ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Making millions of dollars with a fleet of ice cream trucks, or an eBay business, or a family roofing company, feels like fulfillment of the American Dream. |
America seems to have more millionaires than ever. Indeed, the average U.S. household is now worth a million dollars, according to the federal Survey of Consumer Finances for 2022. |
So, who are all the new millionaires? |
USA TODAY set out to find the proverbial millionaire next door: Americans who built seven- or eight-figure fortunes from essentially nothing, without high-powered law degrees or inherited wealth. |
Generation X comes into its own |
For the first time ever, Gen X workers saw their 401(k) balances top those of Baby Boomers, Medora Lee reports. |
Retirement account balances for Gen X workers who have been saving for 15 years averaged $543,400 at the start of this year, $200 more than average balance for Boomers, according to Fidelity. |
Gen X is often termed the forgotten generation, sandwiched between the large and culturally powerful Boomer and Millennial cohorts. It's also the first generation to start working as 401(k)s replaced pension plans. Surveys have shown many of them don't have nearly enough for retirement. |
📰 More stories you shouldn't miss 📰 |
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it! |
Fast food − it's quick, filling and, most importantly, cheap; or at least, it's supposed to be. |
Chains such as McDonald's have faced criticism as prices soared in recent years, resulting in less revenue from lower-income consumers. McDonald's has since promised a reduction in prices. |
Some people, however, have taken matters into their own hands. One TikToker has gained some virality by bringing attention to a lesser-known McDonald's meal deal − one so affordable, some netizens couldn't believe it. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Building something from nothing feels like fulfillment of the American dream. These millionaires could be your neighbors. | | | |  | For the first time, Gen X's 401(k) balances top those of Boomers, Fidelity says. Is it enough to get the forgotten generation back on track to retire? | | | | The prices of McDonald's dinner box meals may vary by location, but whether they're $12 or slightly more, they could provide a good value. | | | | Gen Z'ers in a recent study say their parents didn't set good financial examples for them. | | | | ACT was acquired by a private equity firm earlier this year. Will it change anything for students? | | | | The economy and job growth appear to be slowing based on official data. But this obscure bellwether - uniform patch sales - says otherwise. | | | | A recent study from the Insurance Information Institute found 12% of Americans no longer have home insurance, up from 5% in 2019. | | | | Tesla's Cybertruck could be the second highest-selling EV truck in 2024 | | | | A group that claims to have hacked software company CDK Global is demanding tens of millions of dollars in ransom, Bloomberg reported. | | | | A few simple moves in 2024 can add six figures to your retirement savings within a few years. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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