Odell Beckham Jr. was on The Pivot Podcast on the iHeart app and was discussing how difficult life can be financially when his last NFL contract was 5 years 100 million dollars. Because honestly after taxes, union and agent fees he really got a little less than 60 million. His last year in the league was 2023 and he was paid 13 million. 2 years later he seems to be effectively broke.
He's not alone. According to a new survey of 969 people who have $1,000,000 or more in investable assets excluding property, retirement plans or pensions. That means they have a mil in the bank.64% said they are worried that it won't be enough to make it to the end of their lives on. So how much would they need? Mark Mascarenhas, a private wealth advisor with Northwestern Mutual, admits, “There’s no definitive number.”
According to the UBS Global Wealth Report, our country is home to nearly 24-million millionaires. They’re so common, the report refers to anyone with assets of $5-million or less as “everyday millionaires.” But you’ll need at least that much to achieve the American Dream, according to a recent study by Investopedia. It finds the cost of having the American Dream is now $5-million over a lifetime to cover:
- Retirement - $1.6-million
- Owning a home $957,594
- Owning new cars - $900,346
- Raising two kids and paying for college - $876,092
- Health care - $414,208
- Annual vacations - $180,621
- Pets - $39,381
- Wedding - $38,200
Source: USA Today⠀