Millionaires Think They're Middle Class?? - Amberly Grant | MHFI 216

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. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI ) 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 Links Doug’s Podcast Accelerator Connect with Amberly: AmberlyGrant.com FinTalks Instagram Facebook “Jump In Feet First” podcast Amberly on CNBC Make It Doug & Amberly discuss “failing” FI on MHFI episode 174 Erin Talks Money YouTube Erin Talks Money, “Reality of the Middle Class Millionaire” Yahoo Finance/Insider Monkey, “15 Reasons Why Millionaires Think They’re Middle Class” “Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial” Doug & Carl discuss feeling wealthy & rich on MHFI episode 203 Thomas Stanley & William Danko, “Millionaire Next Door” Kindle Hardcover Paperback Audiobook Investopedia Definitions: “Middle Class: Definition and Characteristics” “Working Class Explained: Definition, Compensation, Job Examples” “Upper Class: Definition, Salary, Example, and Other Social Classes” United States Census Bureau “Wealth, Asset Ownership, & Debt of Households Detailed Tables: 2021” “Income in the United States: 2022” David Chilton, “The Wealthy Barber” Paperback EconoMe Conference Morgan Housel Ramit Sethi Mark’s Money Mind Podcast Mile High FI Facebook Group Doug’s site Carl’s blog: 1500 Days — Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shirts & more **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. ** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 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