Millionaire? Are you one? Am I?

[rktect1]

I was reading a yoohoo article on where the top ten cities are where you will find the most millionaires. In the article it defined what constituted a millionaire. I figured I would provide their description or requirements and see if any here agrees and if not maybe you can post what makes a millionaire.

$1,000,000 in liquid assets
not including any retirement plans
not including real estate

pretty simple right. But then i thought of birchtree or his type who leverage themselves. Not that bt does not have a million without it but. What if you have a home worth a million but you owe $900,000 because you have that million tied up in the market? Are you a millionaire? I would say no way jose.

to me in order to be a millionaire, you would have to deduct all outstanding debt from your liquid assets/cash to be considered a millionaire.

 

[nnuut]

No not me, but I'm rich in many other ways.

 

[Viva_La_Migra]

I was reading a yoohoo article on where the top ten cities are where you will find the most millionaires. In the article it defined what constituted a millionaire. I figured I would provide their description or requirements and see if any here agrees and if not maybe you can post what makes a millionaire.

$1,000,000 in liquid assets
not including any retirement plans
not including real estate

pretty simple right. But then i thought of birchtree or his type who leverage themselves. Not that bt does not have a million without it but. What if you have a home worth a million but you owe $900,000 because you have that million tied up in the market? Are you a millionaire? I would say no way jose.

to me in order to be a millionaire, you would have to deduct all outstanding debt from your liquid assets/cash to be considered a millionaire.

To Democrats, everyone who is not on public assistance is a millionaire, because they will eventually make a million dollars in their lifetime. That's why the say the super rich are those making more than $250,000.00 per year, because they get to that million quicker than those making less per year. Oh, and they don't care how much you have risked in investments. You better pay Caesar before you play the market. It is, after all, the government's money. They just allow you to hold some of it for a while.

 

[Birchtree]

I have a $5M equity at the current time and if I cleaned out the margin I'm still a multimillionaire. A $M these days doesn't really mean much. I'm concentrating on building my income stream away from capital gains. Compounding dividends is the way to increase that income stream. I'm ahead $94K this week so far - and ten weeks of that brings in another $million - it's easy math in a rampaging bull market.

 

[dhstdog]

Im not a millionaire as described above but I did sleep in a Holiday Inn last night.

 

[Handballer]

Not me. If I did not have to make car payments, 24 years to pay off my house morgage, montly bills for garbage pickup, electric and gas, and water services, I'd be there. If I am lucky enouth to pay off the mortgage, I will be there. If I am able, I will move back to Honolulu.

 

[rktect1]

I have a $5M equity at the current time and if I cleaned out the margin I'm still a multimillionaire. A $M these days doesn't really mean much. I'm concentrating on building my income stream away from capital gains. Compounding dividends is the way to increase that income stream. I'm ahead $94K this week so far - and ten weeks of that brings in another $million - it's easy math in a rampaging bull market.

Not to go off track but could you list your top ten dividend earners?

 

[Birchtree]

Nah, that would require to much work on my part foraging through the portfolio. One that comes to mind is SDRL.

 

[nasa1974]

I'm not a millionaire and will more than likely never get there, unless I hit the lottery. But I am rich in many other ways. My wife and I have learned that we will be grandparents. My oldest is expecting her first.

 

[PessOptimist]

I'm not a millionaire and will more than likely never get there, unless I hit the lottery. But I am rich in many other ways. My wife and I have learned that we will be grandparents. My oldest is expecting her first.

Nasa, that is very good news. I have two grands and one on the way. I doubt I will ever be a "millionare" as described.

Love those grands!.

 

[Handballer]

Me living long enough to pay off my mortgage is doubtful. My best chance is by winning the jackpot at a slot machine in Las Vegas. There are Thousands of slot machines to choose from but picking the right machine at the right time is a problem. We make four trips trips a year and our next trip will be Sept/October. If we win you might not hear from us again.

 

[MrBowl]

I think I might be a thousandaire, but I was insolvent not too long ago. I'm late to the game, 45 yo already, and my financial situation means "don't bother going to any of those retirement seminars".

That being said, if I work another 25-30 years, put to use the valuable lessons I've learned, and continue to learn and work hard at investing I do think I will get there. Not that being a millionaire is the absolute goal. The real goal is to reach what Bob Brinker calls "Critical Mass" - the financial situation where you have what you need and whatever income sources you have cover your lifestyle and health needs.

 

[RazorCat]

If I include my TSP, my wife's 401K, value of all other investments plus what I consider all other assets that I own outright (primary residence, bass boat, 1 vehicle, lakehouse)
I guess I made it. Never even thought about it until I read this. Damn. My goal was always to reach a point where my wife and I could retire with enough money to live comfortably, travel often, watch the granddaughters grow up, fish often, and work only if I decide I want to. Not because I have to. With my LEO pension, I estimate I only need to maintain a 4%-5% return on investment in my TSP for us to live comfortably well into our 90s and still have money left. That was the goal and we made it. I have a wonderful wife, wonderful sons, and 3 beautiful granddaughters. I can honestly say I'm wealthy beyond my wildest dreams. I'm retiring in September at 56. Stay tuned for Chapter II.

 

[Frixxxx]

We make four trips trips a year and our next trip will be Sept/October.

Maybe cut down the trips to pay off that mortgage!!!:toung:

If we win you might not hear from us again.

I am available for adoption in this instance!

 

[Birchtree]

jrwash,

Nice to have a lake house - I'm still searching for mine. Been looking for awhile up in the western NC region.

 

[dhstdog]

Nah, that would require to much work on my part foraging through the portfolio. One that comes to mind is SDRL.

Wow Birch, way to be a Team player.

 

[Birchtree]

Can I be forgiven for my indecorousness?

 

[SkyPilot]

I think your situation really describes mine as well. I will be 54 this year, and will retire as a FLEO next year. With the pension, SS supplement, and a second career (or job if the career things doesn't work out) I will probably work until 65. That means I will probably not tap the TSP account until then. I will likely put off regular SS until age 70, but draw against my wife's SS when she collects at 62 (as soon as I reach 65 +10 months). Given all the various streams of income, including her somewhat small pension from the school dist. she works at, we will have a stable income that will be the same as about a 7-8% return on a million bucks. So, I guess we will do okay... still some variables to sort out, and only time will tell.

I think I might be a thousandaire, but I was insolvent not too long ago. I'm late to the game, 45 yo already, and my financial situation means "don't bother going to any of those retirement seminars".

That being said, if I work another 25-30 years, put to use the valuable lessons I've learned, and continue to learn and work hard at investing I do think I will get there. Not that being a millionaire is the absolute goal. The real goal is to reach what Bob Brinker calls "Critical Mass" - the financial situation where you have what you need and whatever income sources you have cover your lifestyle and health needs.

 

[Minnow]

I think I might be a thousandaire.

If I double my fortune, I might catch you soon.

 

[Frixxxx]

If I double my fortune, I might catch you soon.

If you do that, you'll no longer be a "Minnow"....great to see you my friend!