Who is considered a millionaire?
 

e.g 3 guys

1st guy has a fully owned 1million pound/dollar house and 1million cash in the bank no debts etc

2nd guy also has a fully owned million pound / dollar house has 500k cash in the bank but has items such as sports cars totalling 500k

3rd guy owes 500k on a 1mil house has zero in the bank

Would you consider them all to be millionaires based in the fact they have 1million cold hard cash, im pretty sure you would

but what about the guy who dosent have a million in cash but has assets totalling over a million and the guy who lives in the million pound house yet is 500k in debt?

1 Million net worth:2 cents:

:2 cents:

#1 is a millionaire.

#2 It depends, as some use the term millionaire as having at least a million liquid, while others say basing it on Net worth is fine.

#3 is not a millionaire.

What gets taken into account here? assets?


or just plain and simple cash? available cash minus debts?

so if you had 1mil cash and 500k debt leaves you a net of 500k so you'r enot a millionaire right?

1 yes.
2 close enough.
3 no, though I am sure he thinks he is.

A million, crisis aside, is not even all that much these days.

Right:thumbsup
Millionaire=worth a million

That's one of the reasons i made this post, because to be honest, i think it is.

the guy who lives in the million pound house and has massive debts / negative equity isnt a millionaire.

To those who think it's not a lot of money, and i dont mean you, and live in million pound houses and drive ferraris and whatever, can they actually write a cheque out for 1 million and go cash it ? To me thats a real differential between someone who has a worth of 1mil with assest included and someone who straight up has 1mil in cash

If you have 10k cash in the bank you're a millionaire, because you have a million cents.

:2 cents: and this is a dumb thread

it's very simple... imagine you sell EVERYTHING you own, and you end up with over 1 million cash, then you are a millionaire... (which is "net worth" :1orglaugh)
of course you have to use fair market value, you can't just dream up that your domain portfolio is worth a million bucks, when in reality you would have hard time finding a buyer for 100k.. :thumbsup

A millionaire is able to invest a minimum of 1 million at any one time.
Having normal assests, like one house and one car does not count. If you drive a second car like a Ferrari, it could possibly count, but assets like that usually lose value over time so not very stable base.
1 million minimum of available funds, that's the only real deal that counts.

so someone who has 1mil in cash and no debts is a millionaire

someone who has 500k in the bank and 500k worth of assets, no debts would also be considered a millionaire, net millionaire.

If you have assets of $1 million and $0 in debt, you are a millionaire.

If you have a million dollar house that is paid off, $50k in the bank but $75k in other debt, then you are not a millionaire.

and like someone said earlier, a million USD is fuck all now a days, it sounds like a lot, but you need at least 2-3 million USD to feel rich now a days... :2 cents:

I think im with you on this, putting net millionaires aside, its the type of millionaires who have the capital there, working capital millionaires who are TRUE millionaires and the others just millionaires on paper



but what if the guy who can write then 1mil cheque has a 2mil debt? then is he still a millionaire? sure its about to come to a swift end

Me, I'm a millionaire.

Here is a tricky one...

4th , Are you still considered a millionaire if you have no debt and $1 million in Epass wallet ?

No, you would be considered dead broke :2 cents:

:1orglaugh



@ the thread... I would have thought "assets" are the usual basis & income for a millionaire.
If you own over a million assets & have a steady decent income then I would agree that the person is to be a millionaire, however you can still go broke over night!


The funny thing is a billionaire is either a million millionaire or a thousand millionaire, which one would you say?


Why is dress size different in the US to the UK. A size 10 in the UK is an 8 in the US. Why is it different considering the use for models on profiles :2 cents:

:1orglaugh:1orglaugh:1orglaugh:1orglaugh

A millionaire is someone who has a value of at least one million dollars but if you have 1 million in assets and 500k in debts then your value is no longer 1 million.

A millionaire surely isn't what it used to be.

That's a multi-millionaire.

If you sell everything and have 1.1 million cash, you are a millionaire. Far from a multi-millionaire, but still a millionaire on paper.

A millionaire (originally and sometimes still millionnaire) is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account

http://en.wikipedia.org/wiki/Millionaire

http://www.funny-games.biz/images/pi.../281-regis.jpg

http://graphics8.nytimes.com/images/...ts/regisAB.jpg

http://assets.nydailynews.com/img/20...aire_regis.jpg

http://img.photobucket.com/albums/v1...ottomjpgv6.jpg

http://assets.nydailynews.com/img/20...gisphilbin.jpg

http://www.mouseplanet.com/notebook/mill_regis_b6.jpg

http://multifamilyinvestor.com/wp-co...illionaire.jpg

http://www.asiandivagirls.com/gfy/ch...-in-motion.jpg

http://www.asiandivagirls.com/gfy/ma...complished.jpg

ADG

Not many millionaires leave a million sat in a bank... most would invest and invest some more, they didnt get a million in the bank by being stupid with their money. So overall it will always be net worth, if everything was sold on there and then.

If girls see you living in a million dollar house, you're a millionaire for them. The rest doesn't matter :)

good point!!

Hence wondering about the billionaire situation... A there are a few billionaires around these days. But what would you consider a billionaire... a million millionaire or a thousand billionaire?



Agreed! A million in th bank is livable, but certainly is not the right place for it these days :2 cents:

#4 - Mallick :2 cents:

Perception is reality where it counts the most.

This .

guy 1 and guy 2

A true millionaire is a guy who can spend $1.000.000 on shit, just for fun. Like taking all his buddies on a trip to Thailand where they can sniff cocaine from a ladyboy dick :D

I would say that a millionaire is: Person that has assets that are a million dollar great than his/her liabilities.

Guy 1 and guy 2. People can put down 100k and have a "milllion dollar house" it doesn't make you a millionaire. You can sell your house for 1 million and then pay off your 900k debt.

I guess wikipedia gives decent description. More important question is that what does it matter? It's just terminology.

not me for sure

pastorsinalot is millionare or close to one, based on domains portfolio :1orglaugh:1orglaugh

once you've made a million dollars, you're a millionaire

whether or not you get to keep it, or make even more, is another thing altogether