How wealth is accumulated is often misunderstood. Thomas Stanley wrote the book “The Millionaire Next Door” which was a best-seller a few years back. The people he studies are financially secure. This book takes a deeper look into how these people think and make their money. It slashes through the false images of wealth often portrayed by mainstream media of private jets and homes on remote islands and deals with the real world.

It appears many people now feel that in order to be "rich", they need to be worth an average of $2.3 million. This amount is more than 20 times the actual median net worth of U.S. households. It is difficult to reconcile the fact that 60% of the millennials say they believe they will be wealthy "within 1 to 10 years" considering that 59% of those surveyed said they still live paycheck to paycheck. More on the subject of wealth in America in the article below.

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Tengen
Tengen

Stanley's book became obsolete not long after its publishing date. Thanks to the repeal of Glass-Steagall and increasing Fed meddling, we're all speculators now. The days of saving and living off interest are long gone. Many avenues of investment have died and we were all ushered into the same few remaining options in a ZIRP world.

Besides, we now live in a country that acts like the people Stanley criticizes, with nothing but $1T+ annual deficits on the horizon. Nobody is thinking ahead anymore and savers will be punished along with everyone else.