Understanding The Economics of The Word Millionaire

In keeping with the Elements To Wealth concept the ideal goal for most people at a bare minimum would be to become a millionaire. What do you think of when you think of a wealthy person? Most people would say, at the very least a wealthy person must be a millionaire. Since most people associate wealth with being a millionaire we can begin with that pretense and work backwords to understand the concept of wealth.

A millionaire is one who's wealth is estimated at a million or more (dollars or pounds) or some unit of currency. The word wealth is actually defined as "A great quantity or store of "money", valuable possessions, property or other riches.

Now we get to the good part. We now need to define "money". Most people have no clue what REAL money is. There are actually two definitions of the word in most dictionaries. The first definition is what is called the 'new' definition. It reads..

"any circulating medium of exchange including coins, paper money, and demand deposits.".

The TRUE definition in older dictionary's is "Gold, Silver or other metal in pieces of convenient form stamped by public authority and issued as a medium of exchange and measure of value."

I encourage you to read that definition again. The only thing EVER considered real money in the bible and the constitution of the United States is Gold & Silver! So the bad news is if you do not own any gold or silver you do not have any money! The good news is that it is not too late to get your hands on some to protect yourself from inflation. I will go into this more in future posts. To truly make the point watch the following video with Robert Kiyosaki and some of his financial advisors for further validation.