Will you become a millionaire

[The Budget Man]

Re: Will you become a millionaire

I truly hope so, but it won't be through just regular wages and saving. We just don't make enough and in our area where we live, we will never make millions. I will hopefully have land in the near future that I can sell. That will help!

More people become millionaires by using what they have than by inheriting money or get rich quick schemes.

I used to think that the greatest investment I would ever make was my house. Then just recently I woke up to discover that the greatest investment of my life financially was my income. With my income I buy my house, auto, and lifestyle.

Enjoy Your Money
The Budget Man

https://www.PersonalityBudgeting.com

When you want to enjoy your income.

[Jewelfine]

Re: Will you become a millionaire

My husband and I will soon I hope - Partly from housing prices increasing in our area - Our house almost doubled in value from when we bought it 7 years ago - and through hard work and living beneath our means.

I am surprised at how many people said they wouldn't be. Why is that? especially if you want to retire at any time - I would think you would need $1,000,000 to live off of - maybe My dreams are bigger than most or maybe we live in an expensive area (i.e. living costs are higher)

Also how do you define a Millionaire? does that mean $1,000,000 net worth? or $1,000,000 cash in the bank?

[Ima saver]

Re: Will you become a millionaire

I would say a millionaire is a million net worth. I hope, cause my house is my biggest asset. It will take at least a million dollars to be able to live off the interest. That is what I would like to do, be able to live off the interest.

[pearlieq]

Re: Will you become a millionaire

Absolutely! (God willing) The goal is actually closer to about $4 million.

I don't expect it to be anything like what I picture when I daydream "wouldn't it be nice to be a millionaire..." That amount of money should provide a fairly comfortable retirment, but not carte blanche extravagance.

[Jewelfine]

Re: Will you become a millionaire

Our goal is $4 million as well. Although we are working it out so we can still travel etc as we work to that goal. I believe in balance for now and for the future - it seems to be working!!!

[Gruntina]

Re: Will you become a millionaire

I would have to start investing in other ways than only my 401k. Right now until my debts are paid off, I am only contributing for the company's match. Since it’s a 401k and with history record, I expect the tax bracket will be higher by time I retired and a chunk will be taken out of it. When that happens, it might not be 1 million in the end.

I am hoping start a Roth IRA in Jan and look into some other form of investing.

[Ima saver]

Re: Will you become a millionaire

My mutual funds have done pretty well for me over the past years.I need to get back to investing in them. We have been trying to build up cash the past four years so we can build houses without getting loans for them.

[Broken Arrow]

Re: Will you become a millionaire

I know this has been brought up before, but yes, my goal is NOT to become a millionaire. My real goal is Financial Freedom!

However, to achieve my definition of Financial Freedom would require at least one million, but preferably several more.

The distinction may seem subtle at first, but the focus is on quality of life and a sense of satisfaction with the time that I have been given, not some arbitrary dollar amount to reach... and then what? Forget everything and blow it all at Vegas for a few months?

No.

Life. That's what's really important to me. Being a (multi-)millionaire is just the means to get me to where I want to be. The distinction may be subtle, but it is very real and very important.

I would say a millionaire is a million net worth.

Yes, I definitely think of it in terms of net worth as well.

[Ima saver]

Re: Will you become a millionaire

I think that is very admirable to want to obtain financial freedom. That is my goal also, It doesn't matter the number, just to be able to live comfortably on the money that you have.

[Gruntina]

Re: Will you become a millionaire

I know this has been brought up before, but yes, my goal is NOT to become a millionaire. My real goal is Financial Freedom!

However, to achieve my definition of Financial Freedom would require at least one million, but preferably several more.

The distinction may seem subtle at first, but the focus is on quality of life and a sense of satisfaction with the time that I have been given, not some arbitrary dollar amount to reach... and then what? Forget everything and blow it all at Vegas for a few months?

No.

Life. That's what's really important to me. Being a (multi-)millionaire is just the means to get me to where I want to be. The distinction may be subtle, but it is very real and very important.


Yes, I definitely think of it in terms of net worth as well.

Sometimes "Life Happens" and not comfortable at the present moment with financial... Though we have to work hard to get out of it, we may also try to make the best out of it. Some of my most enjoyable and precious moments when I was living with my mom when we did not have shelter.

[Ima saver]

Re: Will you become a millionaire

You go tina!![Automated by GetSmile]

[The Budget Man]

Re: Will you become a millionaire

I'm working on the idea that there are seasons in my life. Sometimes there are seasons of plenty and I can increase my wealth. Sometimes there are seasons where money is tight.

My challenge is to be positive no matter what the season. One day I'll find that I've gone over the "magic million" figure and that will be good, but that is not the key.

Enjoy Your Money
The Budget Man

https://www.PersonalityBudgeting.com

A budget that works in good and bad times

[greedy4chips]

Re: Will you become a millionaire

I plan on being a millionaire 3-4 times over and around here that is alot. I can see a home in Cal. or east coast being 1 million+ easily in 30 yrs. But my hope is to have the money and not just the assets like a house make up the million(s). It is hard to spend a house.

"Million dollars" is really a relative term, and some could feel like a millionaire if they had $100,000 and others would feel poor if they had 10 million.

Readers Digest asked 10 people with net worths ranging from 1 million to 10 million (1 person for each million dollar level) what amount of money they would need to live comfortably and each person stated if they had twice what they had now they would be set for life! hmmm, why is that?

We have a tendency to live just beyond our means or very close to it at least so whether you make $6.00/hr or $60.00/hr you spend a large portion of your income and believe you would be secure at double your income, but your spending habits will quickly follow.

I have a friend who married a woman with 2 sons from a previous marriage. She worked up to 3 jobs at a time to make ends meet and lived very frugally. Her hubby makes in excess of $100k and now she spends like there is no end to the income (to hubby's slight complaints). All of our mutual friends have noticed a huge change in her since we first met her years ago. She used to be down to earth, but has since begun to only hang out with her "well to do" friends and that is fine with the rest of us. She always tells us how much she spends redoing the cupboard handles, faucets, flooring, etc in their house and we all just want to puke!

I just want to be comfortable and if that takes $10 or 10 million that is fine and ultimately should be all of our goals...to be comfortable at our current level of income and investments. We all don't need to have the drive to own the biggest house or nicest car, since in the end people only like you for who you are and not what you have.

[mzlatisha]

Re: Will you become a millionaire

i want to retire now...but i am broke...

[lisajane]

Re: Will you become a millionaire

I know I will become a millionaire, living any sort of adventurous life will be impossible if I'm limited in terms of money. Money itself isn't important to me, but the opportunity it brings is.

I know in my heart I'll be a millionaire before i'm 40.