Have you ever struggled with money? Have you had issues just trying to put food on the table, while you constantly work as hard as you can in the hopes that someday you can achieve the ultimate American Dream? Becoming a millionaire was once lauded as one of the greatest achievements a human can make in his life. However, it seems as if becoming a millionaire is no longer enough. Apparently, being a millionaire is the new middle class, and in order to become truly elite, one must earn far more.
In a recent report from CNBC, self-made millionaire Grant Cardone had an interesting take on being a millionaire. In the report, Cardone stated that making his first million felt hollow to him; he felt as though it was nothing special. “All of a sudden, when you get a million dollars, you’re like, ‘Oh. That’s nothing’,” he stated. He believes that, millionaires are the new middle class, and that in order to become truly wealthy, you must continue to earn more and more money. This is a particularly interesting view, considering the fact that, according to the Pew Research Center, today’s “middle class” American earns anywhere from $40,000 to $125,000, far below the million mark.
What is even more intriguing, is the fact that Cardone is not alone in his stance. According to a report from Investopedia, a survey of millionaires conducted by CNBC found that only 4% considered themselves rich. That is a large number of wealthy citizens who consider themselves “unwealthy.”
Perhaps the biggest factor contributing to this millionaire mindset has to do with the increasing number of billionaires in the world. Forbes’ annual list of billionaires hit a milestone this year when the number of world billionaires reached a record 2,043. When comparing themselves to that sheer amount of wealth, it is understandable how these single-digit millionaires could feel a bit inadequate.
However, at least as far as Cardone is concerned, it isn’t necessarily about earning more money as much as it is about how you can help others out with your wealth.
“It’s not about greed. It’s about help, because all of a sudden you realize, ‘Wow I can help my church. I can help the local school. I can help my kids more. I can help my mom now.’” A noble philosophy, but when the vast majority of America’s population makes well under one million dollars, it seems strange and inconsiderate to call being a millionaire the new middle class.
What are your thoughts? Are millionaires, in fact, the new middle class?