Millionaire 101: What makes a Millionaire?

If you thought professional athletes, entertainers or people with an annual salary of $1 million, are millionaires, think again. 

A recent article reveals that a lot of people who are trying to give the impression that they are millionaires, are actually not. 

But wait, before you Unfollow your sporting heroes on Twitter, Facebook and Insta (or IG, depends on how cool you are), because you feel cheated…take a moment, they might genuinely believe that they are millionaires, as opposed to just flossing the millionaire lifestyles. 

In order to understand if someone is truly a millionaire, you first have to understand your goal when it comes to attaining wealth, how it’s measured and how one becomes a millionaire. Being a millionaire is not about the car you drive, the designer gear you flaunt or the type of lifestyle you lead. Many millionaires don’t feel the need to live the “millionaire” lifestyle. 

Many of us have incorrectly been conditioned to believe that wealth is measured by annual income, but that’s not the case. Wealth is measured according to your net worth

Here are some things that make people think they are millionaires

Owning a business that grosses $1 million or more

Earning an annual salary of $1 million

Selling $1 million worth of a product, such as a record, designer fashion, books, etc

Living the “millionaire” lifestyle

 

 

What is REAL wealth about? 

Real wealth is about assets, not income. According to a recent report, while higher income earners tend to have more wealth than lower-middle class earners, the size of their salary slips only explains about 30% of wealth inequalities among households. 

The rest is driven by two things: savings and investments.  Wealth isn’t about how much you earn, it’s about how much you own. 

The answer you’ve been waiting for…a millionaire is someone whose net worth (the total value of their what they own (assets), minus the total value of what they owe (liabilities), is $1 million or more. 

But even within this definition, there are different levels. For example, you wouldn’t be a millionaire, if only liquid assets (stocks), that can readily be converted to cash, are considered. 

So, if you were to strike it big on tonight’s €154 million SuperEna Max jackpot draw, make sure you make the right investments to ensure that YOUR millions makes you a MILLIONAIRE! 

 

Best of Luck!

The FatCatLottos Team



This post was written by
Richard Bailey - who has written 50 articles
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