Photo of Nathan Dumlao in Unsplash
A 41-year-old woman from Orlando, Florida, recently achieved a goal that for years seemed unattainable: becoming a millionaire. Her story reflects a growing trend in the United States, where more and more ordinary citizens are achieving a seven-figure net worth, fueled by decades of consistent investing, appreciating home values, and a resilient stock market.
Heidi Barley grew up watching her family live on food stamps and dropped out of college due to lack of resources. At 20, she earned just $1.4 million a year. However, after receiving a modest payout from her pension, she invested it wisely. Over the years, and despite initial declines during the Great Recession, her investments grew to over a million dollars. Today, she continues to live modestly, saving half of her salary and maintaining frugal practices, while maintaining her wealth.
Their story is not unique. A June 2024 report by the Swiss bank UBS revealed that the United States adds approximately 1,000 new millionaires every day. Currently, there are an estimated 23.8 million millionaires in the country, compared to just 1.6 million 30 years ago, according to data from the IRS (Internal Revenue Service) and international organizations such as the United Nations, the World Bank, and the IMF.
This increase, however, occurs in a context of rising inequality. According to the Federal Reserve, the richest 101% of the nation's wealth owns two-thirds of the nation's wealth, while the bottom 50% owns only 31% of the nation's wealth. There are also marked racial disparities: Asian Americans have higher average wealth than whites, while Black and Hispanic households lag behind.
Becoming a millionaire today doesn't necessarily mean luxury. Many new millionaires, like Barley, have the majority of their wealth in long-term investments or real estate. The purchasing power of a million dollars has also changed: $1 million in 1995 is equivalent to about $2.1 million today, according to the U.S. Bureau of Labor Statistics.
Other cases, like that of Jason Breck, a former automotive marketing specialist, show how the FIRE (Financial Independence, Retire Early) movement has allowed some people to achieve financial independence even on modest incomes, simply through aggressive saving and frugal living. Breck and his wife live on $1,500 a month in the U.S., and a little more when traveling, without luxuries like streaming services or takeout.
For many, reaching $1 million no longer means opulence, but rather financial security. As engineer-turned-financial-blogger Jim Wang sums it up: “It's possible, even with a regular job. You just have to be diligent and consistent.”
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