This is a very simple question. We will define millionaires in terms of individuals whose net worth is at least a million dollars including all liquid assets and investment accounts.
2006-09-11 18:01:46 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Based on several books like "The millionaire next door" the average millionaire earns between $80k-100k per year and with proper savings, spending and investing they accumulate over $1 million in net worth.
2006-09-11 18:09:42 · answer #1 · answered by ken 3 · 1⤊ 0⤋
You define a millionaire as an individual whose net worth is at least a million dollars including all liquid assets and investment accounts. Sounds reasonable. But how do you define the "average millionaire"? What is the average net worth of all millionaires?
If you assume a modest rate of return of 6%, one would earn $60,000 per year on each million $$ of investments.
2006-09-11 18:13:27 · answer #2 · answered by Tax Dude 2 · 1⤊ 0⤋
The millionaire next door book has the statistics to support your question. The real key you should be asking is: How much did the average millionaire save in ratio to his or her earnings before he or she became a millionaire? How many of those millionaires in the data you find/found were self employed? What portion of the millionaire's portfolio was real estate based? What habits did the millionaire employ that were conducive to becoming a millionaire? What do all modest millionaires have in common traits wise?
2006-09-11 18:25:45 · answer #3 · answered by bitemebiteme27 2 · 1⤊ 0⤋
Yes, if he will work for less because he does even less for anyone than Congress does. All he does is rant on TV about things. ...why does he deserve the paycheck he gets? He doesn't. Anyway, they don't necessarily need to be getting paid as much as they are getting paid, and they don't need the yearly taxpayer-funded raise of $1600. That's what Sen. Feingold's bill was in place to stop, and rightfully so. All in all, no, Congress members should continue to be able to live wherever they feel necessary, and their pay should not be that low -- nobody's should. I don't even think millionaires would run for office if that were the case. A lot of these people are lawyers; they shouldn't have had to have worked long and hard in law school to get paid crap. I think that would start bringing in people who need the whatever-jobs because the people who are actually qualified for them wouldn't want them.
2016-03-26 21:24:47 · answer #4 · answered by ? 4 · 0⤊ 0⤋
In order to be a millionaire you have at least 2 million. My reasoning is that a millionaire is understood to have millions to play with. If someone has a million they are not in the group of having millions, they just have one. In other words with one million dollars, its 1 million. Having more that one million suggests you are in the word of millions-therefore "Being a Millionaire.
2006-09-11 18:11:27 · answer #5 · answered by Anonymous · 0⤊ 1⤋
The average millionare earns relatively little (the 50K - 70K range is reasonable), but saves a lot - especially in 401k plans.
2006-09-11 18:19:35 · answer #6 · answered by Flying man 2 · 1⤊ 0⤋
a million
2006-09-11 18:03:36 · answer #7 · answered by kvsmiller 3 · 0⤊ 2⤋
Must be millions..
2006-09-11 18:07:10 · answer #8 · answered by Drone 7 · 0⤊ 2⤋