Author Topic: Ways to become a millionaire  (Read 14676 times)

dafoe1999

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Ways to become a millionaire
« on: October 15, 2014, 07:57:08 PM »
To all of those who are millionaires in this forum. What tips to you have to other fellow mustachians to want to get to that million dollar mark.

Greystache

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Re: Ways to become a millionaire
« Reply #1 on: October 15, 2014, 08:27:56 PM »
Make decent money, spend less than you make, invest the difference and wait.

Terrestrial

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Re: Ways to become a millionaire
« Reply #2 on: October 15, 2014, 09:32:41 PM »
Anyone can become a millionaire with enough time...and many people that FIRE very successfully never will.

A lot of people don't need to get to $1M, but if the DOLLAR amount ($1M) is your goal and you want to get there in a reasonable ammt of time, it ultimately comes down to income

Low expenses are great but if you make 20k a year, even saving 75% of your income isn't going to get you there for a loooong time.  You will get to FIRE rather easily (based on proportionality of spending/saving more than income) but you won't hit a million for 25+ years and only if you invest well.   A guy who makes 500k a year and spends 75% of it will still become a millionaire in less than 10 even without investing.

Bottom line, if the pure $ ammt is your goal, maxing out income is the first and most important step....you don't need a crazy high  income but it's got to be something solid that gives you a big saving/investing margin in dollar terms. 

Barring that, wait a really long-A time.
« Last Edit: October 15, 2014, 09:37:23 PM by Terrestrial »

iris lily

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Re: Ways to become a millionaire
« Reply #3 on: October 15, 2014, 09:37:25 PM »
Make decent money, spend less than you make, invest the difference and wait.

excellent.
« Last Edit: October 17, 2014, 02:10:31 PM by iris lily »

MsRichLife

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Re: Ways to become a millionaire
« Reply #4 on: October 15, 2014, 09:38:11 PM »
Make decent money, spend less than you make, invest the difference and wait.

^This

arebelspy

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Re: Ways to become a millionaire
« Reply #5 on: October 15, 2014, 10:21:35 PM »

Make decent money, spend less than you make, invest the difference and wait.

^This

+4.

If you can and are so inclined, find some accelerant (typically via business ownership). Real estate, for example, has moved for me what would be FIRE at about age 36 to about age 30. 6 years may not sound like much, but it's cutting the time in half, so a 50% cut is pretty decent.

But if you don't do something like that, slow and steady wins the race as well.

Live below your means, invest the surplus. It's that simple.
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deborah

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Re: Ways to become a millionaire
« Reply #6 on: October 16, 2014, 02:38:54 AM »
Live below your means, invest the surplus. It's that simple.
+1

chasesfish

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Re: Ways to become a millionaire
« Reply #7 on: October 16, 2014, 04:20:13 AM »

begood

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Re: Ways to become a millionaire
« Reply #8 on: October 16, 2014, 05:05:58 AM »
Save early and often, and aside from checking asset allocation and rebalancing, leave it alone and let compound interest do its job.

Thegoblinchief

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Re: Ways to become a millionaire
« Reply #9 on: October 16, 2014, 05:09:11 AM »
No need to pile on with the advice. I'd just point out there's no need to become a millionaire to have a great FIRE experience. My "number" is well below seven figures.

DoubleDown

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Re: Ways to become a millionaire
« Reply #10 on: October 16, 2014, 12:58:41 PM »
Yup, do it the tried-and-true way already hit repeatedly in this thread (spend significantly less than you earn, invest, then wait).

I also think it's okay to "gamble" a little discretionary income as a chance to hit it big, if that's your thing. But this should only be after meeting your regular investing goals. For example, if you're already saving/investing 50% of your income according to your own goal, and you have a few hundred dollars of discretionary income to play with each month, you could consider investing it in a high-risk investment that has the potential for a big payoff. You should only do this if you know there's a good chance you'll lose it all and are okay with that, and if you're investing it in a somewhat intelligent way (such as in an individual stock you have researched, or a business venture on the side -- not holding money in your bank account for an alleged Nigerian prince or acting on some "hot tip" you received from a coworker).

I did this literally by gambling in casino blackjack. I didn't hit it big, but using intelligent blackjack methods netted me an extra $30,000 over the years while providing lots of fun, perks, and free trips at the same time.

