Dolf de roos professional#
Depending on where you live, the job you have (if you have one!) and therefore the professional indemnity insurance premiums that you must take out, and a myriad of other factors, a million dollars of annual income may or may not seem a lot. What if we said that a millionaire was someone who had an annual income of one million dollars? Surely that’s significant? Surely such a person is over-the-top rich? Again, it depends. When you consider that the average person in the Western World, on retirement, can barely put his hands on $12,000 cash, then being able to uplift $1,000,000 surely is significant? Possibly, but the moment you invested it to try to increase it, you would, by your own definition, no longer be able to put your hands on it, and therefore you would no longer be a millionaire. Well, in that case we could say that a millionaire is someone who can put his hands on a million dollars of cash. And what if your net worth is made up of a home worth $4m, with a mortgage of $3m on it? You would still be paying interest of around $300,000 per annum on the loan, and even if your annual income was a whopping half million dollars, by the time you paid your taxes, basic necessities and the mortgage interest, you would have little left over for the luxuries of life. Depending on where you live, a net worth of a million dollars, while infinitely better than a net worth of nothing, does itself not indicate the ability to live it up. Through the ravages of inflation, the value of money goes down, and a million dollars is worth less and less.
Well, a net worth of a million dollars for your great-grandfather in 1910 would have meant a lot more than a net worth of a million dollars today. This is probably most poor people’s (those who are not millionaires!) definition of a millionaire. What if you were to say that a millionaire has a net worth of a million dollars. Well, that’s a simple answer, but if you have your total assets of a million dollars in your pocket, and you also have a debt to the bank of $2m, then you are not necessarily enviably well off. Some will say: “A millionaire has a million dollars!”. I also know from having asked this question many times, that not many people have a clear idea. So assuming that you, the reader, also like this notion, I now challenge you to answer the following question: What is the definition of a millionaire? In fact at my seminars, when I ask the audience: “Who wants to be a millionaire?” just about every hand goes up.
No doubt a lot of the excitement about this show is the subconscious desire by everyone to be a millionaire.
Dolf de roos series#
All over the world people are enthralled with the American (and Australian) TV program “Who wants to be a Millionaire?”, where, by answering a series of questions correctly, the contestant can walk away with a million dollars.
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