If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.
The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. The have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.
In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.
Many millionaires don't have enough for exclusive luxuries, like membership at an elite golf club, which can be more than $300,000 a year. A million dollars may have a tidy some thirty years ago, but you'll need $3.6 million today. Half of all millionaires have a net worth of $2.5 million or less, according to research firm TNS.
A million dollars seems to be the dream figure for most, and people with that much cash can't complain. Their wealthier than 90% of the households in the U.S. and earn $366,000 yearly, which puts them in top 1 percent of tax payers. The millionaire club isn't so exclusive any longer. Ten million households have a net worth over $1,000,000, excluding home equity, almost double from numbers in 2002.
A recent survey conducted by Fidelity found 8 percent of millionaires think they are very or extremely rich, while 19 percent don't fell rich at all. They worry about health care, retirement, and how they'' support their lifestyle just like everyone else.
So what does it take to be feel rich? According to Fidelity the magic number is $23 million.
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