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September 28 5 Comments latest by ORION

Gabe Rosen sends this link:

The number of millionaires in the US has reached a record 8.9m, rising for the third consecutive year despite faltering stock and bond markets.

[…]

Jeanette Luhr, the manager of the research study, said: “The growth we’ve seen this year is largely due to measured planning and active reinvestment…overall the asset allocation of these households has not changed significantly. When asked about their investment approach over the past year, 61 per cent of millionaires said that approach has changed very little, indicating they have a strategy and they are sticking to it.”

Full article at Yahoo News.

Posted September 28, 2005 under Miscellaneous

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Gabe Rosen September 29th, 2005: By these numbers, almost 1 in every 30 Americans is a millionaire - and many of these folks have 2-3 more dependents who, in terms of day-to-day spending, enjoy the same lifestyle. What I'm interested in is the geographic distribution of these 8.9 million millionaires - I bet (and in some cases know) that you would see some extremely dense clustering, with huge blank spaces in between. I think part of what Ramit is doing with this website is to give people the tools to, hopefully, fill in some of those blanks someday - if not as millionaires, then as financially solvent and comfortable people.

Brett Repasky November 9th, 2005: I am poor. A teacher who works at an alternative school with at risk kids who makes 600$ every two weeks but who pays 700$ in student loans. With all these millionaires out there can someone help me. I work just as hard if not harder than most while dealing with a multitude of problems

Wilson February 18th, 2006

re: Brett

Bog wtf. Don't be a self-pitying loser. While I sympathize with you, be realistic. You've just identified your problem, now go out there and do something about it.

Give a man a fish and he'll eat for a day; teach a man to fish and he'll eat for a lifetime.

This is the idea behind Kiyosaki's works, Rich Dad Poor Dad series... I suggest you read it.

RICO June 28th, 2006

STOP YOUR CRYING. YOUR DAD HAS WORKED 50 - 70 HOURS A WEEK SINCE YOU WERE CRAWLING. YOU`RE WORKING 35 HRS A WEEK - GET A PT JOB 4 HRS A DAY 20HRS A WEEK @ $10 AN HOUR AND YOUR LOAN PAYMENT IS PAID.

PS MAYBE IF YOU DIDN`T PISS AWAY YOUR EXTRA MONEY GOING TO CLUBS ALL THE TIME, MONEY WOULDN`T BE SO TIGHT

ORION January 18th, 2008: I hate it when people are like "Oh the stock market did horrible today!!!". People who think that good days only happen when the market is up, do not understand the market. What that little article means to me is that those millionaires obviously know how to sell a stock! A faltering market is just as good as a soaring one. Just trade by the charts!

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I'm Ramit Sethi.

I'm a recent graduate of Stanford, where I studied technology and psychology. Now I'm the co-founder & VP of Marketing for PBwiki, a wiki startup in Silicon Valley.

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9 million millionaires in the US

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