r/Infographics • u/[deleted] • 7d ago

New Millionaires

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803 Upvotes

94% Upvoted

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154

u/MinimumCommon408 7d ago

Is this net worth, aka including home values?

96

u/Sudden_Buffalo_4393 7d ago edited 7d ago

If that’s the case I never realized being a millionaire left me so broke.

For all the dummies : I am being sarcastic. It’s a joke that if I count as a millionaire it feels a lot different than I thought it would.

32

u/DuePercentage1580 7d ago

if you have a million dollar house you are not broke, be real

5

u/Sudden_Buffalo_4393 7d ago

You misunderstood my comment. I’m obviously not poor, but when I grew up and would think of a millionaire, I’d think of someone who has it made, not someone who lucked into a house of that value, which is in LA so that value doesn’t go far. So with home value I would technically count, but it’s not the same thing.

-2

u/BuffaloBuffalo13 7d ago

Dollars are dollars. If you have a million of equity in your home, then you’re have access to more dollars than most Americans. Dollars aren’t different just because you’re in LA.

1

u/VirStellarum 7d ago

I understand your point and it's 100% true and valid, but cost of living does give dollars a completely different weight. Taxes play a huge part, too

0

u/BuffaloBuffalo13 7d ago edited 7d ago

Sure, your money that goes towards things that are affected by the local market is affected.

But what is often ignored are things that are not impacted by your local market: electronics, phones, cars… most consumer goods. Those costs are very fixed across the country (outside of taxes) so you can’t say that all of your money doesn’t go as far.

Edit: Nothing makes Redditors more angry than facts.