If you’re tired of thinking about money in terms of “net worth,” here’s another way you can do it and more sneakily compare yourself to others ;)
(Though you’ll still need to know your net worth # to play):
“The world needs a more precise way to describe wealth. “Millionaire” is too broad, covering everyone from random pikers with a scant $1 million in net worth all the way up to people just shy of billionaire status… The language down the scale of wealth is even more impoverished. “Thousandaire” isn’t even an accepted word, let alone “hundredaire.” Yet that’s the net worth space where most of us live.
We have a solution. It’s a scale of net worth based on scientific notation, or powers of 10, which you (should have) learned in fifth grade. One million is 10 to the sixth power, so a basic millionaire is a 6 on our scale. Bezos and Gates are 11s. At the poor end of the scale, someone with $1 in net worth is a zero, and someone with 1/10th of a dollar (a dime) to his or her name is a -1.”
Here’s what this looks like in practice:
As a “random piker with a scant $1 million in net worth” myself, I can’t exactly say I can afford a 2nd home by the shore, haha, but it is an interesting way of putting things in perspective for sure ;) And possibly even easier to talk about in real life than saying specific $$ amounts?!
“I’m now a 6, y’all! Woohoo!”
“What do you mean? Your looks?”
“Nah, my money! I’m a millionaire now!!”
“Why didn’t you just say you’re a millionaire now then?”
“Because I didn’t want to come off as a jerk off!”
Haha… Okay so maybe it wouldn’t work too great until it’s taken off, but I do like how much easier it is to say out loud ;) And could probably get people talking more openly about their finances too? A lot less taboo this way, yeah?
It’s also interesting how little the difference is there in the beginning of the stages vs later too… You could get from a -2 to a positive 2 in a matter of weeks if you really wanted to (and probably people do every pay day for a hot minute!), but then going from a 2 to 3, or even 4, takes a whole other level of commitment. With the main tipping point happening around #5 ($100,000) which is the hardest point to hit in my experience.
Though I do wish “Thousandaire” and “Hundredaire” would catch on more as they really do sum things up nicely! I remember years ago a blog called Thousandaire.com coming onto the scene and immediately screaming “YES!” at my computer and then linking to it all over my blog, haha… I even went on to purchase it later to try and popularize it more, but sadly it was no match for me and I later moved on to other important things… (Though happy to try again if anyone wants to join in?! I know we got lots of Thousandaires up in here who’s loud and proud!! ;))
At any rate, if you’re bored today or just enjoy adding fun new sections to your spreadsheets, plug in your net worth here and see what # you get…
I’m a #6 as mentioned and will probably stay there for life, haha, but always interesting to see where you stand compared to others, even if you just keep it to yourself.
And who knows, maybe with enough hustle we’ll all surpass that elusive #7 in no time?! According to a friend of mine it wasn’t too hard for this guy to do it!
A true story ;)
The secret of my success? Actually it was quite simple.
On the first day I bought an apple for five cents. I spent the evening polishing my apple and sold it the next day for a princely sum of $.10.
On that self-same day I promptly purchased two more apples for the sum of $.10. Thusly I spent the evening polishing my two apples and the following day sold them for the grand total of $.20.
And so it went until I had amassed a tidy sum of $4.20. It was at that time my wife’s father passed and left to us his entire fortune of twenty million dollars.
Haha… Still counts!
My friend couldn’t remember where he first heard this, but he thinks it came from English playright Noël Coward years ago…