Sunday, July 3, 2011

What is a Million Dollars’ worth these days?

According to the Melbourne Herald Sun Newspaper on June 24 2011, “In just the last two years, the number of Australians worth more than $1 million has increased by more than 45%”. I heard somewhere else that that means 11% of Australians are now millionaires! Sadly I and no one I know are that, but I couldn’t help wondering just how far a million Dollars would actually go these days? When I was a lad just staring out in the work force I brought a weekly Tattersall’s ticket, with a first prize of only $25, 000. Of course then you could enter the first home buyers’ market, for around half that, and have gotten new car, and still have “A bob or two” left over.
Now you would need over half a million Dollars to buy a first entry home in some suburbs alone! I think the gambling agencies have cottoned on to this too, and now in some lotteries the first prize is often between 10 & 15 million. (Last night they were advertising for one worth 30 Million!)
So obviously, even if you are one of those now 11% now, being a millionaire these days, it doesn’t mean you are really rich any more. Just better off than the other 89%! No, to be rich these days, you need to be a Billionaire instead.
Okay, so that’s money! What else has proven now to be not worth what it once promised to be, now that you have it? Over to you for comment now.

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