I also agree with Arebelspy that real estate is an excellent way to really accelerate gains if you're suited to it. Leverage is amazing.

AgileTurtle

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Re: Ways to become a millionaire
« Reply #11 on: October 16, 2014, 01:18:17 PM »
Making a decent income and let it grow are both slightly more complicated than they sound.
Im not a millionaire so I have no idea if I am correct. But, developing a useful skill or knowledge that others are willing to pay for and learn about investing may be more descriptive.

One way would be develop a highly in demand skill in a high pay area and live like hobo. Someone in NYC or SF may have access to earning more than someone in Iowa.

ivyhedge

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Re: Ways to become a millionaire
« Reply #12 on: October 16, 2014, 01:45:40 PM »
Spend lightly, but spend on experiences/items/foods that make you happy.


INVEST: Early. Compounding is positively rocktastic.


Keep in mind that a married couple, below the phase out line, can invest $76,000/year prior to non-taxable, or tax deferred, vehicles. (And since many of you will ask, they are enumerated below.)


401-k: $17.5k x 2
Roth: $5.5k x2
iBond electronic (or Series EE): $10k x2
iBond paper supp: $5k x2


After these, you've got taxable.


This strategy has worked well for us. You will find that the two comma club is not as elusive as many think: at least not if you're determined to join it by means of a systematic attack.

Gone Fishing

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Re: Ways to become a millionaire
« Reply #13 on: October 16, 2014, 03:08:46 PM »
Leverage in the form of real estate debt or margined stock can certainly help get you there quicker.  The only problem is leverage cuts both ways and it can wipe you out just as fast as you got there.  If you decide to utilize a bit of debt, be very careful by not overextending yourself and maintaining plenty of liquidity to get out of a tight spot if needed.  In my opinion, using a little leverage early on can help give you a nice boost when it counts the most, and if you get wiped out, you still have time to make it up.  The problem is that folks get hooked on other people's money and start doing stupid things.

And remember, on the time scale we are talking about for ER, your savings rate is more important than a 1-2% difference in returns.  With index investing, your job is to just not screw it up.   

GuitarStv

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Re: Ways to become a millionaire
« Reply #14 on: October 16, 2014, 03:36:04 PM »
Mug a Saudi prince.

ivyhedge

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Re: Ways to become a millionaire
« Reply #15 on: October 21, 2014, 10:55:54 AM »

If they both have government jobs they could each have access to a 403b and a 457, allowing them to contribute a combined $70,000 through those four accounts.  Also add in an HSA at $6,550 for them (combined).

If they are high-income business owners, they could max out the $52,000 employer+employee cap with each of their 401ks.
Oh, absolutely! Mine was merely an introductory enumeration. I still encounter folks who literally can't believe anyone could max their 401(k) ... and that there are options in addition to it...

Allie

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Re: Ways to become a millionaire
« Reply #16 on: October 21, 2014, 05:18:26 PM »
I'm not a millionaire yet, but...

In my experience moving towards the first million mark if you work hard, stay positive, and live simply the money will follow.

RNwastash

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Re: Ways to become a millionaire
« Reply #17 on: October 21, 2014, 06:59:35 PM »
I second all of the posters above on living on less.  My husband and I were spendthrifts until about 10 years ago.  We even made the mistake of "upgrading" to too much house.   Then he lost his job.  We were able to sell the mistake and buy a much smaller home that only one of our salaries can cover the mortgage.  I then went back to work full time as a nurse and with the extra money are maxing out the 403b's.  Only after joining the Mustache crowd did I start dumping the extra money into our ROTHs.  We are on track to pay off the house in 6 years and retire in 10.   We are older than the typical MMM crowd- 46 and 50.  Before reading MMM, I would have never thought of retiring before 65.

firedup

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Re: Ways to become a millionaire
« Reply #18 on: October 21, 2014, 07:32:46 PM »
No need to pile on with the advice. I'd just point out there's no need to become a millionaire to have a great FIRE experience. My "number" is well below seven figures.

+1

For us it is easier to figure out how to live off less than to keep working.

