katjohnadams

image
bane-of-technology

We are fast approaching a world where $1 million is the advisable amount of money for retirement. In medium- and high-cost-of-living areas, and as inflation grows, then more and more people SHOULD actually become millionaires to live a healthy and comfortable life in retirement. The extremely wealthy are playing you by making you think you should be happy and content with poverty wages whose buying power is diminishing while their wealth grows at a rate that massively outstrips inflation. A millionaire is your 65 year old neighbor whose now-market-rate home of $550000 is fully paid off and whose 401k and nest-egg have grown to $450000, and which they are carefully budgeting to live off $30000 a year. Because they might live another 20+ years and that money wont last forever even if its yielding 3-4% returns in the market, and then they'll sell the house to afford the end-of-life care that may cost hundreds of thousands of dollars a year. I cannot overstate how much of an absolutely different universe $1B is from that.ALT

-via @phantomrose96

This exactly.

Even if you currently have 0 savings. You have much more in common with an old man who is 1 health emergency away from wiping his retirement funds, than he does with any billionaire.