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Okay, so how fast are our fellow Americans becoming millionaires? Well, these people didnвЂ™t magically wake up one day with a net worth of $1 million.

How Long Does It Take to Become a Millionaire?

ItвЂ™s quick, itвЂ™s simple, and it suggests the next steps for your unique situation.

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If you want to dig deeper into your personal net worth, use our free tool-the Net Worth Calculator. So when you look at it that way, there are way moreВ than 12 million millionaires living in the U.S. millionaires, we think it only makes sense to include your home as part of your net worth. While Spectrem Group doesnвЂ™t count a primary home as part of the assets of their 12 million U.S. The majority of a personвЂ™s net worth usually includes money invested in a retirement accountВ or real estate. Subtract whatвЂ™s left of the mortgage debt from everything else and youвЂ™ll know your net worth. For example, say you have no debt besides a mortgage, a sizable emergency fund and a retirement account. Net worthВ is what you ownВ minus what you owe. What Is a Millionaire?ДЄ millionaire is someone who has a net worth of a million dollars. ThatвЂ™s right-you could be the next millionaire! Our team recently worked on the largest study of millionaires ever conducted and discovered most millionaires are ordinary, everyday people who follow basic money practices. You mightвЂ™ve even passed one in the grocery store! If that sounds bizarre, wait until you hear whatвЂ™s coming next: You can join them. It might surprise you to find out there are millionaires living among you. HereвЂ™s the thing: Millionaires donвЂ™t look the way you probably think they do.

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1В And that number is growing.ДЇind outВ your net worth with this free calculator!Д«e confident about your retirement.В Find an investing pro in your area today. today? The answer is there are about 12 million millionaire households, according to Spectrem GroupвЂ™s Market Insights Report 2020.

How Many Millionaires Are in the U.S.?Дo you know how many millionaires are in the U.S. DonвЂ™t believe us? WeвЂ™re going to show you how many people around you have already reached millionaire status. The truth is, we all have the resources available today to form a game plan that could make us millionaires. The truth is you work too long and too hard to have nothing to show for it in retirement except for a measly social security check that barely covers a can of dog food. False! YouвЂ™ll also hear that youвЂ™re вЂњnot truly livingвЂќ if you decide to skip a vacation or renovation project to pile up money for a far-off savings goal. вЂњNormalвЂќ people will say you need to borrow money and use debt for todayвЂ™s society to function. ThatвЂ™s right! ItвЂ™s notВ impossible to become a millionaire in todayвЂ™s economy. If you know anything about Ramsey Solutions, you know we like busting the myth that millionaire status is out of reach for most Americans. And we want you to know the answer to them is yes! Is the American dream still alive today? Can you build wealth that lasts in this economy? These are questions we hear all the time.

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