Number of 401K millionaires soars in last quarter 2023

[Blaster]

Sobering news.

https://www.cnbc.com/2024/03/14/producer-price-index-february-2024-wholesale-inflation-rose-0point6percent-in-february.html

 

[Harpy Eagle]

Sobering news.

https://www.cnbc.com/2024/03/14/producer-price-index-february-2024-wholesale-inflation-rose-0point6percent-in-february.html

 

[Blaster]

A typical response from a Biden lacky.

 

[Harpy Eagle]

A typical response from a Biden lacky.

good thing you are the smartest investor on the planet and this will not impact you at all.

 

[Blaster]

good thing you are the smartest investor on the planet and this will not impact you at all.

It doesn't affect me but it does millions of Americans.

 

[frigidweirdo]

been that way since America was founded.

Clearly it hasn't. Because otherwise poor people would never have got richer, at one point the rich were so rich....

 

[Harpy Eagle]

Clearly it hasn't. Because otherwise poor people would never have got richer, at one point the rich were so rich....

Some poor people get richer, some rich people get poorer, but the divide is always there, always will be.

 

[frigidweirdo]

Some poor people get richer, some rich people get poorer, but the divide is always there, always will be.

The divide has been getting worse.

There will always be a divide, however the divide doesn't need to get worse and worse every year.

 

[Harpy Eagle]

The divide has been getting worse.

View attachment 918330


There will always be a divide, however the divide doesn't need to get worse and worse every year.

I would like to see what the divide was at the turn of the 19th and 20th centuries.

 

[frigidweirdo]

I would like to see what the divide was at the turn of the 19th and 20th centuries.

Me too, but it was probably quite high. Then went down massively due to it being easier for poorer people to rise up, now they're making it easier to be rich (for the rich, not the poor)

 

[DGS49]

Leftists never seem to be able to recognize the movement of people up the "quintiles." Or down.

I have occupied all five of the quintiles during my adult life, and now as a retired person with all the resources I need, I just don't care about it.

For the record, despite pulling money out every month, my retirement portfolio has increased by more than a million in the seven years I've been retired.

 

[Harpy Eagle]

Leftists never seem to be able to recognize the movement of people up the "quintiles." Or down.

I have occupied all five of the quintiles during my adult life, and now as a retired person with all the resources I need, I just don't care about it.

For the record, despite pulling money out every month, my retirement portfolio has increased by more than a million in the seven years I've been retired.

It is just shocking how many internet millionaires happen to be on these forums.

 

[MarathonMike]

They learned it from the right that say that to poor people anytime there is not a Repub sitting in the white house.

Was that supposed to make sense? Try again.

 

[Flopper]

The rich get richer, and the poor get poorer. Modern America.

What most American don't see is how bad the rest of world is.

 

[frigidweirdo]

What most American don't see is how bad the rest of world is.

What they also don't see is how better it is in Europe.

 

[Harpy Eagle]

What they also don't see is how better it is in Europe.

Not just Europe. There are a lot of places far worse than America, but there are also a lot of places just as good if not better.

 

[frigidweirdo]

Not just Europe. There are a lot of places far worse than America, but there are also a lot of places just as good if not better.

Yeah, but of course those people who haven't even left their state will tell us the US is the best country on Earth...

 

[Captain Caveman]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

79% of millionaires started from $0

5% inherited a small amount, like $1,500, $5,000 etc.. and mathematically, could not possibly make them a millionaire.

So they were in the same boat as everybody around them.

 

[White 6]

79% of millionaires started from $0

5% inherited a small amount, like $1,500, $5,000 etc.. and mathematically, could not possibly make them a millionaire.

So they were in the same boat as everybody around them.

Yep. The miracle of compound interest and conservative, consistent investment is the ticket.

 

[Captain Caveman]

Yep. The miracle of compound interest and conservative, consistent investment is the ticket.

So everyone has the same opportunity to become a millionaire from scratch. So why do those that didn't want to penalise those that did? I would say it's down to jealousy.