Does $1 Million Still Get it Done?

by Justin Weinger on March 22, 2007

Remember when you used to think $1 million meant you could afford anything?  When it meant that you’d have a gigantic house with the nicest cars and essentially you’d be able to do whatever you felt like doing whenever you felt like doing it?

It turns out that if you asked many of the people that have attained the moniker of “millionaire” many of them would tell you that they live pretty average lives.  They still worry about money, about the bills, about paying for their children’s college educations, etc.

I was reading an article on MSN Money that profiled a woman that has reached the “status” of being a millionaire.  Turns out, she’s probably just as worried about money as the rest of us, thanks to the fact she can’t outlive her money, needs to take care of elderly parents and wants to be able to help out her kids and grandkids.

According to the MSN Money article, there are roughly 2.9 million people in the United States and Canada that have a net worth of over $1 million, excluding their home.  A vast majority of these people have earned the money through owning a business, good investments and/or inheritance.

And, just to illustrate how $1 million today is vastly different from our parents’ generation, $1 million in worth of goods in 1957 would require over $7 million to buy the same goods today.

But, all of that being said, if I could wake up tomorrow morning and be a millionaire, I certainly wouldn’t turn down the opportunity – worries and all.


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