FWIW- we won't be anywhere near a million either.
« Last Edit: October 21, 2014, 07:34:17 PM by firedup »

YoungInvestor

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Re: Ways to become a millionaire
« Reply #19 on: October 21, 2014, 07:42:38 PM »
At some point, expense reduction is great, but I think income plays a major part there.

Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

To get there, good income and good savings,  great income and decent savings, or amazing income and low savings would work.

Income could be from employment/businesses/others.

arebelspy

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Re: Ways to become a millionaire
« Reply #20 on: October 21, 2014, 09:39:08 PM »

Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

Why not?  Is your connotation of the word more important than the definition?  What if he/she/they had 1.5MM in stocks?  2.5MM?

What level of actual numbers is enough for you to consider one (or a couple) a "millionaire"?

I'm asking because I'm genuinely curious as to your definition. :)
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MsRichLife

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Re: Ways to become a millionaire
« Reply #21 on: October 21, 2014, 11:02:52 PM »
Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

mil·lion·aire

/ˌmilyəˈner,ˈmilyəˌner/

noun: millionaire; plural noun: millionaires

a person whose assets are worth one million dollars or more.

chucklesmcgee

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Re: Ways to become a millionaire
« Reply #22 on: October 21, 2014, 11:09:13 PM »
Make decent money, spend less than you make, invest the difference and wait.

This. Millionaire doesn't mean much nowadays. Decamillionaire status is plausible for two hard-working professionals to achieve nearing retirement. $100M+ usually requires the creation of a successful enterprise or four, invention of a new product/technology or many years occupying the tippy-top of your field (medicine, law, business executive, celebrity).

Gundy

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Re: Ways to become a millionaire
« Reply #23 on: October 22, 2014, 05:05:44 AM »

Chucklesmcgee, I disagree. I think if you head over to the forums on bogleheads you will see a lot of goals well north of the million dollar mark. But the whole point of MMM and this community is that 1 million is a lot of money, and it allows you to live a comfortable life if you are smart about it. You are sort of correct that the million dollar mark is not that extraordinary. That's because MMM has shown us how realistic and achievable it is to accrue a large net worth relative to income. So it is simultaneously unremarkable yet extremely powerful.

arebelspy

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Re: Ways to become a millionaire
« Reply #24 on: October 22, 2014, 07:16:01 AM »


Chucklesmcgee, I disagree. I think if you head over to the forums on bogleheads you will see a lot of goals well north of the million dollar mark. But the whole point of MMM and this community is that 1 million is a lot of money, and it allows you to live a comfortable life if you are smart about it. You are sort of correct that the million dollar mark is not that extraordinary. That's because MMM has shown us how realistic and achievable it is to accrue a large net worth relative to income. So it is simultaneously unremarkable yet extremely powerful.

I agree with both of you.

1MM isn't much anymore, but if you buy into Mustachianism, it's enough.

Almost no one in the US would say 40k annual is "rich" (1MM at 4% SWR), but for many Mustachians it's enough (or even more than enough).
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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Bateaux

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Re: Ways to become a millionaire
« Reply #25 on: October 22, 2014, 10:59:13 AM »
The formula mentioned over and over works.  This is how I did it.
Worked on farms to buy my first truck (used with no loan).  Joined National Guard and used GI Bill to pay for college (no loans).  Majored in an employable field ( Microbiology and Chemistry).  Got a really good job paying six figures.  Took advantage of 401k fully with company match.  Opened Roth IRA fully funded yearly?  At 23 i bought my home, a cheap $52k (borrowed 40k paid off quick) diamond in the rough home in an expensive waterfront neighborhood during a recession, now worth $250k.  Did 95% of the work myself.  Saved in ED IRA for my children's college from birth growing tax free to over 60k.  Continued to invest in the market in every downturn.   Now downturns don't matter so much.  Invest broadly and ride the storm out.  A week ago my accounts were down nearly 50k.  Now they're almost back to even money.  By next year this little sell-off just like 2011, 2007, 2001 will be water under the bridge.   My best advice is avoid debt whenever possible.  Save for it or you don't deserve it.
« Last Edit: October 22, 2014, 12:58:17 PM by Bateauxdriver »

DoubleDown

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Re: Ways to become a millionaire
« Reply #26 on: October 22, 2014, 11:08:23 AM »

1MM isn't much anymore, but if you buy into Mustachianism, it's enough.

