What's next after "Millionaire"?

[Tysonboss1]

What is the new term we can set our sights on now that years of inflation has caused just about everyone to become millionaires.

I mean the term millionaire used to be a term used for someone who controlled great wealth, But now you only have to own 2 or 3 houses in the outer suburbs to be in the millionaire group.

Billionaire seems a bit out of reach for the masses, So what should we be aiming for.

Is it "Multi Millionaire", "Deca Millionaire" or is there a better term.

 

[burglar]

...

Billionaire seems a bit out of reach for the masses

Isn't that what a millionaire used to be, ... when I was young?

 

[bellenuit]

Isn't that what a millionaire used to be, ... when I was young?

I think Billionaire is too big as it implies $1M from the 20s/30s (when $1M meant something) is equal to $1B today.

$1M (US) in 1930 is, inflation adjusted, equal to $13.24M (US) today. So allowing for the fact that we are better off than in the 30s, I think $20M in net assets would have the same prestige and convenience as $1M in 1930. It certainly is enough to allow you to stay in luxury hotels and not to have to work. I don't know any catchy word to demote $20M though. Perhaps those familiar with Latin could provide a suggestion.

BTW, I've mentioned this terrific web resource before. It is Wolfram Alpha and is worth exploring to see its full potential.

http://www.wolframalpha.com

To get the above result, I simply typed in: 1930 $1m today

It interprets as best it can what you are looking for and computes the result. In my case it knew exactly what I was looking for. It is not a search engine and actually uses statistical and other data to provide what it thinks you are asking. Type Sydney Melbourne and look at what it comes up with. Put in a math formula and it will compute the result, graph it and a lot more. If you have school age kids, show them the site. Its unbelievable.

 

[burglar]

I think Billionaire is too big ...

multi-millionaire !!


http://www.ehow.com/how_2058092_become-multi-millionaire.html

1.
Examine your thoughts about money. Develop a healthy value for money. If you think money is evil, you won't attract it.
2.
Test your feelings about money. Immerse yourself in a visual exercise where you have already become a multi millionaire. Unless you feel 100% comfortable with being rich you won't become rich.
3.
Become self employed or ask your boss to compensate you not by the hour but by piecework. You can only work for 40 hours a week. But there is no limit to how many CD copies you can sell. Hourly salary puts an upper ceiling to how much you can earn.
4.
Read prestigious magazines such as Forbes. Acquaint yourself with the list of 400 Richest Americans or those of the country of your choice. They are billionaires and multi millionaires. But if you aim for the stars you'll at least reach the moon. Read their success stories. Try to emulate their actions, attitudes and habits in your own micro-scale.
5.
Join an organization that helps people build their wealth. Pick one that addresses the psychological or metaphysical dimension of wealth, not just the practical stuff that your broker can tell you. You may have to go through a psychological metamorphosis before you can become wealthy.
6.
Stick to your goals and believe in yourself. Avoid "expert" advice unless it is positive or it comes from a multi millionaire.

 

[wayneL]

Question:

Are tags like millionaire, multi millionaire etc important? (NB I'm not asking if having the money is important, clearly it is to most).

 

[burglar]

Question:

Are tags like millionaire, multi millionaire etc important? (NB I'm not asking if having the money is important, clearly it is to most).

Obviously tags like millionaire are no longer important and sheep stations are no longer what they used to be!

 

[burglar]

... http://www.wolframalpha.com ...

bellenuit,
thank you for this one!

I tried to confuse it !!
I did a search on Wolfram, the element !!

Imprezzed

 

[nioka]

Obviously tags like millionaire are no longer important and sheep stations are no longer what they used to be!

In my younger days girls used to go teaching in rural areas to have the chance to marry into a sheep station. I can remember when a good fleece was worth a mans weekly wage.

Now the graziers grandson is searching for the schoolteacher to marry so that they will have an extra income to help support the farm.

Being a millionaire means nothing these days and it is no great achievment. the achievment is starting from zilch, earning the first $10,000 or rather SAVING the first $10,000 and making it do the hard yards. Compounding takes over,slowly getting to $100,000 and suddenly the million appears from nowhere.

 

[Dowdy]

I mean the term millionaire used to be a term used for someone who controlled great wealth, But now you only have to own 2 or 3 houses in the outer suburbs to be in the millionaire group.

