The Myth of The Millionaire....Why Be A Millionaire ?

The Myth of the Millionaire ....Why Be A Millionaire?

By George Ansong,

GAV Capital Partners LLC.,

As we all know the word millionaire conjures up such images in our minds that it is just unfathomable. The mention of the word brings images of luxury, expensive cars and yacht, the mansion, the custom designed and gold plated everything. But is that what being a millionaire is all about?

The myth is that a millionaire has his millions ready in cash stacked and piled somewhere ready to be squandered at any moment. This is further from the truth, especially if he is a working millionaire. In the case of a businessman or investor who is a millionaire, it is possible that he might have very little in liquid cash. He might have a huge obligation in terms of his monthly and mortgage expenses and other capital expenditures, especially as an investor if he is heavily investing.

The millionaire businessman or real estate investor might have:

1. A payroll he has to meet every month

2. Building, equipment and machinery - His wealth might be tied up in these

3. Finished products and inventories

4. Tax obligation

5. A foundation that he supports

In the case of such a situation ; the millionaire's cash might be just a fraction of his total net worth. We have to understand this before we aspire to be millionaires.

Let me distinguish between the high income millionaire (like movies stars, entertainers and sports personalities), they might have their income tied to performances, however their monies might be available for their luxuries. But for the working millionaire it is a different story. It is possible for him to go to the bank and borrow money to get his enterprise going or to expand his venture or invest in a new subdivision or other related investments. In summary he uses his money as capital, investing, and reinvesting to create businesses and jobs, expand his real estate holdings produce goods and services for the expansion of the economy.

Most people do not need to be millionaires. Start with what you want out of life. May be a home, a nice car, an educational fund for your kids, and funding for your retirement. Work backwards with the numbers and determine what you need to live comfortably. The reason is that it requires disciple and diligence to manage money. As a very wealthy man said "Believe me, wealth is something with which one has to learn to live with - and the task is not always as simple as might be imagined."