This fall’s ongoing financial indigestion is depressing, if not an actual capital-d Depression. The world’s smartest folks are busy asking difficult questions about the billions and trillions of dollars involved. I certainly don’t have the answers.

Instead, I’d like to attempt to answer a question that’s perplexed me for a while: What’s so special about one million dollars?

In movies, TV, and actual conversation it’s by far the most frequently quoted dollar figure to mean “rich,” despite inflation. The top-shelf reality competition shows (Survivor, The Amazing Race) use that as the prize figure. But it’s not just a lot of money. It’s been mythologized as the transformative tipping point between the life we have and some mythological Good Life in which profound satisfaction is possible.

Consider this discussion from Office Space:

But he’s not. Samir has it right: the question of what you’d do if you had a million dollars is essentially the same as what you’d do with a million dollars. Sure, you could answer, “If I had a million dollars, I’d light myself on fire and jump out of a tree.” But the question strongly implies “What would you do that you couldn’t do right now if you had a million dollars.” And while rich people often do stupid things, stupidity itself is free.

And Michael is right, too. The question is sort of bullshit. I’d argue that the phrase “and you didn’t have to work” is easy to challenge. Could you really retire on a one-time windfall of a million dollars? Even before taxes and inflation, it’s less than you think:

If you drew down 4 percent of your $1 million nest egg every year, a share many financial advisers recommend as prudent, you would receive about $40,000 annually, before adjusting for inflation — a pretty comfortable salary outside major metropolitan areas, especially if your house is paid off. Of course, how far that $3,333 a month goes depends on your lifestyle, health, and inflation.

Forty thousand dollars is not what most Americans would consider rich. It’s not first-class to Paris.

Of course, this is logic talking. And our mythologizing of one million dollars is more emotional than rational. I have a few working hunches why a million dollars seems so special.

1. We have no personal frame of reference for “million.” Most Americans earn five figures ($10,000 to $99,999). If we buy a house, we’re likely dealing with six figures ($100,000 to $999,999). But few Americans will ever encounter seven figures in relation to their own finances. So it seems like a magical and unobtainable sum.

2. All rich people are millionaires, so all millionaires must be rich. This failure of the symmetric property has been pointed out in books like The Millionaire Next Door, which shows that cost-containment and steady investment is a more realistic lifestyle for the average millionaire. Along the same lines, having a million dollars isn’t the same as making a million dollars. It’s easy to confuse assets with income. When stocks and home prices were rising, an increasing number of Americans became millionaires on paper.¹ But since that’s not spendable cash, it’s not what most people mean by millionaire.

3. What matters is the million, not the actual value. Americans would rather have the million dollars than 750,000 euros. And two million dollars doesn’t feel twice as good as one million.

When a million is meaningless

Despite these defenses, I think the million dollars’ cinematic days on top are numbered, and screenwriters would be wise to avoid the figure in scripts. It’s simply not enough money to have a clear meaning. Consider:

Is the proper response…

or…

(In fact, a million could be as little as a loft.)

If you need to have characters talk about money, you’re much better off referring an object (or service) than its price.

Billion is the new million. Sort of.

For now, I think you can safely get away with calling a billionaire rich.² Keep in mind, it’s a staggering amount of money, so any character thusly defined would have to have a plausible explanation. For example, rich as he is, Will Smith is likely not a billionaire. With rare exception, you become a billionaire though canny investments or lucky inheritance.

Do millionaires dream of being billionaires? I don’t golf, so I haven’t heard this topic come up in conversation. But my experience of earning money in Hollywood has been that one’s financial ambition caps out at a certain point. The dream of a million dollars is a life free from financial worry: paying for the mortgage, college, and retirement. Once those fears are addressed — at a figure likely significantly higher than one million dollars — there is less to reach for financially.

So while I don’t advocate using the million dollar figure in scripts, I think it still has some real-world years ahead of it as a psychological milestone. Wealth isn’t simply what you can buy; it’s how much protection you have from poverty. A million dollars may not be “rich,” but it’s a comforting distance from poor.

1. “On paper” is really a terrible term, because I don’t know any millionaires who keep a million in gold laying around.
2. I’m speaking of the U.S. definition of billion, which is a thousand million.

