re: LA Higher Ed board troubled by number of TOPS recipients from millionaire households

Assets does NOT equal income!!!!
That is the basic fact that keeps getting completely screwed up.

A family farm between land, house and equipment can have a valuation of 1MM but no cash in the bank and no cash flow in some years.

A small business can have 1MM in sales a year, but if inventory and tax eat up 950,000; they have a 5% return of 50,000 to live off of fir an entire year, or about $4800 a month.

This is all very different than a lawyer getting 1MM in W2 income in a year cause they won a big case. That is straight cash/profit (before taxes)

It’s all in how the 1MM is defined and these things seem to never say how it is defined so as to convince the masses of their position.