asaccc wrote:
there are probably some billionairs who don't have a million dollars in cash. it's all tied up investment ccount.
Yes, it comes down to true net worth. End of story. Does anyone think that Warren Buffett is worth any less just because all his assets aren't in cash?
Sell the beach house, get some nice clothes and have a few steak dinners.
Laugh out loud
Why are NONmillionaires giving advice to millionaires? Oh thats right, this is letsrun where those that can't give advice to those that can.
Famine State wrote:
Damn, I am a millionaire at 33. Never would have called myself that.
House appraised at $610,000 three weeks ago. I have ~$500k in investments and a $900,000 beach house that I inherited just last month.
Why am I so poor, LOL? I live on beans and rice and barely have enough to buy clothes for work.
If you are not able to leverage two million dollars into more than rice and beans, you are poor because you are stupid.
4runner wrote:
If you are not able to leverage two million dollars into more than rice and beans, you are poor because you are stupid.
I'm an idiot, for sure.
That said, I have a strong investment portfolio. I just don't care to live extravagantly.
me.
He's got the money not in just assets BUT Cash!
4runner wrote:
If you are not able to leverage two million dollars into more than rice and beans, you are poor because you are stupid.
Jealous much? LOL.
Famine State, you are kinda ballin for 33. Enjoy the 900K beach house this summer.
A millionaire can't/shouldn't live extravagantly in an area with a high cost of living (e.g., NY/NJ metropolitan area). Now, a multi-millionaire (>5-10 million) might be able to live more comfortably but not by much if s/he has children to feed and send through college.
Science! wrote:
Famine State, you are kinda ballin for 33. Enjoy the 900K beach house this summer.
^^House wealthy, cash poor?
Science! wrote:
Famine State, you are kinda ballin for 33. Enjoy the 900K beach house this summer.
Thanks man. I cannot take the credit, though.
We are heading down for a week this summer, but honestly work takes up a lot of my time so I might just send the wife down without me. I hate just having it sit there and we are not going to rent it out.
I will probably sell it, but I hate to do that b/c it has sentimental value and I know it would upset my mother.
I have 10,000 in the bank have a mortgage of 160,000 on my home worth 240,000. I have a tax deferred annuity that will be worth 1 million in about 10 years and I have a decent pension (60,000+) I'll receive in about 5 years assuming I retire then. Am I a millionaire? No I barely get by.
I knew there would be disagreement here, because for some reason people don't want to use words are they are defined.
A millionaire is someone who has assets worth $1 million or more. Period.
It DOESN'T mean you make $1 million dollars a year.
It DOESN'T mean you have $1 million in assets.
It doesn't mean you are wealthy or even close to it. You could own a home outright worth a million dollars but still be not making that much income so that you are having trouble making ends meet, even if you are debt free. On the other hand, you could have a net worth of just half a million dollars, live in a nice little $80,000 home in Arizona and be living a great life.
Why not rent it out? You could make a killing more than likely (or at least help pay the property taxes and insurance on it), and then after the horrible day that your mother passes, you can sell it if you then want to without upsetting her. Just curious why you wouldn't want to rent it out?
Famine State wrote:
Science! wrote:Famine State, you are kinda ballin for 33. Enjoy the 900K beach house this summer.
Thanks man. I cannot take the credit, though.
We are heading down for a week this summer, but honestly work takes up a lot of my time so I might just send the wife down without me. I hate just having it sit there and we are not going to rent it out.
I will probably sell it, but I hate to do that b/c it has sentimental value and I know it would upset my mother.
Flagpole wrote:
A millionaire is someone who has assets worth $1 million or more. Period.
It DOESN'T mean you have $1 million in assets.
What?
I feel like I just had a Rick James moment.
Assets (excluding main house)- liabilities = networth (over 1 million, a millionaire. Under million you are not)
Flagpole wrote:
A millionaire is someone who has assets worth $1 million or more, and the 99% think you should be taxed extra. Period.
Fixed it for you, brother!
I used to be a multimillionaire, but when the FBI comes into your house things change real quick.
When I was a kid, along time ago, A Millionaire was rich. Someone with net assets above $1M.
In todays terms we are more likely to refer to someone who makes close to that per year And with assets close to or above $1M.
Those who have worked much beyond college will quickly realize that $1M is not rich today. It will not sustain much of a lifestyle over many years.
You're likely to not identify the guy who is a millionaire out in public. You'll mistakenly choose the flashy debt ridden poser.
But if your talking semantics,