Why I dislike Millionaires in the making
CnnMoney runs a column called Millionaires in the making. Each time it’s published, they spotlight a new couple that are on the right track to becoming millionaires. For example, this time around the couple is The Johnsons.
I truly despise these articles. Each and everyone of the couples that they spotlight usually make well over $100,000 a year. Most make over $200,000 a year.
Let me tell you, if I made nearly a quarter of a million a year, I could be a millionaire in the making too. Show me a couple who makes $50,000 a year that has everything in order and are making themselves millionaires. Then I’ll be impressed. But don’t show me someone who Grosses a million every 4-10 years. That doesn’t seem like much of a challenge to become a millionaire if you make that much money.
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G said,
Wrote on October 13, 2006 @ 11:40 am
I agree will your disapproval. Screw those guys!
samerwriter said,
Wrote on October 13, 2006 @ 12:13 pm
I can understand the sentiment; my objection to the series is that they treat “millionaire” like some magical target after which all your problems will be solved. In reality, that target is different for everyone, and reaching it won’t solve any problems.
But I think one thing to take away from the articles is that these people have put themselves in the position to earn a lot of money, and that makes the arbitrary “millionaire” goal more feasible.
Becoming a millionaire (like I said, I really dislike that goal) is one part income, and one part savings. It’s a mistake to concentrate on only the savings half of that formula.
LAMoneyGuy said,
Wrote on October 13, 2006 @ 1:38 pm
I have noticed that about the more recent ones. Check out some of the older ones. You’ll find sub 100k salaries.
David B. said,
Wrote on October 13, 2006 @ 2:05 pm
I was just about ready to go back to work (I’m on lunch) when I ran across this post, and I just had to comment. I completely agree with you! I want to see someone who makes around $40,000, has 2 kids, and are on the track to be a millionaire. That’s much more interesting. On my website http://www.howdopeoplegetrich.comI plan on having a lot of articles about normal people who have gotten rich and how they did it. That’s not to say that I won’t post other articles, but I just find stories of how ORDINARY people got rich much more interesting. I periodically check CNNMONEY and I’ve found that they usually spotlight people that are making a lot of money to begin with. Thanks for posting a great article!
Lazy Man and Money said,
Wrote on October 13, 2006 @ 5:02 pm
I object to the article because a large portion of their money was made by buying the home and realizing the gains where they sold it.
One thing that’s interesting to note is that they are only 30 years old. I’d also take away that they seem to be doing the right things.
David B. said,
Wrote on October 15, 2006 @ 8:55 pm
To Lazy Man and Money:
I think that they are definitely doing the right things and are smart with their finances. However, the article clearly states, “Matt and Kristina take home a combined $147,000 a year,” and that’s just not typical for “ordinary” people. I do see what you’re saying though. If you look at the whole picture and take away the key points from the story, you do find that they are doing the right things. I just hope that the “Millionaires in the Making” stories in the future highlight the average Joe, and how he’s on track to be a millionaire.
Kira said,
Wrote on October 16, 2006 @ 9:40 am
I think that with these people who make well over $100,000, a million dollars just isn’t going to be very much money to them. You can’t sustain that kind of lifestyle on a million dollars, and therefore the corresponding goal for them should be a lot higher - whereas if they were only profiling those with $50k a year and under salaries, a million dollars is probably enough to retire on right now for them.
But frankly it is a lot easier to find well paid people who are rich than poorly paid people who are rich.
Empty Spaces said,
Wrote on October 18, 2006 @ 10:36 pm
thats so true. I’m making something in range you mentioned and I think i’m on my way to becoming a millionaire. only i’m not interested in pasting my face on a news site for the world to see.
but you could read my blog instead!!!!
Trent said,
Wrote on October 19, 2006 @ 2:47 pm
The problem is that it takes a lot of time for people to become wealthy, particularly if they’re poor to begin with. Even young college graduates are in this boat: they might make good money, but they’ve got tons of debt. It takes a lot of time to become wealthy, and most bloggers haven’t lived that long.
bookfinance said,
Wrote on March 1, 2007 @ 1:10 pm
Great post! I must have missed this one. I have you on my blog reader to read your updates, just need to go through your archives more thoroughly. Your blog is one of my favorites!
Sanoran Triamesh said,
Wrote on October 20, 2007 @ 2:53 pm
The ‘millionairs in the making’ series is amusing, but should be treated more like an advert than anything else. CNN is a for-profit company. They make money from various sources, some obvious, some discrete. Many of these money-sources of CNN require the reader to part with his cash, -invest, buy etc., so they pay for these articles. How they pay, I do not know, -but they must. If you read these articles carefully, you will start to see a pattern. I was particularly amused by the ‘real-estate’ tycoons they were portraying. I tried to follow up on them, wrote to CNN, but never got a reply. The ‘fictitious’ millionairs in those days were all doing the same thing, -taking huge loans and buying, buying. In the same page, there would usually be ads for home loans
So, dont get frustrated or angry. Just treat them like ads, which want to you spend. If you want to be happy, all you need is good health and an appreciation of life itself.