I read something interesting today. For a long time now I’ve wondered what goal people achieve in order to call themselves millionaires, and more specifically internet millionaires. Normal millionaires I suppose is when you take your assets, deduct your liabilities and then if what you’re left with is more than a million, you’re considered a millionaire.
With Internet businesses, it’s not always as easy. Your website or web application is your asset, but putting a value to it is a bit more difficult.
So how can you measure it?
Consider for a moment how much money you need in the bank to be able to earn R1,000 interest off it per month. You’ll need to have about R150,000 invested to earn R1,000 interest per month. Using that calculation, you’d need to be earning about R7,000 per month to have the equivalent of R1,000,000 in a bank account. That means whenever you go over the R7,000 per month online earning you’re considered an Internet Millionaire.
This might not be the official definition of an Internet Millionaire, but it does put things into perspective!
I read this interesting take on being an Internet Millionaire on Business Warriors, written by Frank Muller.
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