Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead
www.cnbc.com
Inflation has prompted even wealthy Americans to curb their spending habits. But affluent millennials still feel pressured to show they're successful.
  • bluGill@kbin.social
    72·
    11 months ago

    $1 million isn’t nearly as much or as impressive as it used to be. I’m not saying it isn’t impressive, but inflation has eroded the value (and increased wages). Often those who have $1 million have it locked away in retirement accounts that they cannot touch so they are on paper rich, but in practice don’t have as much today (the savings needed to get that much in assets mean they are living on much less than their peers - thus they appear much less wealthy than their peers who are not saving)