The moving goal post

[Erich Henson]

When I was a young boy I was in awe of millionaires.  I never fathomed becoming one.  I became a millionaire (by net worth) five years ago at the age of 40.  After becoming a millionaire, I became somewhat disappointed.  A million dollars sure doesn't make me feel rich at all.  So, the other day I looked up an inflation calculator and asked it how much a million dollars in the year I was born (1976) would be worth today so that I could see if I was an actual millionaire compared to what a millionaire was the year I was born.  My jaw dropped!  It would take $5.3 million in today's dollars to be equal a million dollars the year I was born.  That explains a lot and possibly explains why I don't feel like what I think it should feel like to be a millionaire.

Sadly, I think the inflation calculator only uses the OFFICIAL inflation numbers.  I understand the the ACTUAL inflation numbers are even WORSE!  Perhaps it would take $10 million today to feel like a million dollars in 1976.  And it keeps getting worse.  I suppose in a few years, even people in the lower quintile of net worth will be millionaires, but I don't think it will mean what it meant all those years ago.........

[Steve Vaughan]

Congrats on reaching your goal @Erich Henson

I had similar and its still a big deal. I remember my wife and I kinda celebrating quietly, but not really something you share with family and friends so it's kind of deflating.   Thankfully now there are sites like this and BP Money to discuss and its not taboo. 

Since you didn't set your goal in 1976, I'd go back to what $1M was worth when you did.  Easier to digest.   I think I set mine about 10 years before it happened as the GRC set me back. 

If you're sticking with 1976, factor in appliance and electronics, tvs, computer, VCR, phone, etc mass deflation. People seem to forget when a crappy box TV or a dishwasher costed 2 month's wages. A PC?  Like 4 months.  

Millionaire is still a big deal and not something I'd admit to in public even though it's not what it used to be.  Just cruising along it doubles then triples pretty quickly so keep it up and carry on strong 💪