Anyone can build wealth. It’s not always easy, but that simple belief motivates us to teach smart financial strategy to everyone who will listen. We love revealing how the power of compounding interest can turn you into a millionaire, as illustrated in our Wealth Multiplier.
But what about inflation? What about people in high cost of living areas? What about the uncertainty of social security? Without fail, we have naysayers bringing up these questions and more, saying that $1,000,000 does not count as financial success.
Let’s take an honest look at the naysayers’ perspective – what should we consider and where do they go wrong? Ultimately, we’ll make sure these fears don’t knock you off track from achieving your financial potential!
In this episode, you’ll learn:
- Why some people say $1,000,000 is not enough
- What $1,000,000 CAN do for you
- The exact lump sum you need to invest to become a multi-millionaire by age 65
- How many Americans are actually multi-millionaires
- What being wealthy actually looks like
Research and resources from this episode:
- 5 Levels of Wealth AND How to Achieve Each (The Money Guy Show)
- How Many Millionaires Are There in America? (DQYDJ)
- Real Median Household Income in the United States (FRED)
- How Much You Will Get From Social Security (U.S. News)
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