It’s the Holy Grail of net worth: Becoming a millionaire.
For many, being able to claim the title “millionaire” is a pivotal moment in their finances. It gives those who aren’t millionaires something to work for, and those who finally become millionaires a way to state, emphatically, that they have reached financial success.
But is being a millionaire all it’s cracked up to be? And can anyone really become a millionaire?
What Does Financial Success Mean to You?
Becoming a millionaire seems like a fairly straightforward measure of financial success. Once you have a net worth of a million dollars, many people assume that you’ve “made it.”
However, your own measure of financial success doesn’t need to rely on whether or not you are a millionaire.
Some folks think that making a six-figure income is a sure sign of financial success. But what about those people who make at least $100,000 a year and find themselves broke? Having a net worth measure of success seems more practical when you consider that reality.
But is making more and more money really your measure of financial success? Not everyone cares if they end up as a millionaire. To many people, financial success isn’t so much about net worth as it is about being financially free. This is certainly the case for me. As long as I have the income I need to prepare for the future, insure against current financial setbacks, and pay for the things I need and want, I’m not too fussed about hitting some magical net worth.
Besides, in many cases, that millionaire status can be lost fairly easily. How much of that wealth is on paper? And what happens if you are wiped out by some other situation. Rather than making millionaire status the end goal, it might make more sense to set things up, financially, so that you are on track to live whatever lifestyle you prefer. If it’s a modest lifestyle, you don’t need to be a millionaire to live the kind of life you consider a success.
Can Anyone Become a Millionaire?
Another question that a number of people ask themselves is whether or not it’s even possible to become a millionaire today. Wealth inequality is a real issue, and there are barriers to becoming a millionaire. While there are stories of young millionaires, as well as ordinary folks who are millionaires, there are also those who feel that they don’t have the chance to become millionaires.
In our latest episode, guest K.C. Beavers acknowledged that part of the reason he was able to set aside money was due to the fact that he was making more than a subsistence wage. When all of your money goes toward survival, and especially if you are working two or three jobs just to make that living, it’s practically impossible to save money, or to access the resources needed to get the education, skills, and time to make more money to save.
However, even so, financial scarcity is something that it’s possible to overcome – even though the truth is that some people are at a definite disadvantage, and they have to work much, much harder to get ahead.
But there are some things that are required in order to reach that millionaire status, or even get to the point at which you can feel comfortable that you have achieved financial success. It’s important to make the most of any income you do end up with, do what you can to build an emergency fund and protect yourself against financial catastrophe, and putting your money to work for you through investing, even if you only have a small amount to start.
Even if you never become a millionaire, it’s still possible to better your financial situation. It might be difficult, and it might require sacrifice, but, for many people, the important thing is to make things better than they were before.