re: How do you define a "millionaire"?

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Someone who owns a million dollars of assets. Is this a real question?

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You better hope not.

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How do you define a "millionaire"?

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poor

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Someone who owns a million dollars of assets. Is this a real question?


You better hope not.

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He’s not the sharpest barstool in the bar

Never thought about it.

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I would say liquid assets. I own or will own over a million dollars worth of land, but wouldn’t consider myself a millionaire.

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This. I would fall into #1 if you count my house and 401K but if I sell the house to do something with the money then I would be homeless. That ain't a millionaire in my book.

A millionaire is a guy that can come up with $1,000,000 for a business deal without selling his house, cars and raiding his retirement account. I ain't that guy.

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How do you define a "millionaire"?

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The content of his character and the sum of his actions.

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Why wouldn’t a retirement plan count towards you net worth?

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My thought is that although it is your money, it's not really structured to be liquid to you all at once. Maybe if you still had a million after all penalties and taxes if you liquidated immediately. But even still, it's an amount meant to be paid out over many years. I realize it's your money, but it lends itself more to a lifestyle of someone working for a paycheck than it does someone with a million dollars cash.

#2

A millionaire has $1 million in cash

#1 - total net. The reason you feel the need to make it more exclusive than that simply means that being a millionaire isn’t that big of a deal in today’s dollars.