What does it mean to be a ‘millionaire’? While a family living in San Francisco’s Bay Area may own more than $1 million in assets (indeed, median house prices there are $1.3 million), they can hardly claim a millionaire status as they may struggle to afford to raise a family in such an expensive area, particularly as the current inflation runs at 7%. And for anyone who is a fan of Netflix’s ‘Selling Sunset’, where some homes will sell upwards of $40 million, it will have become obvious to these viewers that living a millionaire lifestyle requires owning far more than $1 million in assets.
Because of this, those striving towards millionaire financial status have to aim higher than having a million dollars in assets as nowadays, as owning this amount can no longer grant you a ‘millionaire’ lifestyle. So the question remains, how much do everyday Americans consider you would need to own to live a millionaire lifestyle? It’s a question that online gaming site, Solitaired.com, posed to 4,859 people, and the results were very interesting…
It was discovered that the average Marylander said they would need to own $5,415,789 worth of assets in order to achieve millionaire financial status in their own eyes – lower than the national average of $5,474,032.
Broken down across states, it was high-life Californians who said they’d need to have the highest value of assets at $6,298,587. Considering The Golden State has the third-highest overall cost of living in America, this is perhaps unsurprising that people said they’d have to own more to be considered a millionaire here. By comparison, this result was lowest in Connecticut, where Nutmeggers said they’d have to own $4,452,381 worth of assets to be a millionaire.
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It may be true that money can’t buy happiness but it’s certainly thought-provoking to consider what millionaires do in their leisure time (probably not reading books or articles on how to become a millionaire)! Interestingly, scientific research has generally found a positive correlation between wealth and levels of life satisfaction. Could this have to do with the ways in which wealthy people occupy their time? Yes, according to another study, which found that millionaires were more likely to spend time on work tasks and activities that offered personal autonomy, rather than following the guidance of other others. Indeed, the survey revealed that nearly three-quarters (72%) of respondents said if they became rich overnight, they would reinvest in their education and upskill themselves in terms of knowledge. Additionally, 38% believe being a millionaire requires the possession of a sharp mind.
When quizzed into which industries people feel they would have the best shot at becoming millionaires, 26% thought they’d be most likely to achieve millionaire status in technology. IPOs of Silicon Valley startups over the years, including Google, Facebook and Tesla would certainly support this view. Eighteen percent said they’d be most likely to attain this status in the field of renewable energy (a good bet given the industry’s growth in the face of climate change), and 13% said real estate (presumably 87% of those surveyed had not watched the aforementioned ‘Selling Sunset’!). Twelve percent said it would be in the media and entertainment industry (think Rupert Murdoch); 11% said the health industry; and surprisingly only 10% said finance.
It was also found that 66% of people said they believe playing online games can help train their brain to help progress further in their career path and achieve greater wealth. And even 47% of parents said they would encourage their kids to play online games to help sharpen and improve their minds so they’re successful later in life.
‘The current economic climate and its contributing factors are of course out of our own control, but it is possible to look into ways to improve your mindset and habits in order to reach any financial goals you may have,’ says Neal Taparia from Solitaired.com. ‘Keeping your brain sharp and mind acute can help improve general problem-solving skills, as well as help you think out the box in terms of ways to better your lifestyle habits to achieve these goals.’