Thursday, October 25, 2007

Money Talks-The Millionaire Secret - Some Facts

Money Talks has a featured article this week on The Millionaire Secret. What is The Millionaire Secret? Well in this article you are sure to find out, Money Talks!

Money Talks-The Millionaire Secret - Some Facts

Becoming a millionaire is the dream of most of the people. Anyone with at least a million units net worth of any currency is a millionaire. However, in order to be called a millionaire universally, all currencies need to be converted to a common denominator currency. In most of cases, this is the US dollar (USD).

The other factor will be the price index. Because of inflation, the value of a million dollars is now far less than in the past. While comparing the net worth of individuals, they need to be expressed not only in terms of a common currency, but also with reference to a point of time.
There has been a big jump in the number of millionaires not only because of inflation, but also because of the increase in the value of real estate. Because of this, equity in the principal residence of a person is excluded while calculating net worth of an individual.

While being a millionaire is itself prestigious, there are many other associated millionaire terms like multimillionaire, hector-millionaire and m-millionaire. A multimillionaire is a person with more than 2 million and a hector-millionaire with more than 100 million units of a currency.
Though the number of millionaires and billionaires constitutes a small portion of the overall population, they control vast resources. According to Forbes, there were 949 billionaires alone in the world in terms of USD. The number of millionaires is much more. In North America, 1,900,000 households, the largest, are reported to be having a net worth of more than $1 million.

According to World Wealth Report 2007, the overall worth of millionaires with individual assets of more than 10 million amounted to about $37.2 trillion USD in 2007. The sharp increase in this is partly attributed to huge devaluation of the USD.

It is the desire of a large number of people to be in the category of millionaires. Wile inflation and real estate prices have made it easier; the real purchasing power of $1 million has considerably gone down. As time passes, the number of millionaires is likely to increase further all over the world.

How to become a millionaire? For most of the people there is no short cut to this. One sure way for becoming a millionaire is through hard work with a little bit of god luck. Some people inherit millions and some find it by sheer good luck. But vast majority of people have acquired millions only by hard work.

Inspiration and guide to amassing millions can come by learning about the life of self made millionaires. Being a self made millionaire is a joy in itself and satisfaction.
At the same time we should remember that wealth in millions and happiness may not necessarily go together. There are countless instances where millions have not brought any joy or happiness to people. So wealth is no measure of happiness. These are two different things and may or may not go together. One may be filthy rich, but not happy and vice versa.

The author has background in business, economics and finance. He is presently researching in finding ways to make money and working on the following website and blogs:


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