Wednesday, July 24

29% of Americans Will Be Millionaires?

millionaires everywhere
I thought it was a bit of a reach for 29% of Americans surveyed to say they were going to become millionaires, but I saw some stats that seem to almost back it up. I am a firm believer that some people can attain the American Dream, even if I don't have a huge amount of faith it will happen to me. Here are some numbers that might keep your own hope alive:

There are about 128 million households in America.
As of 2018, there are now 11 million millionaire households.
That's about 11.5% of current households. If we assume most of these households are older and leave money to their kids, there's a chance to keep a lot of that wealth while others work towards it.

The problem is that only 50% of the people who say they'll become millionaires have a plan to do so.
70% of millennial men think they'll be millionaires, but millennials mostly plan on saving at age 35 and don't like investing, so we'll see. If they all have millionaire parents who leave them some money, that might help the cause. As will yearly inflation.

In fact, inflation might be the main hope for all those potential millionaires. $500,000 today, which around 30% of American retirees DO have right now, will be worth about $1,000,000 in 30 years. Not that anyone will be able to retire on that $1 million if you assume all the inflation needed to double the value of the same money in 30 years, but a bunch of millenials retiring at that point will technically BE millionaires.  

I think the real world generally hits people like a ton of bricks, and not one made of gold bricks. You'll hit 40 or 50, need money for the kids to attend college or health concerns, and then all that saving you just started at 35 will be all gone. Good corporate pensions are gone. You are totally replaceable at your job. Investments are risky. Beyond all that, everyone else out there wants to get ahead as much as you, and there are technically limited resources. Even a great plan won't make it happen for sure, and just believing it's going to happen is not a plan. 

I hope what the next generation of workers really wants is to be happy and satisfied in life. That's a much more realistic goal than just becoming a millionaire. But if you're really wanting to get ahead, I have helped several people get closer to their goals with websites and marketing advice. Contact me to see if that's something that can help you.

Thanks for reading. See more of my content:

Satisfamily - Articles about being happy as a family
Passive Ninja - Web Design in Jacksonville
McNewsy - Creative Writing
Educabana - Educational Resources
Brave New Church - Church Website Design
Voucher School - Pros and Cons of School Vouchers
Luthernet - Web Design for Lutheran Churches
Sitcom Life Lessons - What we've learned from sitcoms
Mancrush Fanclub - Why not?
Epic Folktale - Stories of the unknown
Wild West Allis - Every story ever told about one place
Educabana on Teachers Pay Teachers (mostly ELA lessons)
Real Wisconsin News - Satire from Wisconsin
Zoo Interchange Milwaukee - Community website
Chromebook Covers - Reviews and opinions

Brian Jaeger - Resume (I'm always interested)

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