What is a Millionaire?

BOTH? lol

Rina, you have only one of the choices. Both defiantely would be good choices. If someone has the million in equity most likely those are income producing properties.

Ohhh, now you did it! You said the "c" word! (can't) lol

OK, I know what you mean. I'll say 90/10 then.

Rina

90/10 is good. Lol. It's mainly about CASH FLOW. Land is an asset. So are your skills, ideas, and drive. Life is about turning assets into cashflow.

Now, then a millionaire is someone who knows how to use real estate and turn it into something that generates lots of cash flow.

But I think I can do a bit more with the 1Million CASH.

deals you can get approved for with that bank that you have 1 million dollars with. ENDLESS deals.

It is a definition of net worth ie assets - liabilities.

So in a vaccum, equity would count.

and there are lots of people who portray themselves as so and probably have less equity than Joe Humble who lives within his means..

I think it could be both...I think by definition it is a person who's net worth or wealth exceeds one million...Either way, I would be more than happy to get to that point, although that is obvious

I think that you are a millionaire when you have a million dollars+ in cash that you can use whenever you need it for whatever you want and it on't effect your lifestyle.

When my net worth exceeds one million, I will consider myself a millionaire.

A True Millionaire is someone who generates a Million dollars or more a year "JOYFULLY"... They use their mind rather than their physical body to create great wealth.

"Those that think..... govern those that Labor"
Marshall Sylver

I totally agree with you that a millionaire is someone that uses more of their mind rather than physical. It's ideas that create millionaires.

There are more than 7 millionaires in America. 46% invest in real estate and if I were to take a guess, probably less than 3 million that made their money through real estate investing which could simply be just buying a primary residence and seeing it appreciate in the last tens of years.

Research company TNS said today that the number of American millionaire households is on the rise. According to an annual survey, the number of households with more than one million dollars ($1m) in net worth (excluding primary residence) rose in 2005 for the third consecutive year. This increase is due to long-term wealth accumulation, not new wealth creation or real estate investments (while real estate continues to be an investment portfolio staple, it is not the sole cause of wealth).

Forty-six percent of millionaire households own investment real estate such as a second home, third home, rental properties and undeveloped land. Thirty-four percent have a first mortgage on these residences and 25 percent have second mortgages on these additional residences

The Industry that Tops Them All—Real Estate

In my opinion, the real estate industry has produced the largest number of self-made multi-millionaires (and billionaires). In fact, nearly all of the richest people own significant real estate investments—including land, commercial buildings, and residential housing. Unaccounted for amongst the “Forbes 400” list, are thousands of “small-time” real estate multi-millionaires.

In addition to income and price appreciation, real estate provides significant tax breaks, which allow for further wealth building.

A record 8.3 million American households had a net worth of $1 million or more in 2005, an increase of 800,000 or 11 percent from 2004, according to data released Wednesday.

The survey by the Spectrem Group, a Chicago-based consulting firm specializing in the affluent and retirement markets, also found that the number of households with a net worth of $5 million or more — what Spectrem calls "Ultra High Net Worth households" — rose to 930,000 in 2005.

The net worth figures — which reflect a household’s assets minus its liabilities — exclude primary residences.

"It’s been a great couple of years for America’s millionaires," Catherine S. McBreen, Spectrem’s managing director, said in a statement accompanying the report. "Clearly, the stock market, which posted solid improvement in 2005, was one reason for the advance." askville

I would say a millionaire is someone who has liquid cash a million in the bank or more. I would have assets myself, cashflowing houses giving me great returns every month & sell a good chunk of them when we are at the top of the market. Working on it now LOL.

Great topic.

Thanks I need that info.