Comments on: How to Become a Millionaire http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 03:39:46 -0500 http://wordpress.org/?v=abc hourly 1 By: L.H. http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/comment-page-1/#comment-67029 L.H. Sat, 10 Feb 2007 09:35:52 +0000 http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/#comment-67029 1980 millionaire = 2.5 million dollars today. 1970 millionaire = 5 million dollars today. When I think of a millionaire, I think of the 1980s since I was in high school then. Its obviously a pretty relative term. http://www.westegg.com/inflation/ 1980 millionaire = 2.5 million dollars today.
1970 millionaire = 5 million dollars today.

When I think of a millionaire, I think of the 1980s since I was in high school then. Its obviously a pretty relative term.

http://www.westegg.com/inflation/

]]> By: junger http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/comment-page-1/#comment-66785 junger Thu, 08 Feb 2007 02:56:49 +0000 http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/#comment-66785 Well, the best way to make money is to have other people make it for you. Start a business, hire employees, and make 1.5x what you pay them. Repeat. Cash in. Well, the best way to make money is to have other people make it for you. Start a business, hire employees, and make 1.5x what you pay them. Repeat. Cash in.

]]> By: Joe http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/comment-page-1/#comment-66763 Joe Wed, 07 Feb 2007 17:22:38 +0000 http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/#comment-66763 You're correct, the Millionaire Next Door did have stats more skewed towards business ownership, and went so far as to assert that the investing of such business owners was usually back into the business itself. Then again, stats can say whatever you want them to say. :) You’re correct, the Millionaire Next Door did have stats more skewed towards business ownership, and went so far as to assert that the investing of such business owners was usually back into the business itself.

Then again, stats can say whatever you want them to say. :)

]]> By: N.W. http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/comment-page-1/#comment-66682 N.W. Wed, 07 Feb 2007 04:56:10 +0000 http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/#comment-66682 $1 million certainly is not what it used to be. I agree with you, Matt, in that being a millionair doesn't really mean that you're *rich* anymore. Of course, I wouldn't mind having $1 million in net worth (or in the bank account) --- but having it wouldn't automatically mean that I'm ready for retirement. Starting and running your own business is the way to go. Even if it's a small business. That's where a lot of people get tripped up; thinking they have to run a medium- to large- sized business to make a difference. Even running a small business from your home can give you some tremendous advantages. N.W. http://www.networthchallenge.com $1 million certainly is not what it used to be. I agree with you, Matt, in that being a millionair doesn’t really mean that you’re *rich* anymore. Of course, I wouldn’t mind having $1 million in net worth (or in the bank account) — but having it wouldn’t automatically mean that I’m ready for retirement.

Starting and running your own business is the way to go. Even if it’s a small business. That’s where a lot of people get tripped up; thinking they have to run a medium- to large- sized business to make a difference. Even running a small business from your home can give you some tremendous advantages.

N.W.
http://www.networthchallenge.com

]]> By: Matt http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/comment-page-1/#comment-66679 Matt Wed, 07 Feb 2007 03:21:50 +0000 http://www.fivecentnickel.com/2007/02/06/how-to-become-a-millionaire/#comment-66679 Well, inflation, and all that. Being a millionaire used to mean you were actually _rich_. Now it can often just mean that you're prudent and old. Which is nothing against prudence or age (prudence being a requirement of continued wealth in the future no matter how rich you are today, and old age being vastly preferable to the alternative), but getting seriously rich just by working at a W2 job is virtually impossible. Which is why the breakdown favors business founders increasingly as the net-worth scale goes up. Well, inflation, and all that.

Being a millionaire used to mean you were actually _rich_. Now it can often just mean that you’re prudent and old. Which is nothing against prudence or age (prudence being a requirement of continued wealth in the future no matter how rich you are today, and old age being vastly preferable to the alternative), but getting seriously rich just by working at a W2 job is virtually impossible. Which is why the breakdown favors business founders increasingly as the net-worth scale goes up.

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