.pdf
- https://www.supermoney.com/2016/05/much-money-take-considered-rich-us/
I remember discussing once how much it takes to raise a kid in the US and it’s close to half a million dollars . 1 million might make me feel wealthy but over time I’d realize it’s not something that would get me across life and that’s where people make the mistake. For a middle class person like me , I’d feel wealthy. But for upper class people, it’s nothing . Nothing is ever enough in this world
Once you start factoring in all people that you have to care for then you see 1 million isn't so much.
I let go of caring for Material things , it’s like once you have it , you’re still not happy . I think I’ll focus on the little things , like creating a better future for my son
Enough is never enough
There's no limit to what one would want if one thinks happiness could be bought. Why only lambos, mansions, why not yachts and private planes?
How much does it cost to protect your lifestyle and the people in your life?
I personally live a simple life that finds happiness in sharing rather than having, for there is no limit to human desires. The people in my life? My two kids, instead of leaving material wealth for them, I taught them values and skills that make them capable of making millions if they chose. It will be their choice if they chose to find happiness in having lambos and mansions or live a life of sharing whatever they have. So millions become totally irrelevant in their pursuit of happiness. :)
Perfect answer to Maria Mannes question:
The answer depends on the sort of lifestyle a person is accustomed to and how much income is necessary to sustain it. For most people, $1 million sounds like a lot but is not enough to sustain someone who retires at 65. It's even less when you factor in inflation, the high cost of medical care and increasing lifespans.
Well said, friend. As of today, being wealthy in crypto has the inability to offramp to fiat easily unless you are willing to use a centralized exchange. In Vancouver, BC, Canada it is a beautiful place to live, BUT 1 million will get you an old average small house. Personally, I'm always asking people where they want to retire as I am always looking for the "ultimate" place in the world that I will get great value for my $. Btw, you always have topics that are very interesting to me :)
I can't help but think we are taught to place too much important on "ownership of assets" as a measure of our success. More and more, I see young "techno nomads" who simply travel the world and they "job" is the laptop in their backpack... which is where they keep all their earthly possessions. We have quite a few such here on Steemit.
For a "conventional" life, $1 million is not very much. Even well-invested, the annual yield-- allowing for enough reinvestment to keep up with cost of living increases-- would be enough for little more than a modest life... once you consider healthcare, property taxes and all that good stuff... especially if you live somewhere like the US, New Zealand, Switzerland or Scandinavia.
But how much is "enough?" I think most people have little functional awareness of what enough looks like. Besides... we're taught that "enough" is basically for complacent losers... we must always want "more."
Of course we always want more, but more of what? More life? Or more money? Beyond a certain threshold more money is more than any individual can spend in their lifetime.
One can live a life the way he wants if he is intelligent enough to use the money in the correct manner.
This money can get 10 times if you go to a country where the currency is much lower then USA.
So money cant make u rich if you don’t have brains to use it
MONEY = SUCCESS. Plain and simple right there. Money would get you respect, envy, buy the time and things you want, and equate to having the means to travel that's the bitter truth .@dana-edwards
That depends on your definition of success.
If a man has $1,000 and is happy he is successful. If a man has $1 Million and is unhappy he is not successful. Money only plays a part in it if you value money above other things.
I think it has a lot to do with feeling contentment, a million is a lot for one who doesn't have it. I have to agree with you that it's not the numbers but the value one gets out of it. In my opinion, peace is under-rated.
1 Million dollars would be enough for retirement if markets wouldn't be so skewed and manipulated as they are now.
If interest rates would be normal and you could put 1 Million into CD's yielding 5-6%, you could easy find the place to live on 50-60,0000$ a year.
Now, with the same Million, you need to look at poor countries to try to stretch it through your retirement.
This question has very fine details. First of all, who do we ask for? Is it for you? Or is it for me? for whom? If it is for me, this money means wealth. A start-up car and a house to build your intimacy. Yes, that's enough for me. All wealth is a relative concept. I know people who will feel the wealthiest people in the world with $ 1 million, not $ 1000.
I upvoted to this perfect post