As a young child, did you ever dream of having $1 million in the bank? I used to think that way, but my perspective changed over the years. $1 million is no longer a guarantee of financial freedom. For someone spending $200,000 a year in good health, $1 million won’t go very far during retirement. For someone else who spends $40,000 annually and has Social Security income, saving less than $1 million may be appropriate. Numbers can change. The stock market moves up and down. You may be in a high-paying career now but could end up in a lower-paying profession (or vice versa). Dr. Thomas J. Stanley thoroughly researched wealth-building behaviors and revealed the results in The Millionaire Next Door.