Are you part of the "mass affluent", a millionaire or a mega-millionaire?
In their book Get Rich, Stay Rich and Pass It On, the authors distinguish between the "mass affluent" (net worth of $100,000 - $1,000,000), the millionaires (net worth of $1,000,000 - $5,000,000) and the mega-millionaires (more than $5,000,000). Note: Net worth excludes the value of the residence in which the person lives.
I got really dizzy reading about all those big numbers!
Anyways, my research question might be perceived as being a bit personal, so please feel free to ignore me. Alternatively, you could mention how many mass affluents or millionaires you have in your network. If you say "one," it could be you or one of your connections, nobody will know.
I have one millionaire and one mega-millionaire in my network.
Thanks!
Peter Nguyen
Editor
http://millionaireconsultingnetwork.wordpress.com
Clarification added April 15, 2008:
Newsweek did a study a while back, and determined that the odds of becoming a millionaire was 1 in 1,000 if you owned a small business, and 1 in 1,000,000 for inheriting a fortune from a parent, and 1 in 10,000,000 for winning the lottery. Also, the odds were 1 in 10,000 if you owned stock in a dot com (of course, that was prior to the crash!). I tend to believe the 1 in 1,000 odds if you owned a business. I once made $10,000 in a few hours and have been using it as a model ever since. I was a little crazy a decade ago for imposing limits on how much I could earn... If you're interested in wealth issues and methods, let me know and I can recommend a few secret books that so few people know about.
Answers (16)
Josia N
Marketing Consultant & Copywriter, Blogger & Social Media Expert
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I'm Jewish so I can't even keep track :)
But seriously - there's a lot of very wealthy entrepreneurs here in Israel and a lot of this happened over the last decade. When I moved here from Montreal in 1978 things were very different ...
josia (@) jk.co.il
Brandon M
Owner, FVT Solutions • Tivoli/EM Consultant
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Mass affluent, not so personal when the range is that big, plus I like Kiyosaki's work. Of course, I'm not ready to pass it on just yet. And to do the standard 5% draw on retirement savings, we're probably looking at needing $1-2mil before retiring.
The people that should be worrying (and may be confused for being offended) are the mass-in-debt with the negative savings rates we are seeing lately.
Just don't forget to stop and smell the roses. There's more to life than money,
- Brandon
Michael P
Writing, Editing, Creative Consultancy
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Who cares...
George A
Principal Consultant at Anderson & Anderson Organizational Anger Management
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I am a millionaire and I am doing everything to keep my family secure.
George Anderson, MSW, BCD, CAMF
anders3101@aol.com
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Sam S
Partner Sales Director ANZ (5400+ direct connections (Toplinked) (LION)), 14.8m+ Network
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I am in there but not sure where :-)
Ray M
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My says I am worth a million bucks!!!!
I'd like to know more about these books Peter.
I know few in each of the classes you have listed. Some have worked hard to get there, others have been fortunate to inherit their wealth from passing family members.
Personnaly I'm still working on mine thru my business to generate wealth and comfort for the future of my family.
I'd be interested in some the readings you have come across.
Regards
Eddie
Jessica G
Software Engineer at Google
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If one wants to retire even somewhat reasonably these days, one needs to be part of the mass affluent.
Social security is not going to replace income and few people have pensions. Just one thousand a month in additional income a month runs $12,000 a year. With a 5% draw down you'd need $240,000 in savings to be able to afford that income. Anyone who is 50+ and not a part of the mass-affluent should be worried.
Clarification added April 15, 2008:
By the way, the advice on your blog runs completely to the contrary of any research I've ever found on the topic of wealth. You might do well to read something from the Millionaire Next Door series to start your research.
To quote:
"So to become a millionaire, become like an actor and start acting like a millionaire. Create environments also that resemble those of a millionaire. Have friends also that a millionaire would have."
Anyone with an attitude like that will be kept far from my investable assets.
Joseph T
Head Geek
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Read the Four Hour Work Week, and The Millionaire Mind.
Millionaire, mega-millionaire in the making. Give me another few years, I'm only in my mid-30's. And yes, I built my own business.
Joe
Mirek P
INDEPENDENT e-Strategist, e-Consultant; OPEN4net's owner [ LION: mpolyniakATgmail.com ] focused on pharma!
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I'm not yet ;) but it doesn't make me unhappy
I have some stronger motivators than money but I like it as it helps you to live a comfy life and enjoy some nice things
Nowadays there are different ways of making smaller or bigger fortunes quite quickly
Sathish I
Remote Virtual Assistant Services Provider::jasfy.com
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I'm soon going to be!
isaac
Links:
Chris K
Partner at Kelly Partners LLP
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Not yet but hoping to be. Most of my network (to my knowledge) are in the mass affluent. Probably two are definite millionaires, and they both got there through using their talent, hard work and patience. I do not expect to get lucky. Patience is key. Would be interested in knowing what your secret books are.
I'd like to know more about these books Peter
Daniel G
VP at SBS World Service: Financial Services, Private Banking, Unlimited Credit Cards for the UHNWI
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Dear Peter
In my work, the Ultra High Net Worth individuals are my regular clientele. Normally i manage their funds and provide them with financial solutions worthy of their status. Like black mastercards and centurions, and other Wealth management solutions.
Anyway, what i wanted to say, is that all of the clients in my personal network are worth on average from 10 and up, there are more then 30 now. The clients are from all over the world, but most of the "new arrivals" come from Eastern Europe and Asia -Pacific.
In terms of statistics, the class of UHNWI's is growing rapidly, with Russia, China, South Korea, India and Mexico, being in the top 5, in terms of "new" money.
Work for a company who matches your $3 with $12 in their (Fidelity) 401K plan PLUS gave you a Pension to boot! Did that for 27+ years and walked out a millionaire!....not counting my real estate assets I'd acquired whilst working there!
I'm now a full-time investor (Options, Trad. IRA, Self-Directed IRA, Real Estate, Airplanes, Cars, Collectables), so it helps to be a business (LLC).
Books to read (contact me at Ultrabella@aol.com for FREE e-book versions):
1) The Sience of Getting Rich
2) Think and Grow Rich
A Must Read (get it from the Library):
The Millionaire Next Door.
Good Investing,
Ingrid
