The market boom has led to another new record for US millionaires - are you in the mix?:
Bottom Line: If you've listened for long you know that upward mobility and financial success are among my favorite topics. In fact, the most popular ism of mine has historically been how the average American can become a millionaire within 25 years. So let's get to it according to Spectrem Group's 2017 insights report:
- We have a record 10.8 million US millionaires
- We added 400,000 in 2016
- 9.4 million millionaires are worth between 1 to 5 million
- 1.4 million millionaires are high net worth millionaires at 5+ million
- 156,000 Americans are worth more than 25+ million
So the question is if you're part of this positive story yet? We now have 3.4% of all Americans who're millionaires and over 5% of all adults. It's really just a matter of compound interest, discipline and good decision making.