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Semantics of Being a "Millionaire"
03-23-2014, 06:05 PM
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#1
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Dryer sheet wannabe
Join Date: Mar 2014
Posts: 16
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Semantics of Being a "Millionaire"
This is hardly an important question, but still something I have wondered. If two people (spouses, for example) jointly accumulate a net worth of $1 million, does that make them both millionaires? Or are they each a 1/2 millionaire, in which case they would need $2 million to be considered millionaires? 
I started thinking of us/myself as millionaires when we reached net worth > $1 million not including home equity. But that's pretty arbitrary.
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03-23-2014, 06:12 PM
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#2
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Then there's household millionaires that can be any number of people starting at 1.
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03-23-2014, 06:12 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,688
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A million dollars for a household is a great a acheivement but a millionaire is an individual who has a net worth of $1,000,0000 or more: Millionaire - Wikipedia, the free encyclopedia
Your home equity is part of your net worth.
__________________
Budgeting is a skill practised by people who are bad at politics.
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03-23-2014, 06:29 PM
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#4
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Recycles dryer sheets
Join Date: Dec 2008
Posts: 299
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03-23-2014, 06:48 PM
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#5
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Full time employment: Posting here.
Join Date: Sep 2011
Location: Bushnell
Posts: 607
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If married, divide combined net worth in half to get the net worth of each spouse.
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03-23-2014, 07:28 PM
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#6
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Wow, if some wealthy Donald Trump-ish man told me he had a billion dollars to invest I would call him a billionaire, whether he was married or not.
So, for me I guess I would call a man a millionaire if he had a million dollars to invest, whether he was married or not.
Maybe that's not strictly correct, but that is how I have always used those words.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-23-2014, 08:37 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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What would you call the divorce Attorneys  ?
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03-24-2014, 07:17 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Posts: 6,506
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 Quote:
Originally Posted by NYEXPAT
What would you call the divorce Attorneys ? |
For a small fee will eliminate the the problem of millionaire status. AKA a fixer.
__________________
There must be moderation in everything, including moderation.
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03-24-2014, 07:19 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 1,555
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Since there are two of you, that would make you multi-millionaires...
Sounds better, anyway lol
__________________
"Growing old is no excuse for growing up."
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03-24-2014, 07:28 AM
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#10
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Dryer sheet wannabe
Join Date: Mar 2014
Posts: 16
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Heh, some good replies. I guess the answer is as I suspected - it depends. Is the glass full or only half-full? Either way don't let the lawyers drink from it.
Cheers!
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03-24-2014, 07:46 AM
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#11
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Moderator
Join Date: Oct 2010
Posts: 10,720
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Since two people living together only consume about 1.6 times the resources, then I'd say dividing by 1.6 would be more accurate than dividing by 2. That's, of course, presuming there's no split/lawyers in your future.
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03-24-2014, 07:54 AM
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#12
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Dryer sheet wannabe
Join Date: Jan 2011
Posts: 16
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When we're going over our finances, I tell my wife "We're a millionaire".
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03-24-2014, 08:07 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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I got a letter that I was a millionaire, so I went to Nebraska.
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03-24-2014, 08:28 AM
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#14
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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I would call them a millionaire couple. The finances of people who is married or in a committed relationship are inevitably tangled. And if they were in the relationship while the funds were being accumulated. Both parties gave contributed to it, even if only one of them brought in a salary. The economic value added of a SAHM, for example, was estimated a few years ago at ~$130K per annum, IIRC.
http://www.businessinsider.com/value...me-moms-2013-5
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03-24-2014, 08:47 AM
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#15
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Everyone knows a couple with a million or more are just called the millionaire and his wife (Thurston Howell III and Lovey)
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03-24-2014, 11:37 AM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,655
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Would the status be different in a community property state vs. a non-community property state?
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03-24-2014, 12:04 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Posts: 1,797
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03-24-2014, 12:09 PM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,233
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Quote:
Originally Posted by Gus.
When we're going over our finances, I tell my wife "We're a millionaire".
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+1 on this... since most married couples talk about themselves as one... then they are millionaires..
It's not like one talks about his half of their house and the other talks about her half.... it is their house...
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03-24-2014, 01:19 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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I thought that I was a millionaire in 1999, but my ex-wife's lawyer assured me that I was only a 500 thousand-aire. 
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03-24-2014, 01:31 PM
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#20
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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here's what I think about th
Wait... this is a mistake... I'm in the wrong thread.. 
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