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Forum » Asking for a friend...
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Thread: Asking for a friend...

post 1615184501 08-31-2020, 02:42 PM
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Asking for a friend...

Lets say someone has 900k in savings.
350k home that's paid off.
2 vehicles that are paid off.

No debt.

Since his assets are worth over a million dollars and he is still working and saving, can he be considered a millionaire at this point?

Thanks for your opinion.
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post 1615184641 08-31-2020, 02:43 PM
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The true definition of millionaire is over $1M in annual income.
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post 1615184881 08-31-2020, 02:46 PM
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Originally Posted By keyboardworkout⏩
The true definition of millionaire is over $1M in annual income.
Interesting, never heard that one.

That would mean by your definition that someone making 900k per year with 20 million in savings is not a millionaire either.?
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post 1615186551 08-31-2020, 03:03 PM
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That's a net worth millionaire
post 1615187291 08-31-2020, 03:13 PM
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I would think so.
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post 1615187481 08-31-2020, 03:15 PM
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Originally Posted By dbluevette⏩
Interesting, never heard that one.

That would mean by your definition that someone making 900k per year with 20 million in savings is not a millionaire either.?
Yes that is what he’s saying.

I’m tempted to agree to be honest, but at least to call yourself a millionaire I think you need $1 mill in cool cash in your bank account. Assets are just that until you sell them, so technically you have a house, two vehicles and they are only worth something when you have sold them.
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post 1615187841 08-31-2020, 03:19 PM
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Originally Posted By Brosnbroccoli⏩
Yes that is what he’s saying.

I’m tempted to agree to be honest, but at least to call yourself a millionaire I think you need $1 mill in cool cash in your bank account. Assets are just that until you sell them, so technically you have a house, two vehicles and they are only worth something when you have sold them.
Da daq?

So what if you have 20mill and don’t work but have a plan to kill yourself in 20 years? Can you just say you have an income of 1M a year....aka millionaire?
post 1615188221 08-31-2020, 03:23 PM
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Originally Posted By Brosnbroccoli⏩
Yes that is what he’s saying.

I’m tempted to agree to be honest, but at least to call yourself a millionaire I think you need $1 mill in cool cash in your bank account. Assets are just that until you sell them, so technically you have a house, two vehicles and they are only worth something when you have sold them.
I'm pretty sure your wealth status includes everything you currently own and not just total cash. Jeff Bezos supposedly has a net worth of $199.2 billion. Alot of his total wealth is probably in stocks and property. I highly doubt he has $199.2 billion in cash.
"For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life." (John 3:16)

https://www.youtube.com/watch?v=Wh1VU-_OF98
post 1615188251 08-31-2020, 03:24 PM
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Originally Posted By FingerNailsBrah⏩
Da daq?

So what if you have 20mill and don’t work but have a plan to kill yourself in 20 years? Can you just say you have an income of 1M a year....aka millionaire?
Like I said, if you have a $1 mill in cash in your bank account it’s fair to say you’re a millionaire, but when you’re talking about “millionaires” in the true sense of the word you don’t mean 60 year old dudes with a house and a car payed off.
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