Being a millionaire has to do with accumulated wealth, an amount expressed in dollars.
It has nothing to do with the rate at which you generate income, which is dollars per unit time.
It's a basic problem of incompatible units.
It doesn't make any sense to compare making $250,000 per year with being a millionaire. One is a flow, the other is a bucket.
3 comments:
But, but if you make $250,000 for four years, you're a millionare! At least, I think Hillary Clinton claimed that once.
All true, but the real end game is to be able to tax wealth in real time. That's why we need to keep talking about those pesky millionaires and billionaires.
Also note that a millionaire, adjusted for inflation, is a person with assets worth 20 million or more. A multimillionaire would be someone with 40 million or more.
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