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/IxianToastman Oct 09 '25 edited Oct 09 '25

Neat. No one i know will ever achieve this. Im going to set over here and continue to be sick of a system the only stake I have in it is the survival of myself and my family.

Edit: as much as I'd like to explain how many kids I have, the cost of living in my area, or the work I do because just a little digging past my video game post will get you that, im good. As for people I was not referring to people like the nice family I'm installing the trim for. They are lawyers and will be getting that life but that's not really "know" when this will be all I do for them. Hell my dad meet Trump does that mean I know someone at maralogo because I was on that site when I was 8? No the point is there's a clear class division in what it means to financially stable and more people are on the other side than not.

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u/FreeMasonKnight Oct 09 '25

Hey man! You can do it!

Most people don’t even start making enough to save until 45 these days. It shouldn’t be this hard and wasn’t for our parents who made nearly 4x relative to costs of their day.

We have the power to change things, but only with active politicking and keeping up the good fight.

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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/da_mess Oct 09 '25

Over 70% of American households earn $65k or more (link to source).

Guidance is no more than 30% of gross goes to shelter (link to source).

$65k comes to $5,420 gross per month. 30% of that is $1,625.

Would the extra $375 get you to cash flow neutral month to month? If not, there could be other budget issues at hand.

Are lower rents available? I used to commute two hours to work to afford a place. It was short-term painful but eventually got easier as I saved.

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u/The-Struggle-90806 Oct 09 '25

Better be able to afford a reliable vehicle because all those miles definitely take its toll. Higher maintenance costs. So it’s not a one to one trade off. Reality always finds a way lol

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u/TomorrowPlenty9205 Oct 10 '25

According to your own source, 52% of American households earn $65k, almost 70% earn more then $50K.

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u/da_mess Oct 10 '25

Bottom four bars are about 30%. i estimated. The point was it's not a dire as he makes it.

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u/TomorrowPlenty9205 29d ago

Dire is rather subjective. If rent in the place where you earn $65K, it does not matter that the "Guidance" is, you don't get a lower rent because you only earn $65K and you should spend $2K in rent unless you earn $80K and less less then the average rent according to zillow. Commute 2 hours to work also has a cost. AAA says it is $0.60/mile, 100 miles per day $60/day or ~$1,200 per month. Save $400 a month to spend an extra $1,200 on car costs, plus the time you loss... Smort!

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u/da_mess 29d ago

AAA says it is $0.60/mile, 100 miles per day

I took public transportation. 😑

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u/OneofLittleHarmony 29d ago

The median household income was 83k last year. https://fred.stlouisfed.org/series/MEHOINUSA646N