ScottFromUtah
Recycles dryer sheets
Back when I was young, the thought of being a millionaire was like a pie-in-the-sky dream. But nowadays, you almost have to be a millionaire to have any kind of retirement. In fact, from the recent thread on how long it took people to have their first $million, I get the impression that everyone on this forum is a multimillionaire.
But just for fun, I'd like to know how a millionaire is defined. Is there an "official" definition, for example, by the Department of Commerce or a definition that academics use? Is a millionaire someone who has at least $1 million in total assets (including home, pension, savings, investments, lottery winnings, etc.) or is a millionaire someone with at least $1 million in liquid assets?
Or does the idea of millionaire matter any more? Maybe The Millionaire Next Door concept is already dated, and the next version of the book should be The 5-Millionaire Next Door--about ordinary people who have assets of $5 million. Whaddayathinque?
But just for fun, I'd like to know how a millionaire is defined. Is there an "official" definition, for example, by the Department of Commerce or a definition that academics use? Is a millionaire someone who has at least $1 million in total assets (including home, pension, savings, investments, lottery winnings, etc.) or is a millionaire someone with at least $1 million in liquid assets?
Or does the idea of millionaire matter any more? Maybe The Millionaire Next Door concept is already dated, and the next version of the book should be The 5-Millionaire Next Door--about ordinary people who have assets of $5 million. Whaddayathinque?