Overseas Chinese Web Guide

New York Times: In Silicon Valley, Millionaires Who Don’t Feel Rich. By almost any definition — except his own and perhaps those of his neighbors here in Silicon Valley — Hal Steger has made it. Mr. Steger, 51, a self-described geek, has banked more than $2 million.

A million just ain’t what it used to be. If Mr. Steger had dreams of being a millionaire when he was 18 (back in 1974), to reach that goal in today’s dollars would require $4.2 million according to the U.S. Bureau of Labor Statistics. So, even though he has banked $2 million, he’s less than half way there.

If you are targeting to save a million by the time you reach retirement, you may want to recalibrate your goals to account for inflation. When everyone’s a millionaire, being a millionaire won’t be anything special anymore.