5 Things That Are Cooler Than $1 Million

Let me just start by shutting down you smart alecks who will say, “I can name 5 things that are cooler than $1 million: $2 million, $5 million, $100 million, $1 billion, $1 trillion…”

Very clever.

And if you’re already boasting a seven-figure net worth, you can laugh at your own joke all the way to the bank. You’ve earned it.

But the rest of you might be interested in knowing what actual millionaires have said about the relative importance of what is a financial milestone that most people aspire to and even fantasize about.

Ameriprise Financial recently surveyed 432 retirees who are also millionaires; here are some of the very interesting (and potentially nauseating) statistics to come out of that survey.

Only 6% of respondents said that reaching the $1 million mark was their most important financial accomplishment. 40% of them said that it was “no big deal”. I guess with all the hype surrounding that number, it could be a bit anticlimactic when it actually happens.

A large majority, 70%, of respondents said that they don’t consider themselves to be wealthy, despite being millionaires. According to approximately 50% of them, you can’t be considered rich until you’re banking at least $5 million.

So, if you’re going to set an arbitrary financial goal, I guess $5 million can be your number.

Now, here are the 5 things that these millionaire retirees said were way cooler than being able to say they had a million bucks:

5. Reaching a particular yearly income (any goal amount): 20%

4. Being able to pay for their children’s education: 28%

3. Having enough cash on hand to make a special purchase, like buying a new car outright: 31%

2. Paying off the mortgage on their home: 43%

1. Simply being able to retire: 55%

Considering how many people in the US have exactly $0 saved for retirement, #1 actually makes a lot of sense.