The modern equivalent of a millionaire is.....

[StonedLemur]

You ain't rich until your Scrooge McDuck rich:

My younger brother loved that cartoon.
I used to tell him, "if you jumped into coins like that you'd break your fuckin neck".

He'd get super pissed lol.

 

[StonedLemur]

The bear needs to cool off his sweaty balls, bro

His balls are hot?
Is his name Black Beast by any chance sir? Lol

 

[Osculater]

His balls are hot?
Is his name Black Beast by any chance sir? Lol

He's Brown Pride Bear

 

[StonedLemur]

He's Brown Pride Bear

LMFAO...touché pussycat.

 

[Jack Reacheround]

Decades ago if you were a millionaire you were rich.

1 million dollars was the magic number and you were set for life.

But with inflation it got me curious as to what the new cool term was. It's not billionaire, because there's only a few of them in the world. That's still insanely mega rich.

So I looked up the value of 1 million in 1985 vs now and it turns out it's 2.6 million.

So the modern day equivalent of millionaire is, disappointingly, millionaire.

But just know you're not cool until you get 2.6

You didn’t think inflation discounted the dollar 1,000 times between the 80s and now, did you?

 

[Zinger]

In here you set with million

I'd probably drink and gamble it all away. Wouldn't be the first time I piss away a large ammount of money.

My financial management skills are terrible.

Paycheck to paycheck lifestyle is best for me.

 

[some random guy]

Decamillionaire or pentamillionaire.

So I looked up the value of 1 million in 1985 vs now and it turns out it's 2.6 million.

Those inflation calculators that use CPI or equivalents way understate inflation especially in the context of wealth growth.

Using S&P 500 from 1985 to 2022 would mean 1 million is equal to 26 million now. Dow Jones would be 28 million. Even if your investment portfolio under performed the S&P 500 by 20% per year you'd still be at almost 15 million.

 

[Fedorgasm]

Decamillionaire or pentamillionaire.



Those inflation calculators that use CPI or equivalents way understate inflation especially in the context of wealth growth.

Using S&P 500 from 1985 to 2022 would mean 1 million is equal to 26 million now. Dow Jones would be 28 million. Even if your investment portfolio under performed the S&P 500 by 20% per year you'd still be at almost 15 million.

Yeah but that's how much compound interest you'd get. It's not the same as inflation.

Inflation is the cost of things going up regardless of what kind of returns you got from stocks.

 

[Oeshon]

Probably 20million+ networth

 

[some random guy]

Yeah but that's how much compound interest you'd get. It's not the same as inflation.

Inflation is the cost of things going up regardless of what kind of returns you got from stocks.

This is a complex debate so I'm not going to go into it here. Inflation has no fixed defined measurement, nor does cost of living, as it's a soft science. Did you know that CPI itself is not even a fixed formula with fixed inputs? CPI is also not even the formula used by the US Fed for inflation. How representative calculations such as CPI is of inflation and cost of living has always been controversial and that controversy is growing.

There is no way someone with 2.6 million dollars today has the same relative standard of living as someone with 1 million dollars back in 1985. Someone with 26 million today is closer to that standard of living. Just compare what type of home you can buy with 1 millions dollars back in 1985 vs 2.6 million today in any of the major metro centres (such as NY, LA, etc.).

 

[GSP_37]

If I had $1 mil in '85, with what I know now, I'd have way more than $2 mil now.

 

[SammyPops]

Decades ago if you were a millionaire you were rich.

1 million dollars was the magic number and you were set for life.

But with inflation it got me curious as to what the new cool term was. It's not billionaire, because there's only a few of them in the world. That's still insanely mega rich.

So I looked up the value of 1 million in 1985 vs now and it turns out it's 2.6 million.

So the modern day equivalent of millionaire is, disappointingly, millionaire.

But just know you're not cool until you get 2.6

i dumno bro, them dick pills and a nice car go a long way nowadays.

 

[SalvadorAllende]

I would be done for life with 1 million here.

 

[genecop]

So many of these how much is enough threads come down to ones lifestyle…and location.

 

[Mark McMichael]

....
There is no way someone with 2.6 million dollars today has the same relative standard of living as someone with 1 million dollars back in 1985. Someone with 26 million today is closer to that standard of living. Just compare what type of home you can buy with 1 millions dollars back in 1985 vs 2.6 million today in any of the major metro centers (such as NY, LA, etc.).

^This is accurate.

Les confine this just to bigger cities.
Back in 1985 if you had a Million dollars (inheratance aside) you were one of a very few successful business people or a doctor who had been working for a decade or more and saving your money well.

If you saw a Ferrari or Lamborghini it was a pretty rare thing. Guys with cottages and boats even more rare.

Today, most upper-middle class who have worked and saved for a long career, in big cities have a house worth almost $2MM they have paid off and then other savings. You have all sorts of Real Estate agents, Mortgage brokers, and so many more driving around Ferrari's, Aston Martins, etc, despite those rising with inflation too. There are just multitudes of people living the $1+ lifestyle and $2.6MM is no where near enough to put in the break wall that exists in the 80's between the Millionaires and the 'rest'.

I think $10MM is the new million. I think at that point you are putting some distance from the field.

 

[Ezekiel 25:17]

Decades ago if you were a millionaire you were rich.

1 million dollars was the magic number and you were set for life.

But with inflation it got me curious as to what the new cool term was. It's not billionaire, because there's only a few of them in the world. That's still insanely mega rich.

So I looked up the value of 1 million in 1985 vs now and it turns out it's 2.6 million.

So the modern day equivalent of millionaire is, disappointingly, millionaire.

But just know you're not cool until you get 2.6

I think 3-4 million would be the sweet spot now.

 

[djacobox372]

So I looked up the value of 1 million in 1985 vs now and it turns out it's 2.6 million.

Those inflation calculations are hilarious understated. The cost of things you NEED (shelter, food, medical care, etc.) have nearly quadrupled since the mid 80s. The fact that manufacturing has become cheaper due to automation has swayed the inflation calculation.

I would say 4-5 million is necessary to equate to 1 million in the mid 80s.