What is your definition....

[Stradling]

...of a millionaire?  

[Blarg]

Someone with a $1 million in assets. 

That does not make them rich because this isn't the 70's.

[Tank]

2 hours ago, Blarg said:

Someone with a $1 million in assets. 

That does not make them rich because this isn't the 70's.

i would like to be in that position.

[Jason]

Whatever it is, I do not fit the definition 

[Lhalo]

11 hours ago, calscuf said:

You’re looking at the richest man in Astoria.

[fan_since79]

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.

[T.G.]

[Blarg]

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.

[T.G.]

Anyone who can afford to pay $10 to park at Angels Stadium.

[Roy Hobbs]

3 hours ago, Blarg said:

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.

He's from Philadelphia so that might explain it.

[yk9001]

In visual form

[yk9001]

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?

[Blarg]

They are you. Just visiting Las Vegas you are throwing money away. You're just being judgemental about how much others have in disposable income to do the same thing you are doing, just on a larger scale.

[fan_since79]

4 hours ago, Blarg said:

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.

I looked up "curmudgeon" in the dictionary and your picture was there. Lighten up.

 

[Lhalo]

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.

[Brandon]

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.

[Catwhoshatinthehat]

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. 

[Lou]

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 

[wopphil]

I am more inclined to think of a millionaire as someone with $1,000,000 in liquid assets - cash, stock, etc. I know that isn't the definition, but I won't consider myself a millionaire until I get to that point.

[Brandon]

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.

[Stradling]

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.  

[yvangelfan]

Someone with a good accountant.

[Brandon]

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.

 

[ten ocho recon scout]

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.

[Brandon]

2 minutes ago, ten ocho recon scout said:

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.

Yeah, some of the most rich or x% of wealth have almost always been poor on paper. To be fair, some have the wealth tied up in assets like real estate which will be growth...hopefully. But even then, I've seen so many people have rental properties that are losers or at best they are negative a few hundred.

But yeah, growing up in this industry I learned early that credit was worth more than gold and then seeing people that I considered rich actually having only a few hundred in their bank account was an eye opener. All types, too. The CEO types to the good career peeps....all cash poor or broke.

I will say, having seen so many bank statements, tax returns, and asset allocations, I have stolen ideas and made them profitable. When you come across someone with an IRA or fund that is doing well, it makes no sense to reinvent the wheel.