CNNMoney.com Millionaire in the Making

I always look forward to new Millionaire in the Making stories on CNNMoney.com.  Let's be honest, I like to compare how I stack up, and feel good if I believe I am doing as well or better than the couple or family profiled.  I'm not doing badly, but most of the time, I don't win.

Last edition, for example, they profiled the Martins, 34 and 31.  They have $240,000 in savings, five years from a pension that will yield an annual income of $25,536.  The net present value of this pension, assuming they begin payout at the beginning of the sixth year and continue for 35 years, is $276,655.  They own a rental that does not appear to be cash flow positive, and they do not give an estimate for the value.  So, not including the real estate, they have a greater than $500,000 net worth.  They are three years older than my Fiancee and me, but I don't think we will catch up in that time.

The most recent edition, however, was not as impressive.

Hazzard, at Everybody Loves Your Money, did a review and pretty much came to the same conclusion that I have.  They're certainly not doing badly, but for their age, I'm not sure if they were "Millionaire in the Making" worthy.  Maybe I'm just being ageist.  I think the point of the series is to showcase a person, couple or family who is well on their way to Millionairehood at a relatively young age.

The Claudios are 49 and 52, and have $170,000 in retirement plans, and $25,000 in savings.  They also have real estate, but little details are provided.  The upsides are that, despite job changes late in life, they have turned up the savings big time.  They have invested in real estate and retirement plans, the two best tax treatment options available.

The downside is clearly their indulgence in "water toys", which includes three boats and jet skis!  Wow, I'm not a boater, but do they really need three?  They also have a motorcycle, a Caddy, a truch and two SUVs.  They boast that they are "all paid off" but it's not a contest to see how many automobiles you can amass.  Besides, anyone who refers to their cars as "paid off" is missing the point.  It is worth boasting that you bought your autos with cash, not as much that all five have been "paid off".  That means that at some point along the way a lot of interest was paid in financing that many cars.  And still, too much is probably being paid in registration and insurance on the excess of cars.

He is viewed as a personal finance and savings guru among his friends.  Despite any criticism I may have, if he is influencing his friends to stop living paycheck to paycheck and start saving for the future, he is doing a great job!

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Great minds think alike! :)
Thanks for the mention!
Hazzard

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