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> The American millionare class is a group of 401k holders. What do you mean by this? That pension saving make up the bulk of wealth in the US? Because from wh
by geysersam 4y ago
> The American millionare class is a group of 401k holders.
What do you mean by this? That pension saving make up the bulk of wealth in the US? Because from what I can gather that's not correct.
- ransom1538 4y agoYour best odds of being an american millionare is pushing all you can into a 401k which purchases sp500. Most american millionares are not business ninjas. They are teachers and firemen pushing into their 401k, they also don't make much money. "Only 31% averaged $100,000 a year over the course of their career." What happens is the ridiculous return of the sp500. Sorry, about this link in advance: https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research https://www.ramseysolutions.com/retirement/the-national-stud...
- sokoloff 4y agoBeing in the millionaire class in the US isn’t that rare[1] and very often is achieved by real estate and retirement savings. [1]-It’s about 9% of American adults.
- abdullahkhalids 4y ago> It’s about 9% of American adults. How is this counted wrt spouses?
- geysersam 4y agoYes but the vast bulk of wealth is owned by a very small minority. That's who people are generally talking about when referring to the "millionaire class".
- AnimalMuppet 4y agoI think he's saying that 401ks have made a bunch of regular people into millionaires, because of the performance of the S&P 500.