Want to become a millionaire...

6 Replies

According to an article in the Washington Post,

If you are over age 62, your odds of having at least $1million in net worth is 1 in 7.

If you are under age 40, your odds are 1 in 55

Originally posted by @David Krulac :

According to an article in the Washington Post,

If you are over age 62, your odds of having at least $1million in net worth is 1 in 7.

If you are under age 40, your odds are 1 in 55

 1/7 chance is 14.2%, of course there should be a disclaimer stating that just because you are a millionaire, it does not mean that you are financially in a good position. 

In terms of wealth, in one of Robert Kiyosaki's books, he talks about the value of homes in Hawaii. Real estate is very expensive there. So you have a lot of cases of people who bought a home 30-40 years ago, and now the home is worth over $1,000,000. The problem is that they can't sell the home because then they would have nowhere to live since real estate in Hawaii is so expensive. Also the taxes on a home that expensive are so high that people living off social security, a 401K, or small pension can barely pay them. So the result is that a lot of people are house rich, and cash poor.

Originally posted by @Jeremy Baker :

Hawaii has the lowest property taxes, so if you're going to own a million dollar home, Hawaii is not a bad place to do so.

 That isn't the point I was trying to make. 

The point is that there are a lot of people who are house rich and money poor.

Originally posted by @Anthony Gayden :
Originally posted by @Jeremy Baker:

Hawaii has the lowest property taxes, so if you're going to own a million dollar home, Hawaii is not a bad place to do so.

 That isn't the point I was trying to make. 

The point is that there are a lot of people who are house rich and money poor.

 I hear ya.  Although property taxes in HI are low, the rest of the cost of living expenses are 57% higher than the national average which can make you money poor in a hurry!

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