Thursday, October 25, 2007

So you want to be a millionaire

Liz Pulliam Weston on MSN USA writes ...

“So you want to be a millionaire. Me, too -- in fact, I'm already there, and so are a lot of folks who shun lightning-strike fantasies about wealth.”

Liz says ... that a million ain't what it used to be. But that's nothing new. Except for brief periods of deflation, such as during the Great Depression, the generally rising level of prices has always chewed away at the value of a buck. That means you need $1.85 million today to match the buying power of $1 million in 1986, or $7.44 million for the equivalent of a million in 1956. Still, reaching the million-dollar mark put us in the top 10% of all U.S. households. (The minimum net worth to join that 90th percentile, according to the Federal Reserve's latest Survey of Consumer Finances was $831,600 in 2004.) In global terms, we're near the very pinnacle of wealth when you consider that billions of people live on just a few dollars a day.

Wealth Strategy:
- Make financial security a priority.
- Spend less than we earn.
- Save and invest regularly.
- Pay down our debt.
- Own a home.
- Maximize our incomes.

You've got to want it -- and plan for it.
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