Do You Remember this Song?
Back in 1988, a Canadian Rock and Roll Band by the name Bare Naked Ladies, released a feel good song that has gone on to become a classic.
It was titled, “If I Had A Million Dollars.”
The song is undoubtedly the bands most popular song. The lyrics mention all of the extravagant things that the singer would do for his love, if he had a million dollars. It’s a great song, I highly recommend you give it a listen.
One million dollars used to be the goal of the American Dream.
However, today not so much. The dream remains but because of inflation, you are going to need much more than one million dollars if you are planning on retiring comfortably.
In 2001, the New York State Lottery used the song in their commercials featuring lotter ticket purchasers singing the lyrics while fantasizing about winning the jackpot.
But let’s do some MILLION DOLLAR math to really understand what I am talking about.
Since 1988, when the song was released the value of the U.S. dollar has declined 62%.
This means that just to maintain its purchasing power since 1988, that one million dollars would have to be worth $2.52 million today!
That value of $2.52 million immediately distorts the playfulness of the song.
If that “One Million Dollars” was left just laying around it would have depreciated in equivalent purchasing power value today of $389,000.
Is nothing sacred?
The point worth pondering is that the dream of One Million Dollars does not buy what it initially did when the song was written.
Those are important words to live by because your currency is always being debased.
While it may sound square to state this, it is your responsibility to protect your purchasing power.
Otherwise, you’ll be singing “Look What Happened to My One Million Dollars!”
Trust me. I’ve been there.
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