Solano Real Estate Scene: You need to be a multimillionaire these days
A millionaire is a person with a net worth in excess of $1 million.
Nowadays, it ain’t what it used to be.
After 40 years of analyzing financial statements, I now realize a millionaire in 1990 is a heck of a lot different from a millionaire in 2020. Gosh, in 1990 having a $1 million net worth on top of the equity in your residence was really something to be proud of if you were approaching retirement.
Now, you better have a government pension that pays for medical and pays you monthly enough to live on or you may be in hot water.
If you don’t have a city, county, state or federal pension that will make your life bearable and happy, you better be a multimillionaire and not just a millionaire.
A pension that pays you and your surviving spouse enough to live on happily ever after is priceless and worth millions of dollars. Your IRAs and 401(k) rollovers better be worth $2 million or $3 million, and you better have a financial adviser with a ton of initials after his or her name, like CFP, MBA or even Ph.D. to make sure you don’t outlive your money.