Our Fascination With $1,000,000

[jeffrey]

An interesting article at <a href="http://www.usatoday.com/money/2006-08-15-millionaire-usat_x.htm" rel="nofollow">usatoday</a> about people's fascination with $1 million.

<i>What's with our obsession with bagging that magic $1 million? Ever since money became our mantra, dreamers and schemers have fixated on a million bucks as their most-prized jackpot. If you land that elusive fortune, or even come close, you've truly made it.</i>

[Broken Arrow]

Excellent article! Thanks for sharing!

[Roupey03]

I would have to say that my fascination with one million dollars has to come from the Austin Powers series and Doctor EVIL.

You will have to pay me ONE MILLION DOLLLAAARRS!

[rob62521]

Great article, thanks for sharing.

I think my fascination is not only all the zeroes, but that being a millionaire sounds jazzier than being a thousandaire!

[Ima saver]

Mine came from the old tv show, "The millionaire"

[Ima saver]

Looks like if you want to marry a millionaire, you will have to move to florida, California, Texas or New york. I don't want to live in any of those states!

[greedy4chips]

What other financial goal would you set for yourself if it wasn't 1 MILLION. For 6 MILLION I could be the fastest, strongest, with the best eyesite next to superman of course.

1 MILLION of anything is hard to comprehend. Impossible to count to. Nothing costs that much I want. I could live off the interest.

A million thanks for posting the article!

I have said this a million times.

Haven't I told you this a million times.

For the millionth time...

Not in a million years...

1 million BC

Who wants to be a millionaire?

I could list a million things, but I just don't have the time.

[disneysteve]

Interesting article.

I think the reason for the fascination is summed up in the last sentence of the article. "A million dollars changes your life."

Sure, it would be great to win a few hundred at the casino or get an inheritance of $10,000 or $20,000, but that isn't enough to be life-altering. For the vast majority of people, $1 million, while not as much as it used to be, is still enough to truly be life altering. If you earn 40K/year, that is 25 years of salary all at once. Invested well, you could draw at least 40K/year in earnings from that million and never touch the principal. Even for those of us who are higher earners, over 100K, a sudden influx of $1 million would still be life-changing. For example, if I got handed $1 million tomorrow, I'd likely keep my job the same but I'd have my wife go back to being a SAHM. The interest that million would generate would exceed what she currently earns and we'd rather have her home.

So I do think that magic million dollar figure is still fascinating.

[TBH]

disneysteve,
I agree, that idea of your life changing is the most compelling part. Here's my response to the article and to that idea:

How much $$ would change your life?

[Ima saver]

I don't think it would change my life very much. i would hope my husband could take some time off and not work so hard, but when you are married to a workaholic and a perfectionist, I don't know. He would probably want to buy another old car, so we might need another garage!

[rob62521]

I think my life would change a bit -- I probably would retire earlier if I had invested wisely. I really don't need anything and am satisfied with what we have. I might finish up a couple of home improvement projects we plan to do in the next couple of years. I do think that people who handle a little money well, usually have the discipline to handle more effectively.

[disneysteve]

Originally Posted by rob62521

I think my life would change a bit -- I probably would retire earlier if I had invested wisely.

Same here. I don't think we would change much now, other than my wife giving up her job probably. I would put that money away. $1 million invested today at 7% would roughly double to $2 million in 10 years. Add that to what we are already saving and in 10 years we'd have all we need to retire comfortably. I'd be 52. That would be perfect.

[rob62521]

Yep, Disneysteve, young enough to enjoy retirement, but old enough to appreciate it. I will be 55 in 10 years and hope to retire then as well.

[Ima saver]

It is exciting to me to see all you people striving for your goals at your young years!

[creditcardfree]

I would guess there is a millionaire in every state. We have a single billionaire here in Omaha....Warren Buffett, of course he did donate most of that money to Bill Gate's foundation...and that money is sure to be life changing for MILLIONS!

[PRICEPLUS]

I will probably never be a millionaire. That is okay with me. Enough to pay my bills and live comfortably is okay with me!