The word “millionaire” has always held a high level of prestige. Anyone who has achieved this rank is clearly a wealthy person, with far more assets than your Average Joe. When we think of millionaires, we often think of palatial estates with olympic-sized swimming pools and tennis courts. Or perhaps wealthy heiresses wearing huge diamonds discussing social graces with other debutantes.
The fact is, a few decades from now, millionaires will surround us. Even today, owning $1 million in assets is not an unattainable task for many. Though being a millionaire may seem like a lofty goal, anyone with a good salary and a desire to save or invest should be able to do it.
The most valuable asset that most people own is their home. In the Baltimore-Washington area, where I live, a single-family home in a modest neighborhood can cost $800,000 ore more in some areas, and they don’t stay on the market for more than a few days. The families living in these houses aren’t “rich”. These neighborhoods aren’t for CEOs. They’re for mid-level managers, government workers, and educators.
If an average home is worth 80% of a million, how much more does it take for someone to accrue a full million? Twenty years from now, what will these same houses be worth? Even if the real estate bubble bursts, surely the prices will have increased over twenty years. Add to this the effects of inflation, and a few wise investments, and we’ve got ourselves a culture of millionaires.
What will it be like? Will you be one of the millions of millionaires? I certainly expect to be one. Start saving and spending wisely today, and there’s no reason why all of us can’t attain the rank that for so long was reserved only for the wealthiest of people.