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Money Guy Show

The Death of Millionaire Status: How Much You Really Need to be Rich

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 28 July 2023

⏱️ 35 minutes

🧾️ Download transcript

Summary

The Millionaire Next Door came out in 1996 - $1 million back then is nearly $2 million today. Is $1 million still wealthy? Is it enough to retire on? We break down how much you really need to be rich by age! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Are we seeing the death of millionaire status better?

0:04.0

How much do you really need to be considered rich?

0:13.0

Brent, I am excited about this show

0:15.0

because I feel like this is a question that we often see

0:19.0

permeated throughout our comments.

0:21.0

People ask us all the time, hey, is a million dollars enough?

0:26.0

For people, don't even ask us the question,

0:28.0

guys, a million dollars is not enough.

0:31.0

And so we want to speak to that.

0:32.0

How much is it to actually be rich today?

0:36.0

And realistically, what's it take to get there?

0:38.0

How do you do it?

0:39.0

Yeah, now for, look, I'm the optimist here.

0:41.0

So I always think a million dollars is a lot of money.

0:44.0

But we should definitely address the fact

0:46.0

that a million dollars is not what it was in 1996.

0:51.0

And why do I choose the year 1996?

0:54.0

That's what, there's a reason it's on set.

0:56.0

The millionaire next door changed by life.

1:00.0

And that was one of those things that kind of was like,

1:02.0

man, I want to be aspirational to hit this goal.

1:05.0

But we have this thing called inflation

...

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