Adjusted for inflation, 11k in the 60s is equivalent to 120k today. You can get a house for that money. Not a big house, but houses weren’t that big back then either.
“Adjusted for inflation” is a pretty silly term. It might mean something in an economics class, but it’s nonsense if you try to apply it to the real world.
$1 million in 1960 would buy you an estate in Beverly Hills, a townhouse in Manhattan, a few luxury cars, and you’d have enough left over to invest and live comfortably forever.
$11 million today might get you a bungalow in a pricey neighborhood.
Adjusted for inflation, 11k in the 60s is equivalent to 120k today. You can get a house for that money. Not a big house, but houses weren’t that big back then either.
“Adjusted for inflation” is a pretty silly term. It might mean something in an economics class, but it’s nonsense if you try to apply it to the real world.
$1 million in 1960 would buy you an estate in Beverly Hills, a townhouse in Manhattan, a few luxury cars, and you’d have enough left over to invest and live comfortably forever.
$11 million today might get you a bungalow in a pricey neighborhood.
I don’t see what’s silly about it. It’s the purchasing power that matters - not the numeric value.
That’s exactly the point I was making.