That is a crazy definition. So Bill Gates is not a billionaire?
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.
i would say it's fair to count any equity in the house over the 1 million mark.
If you have 2 million equity in a 3 million house, but don't have a million liquid or in all other assets combined, you're a millionaire. If you have 500k equity in a 1 million house, and have 500k liquid, you're not.
Nearly 4 years for the first one, but once you have that kind of capital to invest into other ventures, it becomes easier. Make your money work for you...
PS: Then you get hit by taxes and half of the money goes to the feds. Can you tell I hate tax season? lol
WG
interesting the lifestyle and residence comments. My home is paid off. Did that within 5 years (once the tax benefits of the interest weren't doing me any good). Best investment I ever made.
Well.... there's another investment in the pipe.. I may eat my words in a few months about what was my best investment.
A better question would be how long did it take for you to make 1 million dollars in a single year. IF you have 10 years in the biz and make 100k a year does that really make you a baller.
Just a heads up but there is no need to define a "millionaire". It refers to having a million dollars in net assets. Yes, it includes equity in your house. And yes it is a lot less of a big deal then it used to be.
Financially free, or being a millionaire is popularly defined as having a million dollars a year in passive (investment) income. I'd go with that one cause it really means you are a millionaire and truly free.
the second came 5 months later i think i did not keep track anymore. And after 22 months after the startup i sold out. This was not porn money so sorry for u guys in the porn industries.
I just focused on porn after a 2 year break and I need to proof to myself that if I wanted it I could do it all over again. I give myself 2000 euro startup money and try to make it in the Porn industries this time. If i succeed I do something else again.
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.
Nearly 4 years for the first one, but once you have that kind of capital to invest into other ventures, it becomes easier. Make your money work for you...
PS: Then you get hit by taxes and half of the money goes to the feds. Can you tell I hate tax season? lol
WG
fucking hate people complaining about taxes all the god damn time, get a life. do you know WHY you pay taxes?
Financially free, or being a millionaire is popularly defined as having a million dollars a year in passive (investment) income. I'd go with that one cause it really means you are a millionaire and truly free.
what about property and the equity you have in the property? does that count in your opinion?
A fast fortune is easy to earn! Just go with a winner!
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