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this post was submitted on 24 Dec 2024
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No Stupid Questions
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No such thing. Ask away!
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A large number of us CAN be millionaires. Which is a problem.
It took me roughly 40 years to become a millionaire. 40 years of investing in stable stocks and bonds and scrimping and living well below my means. I was finally able to afford to buy a house. Then the market boomed and suddenly I’m worth over a million.
Unfortunately, almost all of that is tied up in owning a small plot of land. If I sold it, I’d need to immediately use it to buy another small plot of land, or leave my city or go back to extortionate rent. And yet I need to pay monthly taxes on that land, or I no longer own it.
Where I used to spend $90/month on food, now I spend well over $500/month.
Essentially, if you’re over 55 and you’re not a millionaire and you’re living in a major city, you’re screwed because of inflation.
Such Boomer thought, why would someone younger than 55 have better chances?
I think you’re conflating a few things there.
Most people in North America and Europe under 30 today are likely to become millionaires before they die. My point was that being a millionaire is pretty much useless when you spend that much in groceries and rent in a year.
Over 55s had a dream of becoming millionaires when they were younger and a million dollars was enough to live on for the rest of your life. The sad truth is that those who didn’t make it are likely to die in poverty, while most of those who did make it likely still can’t afford to retire at 65.
The younger you are, the more the S&P will help you compound your savings to the point where you can afford to stop working before you die. Assuming you can save anything—which is really difficult and getting harder.
You're right, I'm conflating Boomer with being born in a wealthy country for starters. Which most people don't.