I have about $225,000 in equity in my house and about $50,000 in stocks and cash, so I'm a quarter the way there, do I count? This is maybe a bit silly.
I would say it's someone who has $1M. You don't really consider a billionaire someone that makes $1B+/year do you? If so there is probably only 1 or 2 billionaires in the world.
Back in the day, I'm sure it was someone that just had $1M. Unfortunately, $1M isn't that big of a deal anymore and $1M in the bank doesn't mean you are set for life.
Having money is great, it pays to live in the life you want to take, but it's not everything, family and health and happyness is much more important - I'd take that over been a millionnaire (even though it would be nice )
I've got health, family and happiness, so a few million would just be the icing on the cake. You always have to have something to strive for .
I would never be able to have 1M in the bank no matter how much I earned... right now I am trying to save mone to study at Canada, and it is just so darn difficult. I love to live life, buy expensive stuff and enjoy it. Got myself a pair of $350 Armani sunglasses yesterday and I already have the idea of buying an Audi in my head... Why keep money in the bank? Spend it! Enjoy life!
I always say "I'm done spending, it's time to save now" but that never ever happens. I don't know how some people do it. If I have it, I blow it. It's pretty sad, but if I had let's say $5 Million, my guesstimate would be I'd spend it in 2-3 years. (And I don't mean invest, I mean 'spend" )
Millionaires wouldn't let that kind of money sit in the bank. They'd invest it into more projects that would increase their income.
Absolutely. And what I don't get about my own parents: they don't invest. They have it in the bank, do nothing with it.