(Spanish)
Uno. Millón. Dólares.
Esta indigestión financiera en curso de fall’s está presionando,
si no una depresión capital-d real. La gente más elegante de
world’s está ocupada preguntas difíciles el pedir sobre los
mil millones y los trillones de los dólares implicados. I don’t
tiene ciertamente las respuestas. En lugar, I’d tienen gusto de
procurar contestar a una pregunta that’s perplexed me por un
rato: ¿Dólares tan especiales de What’s cerca de un millón? En
películas, la TV, y la conversación real it’s en gran medida
la figura lo más con frecuencia posible cotizada del dólar a
“rich malo, ” a pesar de la inflación. El uso de las
demostraciones de la competición de la realidad del tapa-estante
(sobreviviente, la raza asombrosa) que como la figura premiada. Pero
muchos no justos de it’s de dinero. It’s sido mythologized
como el punto que inclina transformative entre la vida que tenemos y
una cierta buena vida mythological en la cual la satisfacción
profunda sea posible. Considere esta discusión del espacio de la
oficina: PETER nuestro consejero de la dirección de la High School
secundaria usado para pedir que qué you’d hacen si usted tenía
millón de dólares y usted didn’t tengamos que trabajar. E
invariable qué opinión de you’d fue supuesta para ser su
carrera. Así pues, si usted deseó fijar los viejos coches entonces
you’re supuestos para ser mecánico auto. ¿cSamir así que qué
usted dijo? PETER I nunca tenía una respuesta. Conjeturo that’s
porqué I’m que trabaja en Initech. No. de MICHAEL, you’re
que trabaja en Initech porque esa pregunta es bullshit a comenzar con.
Si cada uno escuchara ella, there’d no sea ningún portero,
porque nadie limpiaría mierda para arriba si tenían millón de
dólares. ¿cSamir usted sabe lo que haría si tenía millón de
dólares? Invertiría la mitad de ella en fondos mutuos del riesgo
bajo y después llevaría la otra mitad encima mi amigo Asadulah que
trabaja en securities... MICHAEL
Samir, you’re que falta el punto. Pero he’s no. Samir hace
que enderece: la cuestión de qué you’d hacen si usted tenía

(French)
Un. Million. Dollars.
Cette indigestion financière continue de fall’s enfonce, si pas
une dépression capitale-d réelle. Les gens les plus futés de
world’s sont occupés à des questions difficiles demander au
sujet des milliards et des trillions des dollars impliqués. I
certainement don’t ont les réponses. Au lieu de cela, I’d
aiment essayer de répondre à une question that’s m'ont
confondu pendant un moment : De dollars tellement spéciaux de
What’s environ un million ? Dans les films, la TV, et la
conversation réelle it’s de loin le chiffre le plus
fréquemment cité du dollar à “rich moyen, ” ; en dépit
de l'inflation. L'utilisation d'expositions de concurrence de
réalité d'dessus-étagère (survivant, la course étonnante) qui
comme figure professionnelle. Mais beaucoup d'it’s d'argent non
simplement. It’s été mythologized comme le point inclinant
transformative entre la vie où nous avons et une certaine bonne vie
mythologique l'où la satisfaction profonde est possible. Considérez
cette discussion de l'espace de bureau : PETER notre conseiller
de conseils de lycée utilisé pour nous demander quels you’d
font si vous aviez million de dollars et vous didn’t doit
fonctionner. Et invariablement quelle parole de you’d a été
censée être votre carrière. Ainsi, si vous vouliez fixer les
vieilles voitures puis you’re censées pour être un mécanicien
automatique. SAMIR ainsi qu'avez-vous dit ? PETER I n'a jamais eu
une réponse. Je devine that’s pourquoi I’m fonctionnant
chez Initech. No. de MICHAEL, you’re fonctionnant chez Initech
parce que cette question est connerie à commencer par. Si chacun
écoutait elle, there’d ne soit aucun portier, parce que
personne ne nettoieraient la merde vers le haut si elles avaient
million de dollars. SAMIR vous savez ce que je ferais si j'avais
million de dollars ? J'investirais la moitié d'elle dans les fonds
communs de placement mutualistes à faible risque et puis reprendrais
l'autre moitié à mon ami Asadulah qui travaille dans
securities... ; MICHAEL
Samir, you’re manquant le point. Mais he’s pas. Samir le
fait redresser : la question de quels you’d font si vous aviez