Once upon a time people thought that having a million dollars would mean they had it made. But having a million dollars in 2023 is not the same as having a million dollars in 1973.
There are a few different ways you might consider yourself a millionaire.
The first is to have a million dollars. This might be cash at the bank or it might be investments in the stock market (or any mix in between). If you add up your financial assets they are at or above one million dollars.
The second is to have over a million dollars as your net worth. On my links page, Links & Worksheets | MoneyMarci go to the button labeled 'Net Worth Worksheet'. Fill in your assets and liability, and see if your net worth is over $1,000,000. If so, you are a net worth millionaire.
The third way, the hardest way, and the highest goal, is to be in a position to generate a million dollars a year. This can be through work, passive income (such as interest, dividends, rent received, etc.), or a combination.
The most important question, though, isn't if you are a millionaire. It is if you have what you need, if you know what goals (financial and life) you are trying to achieve, and if you are working towards them.
Remember, before you have $1,000,000 you need to have $500,000. Before you have $500,000 you need to have $250,000, and so on. It goes down to wherever your starting point is. And that's ok. Make sure you know your goals and work toward them, one step at a time. If you need help organizing your goals, check out my goals workbook on Amazon.
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