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A subindustry in publishing is devoted to books about becoming a millionaire.

There’s Millionaire Teacher, The Millionaire Next Door, The Millionaire Fastlane and The Millionaire Mind, not to be confused with Secrets of the Millionaire Mind or Your Millionaire Mindset. Also, The ChatGPT Millionaire, Baby Steps Millionaires, Seventeen to Millionaire, From Zero to Millionaire and The Millionaire Master Plan. We could go on and on – Amazon’s books page offers more than 50,000 results for a search for “millionaire.”

The word millionaire means wealth, financial independence and prestige, at least in the minds of people writing, editing and publishing personal finance books. But the status of millionaires today has been devalued by high real estate prices. If you own a home in some parts of the country, millionaire status awaits.

A widely accepted definition of millionaire is having a net worth of $1-million or

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Not only did rock-bottom interest rates during the pandemic spur a refinancing bonanza, but with the help of remote work and tight inventory, they also heated up the housing market in a way that hadn’t been seen since the bubble. Borrowers simply couldn’t pass up on 30-year fixed mortgages with a rate of 3%—or in some cases 2%. Few companies, of course, benefited more from that housing boom than Rocket Companies, which during the roughest part of the lockdowns did $5 billion in sales in the second quarter of 2020 compared to $1.6 billion in the same quarter in 2019.

That’s behind us now: The mortgage rate shock created by the Federal Reserve’s rate hiking campaign has set off a housing market recession. While national home prices remain fairly stable, housing activity hasn’t been so lucky. Residential fixed investment, otherwise known as housing GDP, has fallen for

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Tag: status

Real estate wealth has devalued the status of being a millionaire in Canada

The Fed’s man-made housing market recession hit so hard that 4 real estate titans just lost their Fortune 500 status