Yeah, well, they can dream all they want, but when they wake up, they'll soon find out that a dream is not reality. They would do well to read The Millionaire Next Door, by Stanley and Danko. These two PhDs set out to study actual millionaires, that is people who have a net worth of over $1 million, and what they found shocked them. Net worth is defined by a simple equation: (Income + Assets) - (Expenses + Liabilities) =/> $1,000,000. That is what a millionaire is, someone whose net worth exceeds a million. Assets generate income; liabilities generate expenses. So income and assets are largely irrelevant to expenses and liabilities, if the latter exceeds the former. Lots of people earn high salaries and ow
n multiple assets, but are not millionaires because their expenses and liabilities eat up all of their money. Calling yourself a millionaire while burdened with debt is delusional. What Stanley and Danko found was that the overwhelming majority, more than 80%, of real millionaires were small business owners. Most of them never went to or didn't complete a college degree. They live in houses that cost around $200,000, drive used or paid for cars, and wear clothes and jewelry that don't distinguish them from any other person on the street. You would never know by looking at them that they have a net worth of $1 million, but they do. They minimize expenses, maximize savings, and invest in themselves or their business to accumulate wealth--that takes time and discipline, but it pays off. Celebrities, actors, rock stars, athletes, lottery winners more often than not have less money after their moment in the sun than before. They made millions and in the end have nothing but debt. The reason why is because they didn't build something, anything of value. They just lucked into it all and wasted it. I'm rich! I'm broke! That's the story that plays itself out over and over again. So if these millennials dream of becoming millionaires, they need to wake up and understand what being a millionaire really means. It does not mean prestige, status, a high salary, or any of that pretentious crap, being a look-at-me celebrity. It means going to work every day and building something of value. A self-made millionaire is a millionaire because he or she is self-made. In the end, nothing matters but net worth. At the close of day, it's either $1 million or more, or it's not. Usually, it's not, because most people do not understand money. It's made, not earned. Expenses and liabilities will consume income and assets, and leave you with nothing. Interestingly, what Stanley and Danko discovered what that the three careers least likely to produce a net worth of $1 million were the status careers: doctor, lawyer, professor.