Is it possible to create a custom formula to count the number of characters in a Text field? 

I notice that in our non-profit package, we have the custom objects, "Relationships" and "Affiliations". Both of those are assigned a Master Object. When I create my own custom objects though, I can't seem to assign a Master Object. Why not? How do I assign a Master Object to a Sustom Object?

Is it possible to create a custom formula to count the number of characters in a Text field?