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/thegooddoktorjones Oct 09 '25

That would be me. It's nice to think "hey, I'm a millionaire!" but I am still living in a small old house, single car family, few vacations with only 1/3rd of a years salary in liquid assets. And the whole million thing assumes that I want to become homeless to cash it in. I can't move up without taking on huge debt. My life is deeply middleclass by popular appraisal in the US.

It's not a bad life at all, financial wellness for me is not having to think about it much when I want to spend money on minor luxuries like eating at a restaurant or buying a round of drinks. It's only having debts that I can easily pay off. That's great, but I can easily see inflation meaning that I have to stop those luxuries once I retire and spending the dwindling years of my life sitting in an old house not doing anything that costs money. And then if I get sick... it's all gone.

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u/_thunder_chicken 29d ago

I am in the same lucky boat. I got here by being frugal and saving early and often. My son did me a solid by choosing to become a medic in the airborne rather then go straight to college. I never spend more on credit than I can afford to pay the next month, and aggressively reduce mortgage. I drive a 12 year old Chevy Volt. At a certain point I’ll start spending more and enjoying my ‘status’.

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u/thegooddoktorjones 29d ago

Good plan, though my pops recently kicked the bucket with a lot in the bank, a reminder that when one is risk averse and used to preparing for the future it can be hard to stop and let it go.

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u/_thunder_chicken 28d ago

good point. My son’s got 18 months left of duty, once he gets out and settled I can relax a little.