what does "The Midas Touch" mean

The Midas touch. Where does this saying come from?
Midas was a King of ancient Phrygia. He did a great favor for Bacchus, and he asked Midas what would he like as a reward. Midas wanted that everything he touched turned to gold. And so it happened. Everything, but everything he touched turned to gold> To his anguish and sorrow, even the food he touched turned to gold before he could eat it, and he begged Bacchus to take back the gift he had bestowed upon him.
It is this legend that gave rise to the Midas touch, which means that a person who has this touch is very successful with material affairs, with no great effort on his part. One example that comes to mind is a slogan “ everything we touch turns to sold”, by a local Estate Agent.
Anyhow, it would appear as though by washing his hands in the river Pactolus, the power passed into the river and the sands turned to gold.
Another story about Midas was that he was appointed to judge a musical contest between Pan and Apollo. Midas gave the prize to Pan, and in the process upset Apollo, who in revenge gave Midas a pair if ass’s ears. Midas hid these ears under his cap. However, on a good day his barber discovered his secret, but was threatened by horrible things that would happen to him if he spoke about it. The barber had to tell somebody, so he dug a hole in the ground and shouted into the hole “ King Midas has ass’s ears!” and closed the hole. A reed grew from this hole and when the wind blew, the reed divulged the secret of the King’s misfortune. Midas found out and intended to kill he barber, but Apollo gave back his ears before this happened.