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Define a millioniare, could use your help

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9:35 am
September 27, 2011


Allen23

Member

posts 4

I am working on a guest post content piece (probably an infographic) to help illustrate the difference between what the actual typical millionaire is like (somewhat conservative, not too spendy) versus the public perception (fancy/elaborate lifestyle). My idea is to base it loosely off the ideas presented in "The Millionaire Next Door" by Thomas J. Stanley.

After getting started though I discovered that there are several different ways to define a millionaire, whether it be by income or by liquid assets, etc. What do you think is the best way to define a millionaire? Also, do you have any other cool insights that might help for this project? Love to hear your thoughts!

 

Thanks

10:02 am
September 27, 2011


Derek@LifeAndMyFinances

Member

posts 1298

I think the most common way to measure a millionaire is to add up all of their assets, subtract their liabilities, and if the amount is over a million, then they are a millionaire.

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10:53 am
September 27, 2011


Miss T @ Prairie Eco-Thrifter

Member

posts 2213

Perfect answer Derek.

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10:56 am
September 27, 2011


20s Finances

Admin

posts 1147

Agreed. If there is one thing I have learned… Derek always has great advice.

Corey

 

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12:03 pm
September 27, 2011


MyJourneytoMillions

Member

posts 1012

Anyone else find it odd that his first post here is about nothing to do with a blog? 

12:33 pm
September 27, 2011


Allen23

Member

posts 4

MyJourneytoMillions said:

Anyone else find it odd that his first post here is about nothing to do with a blog? 

Thanks for your answers everyone! Also, in reference to MyJourneytoMillions, I do not have my own blog, which is why I said that it was a guest post content piece. I spoke with Crystal from Budgeting in the Fun Stuff and she said this would be a good place to try to get some input. Sorry for any confusion MyJourney!

1:40 pm
September 27, 2011


MyJourneytoMillions

Member

posts 1012

No confusion…just curious if you are going to turn around and offer it to bloggers with an embedded commercial link? Not a bad or good thing just like transparency (said by the guy who runs an anonymous blog). 

1:41 pm
September 27, 2011


krantcents

Member

posts 909

What Derek is giving you is the net worth definition.  Most millionaires have business or income property.  In other words that have assets that earn them enough to qualify as a millionaire.  I hope this helps.

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2:35 pm
September 27, 2011


retireby40

USA

Member

posts 1381

If your net worth is over $1million then you are a millionaire! Laugh

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6:11 pm
September 27, 2011


OneCentAtatime

Florida, USA

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posts 1778

I am not a millionaire Laugh

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6:38 am
September 28, 2011


Miss T @ Prairie Eco-Thrifter

Member

posts 2213

Lol. Me neither.

OneCentAtatime said:

I am not a millionaire Laugh

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7:44 am
September 28, 2011


MissThrifty

UK

Member

posts 46

I also think it's relative. Here in the UK, for example, we have lots of "millionaires" because of the spiralling property prices between 2000 and 2007. Even with the subsequent recession. I used to work at a newspaper at which the word "millionaire" was on the banned list – because the editor declared that there were so many millionaires, the word held no currency any more!

9:01 am
September 28, 2011


Allen23

Member

posts 4

MissThrifty said:

I also think it's relative. Here in the UK, for example, we have lots of "millionaires" because of the spiralling property prices between 2000 and 2007. Even with the subsequent recession. I used to work at a newspaper at which the word "millionaire" was on the banned list – because the editor declared that there were so many millionaires, the word held no currency any more!

Is there enough "millionaires" that that is the norm though? Or is that still considerably more money than the average person?

9:04 am
September 28, 2011


Frugal Confessions

Houston, TX

Member

posts 1622

Very interesting question. What's funny is I would only think of myself as a millionaire if I had a million dollars in investments or liquid. If it's tied up in other types of assets, I wouldn't see myself as a millionaire.

Amanda L Grossman

Frugal Confessions

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9:19 am
September 28, 2011


Allen23

Member

posts 4

Frugal Confessions said:

Very interesting question. What's funny is I would only think of myself as a millionaire if I had a million dollars in investments or liquid. If it's tied up in other types of assets, I wouldn't see myself as a millionaire.

I think I would tend to agree with you. Different studies use different criteria though

10:18 am
September 28, 2011


MoneyBeagle

Member

posts 1466

I would look at it as my net worth exceeding $1m.  I know everybody defines net worth differently, so that would of course change for everybody. 

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11:29 am
September 28, 2011


retireby40

USA

Member

posts 1381

Frugal Confessions said:

Very interesting question. What's funny is I would only think of myself as a millionaire if I had a million dollars in investments or liquid. If it's tied up in other types of assets, I wouldn't see myself as a millionaire.

Why not? If you can sell your house and net a million dollars, then you are a millionaire right?. As long as you can convert the assets to cash, I think it should count. Of course, it's difficult to put the right value on a your home so it's probably safer to undervalue it a bit.

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12:50 pm
September 28, 2011


Tony Chou @ Investorz' Blog

Member

posts 643

What Derek said, plus add what the typical lifestlye of a millionaire is. Anyways, keep us updated when this infographic is created! I'll be looking forward to it!

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11:23 pm
September 28, 2011


The Frugal Toad

Member

posts 587

Agree with Derek, net worth of at least $1 Million.  However inflation has eroded the purchasing power of that million so the lifestyle of a millionaire 20 years ago is much different than a millionaire of today.

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5:55 am
September 29, 2011


Frugal Confessions

Houston, TX

Member

posts 1622

If it was my primary residence, then why would I sell it? And if I don't sell it, then how can I call myself a millionaire? If an opportunity presented itself, I couldn't go and sell my primary residence and get the money instantly. Also, it just wouldn't feel like I was a millionaire to me without liquid or stocks/investments. Who knows what a home is actually worth right now until they attempt to sell it? Could be on paper it is a million dollars, but the market might not support it. Ofcourse if I did sell a million dollar house and had that money, then I'd be a millionaire in my eyes:).

 

Just my own feelings–I know it's the normal way of thinking about it.

__________________________________

retireby40 said:

Frugal Confessions said:

Very interesting question. What's funny is I would only think of myself as a millionaire if I had a million dollars in investments or liquid. If it's tied up in other types of assets, I wouldn't see myself as a millionaire.

Why not? If you can sell your house and net a million dollars, then you are a millionaire right?. As long as you can convert the assets to cash, I think it should count. Of course, it's difficult to put the right value on a your home so it's probably safer to undervalue it a bit.

Amanda L Grossman

Frugal Confessions

Frugal Confessions @ the Houston Chronicle

email: frugalconfessions@hotmail.com

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