- Joined
- Nov 16, 2017
- Messages
- 4,767
- Reaction score
- 1,478
- Gender
- Undisclosed
- Political Leaning
- Undisclosed
https://www.cnn.com/2022/09/21/business/millionaires-global-wealth-report-intl-hnk/index.html
...boosted by gains in the stock market and house prices
Note that "millionaire" doesn't mean you're making a million dollars a year. You qualify if your assets exceed one million, such as:
$600,000 across a 401k and assorted mutual funds
$400,000 home equity
If you don't want to put your house into hock to draw out cash, then your "millionaire" income with the above example is $24,000 a year before taxes, assuming a generous 4% withdrawal rate.
...boosted by gains in the stock market and house prices
Note that "millionaire" doesn't mean you're making a million dollars a year. You qualify if your assets exceed one million, such as:
$600,000 across a 401k and assorted mutual funds
$400,000 home equity
If you don't want to put your house into hock to draw out cash, then your "millionaire" income with the above example is $24,000 a year before taxes, assuming a generous 4% withdrawal rate.