Having $1M after decades of working at or near retirement age is the bare minimum one needs for a “decent” retirement if they want to continue their lifestyle. I know 90% of Americans don’t come close to it, but if you want security of quality of life and not worry about medical expenses, $1M will not go far in many of the places in the US that are popular.
On the other hand, when I’m putting together a real estate deal and I need a few hundred thousand dollars, I have many doctors I can call who might be able to pony up, but no teacher is going to be able to come up with that kind of investment. I know a couple of outlier engineers and CPAs who can come up with that that, but nowhere near the amount of doctors, especially as a percentage of all engineers and CPAs.
It’s just crazy to me to hear of the profession where all members are higher earners that are at $200k on the low end be put in the same bucket as teachers whose median might be $60k to $80k, in high cost of living areas.
Not that real estate is a bad investment, but a single high value deal has no diversity and so it a bad investment. If you are putting several hundred thousand into a single investment your net worth really should be closer to ten million than one.
Note that I said some doctors above. If only 1% of doctors are good with money/investments, that is a lot of doctors, and they will in general have more money than any teacher.
Can you provide your definition so that I can frame your comments with it?