I know you are wondering how come I'm not writing about the recent purchase of Chrysler and it's affect on the Metro-Detroit economy. That's because it's all speculation at this point, so I will provide a play by play as it unfolds.
For now I find something much more interesting. Recently there have been dozens of articles that I have been reading in regards to "Penta Millionaires". They say the number of U.S. "pentamillionaires" has quadrupled in the past 10 years, to more than 930,000. $1,000,000.00 is nice but $5,000.000.00 is really nice.
What would you do with 5 million? I would still drive a conservative car, but I would have something "hot" tucked in the garage. My house wouldn't be obnoxious but it would be spacious.
What does it take to be a penta-millionaire?
According to SmartMoney.com:
On average, folks who recently hit the $5 million mark report that only 10% of
their money came through passive investments. And only 10% of pentamillionaires
inherited their wealth. One might think that good fortune would play a role, but
even luck is largely a matter of one's own making. Psychologist Richard Wiseman
has found that people who describe themselves as lucky share common habits that
account for their success: They're friendly and fond of new experiences, traits
that put them on a collision course with new opportunities. In addition, "lucky"
folks simply have higher expectations of success — they're too pigheadedly
optimistic to heed the long odds and call it quits.
After struggling for years with my small business and still maintaining a great attitude I think that puts me in this category. I'm like Hulkeberry Fin, I'm always up for new opportunities and adventures.
Let's read more:
Not to say that getting rich is simply a matter of having a swell attitude. The
path to riches usually involves the kind of risk that would make most people
feel a little queasy. Harrison Group head Jim Taylor recently persuaded more
than 3,000 pentamillionaires to discuss their path to success. Perhaps not
surprisingly, none of them had a cushy union job down at the DMV. The vast
majority — 80% — either started their own business or worked for a small company
that saw explosive growth. And almost all of them made their fortune in a big
lump sum after many years of effort.
Now we are talking, I feel queasy everyday. My loans had loans to pay my minimum payemnts, and now I'm do for my lump sum. Give it to me Baby, I'm right here. Hello...Mr. Sum, Mr. Lump Sum......I'm here in this little cube. Come and save me…….
I like reading things that further reinforce decisions that I've made or have been making. But you can still get in trouble even when you are making millions.
For instance, Run from Run's house. I'm not sure how much he's making but he drives a Phantom, a Lambo, and his girls live in the city. A phantom is $350,000 worth of car. I know MTV isn't coughing up that much loot.
Look at the Mike Tyson's and the MC Hammers of the world. Just one of Mike Tyson's many monthly bills totaled over $300,000.00 per month. What did he buy? See for yourself below.
CLICK TO ENLARGE
How do you go broke with 21 million dollars? Spend $21,040,000.00 and you will be $40,000 in the hole like most Americans.
Almost as important as making it, is keeping it.