Meh, sitting on a paid off $1M home with $5k in the bank and no retirement savings isn’t a millionaire in my book.

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Oct 8, 2024
9:58:06am

Joe Banks All-American

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Joe Banks

Previous username: Paco
Bio page: Joe Banks
Joined: Feb 7, 2002
Last login: Oct 8, 2024
Total posts: 19,321 (47 FO)

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Messages

Author

Time

POLL: What is a millionaire?

Ham

9:52am

Million in assets after liabilities

SBB

9:53am

In other words... net worth?

Ham

9:54am

Meh, sitting on a paid off $1M home with $5k in the bank and no retirement savings isn’t a millionaire in my book.

Joe Banks

9:58am

It’s not ideal but it is- technically they could sell and move and have that $

SBB

10:00am

By definition it is. But you're right in the sense they aren't liquid

Yes

10:01am

You should get a second opinion Joe

DiamondMo

10:02am

It is it may not mean they are rich of in a good position but that is not the

johnnybyu

10:29am

At 35 yrs old it feels pretty good though

DodgerCoug

10:31am

For some reason I thought you had to make at least a million a year to be a

CaliforniaCougar22

9:57am

A millionaire sure isn't what it used to be if it's just net worth

fulano

9:58am

Why? Most will never make 200 a year

SBB

10:03am

same

PabloSanchezz

10:07am

Just "net worth?" It doesn't matter how much money you make if you're broke.

Plantagenet

10:15am

Millionaires are a dime a dozen these days.

HighHorse

9:58am

According to the stats that’s not true.

SBB

10:02am

18% of American households are millionaires

Buffalo

11:13am

Yep, billionaires are the new millionaires.

Q-grr

10:06am

true but the data on 401k amounts is SHOCKING. Utah is one of the worst states

Mayor of Cougartown

10:45am

Can’t be both.

SBB

10:49am

I think that's because we have such a young population by comparison

Spine

11:29am

Hey, today I learned I'm a millionaire! Still living the middle-class life, tho

bleedsblue

9:59am

My definition- liquid assets outside of equity in a primary residence.

blackandblue

10:00am

Interesting.

Ham

10:07am

I like this one. Maybe add back in the purchase price?

AggieWeekendCougar

10:08am

RE: POLL: What is a millionaire?

acougfan

10:01am

This is a question for Matt Walsh.

gangbusters

10:05am

This might make for a good follow-up documentary, actually.

AggieWeekendCougar

10:12am

Doesn’t exactly respond to your question, but I’ve always liked these definitions: wealthy is somebody that

cheezedawg

10:07am

A decamillionaire

roseyscenario

10:21am

The definition is literally - Net worth of $1 million. People's opinions or

BYUFootballisBack

10:53am

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