What does being a Millionaire really mean?

I recently read this article,$1 Million Does It Still Mean You're Rich?, and I decided to write something on it. Enjoy.

It seems as time goes on, money becomes more and more worthless. People who were millionaires in the 19th century would be worth a billion dollars now. On the other hand, people who are worth a billion dollars will only be worth a million by the time the next century rolls around.

Inflation. This word doesn’t mean much too many of those uneducated in financial literacy. They believe that a 5% return on investments is 5% more money. Au contraire, with an inflation of 7% you’re actually losing money at a rate of 2%. If you don’t follow, keep reading…

The cost of living for residents varies in almost every state. Even in some states the cost of living can vary vastly by just going 10 miles outside of the metro city limits. This is where millionaire status may mean next to nothing depending on where you live. If you live in New York, $1 million will get you an extremely small apartment (and this is getting even worse as years go on). On the other hand, if you live in Nebraska, $138,000 may get you a 3 bedroom (and 3 bath) home. These effects on the housing market are only magnified when inflation is taken into consideration. In years to come this gap between what you can afford based on where you live will widen. Fortunately for those in New York, the pay for simple jobs is probably way higher compared to Nebraska using the federal minimum wage.
In consumerism, the race to $1 million is getting easier and easier and less and less glamorous. Since being a millionaire is no longer an elite status, people tend to buy expensive “toys” to show how liquid there millions are (most millionaires are so because of their real estate holdings, not many have access to $1 million in cash).

Millionaire land is beginning to grow in population. And with such growth, being a millionaire no longer gives you the label of being “rich” or “affluent.” Those two are only used to describe those of true wealth, not just those with money.