Friday Financial Tidibt-Who wants to be a millionaire?

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About 15 years ago there was a game show that took the US by storm. That show was Who Wants to be a Millionaire hosted by Regis Philbin. It set record ratings and was the talk around the water cooler in the late 1990’s. If you don’t remember the show, the concept was simple. If you were able to answer 15 multiple choice questions in a row without answering incorrectly, you would win one million dollars. People loved it because we’ve benchmarked one million dollars as “a lot” of money and it was exciting to see people get so close to the million dollars before missing a question. But have you ever asked yourself if you want to become a millionaire?

According to recent estimates, there are just a tad under 9 million households that have a net worth of one million dollars. That’s about 1 out of every 13 households in America. Now how all of those households achieved their status as millionaires is different. Some did it through having high incomes. Others have inherited their wealth and made it last. Still others have saved for a long time to get to where they are. But is becoming a millionaire a goal for you?

You might be surprised to learn that my answer to the question is no. Yes, I am a financial coach and want you to handle your money better, but I don’t have one of our family goals as becoming a millionaire. As a matter of fact it’s not in our top 10 things that we want to accomplish with money. With that being said, I really do believe that if you live within your means, avoid debt, save consistently, and work towards finding a career that fulfills you and ultimately makes you more income, you can’t help it but become a millionaire one day!

But if your lone goal in your life is to become a millionaire, there’s a very good chance you won’t end up there because you’ll try to take short cuts to get there quickly and will do anything and everything to make a quick buck. This will often lead to bad financial decisions and to a life that is unfilled. So if your only reason in getting a new perspective on your money is to become a millionaire, try again and think of a different goal. Remember, being a millionaire is just a number; don’t aim for a certain number. Aim to make changes in how you handle money and then there’s a good chance you can become a millionaire . . . and then some.

Do you have a certain number you are aiming for? If so, do you think it has helped or hindered your progress towards your goal?

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4 Responses to Friday Financial Tidibt-Who wants to be a millionaire?

  1. CabinetDoork says:

    Great tidbit today JW! I have always had money/time goals. Oddly enough, never have I ever said I want to have a million. I’ve always been concerned that if that was my goal, I might slow down as I approached it. (Run through the finish line not to it!)

    • Jon White says:

      That’s a great point. I think sometimes we can put a ceiling on ourselves by setting a goal. Having a million dollars would be nice, but if I get there I’m not going to stop doing the things that got me there in the first place, and who knows it might lead to having more money than we can imagine.

  2. Hmmmm. I may have to reserve the invitation for you to join my Millionaire Net Worth Club for somebody else. Of course, if you keep doing the things you teach then you’ll have to join someday (simply by default).

    • Jon White says:

      That’s the beauty of it Steve, my goal isn’t to simply just become a millionaire, but we’re projected to get there if we keep continuing to do what we’re doing right now. It’s amazing feeling to know you are going to become wealthy over time by just being “weird.”

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