Being a millionaire isn’t all it was made out to be.
Now that strawberries are $12.99 (true story) and $100 doesn’t buy half the food it did two years ago, it’s no wonder Idahoans say it takes more than $4.5 million to be a “millionaire”.
So says gaming site Solitaired.com, which asked 4,859 adults how much savings would be enough to achieve the kind of life most people mean when they think of a millionaire (or before).
Idaho must always think cheap, because the national opinion is that it takes up to $6 million to live like a millionaire.
Even here, an average house 20 years ago cost around $150,000. Today, the same house has about half a million. Shit Louise.
In California, where inflation hovers around 7% – as reported in Idaho last fall – with the third highest cost of living in the nation, residents picked the highest figure of 6.2 millions of dollars. At the other end are states such as Idaho, Connecticut, and Maine, all of which have chosen between the low and middle of the four million range (compare the states at solitaired.com/who-wants- to-be-a-millionaire).
So who wants to be a millionaire anyway? Happiness isn’t about things, but financial security certainly doesn’t hurt. Are “millionaires” different from the rest of us, except for a bit of luck?
A December 2020 article in Business Insider explored what millionaires do differently. Apparently, they share some common habits, several of which we badass could probably handle:
They are frugal, spending less than they have or earn.
They buy cheaper housing than they could afford.
They save more of their income.
Most don’t have a budget, probably because they know they’re spending less than they can afford.
They have multiple sources of income, side businesses or profitable hobbies. So if one goes wrong, there are other sources.
They invest in real estate (yeah, that’s good, they can afford it).
They spend more time studying and planning investments.
They invest in themselves by reading (an average of five hours a week) and exercising more (six hours). The average American does half that or less.
There is food for thought while balancing the checkbook.
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Sholeh Patrick is a Hagadone News Network columnist who would settle for normal prices again. Email [email protected]