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Mar 04 2014
By: dulun18 Ghost of Sparta 14206 posts
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MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

16 replies 155 views Edited Mar 4, 2014

 

it's amazing to learn that so many people working hard but having $30-$100 in the bank?..

 

how long will it take for a middle class to save enough to move up the rank of upper class.. let alone millionaire??

 

is it even possible?

 

 

*not counting gambling or lucky winners of powerballs.. etc..

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Fender Bender
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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 4, 2014

.....5linx?

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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 4, 2014

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 4, 2014

bob-maul wrote:

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


you can only go up so far

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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 4, 2014

KZMProductionsGT wrote:

bob-maul wrote:

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


you can only go up so far


How far do you have to go to be satisfied? The idea that you need to be a millionaire to be happy is sad to me. By the time you hit the ceiling of your worth, you are already making good money. If you can do better, go elsewhere or build your own business. 


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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 4, 2014

KZMProductionsGT wrote:

bob-maul wrote:

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


you can only go up so far


Exactly. That glass ceiling ispretty sturdy. 

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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

[ Edited ]
Mar 4, 2014

If you put $1,200 in an aggressive 10% annual return investment for your child at birth, they will have $1MM at 65.

 

So by that route, it only takes a generation.

 

If you make $35k a year as a 25 year old and get a 5% raise each year (working hard in a healthy industry), you'll make $144k a year at age 55.  If you don't increase your living costs by more than 1% per year (realistic).. assuming you were barely making ends meet at age 25... if you save the surplus, you'll have $1.1MM banked by 55.  

 

So a spartan lifestyle with some professional luck and no investments can make you a millionaire within a single career.

 

It takes a lot of hard work, some amazing self discipline, and a little bit of luck, but pretty much anyone in America has a chance at being a millionaire.   which is crazy-town when you think about it.

 

 


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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

[ Edited ]
Mar 4, 2014

eagles1990 wrote:

KZMProductionsGT wrote:

bob-maul wrote:

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


you can only go up so far


Exactly. That glass ceiling ispretty sturdy. 


 

true.. looks like the Middle Class is the new working poor class

 

i think even with $10,000 in the bank with NO mortgage or rent to pay and  no debts

 

should be sufficient of an american dream for me..

 

i would not ask for anything else...

 

 

 

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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 5, 2014

I'm on my way to becoming a millionaire. I'm a "Millionaire in training" so to speak. 

 

I have many things going well for me... A successful and profitable business, a day job that allows me to work part time. I have various investments..

 

I have various hobbies that allow me to make money also.... I am a mechanic by trade, I flip houses on occasion. 

I'm even going to school soon to get a degree in CAD with a yet undefined focus (Either civil engineering to become an architect or mechanical engineer to become a fabricator of complex designs plus I like CNC machining).

 

Without telling you my personal income, I can tell you that even with my current financial status, I don't need to be a millionaire.

 

I still live off of an income based between the middle-middle class and upper-middle class, and I don't spend no more than 30% of my monthly income. 

 

I have been saving money since I was 15 and got involved and interested in many hobbies. A few of those hobbies ended up becoming a viable avenue to make money. But that success did not come cheap....

I worked my butt off, and invested my time and money in a couple of these hobbies which have really panned out well. 

 

Collectively, I spend about 6months actually working and the rest is just enjoying life. Which is why I am on this forum, among many others, so often. Yes... I'm a "no lifer who lives in my mothers basement" because my mother lives with me now. 

 

The assertion that the success of a person is based on their bank account is a misnomer. And from my experience, it ends up as a very distasteful view.

 

I could EASILY stop trying to further myself as an entrpeneur and just retire at the age of 29. But as I've told a few friends, I've already grown tired of being at home a lot and going back to school this fall to explore a new path. 

Plus my retirement account is not where I want it to be, even if I contribute the maximum, which is why I have a few banking accounts like CDs, investments and such that cushion it as well.

 

Is it possible? Of course it is. But you need to have the drive for it.

 

 

It is of my opinion, that 'millionaire' has been getting blurred as to its definition. At least with the younger generation. 

 

 

Cognitive Dissonance - The ability to understand multiple viewpoints even if they conflict with one another - and still use critical thinking, logical thought, and common sense to come to the realization that only ONE is the correct one and the others are wrong.

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Re: MIDDLE CLASS becoming MILLIONAIRE..is it even possible?

Mar 5, 2014

bob-maul wrote:

KZMProductionsGT wrote:

bob-maul wrote:

...what? 

 

The middle class can work itself to upper class through promotions in their line of work. Or they can try their hand at the stock market. Or, better yet, just invest for their retirement. 


you can only go up so far


How far do you have to go to be satisfied? The idea that you need to be a millionaire to be happy is sad to me. By the time you hit the ceiling of your worth, you are already making good money. If you can do better, go elsewhere or build your own business. 


I guess it just varies. Maybe some aspire not to be normal folk? Get rich to the point where you can talk about inheritance so your children don't have to work a day in their lives and live off your money. Kind of like aristocracy in a way.

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