Want to be a millionaire? Not enough, study says
Being a millionaire isn’t all it was cracked up to be.
Now that strawberries are $12.99 (true story) and $100 doesn’t buy half the food it did only two years ago, it’s no wonder Idahoans say it takes more than $4.5 million to be “a millionaire.”
So says gaming site Solitaired.com, which asked 4,859 adults how much savings would be enough to reach the kind of life most people mean when they think of a millionaire (or used to).
Idaho must still be thinking cheap, because the nationwide opinion is that it takes up to $6 million to live like a millionaire.
Even here, an average home 20 years ago cost about $150,000. Today, the same home is around half a million. Geez Louise.
In California, where inflation is running around 7% — just as reported in Idaho last fall — with the third highest cost of living in the country, residents picked the highest figure of $6.2 million. At the other end are states such as Idaho, Connecticut and Maine, who all picked in the low- to mid-four million range (compare states at solitaired.com/who-wants-to-be-a-millionaire).
So who wants to be a millionaire anyway? Happiness isn’t about stuff, but financial security sure doesn’t hurt. Are “millionaires” different from the rest of us, barring a little dumb luck?
A December 2020 article in Business Insider explored what millionaires do differently. Apparently, they share some common habits, several which we working stiffs could probably manage:
They’re frugal, spending less than they have or make.
They buy cheaper housing than they could afford.
They save more of their income.
Most don’t have a budget, probably because they know they’re spending less than their means.
They have multiple streams of income, sidelines or profitable hobbies. So if one goes bad, there are other sources.
They invest in real estate (yeah, nice they can afford it).
They spend more time studying and planning investments.
They invest in themselves by reading (average five hours weekly) and exercising (six hours) more. The average American does half that or less.
There’s food for thought while balancing the checkbook.
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Sholeh Patrick is a columnist for the Hagadone News Network who’d be satisfied with normal prices again. Email Sholeh@cdapress.com.