U.S. millionaires population expanded by 8% in 2010: America slides ever deeper back into the dark- , page 2

Originally posted by Rockpuck
reply to post by bandito

You're absolutely correct, the vast majority of Millionaires are exactly like you.

Also it's not incredibly hard to become a millionaire either, as long as you save and invest in something, chances are by retirement you should be a millionaire at least.

When we think "Millionaire" however we think people who can throw cash around, buy $100k cars, live in mansions etc. That population represents only .5% of the population. And only the upper 2% are considered "rich".

I myself will probably become a millionaire by the time I'm in my 40's, just through retirment saving and investment. Some might think wow, that's a lot of money.... but it's not. Today you can hardly retire "comfortably" on a $1m fixed income, you would see negative growth.. you would need at least $3m you cover most expenses and still see minor growth -- the average account of $3m with a good interest rate sees $50k in gains per year, you're supposed to use the gains to live on, and the rest as an emergency. By the time I retire (in my 20's) I will need 4x that amount to live "comfortably". Though of course, everyone needs something different.. some people need to travel the world and live in a beachfront condo (I do!) some just want to chill on their farms with the grand-kids, just depends on your plan.

Was running through some old articles I have on file, and ran across this one just now> dissidentvoice.org... This is what it's all about.

Millionaires should have been the new middle class, and in the majority by now, but between so called "free trade" lobbied by billionaires to export jobs due to their wanting to undermine collective bargaining, manipulating markets, working to undermine accesses to a good education for average folks, and a tax system that gives unlimited tax breaks to the more wealthy while increasing burdens on lower income earners denying upward mobility that socioeconomic course was diverted decades ago, turned around 180 that is.

You still believe in the American dream. It's still there, but the opportunities to access it are dwindling down to nothing by the day. Pretty soon there will be no opportunities for upward mobility.