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What is your definition....


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1 hour ago, fan_since79 said:

Someone with a net worth of at least one million dollars.

Not just assets. He could have liabilities greater than that and have a negative net worth.

You really don't have the capability to take anything at face value and not see the negative. 

By the way, in accounting, net worth is defined as assets minus liabilities.

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I tend to think that millionaire in Southern California is just middle to upper middle class.

Hell, I've reached that.  With our home (net) it is double that.  In no way do i feel even close to something called rich.  

It's bizarre.  When I was young, I thought if I was ever a millionaire, I would be RICH.  It ain't that way.

 

Then i go to vegas and see people throwing around money and I am just stunned.  Who are all these people?

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3 hours ago, yk9001 said:

I tend to think that millionaire in Southern California is just middle to upper middle class.

Hell, I've reached that.  With our home (net) it is double that.  In no way do i feel even close to something called rich.  

It's bizarre.  When I was young, I thought if I was ever a millionaire, I would be RICH.  It ain't that way.

You can thank the Federal Reserve System for inflating our currency into oblivion.

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Because the answer is obvious, I'm more curious about what caused the question.

With the way real estate has appreciated, many have the option of being millionaires. Sadly, have done mortgages for about 20 years, even people you think are ballers are paycheck to paycheck types. Give Americans the ability to spend $100 and they will spend $120. That goes for rich, middle class, and poor. The amount of debt I've seen over the years is insane.

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I definitely wouldn't use Vegas as a litmus test as to whether or not someone is actually wealthy.  I've come across quite a few people who make real good money yet as Brandon said a lot of them are paycheck to paycheck because of some combination of lifestyle creep, keeping up with the Joneses or just poor financial decisions.  Per two separate polls conducted in the last 12 months 40% of Americans can't come up with $400 for an emergency and almost 60% can't come up with $1,000 for an emergency.  Much like the federal government too many Americans are spending more than they bring in while propping up their lifestyle with credit. 

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23 minutes ago, Catwhoshatinthehat said:

Per two separate polls conducted in the last 12 months 40% of Americans can't come up with $400 for an emergency and almost 60% can't come up with $1,000 for an emergency.

my nephew could do that.

he's a jr in high school 

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To answer, I tend to think of net worth but that also doesn't tell the whole story and I don't think of assets as part of my net worth.....especially if it's a depreciating asset. Like Phil, having a mil liquid in some form has me feeling like I have enough for a rainy day, hard times, or emergency. I've always looked at my liquid funds opposed to assets and net worth. It's completely possible for someone to have a home worth a couple mil, but they can't refinance or cash-out due to things like credit, bankruptcy, collections, etc. Thus, their couple of mil would rely on them selling....which most don't want to do. Seen this situation a couple hundred thousand times. People have a ton of equity, but can't pay the bills or keep up with whatever lifestyle they created.

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Hey @Brandon what caused the question was someone talking about how people shouldn’t pay for parking unless they make 7 figures, which I thought was crazy talk.  Also like many of you I thought growing up if you had a net worth of a million you would feel rich.  Most everyone around my age where I work has that type of net worth and I can tell you none of them feel rich.  They are all very grateful for what they have but rich, not even close.  

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13 hours ago, Stradling said:

Hey @Brandon what caused the question was someone talking about how people shouldn’t pay for parking unless they make 7 figures, which I thought was crazy talk.  Also like many of you I thought growing up if you had a net worth of a million you would feel rich.  Most everyone around my age where I work has that type of net worth and I can tell you none of them feel rich.  They are all very grateful for what they have but rich, not even close.  

Interesting.

I actually hate paying for parking regardless of what one makes. Especially across Orangewood from the stadium where it feels like dudes just throw on orange vests and collect $10 per person.

Yeah, a mil was a lofty goal when I was young too and what one thought would carry one for the rest of eternity. Now, not so much.

 

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21 hours ago, Brandon said:

Because the answer is obvious, I'm more curious about what caused the question.

With the way real estate has appreciated, many have the option of being millionaires. Sadly, have done mortgages for about 20 years, even people you think are ballers are paycheck to paycheck types. Give Americans the ability to spend $100 and they will spend $120. That goes for rich, middle class, and poor. The amount of debt I've seen over the years is insane.

Spot on. Hardly anyone saves.

And fun y that you mention it. When I was younger, i did odd jobs like construction, cleaning pools, termite work etc to make ends meet. It was always the millionaire bouncing the $75 dollar check.

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