What Does Being a Millionaire Really Mean?

[Spanky]

The literal or technical definition of a millionaire is one who has over a U.S. $1 million in financial assets. The true meaning, however, is one who has over $25 million (U.S.) since the term was first coined in the late 1800s to symbolize wealth. That is, someone who can afford mansions, limousines, yachts, jets, luxury, expensive trips, etc.

[trumpeting_angel]

I inherited some money a few years ago, but after some research quickly learned that retirement with a half million was not in the cards! Still inching my way toward that first million, I've been interrupted by this summer's market shenanigans and beginning to put my kid through college. Alas, not only have I not reached it, but hitting the big $1mm isn't going to be the answer!

A few more years of work, sigh.

Anne

[xyz]

Ok, so if $1 million is a millionare what constitutes a multi-millionare?

[Texas Proud]

Quote:

Originally Posted by xyz Ok, so if $1 million is a millionare what constitutes a multi-millionare?

Multi means many... so, some will say that 2 is not multi, but I do.... if you do not, then it is 3...

[Spanky]

Multi = 2 or more. However, a multimillionaire means a person having several (whatever that means) millions of units of currency. A million Vietnam Dong (VND) is only worth $61.5858 USD. Thus, a multimillionaire in Vietnam is the same as a multimillionaire in the U.S.

[Milton]

Quote:

Originally Posted by Spanky The literal or technical definition of a millionaire is one who has over a U.S. $1 million in financial assets.

Really? What is your source for the US currency requirement? That seems quite ethnocentric.

I suspect that people living in, say, Australia or Canada would probably consider themselves to be "millionaires" if they had over a million dollars in their respective currencies. And an Englishman with a net worth of £1 million would be worth rather more than an American with US$1 million.

[theloneranger]

These days, it would take a net worth of about 5 mil to be comfortably extravagant.
Not there yet and don't think I will be.

[travelover]

Quote:

Originally Posted by Milton ......... And an Englishman with a net worth of £1 million would be worth rather more than an American with US$1 million.

Yes and an Englishman worth a billion pounds would be about 2000 times as rich as an American billionaire.

[kumquat]

Quote:

Originally Posted by Milton Really? What is your source for the US currency requirement? That seems quite ethnocentric. I suspect that people living in, say, Australia or Canada would probably consider themselves to be "millionaires" if they had over a million dollars in their respective currencies. And an Englishman with a net worth of £1 million would be worth rather more than an American with US$1 million.

DW and I qualify as Canadian multi-millionaires (if 2 or 3 is enough). We also qualify in US$ since the C$ is worth about US$0.96. WE don't really think we are 'multi-millionaires' in any currency. Multi-millionaires have yachts, private jets, mansions, servants, fine cars etc. We live like our neighbours except we don't have j*bs.

Edit to add: I expect that most C$ millionaires expect to be US$ millionaires within a year.

[Telly]

Quote:

Originally Posted by Milton Really? What is your source for the US currency requirement? That seems quite ethnocentric.

I agree.

We must be careful not to discriminate against other civilizations such as the Fisher-Price People of the Plasticscene Era. Their units of monetary exchange were invisible. We hypothesize that many were millionaires, due to the large number of convertibles that they were found in, or found laying next to.

Research continues, but grants have not been forthcoming. We appeal to Ottawa for funding.

[Milton]

Quote:

Originally Posted by kumquat I expect that most C$ millionaires expect to be US$ millionaires within a year.

No kidding, eh.

[Grizz]

They say that a million dollars won't buy happiness, but it'll make one hell of a down payment.

[W2R]

Quote:

Originally Posted by Grizz They say that a million dollars won't buy happiness, but it'll make one hell of a down payment.

If I ever reach a million, I'll let you know! (I'm not holding my breath, though.)

Seriously, once the basic needs for adequate food and shelter are met, happiness is pretty much a do-it-yourself project (at least for me).

[burnthiscube]

Our net worth is approx 2M. As an earlier poster stated, we live much as our neighbors (probably more LBYM) except we don't work, at least for pay.
It does create a sense of security, and time to enjoy the smaller, more subtle elements of life. We're currently planning our daughter's wedding, which is great fun, although it will reduce our net worth by 50K or so.
Bruce

[Bigritchie]

Kinda off topic in a way, but I think being a millionaire to me, basically can be summed up in this.

Before when say a water heater exploded and made a mess, there was incredible stress, the stress of taking much needed money and cleaning up, and buying a new water heater, and then worrying about other bills. Or if something stopped working at my store it was just mass mass stress.

Now when something breaks, it is still super annoying, but that pit of fear in the stomach is gone. It is more of a "O well, just fix it". It still sucks spending the money, but I don't sit up all night worrying anymore.

Besides that it is all about the same to me. (except I have zero tolerance for rude customers when they start with me now hehe)

[W2R]

Quote:

Originally Posted by Bigritchie Kinda off topic in a way, but I think being a millionaire to me, basically can be summed up in this. Before when say a water heater exploded and made a mess, there was incredible stress, the stress of taking much needed money and cleaning up, and buying a new water heater, and then worrying about other bills. Or if something stopped working at my store it was just mass mass stress. Now when something breaks, it is still super annoying, but that pit of fear in the stomach is gone. It is more of a "O well, just fix it". It still sucks spending the money, but I don't sit up all night worrying anymore. Besides that it is all about the same to me. (except I have zero tolerance for rude customers when they start with me now hehe)

You have GOT to be kidding! When you had less than a million, say, $900,000, you sat up all night worrying about other bills when something like your hot water heater broke? :confused:

Who knew I was such a (comparatively) mellow person?

[bow-tie]

Quote:

Originally Posted by Want2retire ...Seriously, once the basic needs for adequate food and shelter are met, happiness is pretty much a do-it-yourself project (at least for me).

That is very well said.

[Milton]

Quote:

Originally Posted by kumquat I expect that most C$ millionaires expect to be US$ millionaires within a year.

Well, there it is. Your post was correct, except that it should have ended "within two weeks".

How low will the dollar go?! Sometimes I think most Americans are entirely unaware that their financial futures are being mortgaged to the Iraqi invasion and their purchasing power /standard of living is steadily eroding ... but ignorance is not bliss.