Scrooge McDuck swimming the backstroke across a sea of gold coins – your vision of a millionaire? The reality is that most millionaires have built their wealth through perseverance and hard work. Credit Suisse defines “millionaire” as someone with a net worth of at least $1 million. Using this definition, there are 28.6 million millionaires on the planet (World Wealth Report, Peterson). If you’d like to see how close you are to becoming a millionaire, figure your net worth by adding the value of your assets:
- Home, its furnishings
- Bank accounts and investments.
After you have a sum total, subtract your liabilities (the balance of mortgage, car loans, credit card balances and other outstanding debts). What’s left is your net worth. Here is an online calculator to simplify the math. Keep reading this post