Millionaires Think They're Middle Class?? - Amberly Grant | MHFI 216

Doug and Amberly explore the intriguing reasons why many millionaires consider themselves middle class.  They discuss the technical definitions of financial classes vs. the challenging societal definitions of these same classes, how both of these relate to their own views, and the psychology of wealth & self-perception among financially successful individuals.

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Links

• Doug’s Podcast Accelerator
• Connect with Amberly:
  • AmberlyGrant.com
  • FinTalks
  • Instagram
  • Facebook
  • “Jump In Feet First” podcast
• Amberly on CNBC Make It
• Doug & Amberly discuss “failing” FI on MHFI episode 174
• Erin Talks Money YouTube
• Erin Talks Money, “Reality of the Middle Class Millionaire”
• Yahoo Finance/Insider Monkey, “15 Reasons Why Millionaires Think They’re Middle Class”
• “Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial”
• Doug & Carl discuss feeling wealthy & rich on MHFI episode 203
• Thomas Stanley & William Danko, “Millionaire Next Door”
  • Kindle
  • Hardcover
  • Paperback
  • Audiobook
• Investopedia Definitions:
  • “Middle Class: Definition and Characteristics”
  • “Working Class Explained: Definition, Compensation, Job Examples”
  • “Upper Class: Definition, Salary, Example, and Other Social Classes”
• United States Census Bureau
  • “Wealth, Asset Ownership, & Debt of Households Detailed Tables: 2021”
  • “Income in the United States: 2022”
• David Chilton, “The Wealthy Barber”
  • Paperback
• EconoMe Conference
• Morgan Housel
• Ramit Sethi
• Mark’s Money Mind Podcast
• Mile High FI Facebook Group
• Doug’s site
• Carl’s blog: 1500 Days

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**Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.**

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1500 Days, Carl’s Blog about Early Retirement

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0:00 Introduction

3:26 Millionaire net worth profiles

7:54 Interpreting survey results

13:41 Defining classes by income

24:07 Defining classes by net worth

30:27 The shrinking middle class

37:40 Why millionaires feel middle class

46:50 Millionaires’ mindset & class identity

55:53 Comparison is the thief of joy

1:01:22 Rich or wealthy

1:07:45 Amberly’s podcast, “Jump In Feet First”

1:16:06 Soundcheck – Catching up