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You Need $10 Million To Be Considered “Rich”
According to Grant Cardone, that is.
Is he wrong? Technically, no. Based on inflation, a million dollars back in 1960 is equal to almost $10.6 million now.
Cardone and the article from Yahoo Finance add:
“A million was a lot of money in 1960. If money deflated at the rate that it has in my 65 years, money is worth 10% of what it was then. So, if a millionaire was rich in 1960, you need $10 million in 2024 to be considered rich.” According to him, if you’re still using the idea of $1 million as a benchmark for wealth, you’re behind the times.
Cardone is not the only uber rich guru sounding the alarm about the rapidly rising bar of what’s considered “wealthy.” Andrew Tate, Suzie Orman and others are repeatedly out here warning that even a few million is nothing anymore.
Michael Saylor, Mr. Bitcoin himself, has mentioned how the real rate of inflation is closer to 7%, not the traditionally lower figure of 2–3% that the government likes to quote.
The true rate of inflation is probably unknowable because it’s a constantly shifting figure. But Saylor’s not wrong. Things like college tuition and housing have gone up way more than 2–3% a year over the last few decades. As I’ve written about before, a base model Honda Civic (a…
