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How Much Is One Million Dollars Valued Now?
Actually how much is one million dollars worth nowadays?. a million dollars is worth less today than yesterday. And with that, I mean how much is one million Benjamins or US dollars worth anyway? With prices of goods, services, properties and even basic amenities going up more rapidly than our wages, the one million dollars that we so desire may not be the same or as much as during our grandfathers’ time, when in possession of a million dollars indicate that you are not only set for life, you have basically laid the foundation for the next three generations.
I am not saying that one million dollars is worthless, far from it, many Americans still do not have their first million, and may not see it in their life time. What can be purchased with one million dollars now is nothing compared to what can be purchased twenty years ago. Take for example, the price of our homes. Home prices have risen about 300% over the last 20 years. That would mean that a million dollars used to be able to buy a home three times as big 20 years ago versus today. Hence a million dollars is only valued at $300,000 going back twenty years ago.
But the more important question that we should ask, when we ponder the worth of our money is whether we are able to grow our wealth as fast as the annual inflation so as to protect the value of our cash. If you do not grow your money by the amount of inflation, you are getting poorer by the minute. And in twenty years, the one million dollars underneath your bed would only be worth one third as much. So do not leave your money to laze around, your money will rot rapidly.
Invest your money into the stock market would help you grow your money fast but this also comes with lots of risk. The safer bet in the stock market would be to buy the index or others would call indexing. That would be about buying the stock index or funds that invests in a basket of goods representative of the market in general Since the stock market tend to rise over the long term, your investment or money would be relatively safer, short of a great depression.
To hedge against inflation, you could also procure real estate. As mentioned above, property prices had risen over 300% over the last 20 years. Investing in real estate can mean staying in line with price increases and maintaining the value of your wealth. Do not let your cash sit idling; make sure your cash is working just as hard as you.
At the end of the day, many people will be asking whether they can retire with just 1 million dollars. It is possible, but we will have to face the realities that we will not be able to enjoy as much luxuries as we would had twenty years ago. One million dollars would still be sufficient for a modest retirement today but in another twenty years, we would not even be able to afford a home with this amount of money. retiring may not be possible with just one million dollars tomorrow.
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