Recently on X, I saw a post expressing surprise that there are 24 million millionaires in the United States. I can’t confirm the veracity of that number, but it likely checks out—and I think there are actually many more. In fact, YOU are likely one of them.
First, let’s think about how we get to 24 million “millionaire” households. In the “old” days, the term referred to households with a million dollars in assets. Today, most people use it to describe those earning $1 million or more in income. Back in the 1970s and 1980s, that was a massive amount of money. In 1978, the average wage surpassed $10,000 for the first time, according to the National Average Wage Index. That figure reached $25,000 in 1996 and today sits around $66,000.
Similarly, the average home price in 1978 was about $63,000, according to the FRED database. By 1996, it was approximately $165,000. Today, that number is over $500,000, most spectacularly helped by the surge in prices following 2020.
That’s a lot of numbers, so what does it tell me? If you bought a home with a 30-year mortgage in 1978 and held it until 2018, your home’s value would have increased sixfold—from $63,000 to about $375,000—on an initial down payment of roughly $12,000. Your mortgage payments would likely have stayed steady or even decreased if you refinanced as interest rates dropped. Meanwhile, your income would have grown, making it easier to save in other areas.
Owning your home free and clear now puts $375,000 toward your net worth. Many people on this path also had pensions and savings plans, making it entirely feasible to reach $1 million in net worth. These individuals are now in their 70s, either retiring or already retired. While not everyone reached this milestone—the Federal Reserve reports the median net worth for Americans aged 75+ is $335,000—the fact that 8% of Americans are millionaires today shows that it’s an achievable goal and one that more people will likely reach.
So, how might you be a millionaire, even if your net worth isn’t there yet, especially if you’re younger? It comes down to how much work you will do and what that translates to in dollars today. So let’s keep it simple: imagine you’re 30 years old, making an average wage. (Yes, I am oversimplifying things tremendously.) Over the next 35 years, you’ll earn more than $2 million. While it’s not spendable money today, it’s a type of asset—your future earnings potential. That potential, when translated into smart spending, risk management, and investing, greatly increases the odds that you’ll hit $1 million in tangible net worth (money that you can show and spend or invest) in your lifetime.
Yet, as this NY Post article points out, many people don’t have the knowledge to accumulate tangible wealth. They’re unsure how to budget, invest, or protect their earnings for the future. That’s where Voice Wealth Management can help, guiding you to turn potential into prosperity.
We work with professionals, families, and individuals to help make sense of their financial picture, identify opportunities, and build practical strategies for saving, investing, and managing risk. Whether you’re just starting to grow your wealth or preparing for retirement, we provide the tools, education, and personalized advice to help you navigate your financial journey with confidence.
If you’re ready to take the next step in building your wealth, we’re here to help you get started—just reach out to start the conversation.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
This material has been prepared in collaboration with Crystal Marketing Solutions, LLC, and has been edited with the assistance of artificial intelligence tools. The information presented is based on sources believed to be reliable and accurate at the time of publication. This material is for educational purposes only and does not necessarily reflect the views of the author, presenter, or affiliated organizations. It should not be construed as investment, tax, legal, or other professional advice. Always consult a qualified professional regarding your specific situation before making any decisions.