When are you a 'Millionaire'?

A lot of people thanks to the real estate boom are now Millionaires.
These are folks who never would have dreamed it.
However a lot of these same folks couldnt afford to buy thier house again at todays prices.

 

I agree 100%

 

I'm 22 and I won't buy an F40 or Enzo 'till I reach that line. The line being, "Pay for it in cash and not worry about bills later". Just because you have money doesn't mean you should go out and buy a whole bunch of liabilities. Go out and start a company or invest or anything that will bring money in. Then once you have cash ariving on your doorstep on a weekly or monthly basis, go out and buy a car or a house. Spending your paycheque will only leave you with less of an opportunity to make big money. I really do want a fast, hot car but I'm not going to do anything that will set me back the better part of a decade.

 

I see you've read "Rich Dad, Poor Dad".

 

More than once, not only that book and not only books.
Each chapter opened me to new ideas and realizations that I have expanded on since.

 

As a high-end home builder I probably have 15-20 mil in realestate under construction or ready to be closed on. I once asked my banker, "Am I a millionaire?" He said, "you've got to have millions, not owe millions."

My delima is, should I buy an F-40 or 360 when I could take the money it cost to buy them and build a model home in a new neighborhood and sell 10-12 homes a year off of it and make 250-300k.


The people on this board who own Enzos and the guy who has a "pair" of 360's simply blow me away. Very impressive, must be much smarter men than myself.

Most all the other larger builders drive around in H2's, even the ones smaller than me, but I still tool around in my 2 door F-350.

 

Build the houses, sell the houses, built the houses and sell the houses. Then maybe get into commercial development and then buy the building on the water with 50 floors of office space, then sell it and buy yourself {and me} an Enzo or two. Don't tie your left hand behind your back by loading up on things that look nice but are true expenses. Get the money coming in from a few different areas then buy a liability. Don't be in a rush either, I will own my home {asset} befor I buy a 200,000 car {liability}.

 

NO ADMIRAL NOT MY DAUGHTER.....

MY EX-WIFE , SHE WILL HAVE NO RECOURSE WHEN MY DAUGHTER HITS 18 HERE IN NJ..

I GUESS THEN SHE WILL HAVE TO GET A REAL JOB....TOO BAD.......

 

I wish I knew what you know when I were your age. You my friend are a success story waiting to happen..

Keep on keeping on...

 

so true... last time I checked child support wasn't supposed to pay 100% of the bills and the moms personal expenses while allowing the mother to sit around and do nothing but go out and party

/sigh

 

I will.
Every book I read teaches me something new and reminds me how far I have to go. I feel like I'm so far behind when I realize something I didn't know. I'm not even sure I know where I want to go/end up. But where ever it is it will be in a Ferrari.

 

The accumulation of wealth has always continued to amuse me.

My Father was middle class, self employed, and raised me as a single Father. He's highly intelligent, creative, perfectly fit, has everything he wants in life but money.

My Grandfather was a scientist and an aeronautical engineer and put those persuits above all else while making ends meet. He was extremely well educated and travelled. Unfortunately, the family life suffered and he realized it was too late. To this day, all of his kids and that side of my family are estranged.

One of my Great Uncle's who is a millionaire went after what he wanted in life. Money. He was a business and real estate owner and also a senior Corporate VP at another company for a time. He has no family of his own and wishes he could go back and start one and take back a few of the choices he made.

I truly think people delude themselves into wanting the things above when they have nothing else or they have everything they already need.

I have the happiness that these men most desire after they accumulated their wealth, or not. Does that make me a 'millionaire'? Not in the most strict sense of the word but I feel like one many times over.

Sunny

 

Hopefully she'll freeze to death.

I'll see to it that my Daughter I haven't seen in many years is spoiled rotten, though.

 

RALESSI

MY DIVORCE PAPERS STATE:

HERE IN NJ AND THE WAY MY DIVORCE **** WAS SET UP..............WHEN SHE HITS 18 AND DOESNT WANT TO GO TO SCHOOL, THE ROTH IRA I HAVE SET UP FOR HER, IS MINE, WHILE THE CHILD SUPPORT CONTINUES 1/2 TO MY EX- ******* UNTIL SHES 21...AFTER THAT.EVERYONES ON THEIR OWN

IF MY DAUGHTER CHOOSES COLLEGE ( WHICH SHE WILL AS LONG AS IM ALIVE) THE CHILD SUPPORT IS ENDED AND IM RESPONSIBLE FOR 1/2 HER SCHOOLING AND SUPPLIES FOR SCHOOL.........

I DID HAVE A GREAT LAWYER,

BRUCE

 

OK I'll short hand this.
US Navy Officer, owns his house, 3 cars and has 150,000 in the bank. His ex wife who does not work and who has 3 kids {not his}, has the house and 2 of the cars! He pays 1700 a month {says the court} but he also gives her spending money and pays for the heat or lights or whatever she hasn't paid in the past 6 months! She has a boyfriend living in the house and is a total freak when it comes to raising her kids. All of the adults mentioned above should be shot and then
shot again!

 

62 GTO

THATS A SURE PHONE CALL FOR THE "JERSEY BOYS" TO CARE OF THAT SITUATION....

BRUCE

 

Really? I wonder if UPS can look this up now too?

 

I say assets-liabilities.

Some say assets-liabilities-primary residence. (beats me why, I've made $200k from carefully chosing my "primary residence.")


There are tens (maybe hundreds) of thousands of working-stiff 'millionaires' these days, thanks mostly to inflation.

Remenber when 100grand could get you something? It won't even put a roof over your head anywhere in this state anymore.

MEDIAN income in Marin county is $98k/yr. MEDIAN!!!

To be a 'millionaire' used to be equated with being 'independantly wealthy'. Not so anymore.

 

Let's see, with the conversion canadian to american dollars I have.....carry the one....69 cents!!

 

When you have a jet, a Bentley, a cigar company, a RE development in Texas, and an uncle who owns a bank as a partner!

 

Once I can afford to kill my parents, or they die from natural causes. Well, ill only be 500k richer. Id have to 1/2 with my sister.

 

When you can *buy* a brand new Gulfstream or Boeing BBJ with your black Amex, and still pay the bankcard bill, then you're a millionaire!

 

When just for the hell of it...You can afford to splurge on Taco Bell and share a one scoop sundae with your gal on a Thursday night!

 

I'm sorry, now that's just fiscal recklessness. You'll NEVER become a millionaire with an attitude like THAT!

 

DAMN!!!