Almost no one in the US would say 40k annual is "rich" (1MM at 4% SWR), but for many Mustachians it's enough (or even more than enough).

I also agree that $1M isn't much anymore, but that it can easily be enough. One nice side benefit (at least with US tax laws) of that $40k retirement income is that it's similar to pulling in $50k in earned income, since you'll probably get to keep every penny of that $40k safe from the tax man and you're no longer saving for retirement. $40k net income (or $50k gross) is decidedly middle class, even if you have a housing payment. With no housing payment, and unless you're the Duggars, it should be very easy to live off $40k net income without even having to hang dry your clothes or bike everywhere if you don't want.

arebelspy

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Re: Ways to become a millionaire
« Reply #27 on: October 22, 2014, 11:13:14 AM »

1MM isn't much anymore, but if you buy into Mustachianism, it's enough.

Almost no one in the US would say 40k annual is "rich" (1MM at 4% SWR), but for many Mustachians it's enough (or even more than enough).

I also agree that $1M isn't much anymore, but that it can easily be enough. One nice side benefit (at least with US tax laws) of that $40k retirement income is that it's similar to pulling in $50k in earned income, since you'll probably get to keep every penny of that $40k safe from the tax man and you're no longer saving for retirement. $40k net income (or $50k gross) is decidedly middle class, even if you have a housing payment. With no housing payment, and unless you're the Duggars, it should be very easy to live off $40k net income without even having to hang dry your clothes or bike everywhere if you don't want.

100% agree. If you have a paid off house on top of the 40k income and can reduce your tax liability to 0, you're living on more like 60-70k gross, which is well above the median household of 53k gross.  You can live pretty nice.

Most people think that's not possible, but they're paying so much in interest, if you optimize well you can do just fine.  But it's still not "rich" per se (depending on your definition, but to most people it wouldn't be considered rich).  But again, it can be enough.  Who needs rich anyways?
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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former player

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Re: Ways to become a millionaire
« Reply #28 on: October 22, 2014, 11:34:55 AM »
$40K maybe doesn't sound rich if someone is working 40 hours a week for it.  The "rich" bit comes when it is "unearned" income and there is a paid-off house as well.  Anyone who stops and thinks about it for a moment should be calling that "rich".

iris lily

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Re: Ways to become a millionaire
« Reply #29 on: October 22, 2014, 12:14:43 PM »
$40K maybe doesn't sound rich if someone is working 40 hours a week for it.  The "rich" bit comes when it is "unearned" income and there is a paid-off house as well.  Anyone who stops and thinks about it for a moment should be calling that "rich".

I agree with all of this except for the "should" part. Someone else may think what they like about an unearned (IRS term) annual income of $40,000.

But sure, I feel sorry for them if they think that's not much. It's major wealth in my book. And, it's seems unfortunate that the PP in question hasn't absorbed enough wisdom of this, the MMM site, to understand the power of self-actualization supported by FIRE. I think he is a young grasshopper just starting out and still sees money in terms of the quickly depreciating crap it buys, not the freedom it provides. Yes, $40,000 doesn't really buy Bentleys and yachts and flings in Monaco.

GoodStash BadStache

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Re: Ways to become a millionaire
« Reply #30 on: October 22, 2014, 02:13:51 PM »
It seems like the word "Rich" is often used to interchangeably describe a high net worth and living an extravagant lifestyle, similar to how cheap and frugal are often used synonymously (though clearly not synonymous).  It is of course possible to live a "Rich" lifestyle while accumulating little net worth or have a high net worth while living simply, which I believe is the base philosophy of MMM.

It seems to be the rare exception that you find someone who both achieves a high net worth (relative to earnings) and lives an extravagant lifestyle.

YoungInvestor

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Re: Ways to become a millionaire
« Reply #31 on: October 22, 2014, 02:48:32 PM »
Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

mil·lion·aire

/ˌmilyəˈner,ˈmilyəˌner/

noun: millionaire; plural noun: millionaires

a person whose assets are worth one million dollars or more.

Note the italics. Of course you would be a millionnaire with 1m net worth, but to me, a millionaire is richer than that. Decamillionaires are the new millionaires.

