The New American Dream
| June 30, 2008 | Posted by Roshawn Watson under Uncategorized |
The American Dream has gone from having a good job and owning a home to driving an Ashton Martin, living in a McMansion, frequenting our favorite vacation spots, and jet-setting. In short, we want to become millionaires.
Our popular culture and personal finance literature is filled with an emphasis on millionaires.
Entertainment
There are abundant examples of shows with million dollar prizes including: NBC’s Deal or No Deal, Who Wants To Be A Millionaire, and America’s Got Talent. Then, there are the staple personal finance bestselling books: The Millionaire Next Door, The Automatic Millionaire, and Secrets of the Millionaire Mind.
Personal Finance Guru’s
People flock around Suze Orman as if she was a rock star. Dave Ramsey’s radio program reportedly gets over 3 million listeners a day. Star-struck fans fill convention halls and sports arenas to hear success secrets from business, religious, and motivational speakers. If you happen to throw in a popular speaker such as Zig Ziggler, Donald Trump, Anthony Robbins, or Robert Kiyosaki, then it is pure hysteria. Trump reportedly receives $1,000,000 per speech, which truthfully is chump-change to the billionaire. Even religious organizations hold Millionaire conferences.
Casinos and lotteries
Casinos, online gambling, and the lottery also aggressively entice people to spend their money for the chance that they will become millionaires. Despite the unfavorable odds against striking it rich, many millionaire wannabes remain deluded by the lottery fantasy, believing that wealth will fall their way if their luck stays golden.
Delusion or Possibility
Given recent economic woes, some have asked if the American Dream is obtainable anymore. Although many people make great points, several millions of people are proving otherwise. According to the recent 12th Annual World Wealth Report, the number of millionaires increased last year by 6% to 10.1 million (net worth increased about 9.4% to $40.7 trillion). For comparison, during the time of Carnigie and Rockefeller, there were about 4,000 millionaires.
Millionaire Club: What it Means
The kicker is that since the millionaire club is no longer as exclusive anymore, it is becoming insignificant for some. Consider what frequent MSN money columnist Liz Pulliam Weston wrote…
“The day my husband and I became millionaires was a lot like any other day… There was no popping of champagne corks, no trips to the Continent, no quitting of jobs. The fact that the experience was so mundane speaks volumes, both about how millionaires are really created and what it means to be one.”
To others, a million dollars is almost pocket change. For example, Beyonce and Jay-Z each took in an estimated $80 million dollars last year. Merill Lynch is giving its CEO a hefty $83 million compensation plan for this year.
With such media-driven glamorization of wealth, including our celebrity culture and millionaire-producing game shows, and our obsession with lottery, it is unlikely to that our millionaire obsession will die off anytime soon. After all, it is the American Dream.
Lastly, if you like this post, click here to RECEIVE My Brand-New eBOOK for FREE; also, support this post and Propel it, Stumble it, and tag it on Delicious.
Related Post
The CEO Economic Stimulus Plan
Millionaires Increased Both in Number and in Wealth
Copyright 2012, Roshawn Watson, Pharm.D., Ph.D. All Rights Reserved.
I understand Liz Pulliam Weston's statement and your subsequent comments completely. $1 million just isn't what it used to be given the prices of things today.Someone once said that rich is when you don’t have to work for your money, your money works for you. I think this is very true. I want enough passive income so that I don’t have to work 16 hours a day and that I am free to pursue my dreams. I don't think that this is possible with $1 million. How much money do you think it takes to become "comfortably rich" as I've described?
Financial Dream, thanks for the comment. The answer to your question is that it depends. For some people comfortable is $500,000 in retirement accounts whereas other “require” a few million before they would even contemplate “confort.” It also depends on your lifestyle. The Middleclass Millionaire often feels “strain:” having enouugh to have a little fun but not enough to really feel rich (butler, driver, mansion, etc)
Financial Dream, thanks for the comment. The answer to your question is that it depends. For some people comfortable is $500,000 in retirement accounts whereas other "require" a few million before they would even contemplate "confort." It also depends on your lifestyle. The Middleclass Millionaire often feels "strain:" having enouugh to have a little fun but not enough to really feel rich (butler, driver, mansion, etc)
You are absolutely right about becoming a millionaire not being glamorous. That's Hollywood and the get rich quick mentality that has been soaked into our culture. We expect there to be this big party and the whole world stops to celebrate in your success. I think if the average person wants to be a millionaire they need to read the book, The Millionaire Next Door. It teaches the principles and mindsets of the first generation millionaires that didnt get filthy rich over night like music, tv, and sport stars or lottery winners. But its those who come from nothing, work really hard, live below means, save, invest, and give. Then after 20-30 years of doing that they become millionaires although you wouldnt know it cause they live in a $200k house, drive a used car, and wear normal clothes. Sure they may splurge on vacations or other nice things from time to time but only cause they saved the money to do that and they pay CASH.I believe why so many people are having financial problems today is because they want what the celebrities have without the work. And they see what their parents have and want that NOW. They buy houses they cant afford, they finance $50k cars, and they spend way beyond their means on credit cards. Eventually it all crumbles down and they can't make payments any more. Its the American Dream that has become a nightmare.
Chris, you are also right. Most people who become millionaires are what's referred to as "middle-class millionaires." These individuals are "merely" wealthy not the superwealthy. They rarely live glamorously because they would be broke trying to keep up that lifestyle. They are the first-generation rich referred to in Thomas Stanley's classic Millionaire Next Door.Like you said, many people justify their ridiculous debts by saying, "I want it now because I have worked so hard." The news flash is plenty of people work hard. The hardest working people are often the most poorly paid. It is sad, and sometimes disgusting, but still our reality. Working hard never justifies financial stupidity.Great comment!