How to make a six figure income online

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How to make a six figure income online

A millionaire (originally and sometimes still millionnaire) is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account. Depending on the currency, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for some, and almost unattainable for others.

The increasing number of millionaires is partially due to prevailing economics: Increasingly, the term denotes more and more to the status of high wealth. American sociologist Leonard Beeghley classifies all households with net worth exceeding USD$1 million as "The Rich." There are currently over 10 million people around the globe classified as U.S. dollar millionaires.

The word was first used (as millionnaire, double "n") in French in 1719 by John Law, and is first recorded in English (millionaire, as a French term) in a letter of Lord Byron of 1816, then in print in Vivian Grey, a novel of 1826 by Benjamin Disraeli. An earlier English word "millionary" was used in 1786 by Thomas Jefferson while serving as Minister to France; he wrote: "The poorest labourer stood on equal ground with the wealthiest Millionary". The first American printed use of the word is thought to be in an obituary of New York tobacco manufacturer Pierre Lorillard II in 1843.

The increasing prevalence of people with more and more money has given rise to additional terms to further differentiate millionaires. A multimillionaire has a net worth of more than 2 million units of currency, a decamillionaire has a net worth of more than 10 million units of currency, and a hectomillionaire has a net worth of more than 100 million units of currency. The term centimillionaire has become synonymous with hectomillionaire in America, despite the centi- prefix meaning 1/100, not 100, in the metric system.

While statistics regarding financial assets and net worth are presented by household, the term is also often used to describe only the individual who has amassed the assets as millionaire. That is, even though the term statistically refers only to households, common usage is often in reference only to an individual.

Recently, there has been some controversy over how to correctly determine a person's status as a millionaire. One of the two most commonly used measurements is net worth, which counts the total value of all property owned by a household minus the household's debts. According to this definition, a household owning an $800k home, $50k of furnishings, two cars worth $60k, a $60k retirement savings account, $45k in mutual funds, and a $325k vacation home with a $250k mortgage, $40k in car loans, and $25k in credit card debt would be worth $1,085,000 (approx.) and every individual in this household would thus be a millionaire. However, according to the net financial assets measurement used for some specific applications (such as evaluating an investor's expected tolerance for risk for stockbroker ethics), equity in one's principal residence is excluded, as are lifestyle assets, such as the car and furniture. Therefore the above example household would only have net financial assets of $80,000. Another term used is "net investable assets" or working capital. These practitioners may use the term "millionaire" to mean somebody who is free to invest a million units of currency through them as broker. For similar reasons, those who market goods, services, and investments to high net worth individuals are careful to specify a net worth "not counting principal residence." Many other specific definitions may be used, but essentially a millionnaire is still somebody in a household with net worth of one million units.

In the real estate bubble up to 2007, average house prices in some U.S. regions exceeded $1 million, but many homeowners owed large amounts to banks holding mortgages on their homes. For this reason there are many people in million-dollar homes whose net worth is far short of a million—-in some cases the net worth is actually negative.

While millionaires constitute only a small percentage of the population, they hold substantial control over economic resources with the most powerful and prominent individuals usually ranking among them. Also, the total amount of money held by millionaires can equal the same amount of money held by a far higher number of poor people. The Gini coefficient, and other measures in economics, estimated for each country, are useful for figuring out how many of the poorest people have the equivalent total wealth of the few richest in the country. Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered authorities on the subject. According to Forbes' latest annual list of the World's Billionaires published in March 2008 there are currently 1125 members of the exclusive Billionaire's club US-dollar billionaires in the world.

Also see: How To Make Your Mind A Money Magnet