When are you a 'Millionaire'? | FerrariChat

When are you a 'Millionaire'?

Discussion in 'Other Off Topic Forum' started by PeterS, Jan 18, 2004.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. PeterS

    PeterS Four Time F1 World Champ
    Silver Subscribed

    Jan 24, 2003
    47,931
    Goodyear, AZ
    Full Name:
    PeterS
    I'll get to it: I have three properties worth $1.2M. I have notes on two. I owe about half their values to the bank. Like anybody else, I have other 'stuff', savings, etc. and other bills. On paper, am I a 'millionaire'? Is a millionaire a person that has a million that they can spend at will? Does being leveraged on paper make you one? If I AM a millionaire, when will I feel like one? Is a true millionaire by today's standards somebody that has 5-10M$ in the bank?
     
  2. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
    8,933
    NEW JERSEY
    Full Name:
    BRUCE WELLINGTON
    PETER

    YOU WILL BE A MORE "SECURE" MILLIONAIRE WHEN OUR BUSINESS VENTURE STARTS TO ROCK AND ROLL........

    IM A MILLIONAIRE BUT MY EX-WIFE DOESNT KNOW :)

    B
     
  3. ty (360mode)

    ty (360mode) Formula Junior

    Sep 25, 2002
    807
    Houston
    Full Name:
    Tim
    i'm a thousandaire :)
     
  4. jordan747_400

    jordan747_400 F1 Veteran
    Lifetime Rossa

    Dec 9, 2002
    6,928
    Houston, TX
    Full Name:
    Jordan
    Ive got 300 dollars in my bank account :)
    Maybe I need a job!
     
  5. Glassman

    Glassman F1 World Champ
    Rossa Subscribed Silver Subscribed

    You will have to be a Billionare before you will feel like a Millionare.
     
  6. Juice It

    Juice It F1 Rookie

    Sep 22, 2002
    3,233
    Maryland (DC Suburb)
    Full Name:
    Jeff
    I would say if your net worth is a mil, you are a millionaire. That means if you sell everything you have and pay off all your debts you need to have at least 1 mil cash left.
     
  7. Slim

    Slim Formula 3

    Oct 11, 2001
    1,735
    Pacifica, CA, USA
    Full Name:
    richard
    Ha! Great one Bruce! I'm a happily married man, but I'll keep that quote handy for the future just in case!

    -Slim
     
  8. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
    8,933
    NEW JERSEY
    Full Name:
    BRUCE WELLINGTON
    SLIM

    I HOPE THERES NO FUTURE FOR THE QUOTE FOR YOU

    DIVORCE IS DOWN AND DIRTY..........
     
  9. ryalex

    ryalex Two Time F1 World Champ
    Consultant Owner

    Aug 6, 2003
    24,957
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    I've heard that too - because the "Millionaire" mystique in contemporary pop culture developed in the 30's-60's, the difference incomes and worth of money today means you'd need something like $5-10M to be a millionaire back then (or at least the difference in net worth from the mean/avg).

    Of course, I wish I could pick up some 50's Ferraris when they were like $12k!
     
  10. Ferrari

    Ferrari Karting

    Nov 2, 2003
    205
    . . . when I spend about xx million, then I would be "just" a millionaire again . . .

    Hehehe
     
  11. Bryan

    Bryan Formula 3

    To most, "net worth" is the key parameter that determines if you're a ___________aire.

    Net worth = Assets - liabilities

    Note that assets can be subjective, e.g. are your properties really worth 1.2M on the market?
     
  12. PeterS

    PeterS Four Time F1 World Champ
    Silver Subscribed

    Jan 24, 2003
    47,931
    Goodyear, AZ
    Full Name:
    PeterS
    I think Glassman is correct!
     
  13. rudy

    rudy Formula Junior

    Jan 13, 2004
    363
    Los Angeles California
    Full Name:
    Rudy Hassen
    The basic rule of thumb is you're a millionaire when you owe a million.
     
