Blackstone buys Hilton Hotel chain for $26 Billion; World Series of Poker opens in Las Vegas with winner expected to win multi-millions; Carlos Slim (sp.) now richest man in the world with $64 billion; a gallon of whole milk on sale at $3.99; You can win a million dollars on Deal or No Deal and Joey Chestnut ate 66 hot dogs in 12 minutes to win the Nathan's Famous Hot Dog Eating Contest.
What of the above is real and concerns you and I and what is fluff? The price of milk is what the real economy is all about. The rest is there to entice, make you wonder and helps to keep your eye off the ball. George Will once made an interesting point when he said 19 guys were sitting in a bar with an average net worth of around $100,000. Bill Gates walked in and joined them and their average net worth jumped to $2.7 Billion. It is statistically correct but doesn't mean anything. Your next raise is 100 times more important.
Do you have any idea how few millionaires there are in this Country in relation to the population? And forget billionaires! (374 living in the United States according to Forbes Magazine). The population of the United States is currently 302,264,786 + or - Tiger's daughter Sam. There are approximately 2,418,118 millionaires according to CNN money in 2004, which is .8%. That is about 1 in 125 people. At a typical Super Bowl of about 100,000 people there would be 800 millionaires. I have had other reports attesting to 9.5 million people who fall in the millionaire category. That is a little over 3% or about 4 in 125 people. At the same Super Bowl that about 2500 people. Not that many in any case when you stop to think about it!
Should you take becoming a millionaire out of your mind? Absolutely not. But you have to realize that there are only a few way's to achieve this. Inheritance is nice, but if you are anything like me getting bills of less than $5000 from your parents when they go to their reward is great. Winning something is not even worth mentioning. Working for a new growth company that awards you with stock options prior to their public offering is great, but unfortunately not that realistic. The stock market itself generally doesn't work because people are impatient and you need a rather large stipend to invest if you want to become wealthy. It is easier to have a 100,000 shares of stock that goes up 10 points equal ling $1million than it is to have 10,000 shares of stock go up 100 points to get the $1million. !00 shares going up ten thousand points is very unrealistic.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.