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Started By
Message
How do you define a "millionaire"?
Posted on 6/7/18 at 12:07 pm
Posted on 6/7/18 at 12:07 pm
Which of the following would you consider a millionaire:
(Family is defined as you and your spouse)
1. Family has net worth of $1M, including savings, investments (brokerage accounts, etc.) ,401k, house, cars, etc.
2. Family has net worth of $1M, including savings, investments, and 401k only.
3. Family has net worth of $1M, including only liquid assets (not counting any retirement plans)
4. Family annual income is $1M, regardless of value of accounts and assets.
5 - 8. Individual of the same 1-4 above.
9. Other?
I would lean either 1 or 5. I'm not sure how I'd separate between just you and you and your spouse, unless a divorce is imminent.
(Family is defined as you and your spouse)
1. Family has net worth of $1M, including savings, investments (brokerage accounts, etc.) ,401k, house, cars, etc.
2. Family has net worth of $1M, including savings, investments, and 401k only.
3. Family has net worth of $1M, including only liquid assets (not counting any retirement plans)
4. Family annual income is $1M, regardless of value of accounts and assets.
5 - 8. Individual of the same 1-4 above.
9. Other?
I would lean either 1 or 5. I'm not sure how I'd separate between just you and you and your spouse, unless a divorce is imminent.
38
Posted on 6/7/18 at 12:09 pm to East Coast Band
Someone worth over $1M
It’s not a term that means much so to refer to someone as a millionaire they really should be a multi millionaire so there isn’t really anything to question.
Edit: #1 less associated debt
Edit 2: fmv of above not cost
It’s not a term that means much so to refer to someone as a millionaire they really should be a multi millionaire so there isn’t really anything to question.
Edit: #1 less associated debt
Edit 2: fmv of above not cost
This post was edited on 6/7/18 at 12:14 pm
Posted on 6/7/18 at 12:09 pm to East Coast Band
House in Kennibunkport
Posted on 6/7/18 at 12:09 pm to East Coast Band
#1 minus cars. Family = household = husband/wife.
Posted on 6/7/18 at 12:10 pm to East Coast Band
My and my wife's love is worth 1 billion.
So we are richer than you.
So we are richer than you.
This post was edited on 6/7/18 at 12:10 pm
Posted on 6/7/18 at 12:10 pm to East Coast Band
That's what I call my accountant when I want to belittle him.
This post was edited on 6/7/18 at 12:11 pm
Posted on 6/7/18 at 12:10 pm to East Coast Band
3
Family or individual
Family or individual
Posted on 6/7/18 at 12:10 pm to East Coast Band
"And now a final thought. Definition of a millionaire -- a man with a million dollars. John Mahaffey, Eyewitness News."
Posted on 6/7/18 at 12:12 pm to East Coast Band
It's all about the equity amount of their liquid stocks and hedges in their bottom line.
Posted on 6/7/18 at 12:14 pm to East Coast Band
3.
Posted on 6/7/18 at 12:16 pm to East Coast Band
Someone who owns a million dollars of assets. Is this a real question?
Posted on 6/7/18 at 12:18 pm to East Coast Band
Anybody with a late model German sedan with a personalized license plate. If they have an AKA license plate holder and or reference their occupation on said license plate, I assume they are a deca-millionaire.
Posted on 6/7/18 at 12:20 pm to East Coast Band
Cash Money
Posted on 6/7/18 at 12:22 pm to East Coast Band
Ever since I was a small child, I've defined a millionaire as someone who owns a mansion and a yacht.
Posted on 6/7/18 at 12:23 pm to East Coast Band
individual or household with liquid assets minus liabilities totaling $1m or more.
edit- i'd include retirement plans, which are liquid, but could be subject to withdrawal penalties
edit- i'd include retirement plans, which are liquid, but could be subject to withdrawal penalties
This post was edited on 6/7/18 at 1:57 pm
Posted on 6/7/18 at 12:23 pm to East Coast Band
Poor person
This post was edited on 6/7/18 at 12:24 pm
Posted on 6/7/18 at 12:25 pm to East Coast Band
Why wouldn’t a retirement plan count towards you net worth?
Posted on 6/7/18 at 12:26 pm to East Coast Band
When your net worth is $1mm
Posted on 6/7/18 at 12:27 pm to Barstools
quote:
Someone who owns a million dollars of assets.
Wrong
Posted on 6/7/18 at 12:30 pm to East Coast Band
Net worth in excess of $1,000,000.
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