What makes you a millionaire (lighthearted)

[cait967]

Dh says if you sell every possession including home, and cash out every investment and count pension pot and it comes
to over a million then you are a millionaire

i say if you are including home and pension pot then you aren’t a millionaire (as you need pension and somewhere to live)

very light hearted but what do you call a millionaire. (I’m not a millionaire
under either rule very hypothetical)

All assets count incl house
But if you are a couple then you need to divide total assets by two

Of course. That does change thing for most

Being a millionaire means having millions, not a million in assets.

Excluding things is just a way for people to ignore how wealthy they are compared to the majority of the population and convince themselves they are in fact average.

I say that as someone who lives in a nearly unmortgaged £1M property, with two smaller unmortgaged rental properties (although one has a rent free relative in it) and nearly £2M in pension pots between us. I am under no illusions how well we are doing. Just because I can't liquidate it today, doesn't change that we are millionaires.

A millionaire is some one who can lay their hands on a million quid just like that.

Someone with £1m in 1980 is the equivalent of someone with £5.5M nowadays just due to inflation.

So it's way, way easier to be a millionaire now than when I was little.

Your net worth already takes away your liabilities. Why would you minus your liabilities twice?

4% of the UK population have assets of £1M or more ie 1 in 25 of us, but when you look at who has £5m or more it is under 1% of our population.

Ignore me, I clearly can’t read!!

@Addictforanex Pumpkin is not saying to deduct liabilities twice?

1 in 40 homes is worth £1m +
1 in 500 homes is worth £2m +

I'm pretty sure it's your attitude that's the problem, not the money.
I don't have much money myself, and I struggle to do anything "fun", yet you're here moaning that you can't do anything fun because nobody can relate to you and friends can't afford your lifestyle? Oh boohoo.
Get out there and live your life. Travel (solo), around the UK or abroad. Treat yourself, experience things that most of us will never get to. You don't need other people to do any of that. However, if you feel like you need other people, then treat your friends. They wouldn't be using you, because it would be your choice when and if to treat them.
Of course most people can't relate to you, you're not living in reality or the real world like us.

Replied to wrong thread

Plenty of younger people would happily be paper millionaires!

Also anyone sensible would have their millions in assets not sitting around as cash.

I'm totally broke and very intimidated by financial products etc. Due to my illnesses and circumstances I fell very vulnerable. I live on benefits.

I'm absolutely dreading the day I become a 'millionaire'. It will be because I lose my Mum who's my best friend. We are incredibly close. My dad died when I was a child and I have no siblings.

Me and her sometimes say in a semi joking way, we'd like to both die on the same day.

I don't want to own anything of such a high value, I just don't want to be homeless or bereaved. But I know I'm incredibly fortunate. It almost makes me feel worse.

Why would you build a house on top of a bank?

If we had adopted the Italian lira when we went decimal we would probably all be millionaires now. 😠

Always close to a atm at least