Observations on life

Could you be a millionaire?

6.2% of Americans qualify as a millionaire, but exactly how do you qualify. It’s not as simple as one’s net worth which is total assets less total liabilities.

If you want to be a real honest to goodness millionaire, you have to have at least $1 million in investments not counting employer retirement plans, ownership in a business or your home(s). In other words, investments that can be quickly turned into cash.

One million sounds like a lot of dollars and it is, but it’s not what is used to be. In my high school yearbook back in 1961 I wrote my goal was to be a millionaire. To make that goal in 2019 dollars I would need $8,505,567.93 … I’m a high school failure. 😢

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5 replies »

  1. I guess we are an ersatz millionaire household being only a “401K millionaire”, but that is okay with us.

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  2. I remember when being a millionaire really meant something. There used to be a popular TV show called “the millionaire” in the days when TVs were black and white. The plot of the series was that the agent of some mysterious benefactor would show up and gift 1 million dollars to a random person and how it would change their life. At the time it seemed like all the money in the world. Today, millionaires seem like a dime a dozen. Maybe it’s time to resurrect the show but call it “THE BILLIONAIRE. “

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  3. Since I’m single, do I only need to be half a millionaire ??

    I retired at 55… but my assets are still growing… so I might make it to a million yet.

    That everyday I am my own boss and free to do whatever I like… is priceless.

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  4. Can you share the source you used to identify the number/percentage of millionaires? What is in the numerator and what is in the denominator?

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