I keep telling my friends and co workers that if you ever want to retire, you need to have five million dollars in the bank just to get by. I realized a long time ago that a million dollars is nothing these days, let alone 30 years from now. I also figured out around that time in fact that I will never be able to retire, but that's a story for another time. Now, I'm no financial expert but really, if you retire at 65 and live another 30 years without a job and probably no social security, you're probably gonna need a pretty hefty bank account before you quit working. But what do I know? Let's see if I'm the only American who thinks a million bucks isn't even worth the paper it's printed on.
Bloomberg recently reported on a study that asked people of different generations what your net worth has to be for you to be rich, and here's what they found. Not a SINGLE generation said a million dollars makes you rich.
The average answer was $2.3 million. That's right, you now need over TWO million dollars to your name to be considered wealthy these days.
Generation Z, the ones who are roughly nine to 22 years old, were the easiest to impress. They say it only takes $1.5 million to be rich. awww that's so precious. I thought the same thing when I was 9...almost 30 years ago! Now days a guy could make a million five mowing his neighbors
Baby boomers have the highest threshold at $2.6 million. I mean, I suppose a person could get by on that. But again, what do I know?