A millionaire who is not rich (able to live a semi-extravagant lifestyle within his budget) will not be reffered to as a millionaire in my experience.

maizeman

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Re: Ways to become a millionaire
« Reply #32 on: October 22, 2014, 04:04:09 PM »
Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

mil·lion·aire

/ˌmilyəˈner,ˈmilyəˌner/

noun: millionaire; plural noun: millionaires

a person whose assets are worth one million dollars or more.

Note the italics. Of course you would be a millionnaire with 1m net worth, but to me, a millionaire is richer than that. Decamillionaires are the new millionaires.

A millionaire who is not rich (able to live a semi-extravagant lifestyle within his budget) will not be reffered to as a millionaire in my experience.

I'd say pretty much no one ever referred to as a "millionaire" anymore precisely because hitting a million dollar net worth isn't as exceptional as it used to be so there is little implied lifestyle attached. People gossiping with the neighbors or around the water cooler might think it worthy of comment if they've heard the new guy is a multimillionaire but that implies at least $2M and $80k a year of income (equivalent of more than $100,000 a year in salary given the unequal tax treatment of the two sources of money). I haven't heard decamillionaire used widely yet outside of studied from the "Millionaire Next Door" authors, but give it another couple of decades.

Another example of how inflation influences word choice is that people used to talk about having a "six figure income" or "six figure salary" with the implication that this meant you really had it made. While $100,000/year is still well above the median household income in the USA, it's not nearly as out of reach as it was back in the 1990s so people use the phrase less than they used to:

http://www.google.com/trends/explore#q=%22six+figure+jobs%22&geo=US

nereo

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Re: Ways to become a millionaire
« Reply #33 on: October 22, 2014, 04:29:59 PM »
Anyone can become a millionaire with enough time...and many people that FIRE very successfully never will.

A lot of people don't need to get to $1M, but if the DOLLAR amount ($1M) is your goal and you want to get there in a reasonable ammt of time, it ultimately comes down to income


You are, in a sense, correct - but I think what goes under appreciated (especially for newbies here and elsewhere) is just how powerful compounding can be if a "reasonable amount of time" is weighed against the average person's working years.
Example - since all the OP cared about was exceeding the $1M mark, we can ignore inflation. 
With 9% returns (a 'normal' historical return when inflation is left out of the equation) a person can become a millionaire in:
25 years saving $10k/year
21 years saving $15k/year
18 years saving $20k/year

under all scenerios the person could be a "millionaire" by the time they were in their 40s, even without a typical salary around $45-50k and some mustachian-livin'.

mikefixac

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Re: Ways to become a millionaire
« Reply #34 on: October 22, 2014, 05:59:24 PM »
1. If you're just starting out, you don't have much to lose, therefore less liability to worry about. That's a huge asset. Being young, nimble you can move more quickly. IOW, take chances.

2. $100K at 3 doublings is $800K. That's 6%/year for 27 years. (Rule of 72 http://www.investopedia.com/terms/r/ruleof72.asp)

3. Real estate. Four ways to make money via real estate, rental income property
a: tax write off
b: rental payments
c: increase in value of property
d: increase in rental income

http://www.lifestylesunlimited.com/how-22-rent-properties-can-retire-you-faster-than-401k/

4. Marry someone professional and frugal

5. Find a side hustle that you enjoy that you can make money at. One of the most exciting rushes for me is creating money by how I changed my thinking.

As you can see, if I'm a millionaire, I'm a plebian one at best. It would be nice to be 8-10 figures, but looking back, in this country it's become quite easy.
« Last Edit: October 22, 2014, 06:06:06 PM by mikefixac »

Bateaux

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Re: Ways to become a millionaire
« Reply #35 on: October 22, 2014, 08:12:38 PM »
A million dollars isn't as impressive as it used to be that's for sure.  One thing for certain is the 2nd and 3rd million are much easier than the first.  In fact if you are wise enough all you gotta do is watch.

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Re: Ways to become a millionaire
« Reply #36 on: October 22, 2014, 08:41:30 PM »
According to a retirement calculator I would need to invest $2k/month for 18 years @ 7% return to get to a million. That would put me at 45 years old. My current expenses are $19-20k/years which means I could FIRE much sooner. A million is definitely attainable by a 2 income couple. Way before traditional retirement age. Its all about mindset, consistency, and sticking to the plan.

