[quote=AN]What is the demographic breakdown of millionaire households in the United States?
-Virtually all are, on average, college educated. . . [/quote]
AN, I don’t believe this …. at all. Where did this info come from?
I know of MANY households with a net worth of $1M whose heads of households have little or NO college! Shoveler is correct in that older coastal CA has many thousands of them. Of course, in most cases, most of their “net worth” is tied up in real property, either “inherited” or purchased 3-6 decades ago.
I have more than a DOZEN relatives who are lifelong residents of “flyover states” who are easily worth $1-$5M and two more are worth $8-$10M. I think only 5-6 of them attended college (retired schoolteachers and principals living in lifelong dual-income households).
Yes, the vast majority of these people are over 55 years old today (NOT 50). The biggest portion of that subset are over 65 years old today.
Some (10-20%) likely never finished high school.
I don’t think this level of wealth/security can be accumulated today without a college degree, unless deriving from a TF. It’s much harder now to save, due to the much higher cost of living, especially in coastal CA.
However, I DO HAVE a nephew (age 24), married with a 22 yo spouse, both who work FT and live in “flyover country,” who will have their 3/2/2 home paid off at the end of this year. So having lifetime security is much more obtainable in certain parts of the country but the $64M question is “Would the Piggs want to live there?” And would they want to have the type of job my nephew does (manning/servicing oil rigs), even for just a few years?
