Why is it a big deal to be a millionaire?

[Erki]

I mean, really, what is there so very special in owning million dollars or pounds or yens....? Sure, 7+ digit numbers are all cool but still, are they then so much nicer than 4 or 5 digit ones?

[Nico Kempe]

If it's about the number of digits, just convert your cash to rupees..)

I thought about just this today actually. I wondered, if I would have two million dollars, would I be really happy?

I think being a millionaire is nothing really. It's being happy with your life that counts.
I'd be happy, money wise, if I just had enough money to pay the bills and occasionally be able to buy something nice, like uhhm, a cabinet and two couches.

I don't think I need a million dollars for that. Happiness can come very cheap.

[Shamou]

Originally Posted by Erki

I mean, really, what is there so very special in owning million dollars or pounds or yens....?

In three words: wine, women and song...

.

[openeyes]

For most people having $100 thousand, or even just a few grand set aside would be quite welcome. The "special" part about being a millionaire is to no longer have one's life be significantly limited by finances (you may also lose the illusion that money can solve everything). If one feels free at a much lower income level, fine.

[Venomous]

I find that being happy money wise is not exactly having a large amount of it, but rather having enough to feel secure enough to be able to buy whatever you've ever wanted to. Not everybody is looking for a huge mansion with dozens of cars. As long you are able to get what you want and not have to worry about debt, loans, and the such, that's what really matters.

[Old Soul]

I was thinking about all the people in our immediate family ( 5 adult kids), and I noticed that each one of them at this time are all in a transition period in their lives, they all* are going through major changes ... and i understand this is all apart of life........but to have all 5 of them going through this at the same time!!!!

so I think , wouldn't it be nice to give them alll a financial blessing ... they all are so at a time in their life where they could really benefit from it

plus.... I want to open up a bakery or a small "soup Kettle" restraunt and serve all home made soups and speciality wraps and finger sandwiches... ( like the soup nazi guy " No soup for you" lol

[Nico Kempe]

Originally Posted by Old Soul

I was thinking about all the people in our immediate family ( 5 adult kids), and I noticed that each one of them at this time are all in a transition period in their lives, they all* are going through major changes ... and i understand this is all apart of life........but to have all 5 of them going through this at the same time!!!!

so I think , wouldn't it be nice to give them alll a financial blessing ... they all are so at a time in their life where they could really benefit from it

plus.... I want to open up a bakery or a small "soup Kettle" restraunt and serve all home made soups and speciality wraps and finger sandwiches... ( like the soup nazi guy " No soup for you" lol

ooh sounds good.
If you can afford it, I'd definitely do both those things. Give and you will receive in return..)
You may post recipes by the way

[Old Soul]

You may post recipes by the way

cool, thx that would be fun...... of course I can not give away any of my trade secrets*, but I do have some good recipies to share

[homeboy]

It just gives you more time for what you want to do since time is money. Financially secure and makes you think about how to keep it. It can also teach you a lesson depending on how you use this resource.

[Freelancer]

If I'm a millionaire it means I have accomplished many of my personal growth goals as well. Besides having stuff ain't so bad either.

[as5tx]

There is a small problem in being a millionaire if you may call it small. I always believe that every object in this world has two sides, a favourable and un favourable and so too with money. For eg you buy a new car, the +thing is u can go about places in a comfortable manner and not bother about any public transport etc. But -ve thing is it needs maintainence, gas, you may have to drive which means you can't do anything else while commuting like read a book, meditate etc. Further if you are stuck in a jam, you can't simply get out and walk. One must note that thsese two things come together like the two sides of a coin. They can't be seperated. So while more money may give you good things, there may also be some negative aspects. Now what they are, only a honest millionaire who is willing to open his heart to you may tell. Maybe some mafia is behind you ! Or maybe people trouble you to give them money etc. That dose'nt mean that we stop earning. The bottomline is : earn only as much as you want because beyond that you'll have to deal with the negative aspect without really using the positive one. So you're at a net loss. I'll be glad to explain this point more in detail.
Bye for now

[stroodle]

i plan (hope) to become a millionaire. and while i'm relateively young.

why? for a few reasons.

first, it provides security. the ability to acquire the necessities of life.

second, for fun. to buy stuff that entertains, excites, and enriches my life.

third, freedom. i want the ability to do what i want when i want. i don't want to work for the system, i want the system to work for me.

i do think that money can bring happiness. obviously it is not the only thing, nor is it even required. BUT, it can. based on where i live in the world (and probably most of you), money is the basis of getting things done. my goal is to accomplish a lot in life, for myself and for everyone, therefore i'll need money...lots of it. perfect example, Bill Gates. only with his financial success could he do so much more good for the world.

sure you can probably be just as happy living the simple life, but that's if your goal is the simple life.

