re: How do you define a "millionaire"?

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A millionaire has $1 million in cash

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This.

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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.

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A liquid asset is something that can be converted to cash with little or no loss of value. So some guy that has say, $10 million in real estate and stock but maybe only $500,000 in cash isn't a millionaire? After all, those assets aren't necessary liquid assets since they would be subject to capital gains taxes. I guarantee you that even a small percentage of the top 1% in this nation do not have the liquidity to qualify for your definition of a millionaire if it doesn't include such assets.

Can you have a million dollars cash by the end of the day without borrowing? If so, you’re a millionaire to me.

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Can you have a million dollars cash by the end of the day without borrowing?

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There aren't many banks that have a million dollars in cash at any time. If we're talking cold hard cash, this is more difficult than you'd imagine.

As it has been defined since the beginning of time, when your assets - liabilities = one million dollars or more.

3.

Not really a millionaire if you have to sell you house to get the money (especially since you still need a place to live).

A 401k isn't going to do you any good until you can actually tap it without penalty.