How much money does one need in order to be “rich”? As noted in a Time Magazine article: “The rich don’t really think they’re rich. In a new survey, the vast majority of investors with $1 million in assets don’t consider themselves wealthy.”
That certainly depends on how the perspective of each individual but, at a minimum, a person who has accumulated at least $1 million in investable assets is either rich or financially very well off.
About 1 in every 20 households in the United States has at least $1 million in investable assets. Maryland has the largest number of millionaires per capita. These figures don’t include the value of real estate. Those federal employees who have reached this figure have reason to be proud of their accomplishment.
A few readers have commented on the FedSmith.com website to the effect that a federal employee cannot accumulate a million dollars (or more) in their Thrift Savings Plan account.
Their theory, apparently, is that they do not make enough money to reach this amount to be used toward their future retirement.