Real estate investor and equity fund manager Grant Cardone recently explained in a ikTok clip that if you have a million dollars, you will be broke in 2024. According to Cardone, a million dollars was a big deal in 1960, but it has deflated rapidly and is worth only 10% of what it was then. Hence, if you needed a million dollars to feel rich in 1960, the devaluation of the fiat currency means we would need $10 million to be rich today.
Cardone's estimate is far from what Americans think about how much they need to feel rich. A recent survey revealed that Americans need a net worth of $2.2 million to feel wealthy. The survey participants elaborated that they measured wealth in terms of the financial freedom millions of dollars bring, whether affording a lavish lifestyle or overcoming unprecedented life events.
