Being a millionaire has 2 different meanings

[Inger2]

Imagine you have a net worth of $1million

VS

Making $1million/ year


Clearly reaching a net worth of $1million is very easy.. But many think millionaire and do not realize these in section A are actually poor most the time.

Those in section B are the true millionaires.

Most people dont become millionaires until they retire. When did you become a millionaire in terms of "net worth"

OP: 28 years old hit "millionaire" net worth.

Current Yearly : Ranges between 200-300G

[dingleterrrryyy]

You spread your cheeks for lonely gay old men

You prolly can't even look your father in the eye when he asks you what you do

[AWillis]

based

you aren't a real millionaire sloot, even though gays paid you some 000's in the bank account

no diddy

[nutsy54]

You don't get to make up financial definitions... Millionaire is a net worth of $1 million or more. Someone can make $1 million/year, blow $1.1 million/year, and they're buried in debt, not a millionaire.

[nothingshocking]

Was it worth your dignity op?

[ScrillaIsBake]

Same with people claiming to be a homeowner

If you own it outright then you're a homeowner. If you have a mortgage then you're a renter with extra steps

[Ironmanlet]

My biggest turn off of the idea of “net worth” is assets you don’t even have access to like certain life insurance policies count.

I agree with nutsy, from an etymology perspective there is one definition.


How people apply the word with respect to the image they are portraying of themselves may be exaggerated. But if they meet the definition, they meet the definition.

[_zman]

You don't get to make up financial definitions... Millionaire is a net worth of $1 million or more. Someone can make $1 million/year, blow $1.1 million/year, and they're buried in debt, not a millionaire.

Yep, op is dumb. It's the most basic accounting formula of assets minus liabilities.

[Inger2]

Yep, op is dumb. It's the most basic accounting formula of assets minus liabilities.

Dumb? I paid off my cars, watches, house, in cash… I don’t have college debt (rip college losers), I have no credit card debt.

Also to answer the question was it worth it selling my dignity? Yes , yes it is .. now go back to work wagie office cell lol

[nutsy54]

To answer the OP question, I hit millionaire four years ago, at 51 years old. I finally stopped playing with debt/credit, and focused on my finances. Total income that year was $209,000.

[r32gojirra]

Being a G4P gape artist only has one meaning tho

[4Bertuzzi4]

Does net worth include house value in this scenario?

If it does, millionaire status Bert.

If not, Brokecel Bert.

[TryingMen]

do not realize these in section A are actually poor most the time.

What?

No.


Just because they can't spend endlessly like morons and still need basic money management skills doesn't mean they are poor you dumb f*ck. Odds are you must have no money management skills and will end up poor if you ever do hit a million net worth though. That's the difference between section A.1 and A.2. You sound like the temporary millionaire type.

[Paul Kreul]

Same with people claiming to be a homeowner

If you own it outright then you're a homeowner. If you have a mortgage then you're a renter with extra steps

You are always a renter as long as there is property tax..though I heard Florida has no property tax to homeowners over 55..not sure if true

[Kewbrah]

The basic financial illiteracy of Misc rentcels never ceases to astonish me

[_zman]

Dumb? I paid off my cars, watches, house, in cash… I don’t have college debt (rip college losers), I have no credit card debt.

Also to answer the question was it worth it selling my dignity? Yes , yes it is .. now go back to work wagie office cell lol

Neat. But you don't know what millionaire means in regard to net worth so...

[Destor]

Who has a net worth of over $1m without including assumed price appreciation on a primary residence

[longfellowdeeds]

earning a gross income or even net income of $1mill/year is not achievable by that many people.

even when you look up richest people in the world, the numbers are organized by net worth, not liquid....

[JackyChin]

If you have over $1M investable assets you're still wealthy, yes even in 2024.

[Inger2]

Neat. But you don't know what millionaire means in regard to net worth so...

Lol?

Example: 500k "estimate house" if you have this place payed off that is a 500k asset.

If you have 3 cars paid off estimated 250k that is a 250k asset.

What kind of dumb Millennial are you?

Net worth is all your assets - what you owe the bank.

In my case I never use a bank I pay everything in cash..

[4Bertuzzi4]

Nice to know I'm a broke millionaire.

All my income goes into bills, Retirement savings and Education RESP's for the kids. Same with the wife's income. We have some big fkn bills.

[sam212]

Congrats op, do you make a $mil/year?

[Luc1fer]

ITT OP redefines the meaning of a word

[Rylol]

$1m net worth (£800k) is really not a lot of money brah.

This is a great example of how easy it is to burn through $2.5m /year lol.

[crupiea]

Do you have to have a million in cash in order to be a millionaire?

You could inherit a beat down old house when grandpa dies thats unlivable but still worth a million dollars.

Would you still call yourself a millionaire?

[Madscient1st]

Dumb? I paid off my cars, watches, house, in cash… I don’t have college debt (rip college losers), I have no credit card debt.

Also to answer the question was it worth it selling my dignity? Yes , yes it is .. now go back to work wagie office cell lol

Lolwut

[SandalwooodRose]

You spread your cheeks for lonely gay old men

You prolly can't even look your father in the eye when he asks you what you do

lmao

[Visel]

These days the cut off to make upper class in the USA is around $150k household income, though obviously varies on location.

Upper class net worth cut off is around $800k.

I care more about those numbers than buzzwords like "millionaire." Especially as they continue to lose meaning whilst inflation gets crazy. Focusing on the current/future generations, those who end up working in middle class for most of the time range of ages 25-55 will end up a net-worth millionaire pretty easily.

IMO the optimal thing is to live like a class below you. So if you just barely make $150k for upper class cut off, you should be living like you're a $75k middle class worker in terms of CoL ($2k/mo or less rent, $1k/mo for bills + groceries, $500 for miscellaneous stuff / leisure / emergencies, the rest is savings/investments, no debts ideally). Only if you make $250k+ should you consider going towards upper-middle class or upper class CoL.

[Kewbrah]

Do you have to have a million in cash in order to be a millionaire?

You could inherit a beat down old house when grandpa dies thats unlivable but still worth a million dollars.

Would you still call yourself a millionaire?

"worth a million dollars" means you can sell it for a million dollars. You then have a million dollars in cash.

[r32gojirra]

"worth a million dollars" means you can sell it for a million dollars. You then have a million dollars in cash.

Yes you would be a millionaire but that’s still not enough to buy the median house in Sydney so who cares