I thought I was a millionaire but I'm not

[Polish_Hammer]

I just read an article about the increases in millionaires in America.  The statistics are based on 1 million dollars in 1996 dollars, which equates to 1.6 million today.  I guess I got to keep saving :(

[surfhb]

Whatever....I could retire very nicely with alot less than a million dollars.    This is the MMM site ! ;)

[DeskJockey2028]

Whatever....I could retire very nicely with alot less than a million dollars.    This is the MMM site ! ;)

Hey! I've got a lot less than a million dollars!

^{Marches off to HR office}

[Polish_Hammer]

Whatever....I could retire very nicely with alot less than a million dollars.    This is the MMM site ! ;)

Yes it is!  Which means......keep on saving :)

[Holocene]

Don't worry!  If you have more than $1 million, you are technically a millionaire by the definition of the word.  You just do not have equivalent wealth to a millionaire in 1996.  Inflation makes it easier to be a millionaire today.  But it's still an impressive feat and may be plenty to retire on, so just enjoy it :)

[FiveSigmas]

It's ridiculous to use such an arbitrary date as 1996. Clearly, you only count as a millionaire if you have the equivalent of 1,000,000 Roman denarii (in year 1 terms). According to wikipedia, 1 denarius was 1/25th of an aureus. An aureus was 99% gold and weighed ~8 grams, which makes it worth around $432 in today's money. Thus, you need 432/25*10^6 = ~17.3 million dollars.

And really, base 10 is pretty antiquated. I'd recommend 2^20 as the proper threshold.

On an unrelated note, what's the word for "enough-enaire"?

[BudgetSlasher]

I just read an article about the increases in millionaires in America.  The statistics are based on 1 million dollars in 1996 dollars, which equates to 1.6 million today.  I guess I got to keep saving :(

Yay! Let us define things by the way things were 20 years ago.

Almost every vehicle is a luxury vehicle (what with heater seats, self-dimming mirrors, memory seats, satellite navigation, backup cameras, and car phone via bluetooth). All while being quicker (0-60) and using less fuel.

The average new home (today) is a luxurious 500 square feet larger than the 1996 standard.

LCD 4K TVs are just plain witchcraft.

The computer that you played Oregon Trail on is obliterated by the phone in your pocket that you use to watch cat videos.

Today we are all so rich we can talk as much as we want on a cellphone without worrying about minutes, in fact many of us have so much money to spend on cellular telephone minutes that we have given up our normal telephone at home and use a cell phone sitting feet from a phone jack.

We all have amazing mortgage rates way below the 1996 level of ~8%.

Our air quality is so far above the Federal standards (from 1996) its laughable.

But, yes, to be a millionaire we should ignore the meaning of the word and relay on what it used to mean to be a millionaire. 

[phil22]

are these statistics for households or for individuals?  regardless, we're all millionaires in 2117 dollars.

[FiveSigmas]

are these statistics for households or for individuals?  regardless, we're all millionaires in 2117 dollars.

Except for the folks working themselves out of debt. Fortunately, $1 million a year jobs should be pretty common soon, so that should help.

Maybe they'll do a remake of Austen Powers in 2117...

[MrsPete]

I just read an article about the increases in millionaires in America.  The statistics are based on 1 million dollars in 1996 dollars, which equates to 1.6 million today.  I guess I got to keep saving :(

If you have a million, then you have a million.  The question is whether a million is worth as much as it was in past. 

[marty998]

I just read an article about the increases in millionaires in America.  The statistics are based on 1 million dollars in 1996 dollars, which equates to 1.6 million today.  I guess I got to keep saving :(

If you have a million, then you have a million.  The question is whether a million is worth as much as it was in past.

yes but you also can't really do anything with that million. Soon as you spend it you will no longer be one :)

[soccerluvof4]

I just read an article about the increases in millionaires in America.  The statistics are based on 1 million dollars in 1996 dollars, which equates to 1.6 million today.  I guess I got to keep saving :(

If you have a million, then you have a million.  The question is whether a million is worth as much as it was in past.

yes but you also can't really do anything with that million. Soon as you spend it you will no longer be one :)

No, you could spin off 40k a year based on a 4% swr. So 40k might buy what it did in 96 but its plenty for some people to live on today.

[zephyr911]

It's ridiculous to use such an arbitrary date as 1996. Clearly, you only count as a millionaire if you have the equivalent of 1,000,000 Roman denarii (in year 1 terms). According to wikipedia, 1 denarius was 1/25th of an aureus. An aureus was 99% gold and weighed ~8 grams, which makes it worth around $432 in today's money. Thus, you need 432/25*10^6 = ~17.3 million dollars.

Ahahahaha

On an unrelated note, what's the word for "enough-enaire"?

How about just "winner"?

********************

On a serious note, I assume the indexed statistics are simply intended to show changes in wealth stratification and upward mobility over time. Millionaire has obviously always been a fairly arbitrary distinction, so the index value doesn't matter as long as it's applied consistently.

[trollwithamustache]

This guy and his user name...  Outstanding work sir!

[Acastus]

are these statistics for households or for individuals?  regardless, we're all millionaires in 2117 dollars.

It is for tax entities, so individuals or groups that file 1 set of taxes. Unmarried room mates would be 2 entities. A married couple (+kids) is only 1.