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Joined: 10/29/2001 Posts: 23139
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Define "Millionaire"? Gross assets? Net assets? Annual Income? Actual

money in bank?

If it's Gross assets, there are a LOT of millionaires out there. Some less with Net, but still a lot. If I add up my 401K balances, bank balances, home value and subtract what I owe on anything / everything, I'm a millionaire. And I bet most of you on this board are as well, or are pretty close. At least if you're 50+ it becomes likely with a good job and good education.

EDIT ADD: AND good use of savings and debt. Most of our 'million' is 401K as my wife and I both maxed it out right from the start of our working lives.

[Post edited by Late 80s Hokie at 06/27/2020 09:57AM]

(In response to this post by accfootballrules)

Posted: 06/27/2020 at 09:50AM

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Current Thread:

Odds THAT a U.S. Citizen will BECOME a MILLIONAIRE.....🤔🤔🤔 -- accfootballrules 06/27/2020 02:56AM

You want, like, an alphabetical list or something. -- Hokie CPA 06/27/2020 10:24PM

Sure do........ ** -- accfootballrules 06/28/2020 02:27AM

Luckily for my clients, I adhere to the firm's privacy policy. 😎 ** -- Hokie CPA 06/28/2020 08:23AM

🙄🙄🙄😉🤜 ** -- accfootballrules 06/28/2020 09:04AM

I know three. Me,myself,and I.... ** -- VTUD 06/27/2020 5:42PM

WHAT?????? O M G................ ** -- accfootballrules 06/27/2020 6:41PM

What the difference between a millionaire and a billionaire? -- B777Fr8Dog 06/27/2020 4:03PM

$1million doesn't make you anywhere near rich anymore-> -- HOKIERIT 06/27/2020 3:35PM

I know 5 for sure. One has a jet that is his hot rod -- typed by ben 06/27/2020 1:58PM

I know at least one. ** -- Major Kong 06/27/2020 12:57PM

It's not cracked up to what it used to be .......... ** -- BayHokie 06/27/2020 12:41PM

Explain ** -- accfootballrules 06/27/2020 1:22PM

It was my dream along with problem everyone else's, to become a -- BayHokie 06/27/2020 1:38PM

...it’s only money ** -- chumley 06/27/2020 10:58AM

Define "Millionaire"? Gross assets? Net assets? Annual Income? Actual -- Late 80s Hokie 06/27/2020 09:50AM

Generally,it is defined -- VTUD 06/27/2020 5:48PM

It can be whatever you want it to be. -- EDGEMAN 06/27/2020 12:16PM

Millionaire has a pretty specific definition -- Tafkam Hokie 06/27/2020 1:06PM

With inflated home prices a lot of people get pushed into the category -- 133743Hokie 06/27/2020 10:45AM

Traditionally means net worth of $1M -- Hokie in CT 06/27/2020 10:19AM

Here are some stats.... -- CrystalCoveHokie 06/27/2020 09:23AM

Good stats...millionaire may not "be what it used to be" -- Pylons 06/27/2020 09:35AM

Realize odds and ratios have nothing to do with each other, right? -- Tafkam Hokie 06/27/2020 08:30AM

You hit on the key. While my wife and I never made -- HokieR 06/27/2020 09:09AM

My parents were in their 30's during the conspicuous consumption 1980's -- Tafkam Hokie 06/27/2020 10:51AM

Had a uncle who was a VP with a brokerage firm -- EDGEMAN 06/27/2020 12:27PM

Have a feeling there are a lot of people who want instant gratification -- EDGEMAN 06/27/2020 09:42AM

Yep..that instant gratification leads to long term PAIN. Financial freedom- -- HOKIERIT 06/27/2020 3:44PM

Lots. If you save 10% of everything you make you'll be a millionaire. ** -- UTPr0sim 06/27/2020 08:10AM

Also requires keeping debt in check -- EDGEMAN 06/27/2020 08:23AM

I know quite a few -- EDGEMAN 06/27/2020 08:01AM

Being a millionaire doesn't mean much anymore -- HokieR 06/27/2020 07:32AM

Depends on how much of your net worth is liquid -- Tafkam Hokie 06/27/2020 09:01AM

You could pay yourself $50k a year for 20 years. I'd say that's decent. ** -- BobG 06/27/2020 08:46AM

Before or after taxes? ** -- BayHokie 06/27/2020 12:42PM

Good point. If only it worked like that -- HokieR 06/27/2020 08:55AM

Same boat here! ** -- BobG 06/27/2020 12:30PM

While it doesn't really mean ultra-wealthy anymore, -- Pylons 06/27/2020 08:00AM

I don't consider myself wealthy by any stretch -- HokieR 06/27/2020 08:19AM

You may not, but a lot of people would ** -- Pylons 06/27/2020 08:23AM

Especially those with 4-digit credit card debt. ** -- EDGEMAN 06/27/2020 08:31AM

You will be back, sooner than you think. ** -- EDGEMAN 06/27/2020 08:22AM

I did buy some stocks on the way down -- HokieR 06/27/2020 08:27AM

Allows you to build... -- EDGEMAN 06/27/2020 08:03AM

And spend weeks driving it across the country -- Pylons 06/27/2020 08:05AM

Make sure you post plenty of pictures with it in the foreground. -- EDGEMAN 06/27/2020 08:21AM

Mine is small block with throttle body EFI -- Pylons 06/27/2020 08:27AM

You made an excellent engine choice! ** -- EDGEMAN 06/27/2020 08:32AM

Nice to have it fire up effortlessly every time -- Pylons 06/27/2020 08:38AM

Quite a few ** -- Pylons 06/27/2020 06:46AM

😳😳😳😮😮😮 -- accfootballrules 06/27/2020 07:52AM

Caviar wishes and champagne dreams ** -- Pylons 06/27/2020 07:54AM

But, no, not necessarily stress-free ** -- Pylons 06/27/2020 08:08AM

Average house in our county -- Vippie1 06/27/2020 05:25AM

You'd be surprised how many haven't paid off their house but have refied -- 133743Hokie 06/27/2020 10:50AM

What did it use to be?? ** -- accfootballrules 06/27/2020 07:49AM

Back then, decent houses were less than $30K -- EDGEMAN 06/27/2020 08:03AM

Define "Millionaire"? Gross assets? Net assets? Annual Income? Actual

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