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INTRO How much money do you have to have in order to be considered a millionaire?

Lisandro

New Contributor
Apr 20, 2018
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Argentina
Hi everyone, I'm Lisandro from Argentina.
I have read TMF and i will try to learn from you guys and maybe post some new information if it isn't already here.

I have a quick question for you, i been doing some math and I want to know how much money per month do i need to earn to become a millionaire.
so the question is, how much money do you have to have in order to be considered a millionaire?​

thanks in advance and thanks @MJ DeMarco for writing this book
 

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Lisandro

Lisandro

New Contributor
Apr 20, 2018
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Argentina
Is the answer to this question part of your fast lane plan?

Or are you wasting time and need to get to work on that plan?
I'm just saying that with 1 million dollars you can't live the good live right? meaby you need 10 millions or 50 millions.
I think the term was conceived decades ago and one million back then is not the same that one million today. just my point of view
 

NanoDrake

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Feb 25, 2018
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Welcome to the forum

I urge you to re-read the book and use another pair of lenses to read it because the question you made gives me the impression that you haven't understood the PRINCIPLES of the book.
You can make 1 million in a month or you can make 10 millions, is it possible? yes, probably? unlikely given your status (which i'm assuming)
In how long? how much will i need? all this questions, should have been answered already by the book, if not, re-read :)
 

Benjaminjhs

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Mar 13, 2018
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I'm just saying that with 1 million dollars you can't live the good live right? meaby you need 10 millions or 50 millions.
I think the term was conceived decades ago and one million back then is not the same that one million today. just my point of view
Feels like you've got it all wrong. My point is, what does $1.000.000 mean to you, your goals and your dreams?
Millionaire Fastlane book already guides you through the mathematics of how much you need to have to live your absolute dream. If that is $1.000.000 or $100.000.000 it doesn't matter, and it certainly doesn't matter if other people will call you a millionaire or not.

I advise you to first define what you mean by 'living the good life', then you take it from there. Is that driving a White Lamborghini to your Private Jet and fly to your villa in Marbella? Well, then that $1.000.000 won't cut it. It is all about how you define success and 'living the good life' as.

And to answer your question; It is quite true that $1million doesn't have the same purchase power as it had 10,20,30 years ago, and the sum of $1million will have even less purchase power 1 year, 5 years and 10 years from now because of inflation.
 

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ZCP

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I'm just saying that with 1 million dollars you can't live the good live right? meaby you need 10 millions or 50 millions.
I think the term was conceived decades ago and one million back then is not the same that one million today. just my point of view
Ok. So where are you heading with this?

Are you trying to create a limiting belief? Or set realistic goals? Or action fake and waste time?
 

Ocelot

Contributor
Apr 13, 2018
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UK
I'm just saying that with 1 million dollars you can't live the good live right? meaby you need 10 millions or 50 millions.
I think the term was conceived decades ago and one million back then is not the same that one million today. just my point of view
$1,000,000 Gives you a lot of capital to invest and generate more money from. Nobody is saying to make $1mil then retire on it living the high life (because you can't).

MJ shares his story in the first few chapters about how how made his first million and thought he was rich, but in reality he was just trying to "appear rich".

He also makes the distinction between rich and wealthy. Rich is what society defines as having "made it", fast cars and supermodels. Wealth is knowing that you can wake up and go anywhere and do anything.

You want to be wealthy, as that's where the freedom is. Money is the catalyst that allows that freedom.
 

eliquid

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I'm just saying that with 1 million dollars you can't live the good live right? meaby you need 10 millions or 50 millions.
I think the term was conceived decades ago and one million back then is not the same that one million today. just my point of view
I think it depends on "how much you keep". Meaning, your lifestyle and budgeting. How you treat taxes, etc.

What do you want out of life?

That question above will determine a lot of "how far a million dollars goes".

Wanna ride around in a Lambo with a McMansion? You won't go very far or last very long with 1M.

Wanna be debt free, put your 3 kids in college, live in a small town with a modest car and maybe buy a small home? You might last a few years to a decade like that doing nothing else with the 1M.

Forget about the money and the "financial number".

What are your goals. Why do you want to be a millionaire?

If you can figure out the why/reason behind that, you can start living most of that lifestyle before you hit 1M if you think creatively about it.

If you just want it to live the same way Dan Bilzerian lives.. well you gonna need at a min prob 10-15M.

.
 
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Lisandro

Lisandro

New Contributor
Apr 20, 2018
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Argentina
thanks to everyone for the answers, I came to the conclusion that I want to read the book again to understand it better.
It is true that I did not set my goals while I was reading and I did not realize how much money I need to fulfill my dreams.
you clarified my mind so I thank you. regards:smile2:
 

Ninjakid

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Being a millionaire has nothing to do with how much money you earn, being a millionaire describes your net worth.
There's people in my city who live paycheck to paycheck, but their house is worth a million dollars, so they're millionaires on paper.
 

GoGetter24

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It's a pointless question because it's an arbitrary number. Having $1M USD net worth in Argentina or San Francisco are two very different things.

Instead, you should use the generic: rich. Work out what rich means to you, and then work out what net worth / yearly income that is.
 

minivanman

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Not that it matters but to answer the question, you need to have a net worth of $1 million or more in order to be a millionaire. Just because a person has made $1 million does not make them a millionaire.
 

MJ DeMarco

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minivanman

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But being a millionaire has nothing to do with how one lives or how much one makes or what things are selling for at the store. Being a millionaire is exactly as I said above and it will never change no matter how much anything is worth.... if you have a net worth of $1 million or more. Being a millionaire can't go up to $5 million, that doesn't even make sense. Do you see what I mean?

Technically, having a net worth of $5 million would make one a multi-millionaire.
 

Jonathan1

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Jun 23, 2016
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thanks to everyone for the answers, I came to the conclusion that I want to read the book again to understand it better.
It is true that I did not set my goals while I was reading and I did not realize how much money I need to fulfill my dreams.
you clarified my mind so I thank you. regards:smile2:

Definition of millionaire (Merriam-Webster)


: a person whose wealth is estimated at a million or more (as of dollars or pounds)

Good idea. I kindly suggest that you ensure you get the big ideas out of the book. Try creating a mind-map.
Also, the two big diagrams in the book help summarize and pull together the big ideas well into two models that can guide all your thinking and action. (The SCRIPTED OS & TUNEF)

So as you read, relate everything back to those diagrams. Ask yourself, "how does this idea fit with the Scripted OS/TUNEF?"

Good luck buddy.
 

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