No. of Recommendations: 29
I'm not sure being a "millionaire" is a good measure of success, either financial

Sure it is, for me anyway.

Had I a million dollars, I could take my 4%-per-year retirement right now.


What I meant is that it depends on how you measure a net worth of a "Million" dollars. The quiz said I had a tendency to hold on to money too tight and I was too risk averse to becoming a millionaire. If you are a "millionaire" on paper and it is all tied up in real estate it may be hard to take your 4%. If your million was all in high tech stock back on March 10th, 2000 the value now may not be anywhere near a million; in fact your net worth may be closer to what my net worth is. There are plenty of people who own homes in California that are worth a million dollars. Can those people take distributions from their homes? It all depends on how you measure your net worth. I have a friend who owns a small meat packing business in Albany, NY. His business is worth close to a million dollars. He works like a madman to keep his business running. It is essentially a seven day a week job to keep his business running. Now on paper he is a "millionaire" but I don't think his quality of life is anywhere near as good as mine. My brother is a commercial beekeeper with 3,000 hives of bees. Each hive is worth $55, plus this years honey crop, plus the wax, land, and buildings and equipment. My brother works seven days a week from early in the morning to late at night. He says his back is beggining to bother him and he doesn't know how much longer he can do it. I know for a fact that he doesn't have hardly any money saved. So whose the millionaire? Me or him? Who has more freedom? - Art
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement