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What is a millionaire?
Old 03-10-2006, 06:33 PM   #1
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What is a millionaire?

OK OK

Many say $1,000,000 ain't what it used to be and I guess it is not. (still plenty to me).

So keeping that in mind how would you define the term millionaire by todays standards?



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Re: What is a millionaire?
Old 03-10-2006, 06:46 PM   #2
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Re: What is a millionaire?

While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.
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Re: What is a millionaire?
Old 03-10-2006, 07:00 PM   #3
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Re: What is a millionaire?

Quote:
Originally Posted by sc
While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.
So perhaps one such equation might be to take the reported middle class household income, today would be around $50,000 according to some reports.

Multiply by 100 = unattainable by most of the middle class.
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Re: What is a millionaire?
Old 03-10-2006, 08:15 PM   #4
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Re: What is a millionaire?

Works for me! 8)
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Re: What is a millionaire?
Old 03-10-2006, 10:19 PM   #5
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Re: What is a millionaire?

Quote:
Originally Posted by GTM
still plenty to me
just did quick google on world weath distribution so following stats are questionable web stuff. but even if the numbers are in the ballpark, they paint an interesting picture....

of current 6.5 billion world population, 3 billion people (year 2000 stats) live on less than $2/day; 1.3 billion people live on less than $1/day (not sure if that is part of original 3 billion). by 2030, when population will be 9.3 billion, the world bank projects 5 billion people living on less than $2 per day.

in a june 2005 report cnn money shows 2.5 million millionaires (excluding home value) in the u.s. (population about 300 million). they refer to those with assets of $5-30 million as "mid-tier millionaires." so i guess $1 million is just a plain ol' millionaire. wikipedia shows 8.2 million americans with a net worth of at least $1 million. again, of a population of 300,000,000 people.

i read someplace way back that those in the u.s. living at the poverty level live better than 80% of the rest of the people on the planet.

so to be a millionaire here is to be in the top, what, 2-3% of a population whose welfare members live better than 80% of the rest of the world?

regardless of inflation since 1970, a millionaire is still a millionaire and a million is still plenty for me as well. sometimes it helps to count more our blessings & less our change.
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Re: What is a millionaire?
Old 03-10-2006, 11:07 PM   #6
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Re: What is a millionaire?

A consideration in "what is a millionaire" needs to be what assets do the net worth consist of.

Someone with a home with $400,000 in equity a 401k with $350,000 a Roth with $125,000 a new Lexus, some stocks and a months salary in his saving/checking account is probably a millionaire.

But how much cash could he come up with in 3 days without taking a substanial hit.

My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.



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Re: What is a millionaire?
Old 03-10-2006, 11:20 PM   #7
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Re: What is a millionaire?

Quote:
Originally Posted by GTM
My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.
so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.
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Re: What is a millionaire?
Old 03-10-2006, 11:32 PM   #8
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Re: What is a millionaire?

Quote:
Originally Posted by lazygood4nothinbum
so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.
No neither would be, must be able to get that mil real easy.
Selling a home takes time so even a 100k house and 900k in cash would not qualify per ?
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Re: What is a millionaire?
Old 03-11-2006, 06:39 AM   #9
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Re: What is a millionaire?

It's always amazing what people consider to be their net worth.

I have a friend who adds clothes, household items, jewellery, etc. That sounds great until you have tried to give-way sell those types of items.
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Re: What is a millionaire?
Old 03-11-2006, 09:10 AM   #10
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Re: What is a millionaire?

It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
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Re: What is a millionaire?
Old 03-11-2006, 09:25 AM   #11
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Re: What is a millionaire?

Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion.* www.globalrichlist.com
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Re: What is a millionaire?
Old 03-11-2006, 09:56 AM   #12
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Re: What is a millionaire?

Forbes now has 800 some people on their Billionaires list -- a big increase from last year.

Maybe a Billionaire is the new millionaire? I wonder how many millionaires there were in the world at the turn of the century? (19-20 that is).
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Re: What is a millionaire?
Old 03-11-2006, 10:16 AM   #13
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Re: What is a millionaire?

22.
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Re: What is a millionaire?
Old 03-11-2006, 10:16 AM   #14
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Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
Donald Trump said something similar only to his first wife and she had the same reaction.
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Re: What is a millionaire?
Old 03-11-2006, 11:28 AM   #15
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Re: What is a millionaire?

I have MUCH better hair than The Donald. I actually have hair in fact!
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Re: What is a millionaire?
Old 03-11-2006, 12:00 PM   #16
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Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
So she married you for your good looks and not the money?

Come on!
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Re: What is a millionaire?
Old 03-11-2006, 12:04 PM   #17
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Re: What is a millionaire?

I'm pretty sure it was for the plumbers butt crack I display when working.

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Re: What is a millionaire?
Old 03-11-2006, 04:52 PM   #18
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Re: What is a millionaire?

Quote:
Originally Posted by dougdo
Maybe a Billionaire is the new millionaire?
i'm picturing the billionaire or the guy who lives on less than $2 per day shaking their respective heads thinking "a billion dollars/two dollars sure doesn't buy what it used to."

Quote:
Originally Posted by roadkill
Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion. www.globalrichlist.com
thanx roadkill. gr8 site. you should post more. just forwarded to everyone i know who ever bitched about money (and, um, that would be everyone i know.)
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Re: What is a millionaire?
Old 03-12-2006, 11:48 AM   #19
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Re: What is a millionaire?

Quote:
Originally Posted by Cute 'n Fuzzy Bunny
It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".
But at that time, would that have been divided by 2.
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Re: What is a millionaire?
Old 03-12-2006, 12:03 PM   #20
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Re: What is a millionaire?

Still works. But We Are One.
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