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?