How to be a Millionaire?
I was thinking I bought my first pint of beer too many years to remember. I paid 1/11d in old money, about 10p into days money. Today in my local I paid £3.20 a pint.
This represents a 3200% increase.
I bought my first house for £6000, since moved on. But I noticed the house that I once owned was on the market for £200k.
This represents a 3333% increase
I bought my first new car for the princely sum of £800. A similar car with a much higher specification and economy [30mpg to 55mpg] I can now buy this car for £9500
This represents a 1187% increase
So with a combination of interest, inflation and time we can all become millionaires.
But a pint of beer is still a pint of beer. A house is still a house and a car is still a car.
If we are working, or retired then money [or its value] compared to what it was years ago it is hard to make a comparison with:
1] Am I better off now than I was 10, 20 or even 30 years ago?
2] Am I better off [or worse off] then people within my own society?
3] Am I better off [or worse off] then other countries?
There is a universal standard that can be used worldwide. I call it McDonald currency.
How does it work?
A] How many minutes do I have to work to buy a standard McDonald burger.
B] Divide the number of minutes you have worked to buy this burger.
This gives a direct comparison, between countries, societies and individuals. The only constant wherever you live is 24 hours a day and 60 minutes in an hour.
This figure can be used for many things; for examples.
How many McDonald burgers are needed to buy;
Monthly rent/mortgage. Monthly utility bill, down to cost of 10 litres of petrol.
One could instead of using the McDonald burger, you could use, how many minutes you have to worked to buy a litre of petrol, then carry out the same calculations.
What would be interested to learn, many people drop by on this site from throughout the world, to see how different countries compare?