[Shamou]

Bottom line is... being rich is a big deal because being poor stinks...

.

[maximebellemare]

I would not accept being a millionaire, I want to be worth billions. Why? Because I need it if I want to do my goals. It's the big deal because it is what is going to make me accomplish my goals. I want a reasearch center, like the howard hughes center, whre nobel prizes winner are working, but in WAY BIGGER. I have to change the schoolar system., ect. I need money.

[Ellesse]

The reason it's a big deal is because most people think they can't be one. When it's scarce, it seems revered to be one.

[DiscoDan]

The great thing about being a millionaire or a billionaire (ie, being rich) is that you can stop worrying about how much money you are going to need to pay that next bill, and you can start to think about how you can use that extra cash to make sure other people don't have to either.

[PhyllisZ]

The more money you have... the more capable you are to help others and make a difference in the world. Of course, it doesn't require money to do those things... but the more money you have, the easier it is to make a positive impact in more people's lives.

[Sam988]

Once i become a multi millionaire i will have the answer to the topic, but theres definitely a point. If nothing else, it expands our awareness of the world since we have the means to do a lot more things and we get to feel how it feels like to know that we're able of doing (almost) whatever we want.

[dcaldwell]

Originally Posted by Erki

I mean, really, what is there so very special in owning million dollars or pounds or yens....? Sure, 7+ digit numbers are all cool but still, are they then so much nicer than 4 or 5 digit ones?

To answer the original question, what's special about it is merely the perception as a holdover from the middle-class of the '50s-'70s. Having a million dollars was then almost entirely out-of-reach, and having it meant you either won the lottery, inherited it, or did something commercially spectacular. Nowadays it's not so mystical because it's easily within reach for a lot more people without any hard work -- yet the mystic allure persists, just as many people here feel they "need" it to help drive their own goals forward. Is having millions happiness, a waypoint to happiness, or a false idol? I personally choose the latter.

Are 7 digits much nicer than 4-5 digit ones? Depends on how you live your life and the emotional perceptions you hold about those numbers. Of course, money isn't everything, and you can "be rich" in non-monetary terms; however, in our commerce-driven society how many numbers you make is a quick tool used to judge presumed accomplishments.

[Jayne]

A million dollars won't get you that much these days. Here in FL it might get you a tiny cottage on the beach, or an acre of land with a decent, but modest house.

My thought is it's a benchmark - one way of measuring success among many. If you listen to those who are multimillionaires they will tell you that it's not the money that's important - that doing what they love and having time with their family is most important. I believe the old adage says money can't buy happiness - and I agree. But it does make a nice down-payment!

[Michael Chui]

I'm surprised no one gave the obvious answer: It just sounds dull to be a "thousandaire".

[GeorgeJ72]

It just has a nice ring to it. Millionaire.

While we're on the subject, read an interesting article on how people who make a certain amount of money (I believe 50k) are just as happy as those who make millions. It was on yahoo I believe. I'll see if I can dig it up for you.

[albertlee25]

How about this?

What will it make of you to become a millionaire?

It is not the money. Although it has a nice ring to it It is what you become in the process of making your 1st million. (No, i don't mean those who strike lottery or inherited a fortune, they usually lost everything within 5 years)

To become a self-made millionaire, you need the skills and the knowledge. It makes you grow, to become a better you.

And the best part of becoming a millionaire is, I can live an exceptional life. Exceptional life where not only I can look after myself, I can also look after my family, and I can help more people in needs, I can contribute more to charity, and I have more means to make this world a better place.

Cheers!


Albert Lee

[seeker5]

Originally Posted by Erki

I mean, really, what is there so very special in owning million dollars or pounds or yens....? Sure, 7+ digit numbers are all cool but still, are they then so much nicer than 4 or 5 digit ones?

Working toward being a multi-millionaire to me is about freedom. Having Financial Freedom means that I can tackle any project I desire without regard to whether it is profitable. If there is a political candidate or issue I want to support full-time for a year, I can do so. If there is an industry I am fascinated in and want to work in, I can do so by volunteering my services full-time. If I want to travel the world to learn more about it, I can do so. It means having the ability to fire my boss whenever I wish to without regard to loss of income. It means the ability to accept a job anywhere I want knowing full well that if it doesn't work out, no big deal, I can quit and move on without being tied to it. If there is a city/state/country I am living in that passes laws that I feel restricts me too much, no big deal, I'll just move somewhere friendlier.

[Keith]

Unlike our ancestors we can't just chop down trees to build our own shelter or hunt for our own food. It costs a certain amount just to exist these days and making that money has to be your #1 priority.

'Millionaire' is a rough indicator of crossing the threshold where you have enough money to cover your cost of living for life - even if you just invest it in the bank at 5% per annum. Hence 'financial freedom' - once you cross that threshold, any additional money that comes in is genuinely yours to do with as you will...

