Thats a fair point. My counter:
Having $1m is still a meaningful gauge as it puts you ahead of about 85% of the US.
Having $1m is still a meaningful gauge as it puts you ahead of about 85% of the US.
Interesting discussion, thanks all!
That said, it is interesting but not really informative. The whole concept of "millionaire" is sort of click-baity these days. With current home prices, almost everyone who owns a home is already half-way or three-quarters of the way there.
For example, if you had $1M in assets, invested, and wanted to take 4% per year, that's only $40K. Well below the US mean wage. Not exactly living on Easy Street these days.
The word "millionaire" used to mean something very different than it does today. Using it to imply the old meaning is an interesting observation about how language (and the economy) changes, but, as I said, not really informative.