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
4.7 • 3.1K Ratings
🗓️ 28 July 2023
⏱️ 35 minutes
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Summary
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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