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Old 01-02-2014, 12:52 PM
 
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Some say it's the value of everything you own and others say it's available investible assets.
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Old 01-02-2014, 01:14 PM
 
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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.
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Old 01-02-2014, 01:25 PM
 
Location: State College, PA; Thousand Oaks, CA
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Originally Posted by petch751 View Post
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).
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Old 01-02-2014, 02:00 PM
 
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In Great Britain, it's someone whose income is at least a million a year.
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Old 01-02-2014, 03:14 PM
 
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Originally Posted by Investor Five View Post
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?
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Old 01-02-2014, 03:16 PM
 
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Originally Posted by mathjak107 View Post
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.
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Old 01-02-2014, 03:22 PM
 
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it really depends why your are figuring it.

if it is to feel good count it all,the tax man does when you die.

many hedge funds and private clubs require 1 million in investable assets so that requires different figuring.

if you are doing it for yourself it is up to you what you want to include. some include their car and furniture.

since it isn't for a specific purpose where you draw the line is up to you.
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Old 01-02-2014, 04:44 PM
 
Location: Central CT, sometimes NH.
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Originally Posted by Investor Five View Post
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?
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Old 01-02-2014, 04:51 PM
 
Location: Norton, Massachusetts
1,733 posts, read 3,589,688 times
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Originally Posted by Investor Five View Post
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.
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Old 01-03-2014, 12:48 AM
 
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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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