Millionaires Think They're Middle Class?? - Amberly Grant | MHFI 216 | Mile High FI Podcast

Doug and Amberly explore the intriguing reasons why many millionaires consider themselves middle class.  They discuss the technical definitions of financial classes vs. the challenging societal definitions of these same classes, how both of these relate to their own views, and the psychology of wealth & self-perception among financially successful individuals.

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Still confused by all these definitions of middle class?  If so, help us fund our own surveys & research by heading over to Buy Me A Coffee
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Links
(*Some affiliate links so we might earn a commission if you buy something)

Doug’s Podcast Accelerator
https://courses.nichesiteproject.com/...

Connect with Amberly:
- Website: https://www.amberlygrant.com/
- FinTalks: https://www.amberlygrant.com/fintalks
- Instagram: Instagram: amberlygrant
- Facebook:  Facebook: AmberlyGrantFinance
- "Jump In Feet First" podcast: https://www.amberlygrant.com/podcast

Amberly on CNBC Make It
https://www.cnbc.com/2022/12/06/mille...

Doug & Amberly discuss “failing” FI on MHFI episode 174
https://milehighfi.com/podcast/174-re...

Erin Talks Money YouTube
@erintalksmoney

Erin Talks Money, “Reality of the Middle Class Millionaire”
Reality of the Middle Class Millionaire

Yahoo Finance/Insider Monkey, “15 Reasons Why Millionaires Think They’re Middle Class”
https://finance.yahoo.com/news/15-rea...

“Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial”
https://www.businesswire.com/news/hom...

Doug & Carl discuss feeling wealthy & rich on MHFI episode 203
https://milehighfi.com/podcast/203-we...

Thomas Stanley & William Danko, “Millionaire Next Door”
- Kindle: https://www.amazon.com/dp/B0BX7G7PZN/...
- Hardcover: https://www.amazon.com/dp/1630762504/...
- Paperback: https://www.amazon.com/dp/1589795474/...
- Audiobook: https://www.amazon.com/dp/B0000547HR/...

Investopedia Definitions
- “Middle Class: Definition and Characteristics”: https://www.investopedia.com/terms/m/...
- “Working Class Explained: Definition, Compensation, Job Examples”: https://www.investopedia.com/terms/w/...
- “Upper Class: Definition, Salary, Example, and Other Social Classes”: https://www.investopedia.com/terms/u/...

United States Census Bureau
- “Wealth, Asset Ownership, & Debt of Households Detailed Tables: 2021”: https://www.census.gov/data/tables/20...
- “Income in the United States: 2022”: https://www.census.gov/content/dam/Ce...

David Chilton, “The Wealthy Barber”
- Paperback: https://www.amazon.com/dp/0761513116/...

EconoMe Conference
https://economeconference.com/

Morgan Housel
https://www.morganhousel.com/

Ramit Sethi
https://www.iwillteachyoutoberich.com/

Mark’s Money Mind Podcast
https://marksmoneymind.com/podcasts/m...

MHFI Facebook group
Facebook: milehighfi

Doug’s site
https://dougcunnington.com/

Carl’s blog: 1500 Days
https://www.1500days.com/

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Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.
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0:00 Introduction
3:26 Millionaire net worth profiles
7:54 Interpreting survey results
13:41 Defining classes by income
24:07 Defining classes by net worth
30:27 The shrinking middle class
37:40 Why millionaires feel middle class
46:50 Millionaires' mindset & class identity
55:53 Comparison is the thief of joy
1:01:22 Rich or wealthy
1:07:45 Amberly’s podcast, “Jump In Feet First”
1:16:06 Soundcheck - Catching up