To put it another way - they have a million dollar DEBT

 

[Tysonboss1]

To put it another way - they have a million dollar DEBT

Offcourse I mean "own" the property debt free

 

[Tysonboss1]

Isn't that what a millionaire used to be, ... when I was young?

well it depends how old you are I guess,

A million $ always seemed to be achieveable for someone who worked and saved and invested well.

$1000 M or a Billion is so much larger at it's present value it is out of reach of 99.999 % of people.

 

[Tysonboss1]

Being a millionaire means nothing these days and it is no great achievment. the achievment is starting from zilch, earning the first $10,000 or rather SAVING the first $10,000 and making it do the hard yards. Compounding takes over,slowly getting to $100,000 and suddenly the million appears from nowhere.

Hasn't it always been that way.

It true though you have your head down working away then all of a sudden one day you do some adding up and get pleasent surprize that net assets have balooned over the $1M milestone.

Then the second and third Milllion come rolling along quicker and quicker, you got to love compounding.

But people with $1M or $10M or $100M are all "millionaires" but the difference is huge. I am searching for a term that breaks up the catargories.

 

[Sdajii]

I have been pondering this one for the last few years. I'm only in my early 30s, but I remember when I was a little kid, being a millionaire was considered amazing. A millionaire was a man of extreme wealth.

These days if you're not a millionaire you'll almost struggle to own a house and feed your family.

I'd just stick with the term billionaire. Sure, it's a little over the top for 2011, but don't hold your breath. Before long it will probably fit, and not much later our kids will be saying "Gee, a billionaire used to be rich! Should we start talking about trillionaires? Nah, that's way out of 99.7% of people's reach"

Perhaps a little tongue-in-cheek.

 

[Wysiwyg]

In my younger days girls used to go teaching in rural areas to have the chance to marry into a sheep station. I can remember when a good fleece was worth a mans weekly wage.

Nothing has changed these days. Women still look for an easy walk through life but admirably there are more and more achieving success or surviving through their own effort.

 

[Tysonboss1]

I have been pondering this one for the last few years. I'm only in my early 30s, but I remember when I was a little kid, being a millionaire was considered amazing. A millionaire was a man of extreme wealth.

These days if you're not a millionaire you'll almost struggle to own a house and feed your family.

I'd just stick with the term billionaire. Sure, it's a little over the top for 2011, but don't hold your breath. Before long it will probably fit, and not much later our kids will be saying "Gee, a billionaire used to be rich! Should we start talking about trillionaires? Nah, that's way out of 99.7% of people's reach"

Perhaps a little tongue-in-cheek.

No worries, Billionaire it is.

I have alot of work to do.

A millionaire would own 3 houses in the outter suburbs debt free,
A Billionaire could own 2 of sydneys biggest office towers in the CBD debt free,

Thats a big diff,

 

[nioka]

No worries, Billionaire it is.

I have alot of work to do.

A millionaire would own 3 houses in the outter suburbs debt free,
A Billionaire could own 2 of sydneys biggest office towers in the CBD debt free,

Thats a big diff,

Then again I know a millionaire with only one house,a little debt,does not really work but has a great lifestyle.

How?

He owns a waterfront goldcoast home. Lives in it while he gets a new and better one built using the mortgage on the first to build the second. When his 12 months are up he is free to sell his home tax free and move into the new one debt free. This has been going on for years. His current canal home covers 3 normal blocks is on the market for around $25 million. The next one is on the way.

With a lifestyle like that he has the answer to "who wants to be a billionaire."

 

[prawn_86]

Then again I know a millionaire with only one house,a little debt,does not really work but has a great lifestyle.

How?

He owns a waterfront goldcoast home. Lives in it while he gets a new and better one built using the mortgage on the first to build the second. When his 12 months are up he is free to sell his home tax free and move into the new one debt free. This has been going on for years. His current canal home covers 3 normal blocks is on the market for around $25 million. The next one is on the way.

With a lifestyle like that he has the answer to "who wants to be a billionaire."

No way i would want to ove home every year. Aside from that its obviously working for him

 

[nioka]

No way i would want to ove home every year. Aside from that its obviously working for him

He often only moves down the road a little and I've been told that he says it is no worse than a spring clean. Goes away for a week and it is all done for him while he is away. New paint and new gardens.

 

[1q2w3e4r]

I always understood millionaire to be cash and liquid investible assets outside of PPI owned debt free.

 

[tech/a]

If your PP is $25 mill and freehold I'm pretty comfortable with "millionaire"