Will I be a millionaire?
by 
MillionaireBound
ANSWERS: 1
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1-31-2017 Being a millionaire depends on your income and the prevailing interest rate. Say I have a little box that spits out a dollar every year, and I want to sell it. What's it worth? Well, if you compare it to a savings account at 10% interest, your account would have to have ten dollars to pay you a dollar a year, so the box is worth ten dollars. But if the prevailing interest rate is 1% then you need a hundred dollars to pay one dollar per year. So the value of an income stream depends on the prevailing interest rate. But you do have to have an income stream. Just being "worth" some amount doesn't really mean anything. Very few people have a million bux lying around. Economists have varying opinions of what the true interest rate is these days, but most estimate something less than 1%. So you can call yourself a millionaire if you have a steady income over $10,000 a year. By that standard, many people on social security are millionaires.
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