What percentage of the US population has 2 million dollars?

  • As a 30 year old with over $1mil in net assets rapidly scaling to my next million, the life of a millionaire, at least in my case is as follows:

    #1. I have 2 homes I rent and live in with roommates, I own 5 other properties.

    I grew up as the daughter of babysitters, living in the home of a wealthy family who provided housing and wages. Since my family could barely keep their own life together due to mental stress, financial mismanagement, and hard-to-scale small business limited mindsets, they never truly reached the level of success that would ensure that I would ever be able to live off my parents’ work. Like most people born to the 99%, I had to figure out my own future and plan.

    After college, I took a leap of faith in myself to become a headhunter. As a top performer, I made enough money and saved enough of it to get into real estate investing by age 25. By 29, I had accumulated 5 homes, all of which I rent at a profit margin based on my strategy to buy homes at under-market values with the mortgage securely under the monthly rental cost. I refuse to live in a home I own because in the cities I live in, the market conditions don’t make financial sense to me to warrant my investment.

    Conversely, renting allows me to live affordably in the expensive cities I reside in. Instead of dumping my hard-earned money into a down payment that negatively yields value, I’d rather have my tenants paying my mortgages and building up my housing equity, while making a cash flow profit and decreasing my tax burden. While it’s certainly mentally stressful and emotionally depressing due to some terrible evictions and major construction issues I’ve already had to deal with, the appreciation is in the hundreds of thousands and my current profit margin still allows for a steady flow of income, so I deal with it for now.

    Since I have grown accustomed to living with roommates my whole life and I’m single, I don’t see why I need to “get my own place”. I travel a LOT and I really don’t see the value I get for paying $2–5k for a place I literally just sleep in. Of course in the future if I end up seriously dating someone, things will change. Just right now, I have a great setup renting.

    #2. I drive a used car.

    While I can absolutely blow my money and assets on a Lambo or any car at the $250k range easily, I prefer not to because I only have $1mil+ so far. It’s actually not enough money to live like a celebrity. Since I ski, I wanted to upgrade my old Prius to a SUV. I found the cheapest one, a 2014 Chevy Equinox that I had to drive an hour away to buy.

    Instead of accumulating depreciating assets to impress others, I feel proud and safe with the fact that my monthly car payment is $170. In the future as my net worth continues to escalate, I’ll increase my car spending appropriately (but that won’t be until I drive this car to the ground).

    Like in the book The Millionaire Next Door [ https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474 ], one of the most influential books that helped me become wealthy, I live by many of the same principles that drove other first-gen millionaires. Read it if you want to seriously get wealthy and avoid being a poser like many “rich” people are.

    #3. I work a LOT.

    Like I said, while $1mil may seem like a lot of money to the general public, it was and is yesterday’s news. In fact, in today’s world due to inflation and opportunity, the truly uber-ambitious need to think in terms of billions. I know I have the capacity to become a billionaire because in today’s commercial environment, access to global markets, homogenization of culture and consumer habits, there are limitless opportunities to achieve whatever you want in terms of wealth creation, if you’re willing to put in the full effort.

    My philosophy is that if you’re blessed with a gift (mine being business success and commercial savviness when it comes to headhunting and wealth creation), if you don’t share it with others or maximize your own utility of that gift, you’ll have squandered your talents. I want to leave a legacy helping others change their mindsets like I did to reach a financially successful outcome. Then once they reach success, they can continue this cycle of helping others create and reap value through encouragement and teaching them how to get there.

    I work everyday. There’s not ONE day where work isn’t top of my mind or where I can completely shut off like I used to when I was an employee. While that sounds miserable, it isn’t! As the CEO of Dandan Global Group [ https://www.linkedin.com/company/dandan-global/ ], I love what I do, I love my team, I love the impact my clients and candidates feel when my team and I support them. My business is highly profitable, exciting, and fun while enriching the lives of my team, thus I actually can’t get enough of work and wish I could physically sustain higher levels of it.

    #4. I rarely treat myself to indulgences; when I do, many times I’ll buy used, sale, or clearance items.

    I live very frugally. Other than a few choice luxury items (Louboutins, Louis Vuitton, Chanel, Prada, etc. purses) I like and own, my sneakers don’t cost more than $40, my heels are less than $40, shirts are less than $30, dresses less than $40, jackets less than $100 (except my one Burberry I bought back in the day), and the list goes on. My only vices are Dave & Buster’s, a luxury item here and there, good food (1–2 $ signs on yelp), and a new phone every year.

    Long story short, I try my best not to waste money. I save it first, then I throw it immediately into investments whether that’s real estate, stocks, or crypto-currency or whatever else I’m experimenting with. I’m always spending more of my energy on learning, executing business activities, physical betterment (going to the gym, traveling, challenging myself), and thinking about the future.

    Every millionaire is different. I just happen to not really care about most things unrelated to my future success and personal development. I’d rather buy another home than use my hard-earned money wastefully.

    #5. I stopped partying and socializing frequently when I turned 25.

    When I first started my career as a headhunter at age 23, I was constantly working hard then playing hard. Partying on the weekend, going out drinking, socializing with random people, etc. Around 25, I got sick of those largely meaningless interactions with people who really didn’t have me in their hearts.

    When I started gearing up to become a real estate investor, I especially felt the pinch time had on me. Other than my time-consuming job, the only free time I had to learn and develop my real estate skills would be on the weekend. Of course, if I was hungover or over-booked with brunching or parties, I would not be in shape to achieve my learning goals. Thus, I started phasing out of being a FOMO (fear of missing out)-driven person.

    Once I started embracing myself and feeling comfortable with focusing on my own goals and dreams, my reality changed for the better. Instead of always needing a gaggle of people to make me feel valued, I am now very selective of how and who I spend my time with.

    #6. I travel frequently.

    As my teams lives in multiple states, I travel every week up and down the east coast. I also fly out to see client sites and meet candidates once a month at least, domestically and abroad. The benefit of being an entrepreneur in my kind of business (headhu…

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