Many in America’s top 10% feel ‘very poor’ but billionaire Warren Buffett says most folks ‘live better than John D Rockefeller' — 3 tips to create real wealth with the income you have

But in their 2023 survey, 25% of those earning that much or more described themselves as “very poor”, “poor”, or “getting by, but things are tight.” Half said they’re just “comfortable”, at best.

It’s true that everything from cars to condos are costlier than ever before. But even with those costs accounted for, the question remains: Are Americans underestimating their real net worth

Warren Buffett thinks so. In a 2022 interview with Charlie Rose, the Berkshire billionaire tried to put things in perspective for modern Americans.

“You live in a new environment where the bottom 2% in terms of income in the United States, the bottom 5% … The top 1% all live better than John D Rockefeller was living when I was six years old. … And today, you can get better medicine, better education, better entertainment, and better transportation.”

And Rockefeller was at one point the richest man in the world. Here are a few key things to remember as you work toward your wealth goals.

Stable investments over riskier bets

According to a recent survey from Bank of America, individuals aged 21 to 43 with at least $3 million in assets only have 25% of their portfolio invested in stocks.

It is worth noting that 93% of these rich, young Americans say they plan to allocate more of their portfolio to alternatives in the next few years, according to the survey.

So, what alternative investments are capturing the interest of these young millionaires?

The Bank of America survey revealed that among wealthy young investors, 45% own gold as a physical asset, and another 45% are interested in holding it.

Investing in gold is often considered the go-to inflation-fighting move. It can’t be printed out of thin air like fiat money, and its value is largely unaffected by economic events around the world.

And because of the precious metal’s safe-haven status, investors often rush toward it in times of crisis, making it a potentially effective hedge.

One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

Comparison: the greatest thief of joy

It’s not surprising that so many Americans struggle to understand what their financial standing really is. A 2025 study conducted by web data collection firm Soax found that 73% of Americans use some form of social media.

Why is that important?

Aside from an array of finance influencers who all have varying opinions on the best way to create wealth, social media also inherently lends itself to comparisons. but remember: Nobody’s showingtheir mortgages or debts on Facebook and Instagram. Instead, they’re just sharing five-star vacations and ritzy nights out.

This is why professional financial advisors play a crucial role in helping you understand your actual financial position and plans for the future. With the help of a qualified professional, like those you can find through Advisor.com, you can find out where you really stand.

Advisor.com is a free service that helps you find a financial advisor who can co-create a plan to reach your financial goals by matching you with a small list of the best options for you to choose from. From their database of thousands, you get a pre-screened financial advisor you can trust. You can then set up a free, no-obligation consultation to see if they’re the right fit for you.

Social media and the FOMO factor

Social media also fuels FOMO (fear of missing out), especially as more people boast about their investment returns or sudden financial “wins.” Watching influencers and celebrities claim they’ve doubled or tripled their money overnight can easily lead to unrealistic expectations.

But getting investment information from reliable, expert sources (not from social media) is crucial.

When asked what he did to learn about the stock market, Buffett told Berkshire shareholders last year that he did a lot of reading.

“The answer would be, in my particular case, it would be going through the 20,000 pages [of Moody's Manual],” Buffett said.