WHY BE A MILLIONAIRE .... REALLY..

WHY BE A MILLIONAIRE .... REALLY..

When I was young I always dreamed about being a millionaire -  I also used to tell my kids to call me "my millionaire dad". I am still striving to be a millionaire, although a lot of the deals that I have been working on over the years have not panned out. I was just thinking the other day, when I come into my millions what am I going to do will all that money: I know what to do - bequeath it to my wife and kids etc.

As we all know the word millionaire conjures up such images in our minds that it is just unfathomable . The mention of the word brings images of luxury, expensive cars and yacht, the mansion, the custom designed and gold plated everything. But is that what being a millionaire is all about?

The myth is that a millionaire has his millions ready in cash stacked and piled somewhere ready to be squandered at any moment. This is further from the truth, especially if he is a working millionaire. In the case of a businessman who is a millionaire, it is possible that he might have very little in liquid cash. He might have a huge obligation in case of his monthly expenses.

The millionaire businessman might have:

1. A payroll he has to meet every month

2. Building, equipment and machinery - His wealth might be tied up in these

3. Finished products and inventories

4. Tax obligation

5. A foundation that he supports

In the case of such a situation, the millionaire's cash might be just a fraction of his total net worth. We have to understand this before we aspire to be millionaires.

Let me distinguish between the high income millionaire (like movies stars, entertainers and sports personalities), they might have their income tied to performances, however their monies might be available for their luxuries. But for the working millionaire it is a different story. It is possible for him to go to the bank and borrow money to get his enterprise going or to expand his venture. In short he uses his money as capital, investing, and reinvesting to create businesses and jobs, produce goods and services for the expansion of the economy.

Most people do not need to be millionaires. Start with what you want out of life. May be a home, a nice car, an educational fund for your kids, and funding for your retirement. Work backwards with the numbers and determine what you need to live comfortably. The reason is that you it requires disciple and diligence to manage  money.  As a very wealthy man said "Believe me, wealth is something with which one has to learn to live with - and the task is not always as simple as might be imagined."