You Need $7,581,000 Today To Be Equal To A Millionaire in 1971 $1,000,000 - Why?

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Why and does it matter? 

When properties go up in value, property taxes go up with the "value". When housing prices go up, obviously you pay more to buy houses and it becomes more difficult to buy. Income taxes increase as your income goes up.

You have to think in terms that you have 24 hours in a day, 168 hours in a week, 720 hours in an average month, 8,760 hours in a year. You have to have some time to sleep, some time to eat, some time to be with family.

You Need $7,581,000 Today To Be Equal To A Millionaire in 1971 ($1,000,000) What is your “life energy” time & effort worth? If you set your goal to be a millionaire and then retire, you will need help to get there.

You would have to earn $865 per hour and never sleep to get to actual millionaire status. Or if you used the easier one to hit, today's millionaire, you'd actually be making $131,926 which is a long way to $1,000,000. I use this example because someone with $1,000,000 in 1971 no longer had to work and didn’t need cash flow.

Someone today with $1,000,000 does not have enough to retire on unless they really cut their expenses and continue to have cash flow. And things will continue this way and get worse for the foreseeable future.

That's what we focus on Teaching People "Cash Flow". Appreciation is good when it happens, but you can't eat appreciation or depend on it.

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Value of $1,000,000 from 1971 to 2023

https://www.in2013dollars.com/us/inflation/1971?amount=10000...

$1,000,000 in 1971 is equivalent in purchasing power to about $7,581,506.17 today, an increase of $6,581,506.17 over 52 years. The dollar had an average inflation rate of 3.97% per year between 1971 and today, producing a cumulative price increase of 658.15%.

This means that today's prices are 7.58 times as high as average prices since 1971, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 13.190% of what it could buy back then.