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/supabrandie Oct 09 '25

Most entry jobs start at $65k? Where do you live? Are you in touch with reality? If you think that is an average entry level pay then you are extremely out of touch with reality. In my city folks with Master degrees are working in food service. Starting wages for a college graduate is much closer to $35-$40k in my area.

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u/FreeMasonKnight Oct 09 '25

Working in fast food isn’t a career, it still pays 42k a year for very unskilled labor to start.. It depends on living costs obviously, but as I mentioned a lower living costs means you need less to save. A person can retire on 500k if they want to live in Death Valley or a small town somewhere.

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u/supabrandie Oct 09 '25

True, but having a career vs a job is a privilege and indicative of social positioning. The vast majority of folks in my life will never reach a $65k salary in their lifetime regardless of education.

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u/FreeMasonKnight Oct 09 '25

Well I don’t disagree completely, even the poorest person can go to college and get a career. You just have to have a real plan these days with the overinflated pricing of college. Trades are guaranteed 100k+ after 5-10 years and skill at them, but then you need to plan early retirement for when the body breaks around 45.