The odds of becoming a millionaire aren’t that good.
Most people across the world have less than a 1-in-4 chance of scoring a seven-figure bank account.
And as Bloomberg reported, your odds of becoming millionaire depend on your race.
Asian Americans have a 22.3 percent chance, while whites have a 21.5 percent chance. Black and Hispanic Americans have a 6.4 and 6.8 percent chance of becoming a millionaire, respectively.
But let’s say for a second that you earn $1 million. How much is it really worth in cash?
Depends on where you live.
GoBankingRates.com recently calculated how far $1 million in cash would go in each individual U.S. state.
That amount of money lasts the longest in Mississippi (26 years, four months), Arkansas (25 years, six months), Oklahoma (25 years, two months), Michigan (25 years) and Tennessee (25 years).
Meanwhile, you’ll lose your money quickly if you live in New York (17 years, one month), Alaska (17 years), California (16 years, five months) or Hawaii (11 years, 11 months).
Utah sits on the longer end of the scale, as $1 million in cash would last Utah residents 23 years and 10 months. The Beehive State ranked 17th overall.
The report said Utah’s low utility ($2,945 a year) and housing ($14,240) rates allow the money to last longer.
“In fact, the only category that is pricier than the national average is groceries, but not by much. When all is said and done, retirees will spend around $41,984 per year,” the report said.
Utah ranked directly behind Nebraska (23 years, 10 months), Louisiana (23 years, 10 months) and Ohio (23 years, two months).
Nearby Idaho finished at No. 11 on the list, just behind Alabama.
The analysis revealed how many years it would last you, assuming that you retired at 65.
The report did not account for inflation or account for any extra savings people might have.
“These estimates assume you keep your million dollars in a checking account that pays nothing in interest. If you invest part of your retirement savings instead and manage your withdrawals strategically, a million dollars will last much longer,” according to Business Insider.