| Three major factors: rising home values, rising stock prices, and continual inflation. Let's take a closer look at each and determine what you need to do - if you haven't done it already - to become financially independent. Let's start with the basics... I received only one piece of investment advice from my dad my whole life. When I was a 22-year-old, he said, "Son, if you plan to stay in that town, you should buy a house rather than renting." It makes no sense to throw money away on rent - which is building equity for your landlord rather than you - unless your job (or your lifestyle) requires you to move frequently. That's what most U.S. millionaires have done. Overwhelmingly, they are homeowners. They benefited from rising home prices, while renters found housing increasingly unaffordable, especially once rates started going up a few years ago. The other thing most millionaire households did was invest in stocks. No other asset class has outperformed a diversified portfolio of equities. That means those who avoided risk - by investing solely in money markets, CDs and bonds - earned much lower returns. Sure, with little to no volatility they had lots of restful nights. But they may not have a restful retirement if the money starts to run low. Those who bought a home, invested regularly in stocks - in a 401(k) or elsewhere - and held onto them for 20 years or more almost certainly have a million-dollar net worth... or are well on their way. If you did this, you probably feel a sense of pride that with work, discipline, and sacrifice you secured your family's financial future. The Washington Post sees it differently. They recently accused millionaires - in an article, not an editorial - of widening "the gulf between rich and poor." There was no mention of how some folks don't work, don't save, don't invest, or won't stop spending. That would undermine the victimhood narrative. (At the Post, personal responsibility is a forbidden subject.) But here's the rub: a million dollars isn't what it used to be. | 
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