A good friend of mine and I were walking a few weeks ago and talking about this question… “What is it like to be a millionaire?”
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According to Personal Capital, I don’t yet have a net worth of a million bucks, but it’s just around the corner. I think my friend has already hit it, or he’s darn close. Either way, here’s what we figured:
Being a millionaire is just about like being any other person – who hasn’t yet hit this target – who is reasonably responsible with their money. It’s not like we have a million dollars in the bank to go spend. The cash flow hasn’t necessarily changed all that much. We still have bills to pay.
I think this is why I started to go down the path of “passive and semi-passive income” a few years ago. Having a net worth of a million dollars can look very different from person to person. If you have real estate worth a net positive $500K and then stock and cash make up the rest… it’s not enough to stop working.
I think that hitting a million will feel a lot like becoming debt free felt. My wife and I will be excited and high five each other a few times, share a nice bottle of wine and eat a favorite meal together to celebrate. And then I’ll get up the next morning and go to my W-2 job.
Last year, I was unemployed / self-employed from February to September, and after experiencing eight months of waking up every day knowing that no one is looking for me, I am convinced that I always want to have a job. The type of job is what I hope to change. Maybe I’ll write a bit more about my goals in that arena.
So how do I answer the question: “What is it like to be a millionaire?”
When it comes to financial targets, it’s less about net worth (hitting $1 million) and more about sustainable cash flow, the more passive the better… what about you?