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It is whatever makes you happy. The reality it is a term that meant a certain lifestyle at one time. Today that lifestyle associated with the millionaire of old is about 8 million dollars.
Todays millionaires have little financial freedom and are typically a working couple with not a benz or rolls but two leased sentras .
hitting a million is just a milestone like hitting 100k ,it does not mean what it used to when being a millionaire really meant something.
Some say it's the value of everything you own and others say it's available investible assets.
The former is considered a "paper millionaire" assuming market value of assets exceeds $1 million, while the latter is a so-called "true millionaire" (someone with at least $1 million in the bank).
The former is considered a "paper millionaire" assuming market value of assets exceeds $1 million, while the latter is a so-called "true millionaire" (someone with at least $1 million in the bank).
ok that makes sense. Do you really mean a million in liquid assets. I wouldn't think that someone who has $1 million would let it sit in the bank?
It is whatever makes you happy. The reality it is a term that meant a certain lifestyle at one time. Today that lifestyle associated with the millionaire of old is about 8 million dollars.
Todays millionaires have little financial freedom and are typically a working couple with not a benz or rolls but two leased sentras .
hitting a million is just a milestone like hitting 100k ,it does not mean what it used to when being a millionaire really meant something.
That's a unique way of thinking about it. I do realize that having $1 million is not worth as much today. I know what would make me happy. That would be having enough to be able to produce a reasonable income.
The former is considered a "paper millionaire" assuming market value of assets exceeds $1 million, while the latter is a so-called "true millionaire" (someone with at least $1 million in the bank).
What about someone with 3 paid for homes totalling over a million? Are the two they are not living in considered "money in the bank?"
How about a 401k account? Is that a true millionaire if the person is 30 and can't access it without a substantial penalty and tax until they are 59 1/2?
The former is considered a "paper millionaire" assuming market value of assets exceeds $1 million, while the latter is a so-called "true millionaire" (someone with at least $1 million in the bank).
I agree with this but with one tweak….in my mind if a person'd assets minus the liabilities exceeds $1 million then that person is a "paper" millionaire.
Plenty of Rhodesians are millionaires, and an American millionaire isn't necessarily a UK millionaire. So I would say the most important factor is the currency.
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