[CeciL]

Money is but a resource. A resource that can be converted into any other resource you wish... even more money.

The more resources you have available to you the more leverage you have.

The more leverage you have the more power you have to change and do the things you want.

[Ilya]

Originally Posted by dcaldwell

To answer the original question, what's special about it is merely the perception as a holdover from the middle-class of the '50s-'70s. Having a million dollars was then almost entirely out-of-reach, and having it meant you either won the lottery, inherited it, or did something commercially spectacular. Nowadays it's not so mystical because it's easily within reach for a lot more people without any hard work -- yet the mystic allure persists, just as many people here feel they "need" it to help drive their own goals forward. Is having millions happiness, a waypoint to happiness, or a false idol? I personally choose the latter.

I was going to answer the same way, but then I remembered something else.
While a million dollars was indeed a virtually unattainable sum of money in the beginning of the 20th century, it is not the only reason, this number is still important today as a divider between the rich and not-rich.

The main reason, that still holds to this day in the US, is the idea of accredited investor.
Unless a person is an accredited investor, he is not allowed to invest in high-risk, but potentially highly profitable securities - limited partnerships, hedge funds and angel investor networks.

I'll quote wikipedia definition of an accredited investor:

For an individual to be considered an accredited investor, he must have a net worth of at least one million US dollars or have made at least $200,000 each year for the last two years ($300,000 with his or her spouse if married) and have the expectation to make the same amount this year. This rule came into effect in 1933 by way of the Securities Act of 1933. In Canada the same prerequisites apply, however one's net worth must be a minimum of one million dollars and cannot include the value of their principal residence.

As you can see the rule was introduced in 1933 in the aftermath of the 1932 market crash. Intended as a protective measure, it created a vicious cycle. The beginning investors had access only to the less risky and less profitable investments, which slowed them down. On the other hand, those who already were accredited investors became even more wealthy. This rule greatly contributed to the "rich get richer - poor get poorer" pattern.
So having a million dollars was a point when person's investments suddenly could switch to a turbo mode. In this sense this was one of the prerequisites of being rich in US.

I think that this measure is very simplistic. In the modern world knowledge and skill are more important then the acquired sum of money.There should be other ways to determine if a person is a knowledgeable investor. One can have enough knowledge, but still have less money then necessary, because even doing right things it takes a few years to accumulate a million dollars or get a $200000 yearly revenue.

There are plans to make this definition even stricter, so that accredited investors will have to have $2,5 millions in investments on the day of risky investment. It will be adjusted for inflation.

Of course, investing in the mentioned financial vehicles is not the only way to become rich. But such limitation still makes it all harder.

[Chinese Dragon]

John Wesley has an excellent article on why it's a big deal to become a millionaire. For unmaterialistic people it's not about the money, it's the freedom of not having to work.

Why Unmaterialistic People Should Want to Get Rich | Intelligent Self Improvement - Pick the Brain

[thehexman]

In my opinion, one of the main reasons of becoming a millionaire is (besides the ones already mentioned of course) the simple, well-known equation:

Money = Power

I believe this is meant to be understood in a positive way, such as having the power to relax, having the power to travel, having the power to quit working for a while and focus on PD, having the power to support children, etc. In this sense, one can actually enlarge the equation:

Money = Power = Resource to get things done (see above, there's a post on that)

I believe that's the real reason why we strive for money.

[openeyes]

Originally Posted by Chinese Dragon

John Wesley has an excellent article on why it's a big deal to become a millionaire. For unmaterialistic people it's not about the money, it's the freedom of not having to work.

Why Unmaterialistic People Should Want to Get Rich | Intelligent Self Improvement - Pick the Brain

I didn't see him use the term millionaire in that article, rather he simply extolled the virtues of being "independently wealthy", which could vary depending on what one's chosen lifestyle costs.

"This realization led to the formation of my primary life goal: to become independently wealthy. By nature I am not a materialistic person. I care little for extravagance and the admiration of others. My favorite past times are the outdoors, basketball, reading, and collecting books. Old, used books, that generally cost less than a dollar, are more precious to me than any high tech gadgetry. But there is one valuable commodity that I prize above all others. Time."

With such being his preferences, he could be "independently wealthy" with about ten grand per year, and some people do precisely that: Escaping the Job Trap: An Article by Thomas J. Elpel

For it to be worth making significantly more, he would need to really enjoy the process itself, more than anything else that could be done with his time (or decide that he wants a more expensive lifestyle). The monetarily richest men I know enjoy building up a business for a few years, selling it off, doing something else for a while, and then starting another business just for the excitement of it. A couple of them enjoy BASE jumping for the same reason.