DoubleDown

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Re: Ways to become a millionaire
« Reply #37 on: October 23, 2014, 07:28:03 AM »
According to a retirement calculator I would need to invest $2k/month for 18 years @ 7% return to get to a million. That would put me at 45 years old. My current expenses are $19-20k/years which means I could FIRE much sooner. A million is definitely attainable by a 2 income couple. Way before traditional retirement age. Its all about mindset, consistency, and sticking to the plan.

I used the same kind of annualized forecasting. But keep in mind that returns are pretty much never straight-line. They're up and down, sometimes pretty significantly when considering stocks or similarly volatile investments.

Why is that important in this context? Well, once you've accumulated a substantial net worth -- let's say $750k for this discussion since we're talking about hitting $1 million -- all it takes is one year with 20 - 30% returns (which has happened several times I believe, most recently in 2013). All of a sudden you're a millionaire or very close.

My own FIRE date got moved up by several years through this phenomenon. I was not expecting such profound gains all at once, and it made me quickly realize that FIRE was possible earlier than expected. No one should count on any dramatic gains, of course, but it's interesting how things can change beyond our regular straight-line projections.
« Last Edit: October 23, 2014, 07:29:51 AM by DoubleDown »

YoungInvestor

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Re: Ways to become a millionaire
« Reply #38 on: October 23, 2014, 07:57:21 AM »
1. If you're just starting out, you don't have much to lose, therefore less liability to worry about. That's a huge asset. Being young, nimble you can move more quickly. IOW, take chances.

2. $100K at 3 doublings is $800K. That's 6%/year for 27 years. (Rule of 72 http://www.investopedia.com/terms/r/ruleof72.asp)


100k * 1.06^27 = 482 234.56$

Had you correctly used this rule (It should double roughly every 12 years, not 9), you'd get 36 years for the three doublings. And even then, you'd have an error margin of a few percents. For longer time horizons, I really suggest just using the compound interest formula.

With 100k @ 6%, it'd take you 39.5 years to reach a million.

Goldeneer

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Re: Ways to become a millionaire
« Reply #39 on: October 23, 2014, 11:07:49 AM »
Leverage your investment and mitigate your risks. I have made my fortune (not million yet) through using mortgages as leverage.

I have purchased several rental properties and will achieve my millionaire status within 9 years of buying my first property. My current ROE is 25% while my ROI is typically 35-45% when I buy a new rental. Most real estate investors don't make great returns like mine so you need to find your secret sauce that will bring in nice returns.

As for mitigating risks, I know my rental and real estate market really well. I am well positioned for the probable worst case economic situation (loss of job, fire, damage, recession, lawsuit etc) that I can face in the next 10 years.

dragoncar

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Re: Ways to become a millionaire
« Reply #40 on: October 23, 2014, 04:03:32 PM »
Surely you could eventually become a millionaire even if you didn't make much money, but, to me, I wouldn't consider someone a millionaire in the common sense of that term if it was someone who has FIRE'd with 1M living with 30-40k/year. Much less a couple with that in combined assets.

mil·lion·aire

/ˌmilyəˈner,ˈmilyəˌner/

noun: millionaire; plural noun: millionaires

a person whose assets are worth one million dollars or more.

Note the italics. Of course you would be a millionnaire with 1m net worth, but to me, a millionaire is richer than that. Decamillionaires are the new millionaires.

A millionaire who is not rich (able to live a semi-extravagant lifestyle within his budget) will not be reffered to as a millionaire in my experience.

That doesn't even say net worth, it says assets.  So apparently I'm a millionaire now, despite my large mortgage!

nereo

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Re: Ways to become a millionaire
« Reply #41 on: October 23, 2014, 04:30:39 PM »

That doesn't even say net worth, it says assets.  So apparently I'm a millionaire now, despite my large mortgage!

I think it's fair to assume it meant assets minus liabilities.  oh well...

dragoncar

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Re: Ways to become a millionaire
« Reply #42 on: October 23, 2014, 04:31:23 PM »

That doesn't even say net worth, it says assets.  So apparently I'm a millionaire now, despite my large mortgage!

I think it's fair to assume it meant assets minus liabilities.  oh well...

I think it's fair to say whatever dictionary it's from is bullshit ;-)