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I don't know if I would equate having a million dollars in net worth as being "rich."

According to that article, the median millionare earns about 130K a year. That's well-off, but probably not what most people would consider to be rich.

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Correct. If you look at the demographics, most are self-employed. So you got the Dry Wall business, or the plumbing contractor, etc. In theory, they could sell their business for 250k, add about 100k of company trucks, tools, materials, etc.

Then they are home owners, buying the nice house in the middle class neighborhood years ago. The 80k house is now worth 300k plus.

Run the business, be a "saver", invest a little bit, live simply, low maintenance life style, don't live beyond your means. Bingo! You are a millionaire on paper. You might even go to Florida for vacation sometimes.