On a platform where I participate as a member, someone popped the question, “Why does everyone want to be a Millionaire?”
On the surface level, this question appears simple, but on a deeper thought, I realized that it is an intense inquiry that requires a much deeper reflection.
As I drooled over the thoughts that were coming to me, I realized that on one hand, the initiator of that question made a hasty generalization.
On the other hand, I found it an innocent but important inquiry that calls for an enlightened discourse. So, I decided to pen down my thoughts about it.
I am convinced that the desire to become a millionaire is influenced by various factors. Also, motivations for financial success can vary from person to person.
First, it is not everyone that wants to be a millionaire. But I believe everyone wants a good and comfortable life.
I have met many people who have no desire to become rich or millionaires even when they have the privilege to pursue it.
To such people, they’re happy being average earners. To them, being rich is unnecessary and a lot of work. They are happy to have a roof over their heads and a regular supply of their basic needs.
For the class of people that want to be millionaires or even billionaires, the following could be the possible reasons:
Financial Security
Being a millionaire can provide a sense of financial security. Financial security allows individuals to cover their basic needs and future expenses without worrisome thoughts.
Having enough resources in floating cash and assets can also provide a safety net for unexpected events or emergencies.
Financial Freedom and Independence
Almost everyone I know loves the idea of financial freedom and independence. Achieving the millionaire status can grant individuals financial independence and freedom.
This implies the ability to make choices without being constrained by financial limitations. A financially free individual would have more time to pursue personal interests such as traveling or engaging in fun sports.
Classy Lifestyle
Attaining a millionaire status is often associated with a certain lifestyle. This includes luxury, comfort, and convenience. The idea of living comfortably and enjoyably can be a strong motivator.
Providing for Family:
Individuals often aim to be millionaires to ensure a better life for their families. This includes providing quality education for the children, a comfortable home, and overall well-being.
Generational wealth
Attaining a millionaire status means the individual would have made some material acquisitions and built an investment portfolio that would outlive them.
This class of people wants to leave a legacy behind such that their generation yet unborn will someday look back and brag, “Grandpa/grandma left so and so for us.”
Achieving Entrepreneurial Goals
Aspiring entrepreneurs may seek to become millionaires to fund their bigger business ventures. For instance, an individual who is nursing a much bigger dream of becoming a billionaire will have to become a millionaire first.
Having enough money chest as a millionaire would help turn their innovative ideas into reality. Because they have the base financial strength, it means they can take more risks and also attract more financial support.
Retirement Planning
Often, building wealth to become a millionaire is tied to retirement planning. Most people want to ensure that they can retire comfortably and maintain their desired lifestyle in their later years when they’re too weak to work.
Status and Recognition
For some individuals, being a millionaire represents a symbol of success and accomplishment. It may bring social recognition, respect, and a sense of achievement in society.
Under this factor comes ego. Many people want to be separated from the crowd. Millionaire aspirants love to boost their ego by making their way into the higher echelon of the society
Philanthropy
Philanthropy brings a sense of fulfillment to most people. An individual may aspire to become a millionaire not just for personal gain but to make a positive impact on the world.
Having significant financial resources allows for more substantial contributions to charitable causes and philanthropic efforts.
Escape from Financial Struggles:
There is an aspect of the human desire to escape poverty or frequent brokenness, at least during a lifetime. For those who had a rough start in life or have experienced financial hardships, the desire to become a millionaire is usually strong.
Their intentions are often rooted in a desire to escape from financial stress, debt, and limitations. It could also be a way to prove naysayers wrong. They must have suffered many rejections in their life such that the only revenge they can think of is to succeed big!
Desire to fulfill personal fantasies
This could be the least mentioned motivation factor in the quest for financial success, but it is real. People nurture all kinds of fantasies even from a very young age. These fantasies include both innocent and not-too-innocent cravings.
Many times these fantasies are queer as much as they are weird. Imagine someone fantasizing about traveling across continents just to go and snap pictures with a live lion or to feed alligators.
In conclusion, these motivations are not mutually exclusive. Also, individuals may be driven by a combination of these factors. Additionally, societal and cultural influences play a role in shaping these aspirations.
Lastly, we must note that the pursuit of wealth and financial success can be complex and deeply personal. It is within everyone’s right to aspire to become whatever they want to be as long as their aspirations are pursued within a legal framework.
