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When are you a 'Millionaire'?

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

  1. PeterS

    PeterS Three Time F1 World Champ
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    Jan 24, 2003
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    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?
     
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  3. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
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    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
     
  4. ty (360mode)

    ty (360mode) Formula Junior

    Sep 25, 2002
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    Tim
    i'm a thousandaire :)
     
  5. jordan747_400

    jordan747_400 F1 Veteran
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    Dec 9, 2002
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    Ive got 300 dollars in my bank account :)
    Maybe I need a job!
     
  6. Glassman

    Glassman F1 World Champ
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    Apr 23, 2002
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    You will have to be a Billionare before you will feel like a Millionare.
     
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  8. Juice It

    Juice It F1 Rookie

    Sep 22, 2002
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    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.
     
  9. Slim

    Slim Formula 3

    Oct 11, 2001
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    Ha! Great one Bruce! I'm a happily married man, but I'll keep that quote handy for the future just in case!

    -Slim
     
  10. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
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    SLIM

    I HOPE THERES NO FUTURE FOR THE QUOTE FOR YOU

    DIVORCE IS DOWN AND DIRTY..........
     
  11. ryalex

    ryalex Two Time F1 World Champ
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    Aug 6, 2003
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    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!
     
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  13. Ferrari

    Ferrari Karting

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

    Hehehe
     
  14. 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?
     
  15. PeterS

    PeterS Three Time F1 World Champ
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    Jan 24, 2003
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    I think Glassman is correct!
     
  16. rudy

    rudy Formula Junior

    Jan 13, 2004
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    The basic rule of thumb is you're a millionaire when you owe a million.
     
  17. Mojo

    Mojo Formula 3

    Sep 24, 2002
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    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 :)
     
  18. 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 ?
     
  19. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
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    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." :)
     
  20. rcallahan

    rcallahan F1 Rookie
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    Jul 15, 2002
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    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!!
     
  21. tjacoby

    tjacoby F1 Rookie

    Nov 1, 2003
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    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.
     
  22. 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.
     
  23. wax

    wax Four Time F1 World Champ
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    Jul 20, 2003
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    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.
     
  24. BWS550

    BWS550 Wants to be a mod

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

    BRUCE
     
  25. branko

    branko F1 Rookie
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    Mar 17, 2003
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    There are many ways of defining 'millionaire', one way is to think it is someone who has a happy, healthy family.
     
  26. Admiral Thrawn

    Admiral Thrawn F1 Rookie

    Jul 2, 2003
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    Jim
    So what then, she's out in the cold?
     
  27. rudy

    rudy Formula Junior

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    Ouch...that hurt.
     
  28. ronsupercar

    ronsupercar Formula 3

    May 2, 2002
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    Yon know what. In my book, if you own or have anything worth over $999,999.99 you are a millionaire all day. :)
     

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