  14. Mojo

    Mojo Formula 3

    Sep 24, 2002
    1,293
    Washington St.
    Full Name:
    Joseph
    When your worth a million dollars, not the bank. If I go out on a business
    venture and the bank allows me to get a milloin dollar loan that does NOT make me a millionaire. That would make me a millionowed, thats the opposite of a millionaire, thats not a good thing :)
     
  15. Kds

    Kds F1 World Champ

    It's a pretty elementary question, assets minus liabilities gives you the answer.

    If you are a millionaire, why are you driving around in a 308 ? A new Dodge Grand Caravan financed for 72 months at 0 % is worth more.....isn't it ?
     
  16. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
    4,274
    dusty old farm town
    Full Name:
    Tyler
    Jeff_M and KDS are right, pretty simple to figure out.

    As to when you will feel like one, well that's a little different. I suspect you're referring to what being a "millionare" meant years ago. It used to mean an almost "out of reach" lifestyle". It used to mean being "rich". Something the average person would not be able to attain. Today being a millionare is pretty common. Feeling like a "millionare" is not.

    Everyone feels different so here's what it means to me. To me it means being able to buy the things I want. Being able to stop working today and still have my lifestyle get better year after year. Not being dependent on earned income. Being able to use my time how I choose.

    Like I said it's a different feeling for everyone and it's relative to what you are worth. It's like Aspen, "the damn billionaires are making it impossible for us regular millionaires to get a decent place here." :)
     
  17. rcallahan

    rcallahan F1 Rookie
    Owner

    Jul 15, 2002
    3,307
    Santa Barbara
    Full Name:
    Bob Callahan
    Well... if you owe the bank 1 million, than the bank owns you. If you owe the bank 100 million, than you own the bank!!
     
  18. tjacoby

    tjacoby F1 Rookie

    Nov 1, 2003
    2,857
    Vancouver Canada
    Full Name:
    tj
    I think the academics are using millionaire as investible assets, that is - net worth excluding principle residence, vehicles, etc.

    Cash, investments, businesses, less debt > $1m

    Doesn't mean much these days, $1m isn't enough for a decent retirement imo.
     
  19. Onlinesys

    Onlinesys Formula Junior

    May 1, 2002
    425
    Hong Kong
    I would say you are a true millionaire if the bank could loan you a million without securing any of your property.

    Also, only the amount of money you spent IS YOUR OWN MONEY. I will only consider myself as a millionaire if I comply with the above criteria.
    It is an absolute pity not to spend money at all or a very small percentage when you have millions or even billions available in the bank.
     
  20. wax

    wax Five Time F1 World Champ
    Lifetime Rossa

    Jul 20, 2003
    51,457
    SFPD
    Full Name:
    Dirty Harry
    That's exactly why I'll drive "lesser" cars and hopefully have enough self-restraint to not pick up an F-car (red flag if Child Support Agency investigates a little, heh) until at least June 2005. She reamed me once already. Patience is a virtue.
     
  21. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
    8,933
    NEW JERSEY
    Full Name:
    BRUCE WELLINGTON
    I AGREE THOMAS...ILL WAIT TO SPLURGE (SP) TILL '08 WHEN MY DAUGHTER HITS 18.......YOU KNOW THE REST..

    BRUCE
     
  22. branko

    branko F1 Rookie
    Owner

    Mar 17, 2003
    3,710
    Birmingham, Alabama
    Full Name:
    Branko Medenica
    There are many ways of defining 'millionaire', one way is to think it is someone who has a happy, healthy family.
     
  23. Admiral Thrawn

    Admiral Thrawn F1 Rookie

    Jul 2, 2003
    3,932
    So what then, she's out in the cold?
     
  24. rudy

    rudy Formula Junior

    Jan 13, 2004
    363
    Los Angeles California
    Full Name:
    Rudy Hassen
    Ouch...that hurt.
     
  25. ronsupercar

    ronsupercar Formula 3

    May 2, 2002
    1,576
    Orlando Fla.
    Full Name:
    4RE-Ron
    Yon know what. In my book, if you own or have anything worth over $999,999.99 you are a millionaire all day. :)
     

Share This Page