Monday, June 24, 2024

The millionaires next door

Also: Has Generation X arrived? ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Jun 24 2024

 

Daniel de Visé Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Making millions of dollars with a fleet of ice cream trucks, or an eBay business, or a family roofing company, feels like fulfillment of the American Dream. 

America seems to have more millionaires than ever. Indeed, the average U.S. household is now worth a million dollars, according to the federal Survey of Consumer Finances for 2022.

So, who are all the new millionaires? 

USA TODAY set out to find the proverbial millionaire next door: Americans who built seven- or eight-figure fortunes from essentially nothing, without high-powered law degrees or inherited wealth. 

Generation X comes into its own

For the first time ever, Gen X workers saw their 401(k) balances top those of Baby Boomers, Medora Lee reports.

Retirement account balances for Gen X workers who have been saving for 15 years averaged $543,400 at the start of this year, $200 more than average balance for Boomers, according to Fidelity. 

Gen X is often termed the forgotten generation, sandwiched between the large and culturally powerful Boomer and Millennial cohorts. It's also the first generation to start working as 401(k)s replaced pension plans. Surveys have shown many of them don't have nearly enough for retirement.

📰 More stories you shouldn't miss 📰

Why more homeowners are dropping insurance
How is the economy doing?
Cybertruck sales are picking up
What do the ACT and Red Lobster have in common?
Teach your kids good financial lessons

📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

Fast food − it's quick, filling and, most importantly, cheap; or at least, it's supposed to be.

Chains such as McDonald's have faced criticism as prices soared in recent years, resulting in less revenue from lower-income consumers. McDonald's has since promised a reduction in prices.

Some people, however, have taken matters into their own hands. One TikToker has gained some virality by bringing attention to a lesser-known McDonald's meal deal − one so affordable, some netizens couldn't believe it.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

Anuar Garcia , founder and CEO of GreenTek Solutions works on computers in his 23,900 SF warehouse in Houston. GreenTek Solutions is an IT Asset Disposition company that helps mid to large corporations dispose of their excess IT equipment . GreenTek make sure the companies data is erased or destroyed and that their equipment doesn't end up in a landfill.

Building something from nothing feels like fulfillment of the American dream. These millionaires could be your neighbors.

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Diane Sutterman, 59, and her husband Gary Brinker, 56, pose for a photo in their retirement home, Monday, April 29, 2024, in the Valencia at Riverland neighborhood in Port St. Lucie.
 

It's Gen X's turn to retire next. How are they doing?

For the first time, Gen X's 401(k) balances top those of Boomers, Fidelity says. Is it enough to get the forgotten generation back on track to retire?

The meal box includes fries, nuggets, cheeseburgers and Big Macs.
 

Fast food tip: Viral $12 McDonald's dinner box deal can feed a family

The prices of McDonald's dinner box meals may vary by location, but whether they're $12 or slightly more, they could provide a good value.

Two kids are holding lots of money and looking totally surprised by their sudden wealth.
 

It's not too late to teach your kids good financial lessons

Gen Z'ers in a recent study say their parents didn't set good financial examples for them.

In 2013, Georgia's Fulton County District Attorney Fani Willis indicted more than 30 educators in a standardized testing cheating scandal. Two years later, 11 of them were convicted.
 

What do the ACT test and Red Lobster have in common?

ACT was acquired by a private equity firm earlier this year. Will it change anything for students?

MIAMI, FLORIDA - DECEMBER 03:  A Now Hiring sign hangs in front of a Winn-Dixie grocery store on December 03, 2021 in Miami, Florida.  The Labor Department announced that payrolls increased by just 210,000 for November, which is below what economists expected, though the unemployment rate fell to 4.2% from 4.6%.  (Photo by Joe Raedle/Getty Images)
 

How is the economy doing? Look to employee uniform patches

The economy and job growth appear to be slowing based on official data. But this obscure bellwether - uniform patch sales - says otherwise.

The French Fire comes close to destroying homes on August 24, 2021 in Wofford Heights, California.
 

Why more homeowners are dropping their insurance

A recent study from the Insurance Information Institute found 12% of Americans no longer have home insurance, up from 5% in 2019.

Promo art for Graphics only!
 

Sales of expensive Cybertruck driving up Tesla's bottomline

Tesla's Cybertruck could be the second highest-selling EV truck in 2024

Ford Focus compact cars are offered for sale at a dealership on June 20, 2017 in Chicago, Illinois.
 

CDK auto systems to take 'several days' to restore after cyberattack

A group that claims to have hacked software company CDK Global is demanding tens of millions of dollars in ransom, Bloomberg reported.

Person celebrating victory while looking at computer.
 

Want to max out your 401(k) and IRA? Here's some tips.

A few simple moves in 2024 can add six figures to your retirement savings within a few years.

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