Originally Posted by esnem

I don't think liquidity defines it. I would say it's pretty much assets minus the value of your primary residence. People will always need a place to live, and if they sold their house for 1 million just to be a millionaire but to live in a cardboard box, that makes them more of an idiot than a millionaire.

So take out what you need to live at your current lifestyle level, and if you have a million left over, you're a millionaire.