This article is about the weekly income of a millionaire, but it's not just about the weekly income that helped someone become a millionaire from scratch, it's about how much a millionaire can actually make without continuing to work full time. I think you will see that there are problems with just having one million dollars in the bank.
What is the weekly income of a millionaire? There are two ways to look at this, one way would be to assume that a millionaire made their money from scratch by having a very large weekly income, and another way would be to assume that they just inherited the money, or won it in the lottery.
In the case of the former, they will usually go on to make the second million fairly quickly, so long as their business maintains it's profits, or the company they work for.
In the case of the latter, where somebody just has a million dollars, they will need to work very hard to get enough money to survive, and also invest the money wisely.
Let me explain what I mean. If you put one million dollars in a term deposit account in the bank at a six percent interest rate, then you may get about sixty thousand dollars a year from it.
Then the tax comes out, and that could be anywhere from twenty percent, to forty percent in some countries, or if you are really skilled at finding tax loopholes, you may be able to dodge the tax legally by getting a tax refund on business expenses or something like that.
You have about fifty thousand dollars a year to live on, or one thousand a week, and if you have decided to buy your own house, you wouldn't have even that, as half the money would be gone already.
If you get one million dollars and then spend five hundred thousand immediately on a nice house and nice car, you still have to pay rates, insurance, electricity bills, internet bills, phone bills, food bills, petrol costs, and from the half a million you invested at six percent, you now have no money at all in disposable weekly income, unless the welfare system in your country gives you extra money every week from the government.
There are better ways to make money from investments than just putting it in the bank, but if you buy a second investment property, you aren't any better off financially, as you get the rent from the tenant, and you own two houses, that's it, unless you continue working.
What Is The Weekly Income Of A Millionaire?
I asked this question to show that you will probably need at least a million dollars to have a comfortable retirement, and that you are not really all that rich in western countries just from having a million dollars, or not as rich as you used to be.
What does it take to become a millionaire? That's another question, for another day, or you can click on the link to read what I wrote in that article.
Personally, if my combined assets went up to a million dollars overnight, I'd get a house that was twice as good, and I'd have almost twice as much money to spend in weekly income, maybe three times more.
It's not really that big a goal to aim for, and I'm sure I will get there one day. Everyone has dreams of being a millionaire, but it's not that exciting to have the weekly income of a milionaire unless you have more than one milion.