“A Million Dollars Ain’t Worth What It Used To Be…”

Being a millionaire is overrated, according to Visual Capitalist’s Jeff Desjardins. The term itself has quite a few connotations, including many that have been ingrained in us since we were children. Becoming a ‘millionaire’ meant being set for life, and not having to worry about things like personal finances again. After all, millionaires are supposed to be destined for early retirement, right?
That was then, and this is now.
Time magazine recently estimated that for a millennial with 40 years until retirement, $1 million in savings is not likely sufficient. Taking into account 3% inflation over that time period, it would be worth just $306,000 in today’s dollars. That’s a pretty questionable nest egg for a ‘millionaire’.
HOW MUCH IS A MILLION DOLLARS? The infographic from Carson Wealth shows that things have changed over time, and that a million dollars of wealth ain’t what it used to be.
Fun facts: the preferred car for millionaires is actually a Ford, and the majority of millionaires envision working all the way until their retirement.

This post was published at Zero Hedge on Nov 24, 2016.