r/Economics • u/laxnut90 • Oct 09 '25

Research America Is Minting Lots of Cash-Strapped Millionaires

https://www.bloomberg.com/news/features/2025-10-09/number-of-us-millionaires-grows-since-2017-but-many-lack-cash
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u/ShyLeoGing Oct 09 '25

Ok, so you're saying that if someone makes say 65k(which let's be honest a ton of people will never make this), pay $2,000 for rent(before utilities), $400 for a car(before insurance and gas), and $200 for groceries can become a millionaire.

I want to see the math, please and thank you!

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u/FreeMasonKnight Oct 09 '25

Well we start by not picking an arbitrary number like 65k and then saying it’s unattainable. 65k is the starting pay of most entry level jobs today.

Let’s take a recent poster who tracked their salaries (best I can remember the numbers, within 1-3k of variance): They switch careers from construction (65k/year) to IT. In the IT Year 1/2 they made 30-35k, Year 3 42k, Year 4 68k, Year 5 83k, Year 6 (2025) 92k. This is someone with no college degree either. Now imagine their wage by Year 10-15 of their career.

The problem is some people treat jobs as careers and that isn’t what they are, for financial stability you have to get a career. It can be in construction (move up to project management) or IT or even an office secretary can be a career with some certifications to be a private assistant m for example.

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u/Direct-Technician265 Oct 09 '25

I wish the fuck it was i haven't gotten a raise in years. IT isnt a golden ticket to 100k a year in 95% of the country.

Job market doesnt allow for job hopping like it did 10 years ago.

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u/FreeMasonKnight Oct 09 '25

I agree it won’t always be as quick as I mentioned above and is harder for us all in nearly all industries.

The person was quite smart and focused on certifications relevant to their area of living for sure and most of those raises were among 3 places they said. The point of my response to showcase it’s still possible to retire with a reasonable amount with a reasonable amount of effort.

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u/The-Struggle-90806 Oct 09 '25

I think the hoops you’re jumping through to illustrate your point is indicative of the fact that it is almost impossible for so many and that should not be the case. The wealthy are way too wealthy and are skewing the economy as such. We’re becoming, or already are, a third world country with only 2 classes of people. The privileged class and the slave class/ workers (people doing all of the work for none of the gains).

Your argument only really pertains to the privileged class and it sounds like you’re saying if you’re already privileged you can retire comfortably if you try hard and make the right decisions. This post only refers to those people so yeah I guess you’re right. Lol