Am I a Millionaire???

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Woody999
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Am I a Millionaire???

Post by Woody999 »

Well this is a little early but I'm curious...

Next year my wife and I will have our house paid for worth ~$450k, our retirement accounts will be ~$500k, I have an employee stock ownership plan worth about $100k (can't have until I'm 62 or if I die my wife gets it immediately). We also have about $50k worth of cars that are paid for. No other debt and not counting the assets in our home ie. furniture, jewelry, etc. The amounts above = ~$1,050,000.

All our accounts are joint and all assets are in both of our names.

Once the house is paid off (next year) and assuming the amounts above are true at that time and are over $1MM...

Will I be a millionaire?

Will my wife be a millionaire?

Will our 2 year old son be a millionaire?

Or would our net worth need to be over 3 million for all 3 of us to technically be considered millionaires? I guess it depends on the definition of "millionaire"

Thanks for answering my curiosity! :sharebeer
knowsnothing
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Re: Am I a Millionaire???

Post by knowsnothing »

Only if you buy a self driving car.
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sans souliers
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Re: Am I a Millionaire???

Post by sans souliers »

It's a personal choice, but I don't consider the value of the roof over my head or the value of my vehicle as part of my net worth. They're my home and my transportation.
Sometimes pessimism leaves me pretty well prepared for when things don't go my way, and pleasantly surprised when they do.
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Re: Am I a Millionaire???

Post by livesoft »

You write "next year", so you are not a millionaire. Also the stock market could really tank, so you may get to become a millionaire more than once or twice.
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Re: Am I a Millionaire???

Post by nodenuff2 »

Most would say that your net worth is now over 1m but most financial companies are looking for those with 1m in investable assests to be a millionaire . Don't worry just keep your nose to the grindstone you will get there.
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TravelGeek
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Re: Am I a Millionaire???

Post by TravelGeek »

sans souliers wrote:It's a personal choice, but I don't consider the value of the roof over my head or the value of my vehicle as part of my net worth. They're my home and my transportation.
If the OP sold the vehicles and home and leased/rented instead, would the proceeds then make him a millionaire?
nodenuff2 wrote:Most would say that your net worth is now over 1m but most financial companies are looking for those with 1m in investable assests to be a millionaire . Don't worry just keep your nose to the grindstone you will get there.

So I guess the answer is: yes, unless an investment advisor calls to sell his/her services ;)
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mlebuf
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Re: Am I a Millionaire???

Post by mlebuf »

The meaning of the word "millionaire" often depends on whom you ask. To the Fed and census takers it means having a total net worth of at least $1 million. That includes, your home, cars, cash, investments and anything of value minus your debts. To others (most notably those who sell and monitor investments) it means having at least $1 million in investible assets. I've even heard others state that millionaires are people who earn at least $1 million a year. In calculating our personal net worth, I include the value of our home and liquid assets minus any debts. I don't include cars, furnishings, jewelry, etc. The way I see it, if we ever have to resort to selling off personal items to pay our bills, we are basically flat broke. However, if I owned a business that could be sold or real estate other than my home, I would include them.

Based on the figures you provided, you are on the threshold of becoming the head of a millionaire household. That puts your household somewhere in the top ten percent of all US households in accumulated wealth. You're doing a great job. Stay the course.
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The Wizard
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Re: Am I a Millionaire???

Post by The Wizard »

I'm in the investable assets camp.
Plus you have joint assets with your wife.
So you need combined total of $2,000,000 to be considered millionaires.
Appears that right now you have around $600,000 which is a good start.
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IlliniDave
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Re: Am I a Millionaire???

Post by IlliniDave »

Since you are essentially talking joint assets, but using the singular pronoun, I'd say you are half way there. I don't have a problem counting the value of one's home in one's net worth. I do (actually rather a conservative estimate of what I'd net on a sale). I don't count vehicles myself--if you drive them they are essentially consumed. For the same reason I don't count the money I keep in my bank that I intend to spend in the foreseeable future.

I'm a bit of a nerd. I keep three numbers: my "traditional/standard" net worth (less a few things like personal possessions), the total of my invested assets, and what I call my "cash-out net worth" which is a conservative estimate of what I'd net if I sold everything and stuffed it in a mattress.
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papiper
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Re: Am I a Millionaire???

Post by papiper »

Your son has a millionaire for a dad. You aren't there yet. But you are on your way!
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Woody999
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Re: Am I a Millionaire???

Post by Woody999 »

Sounds like there are lots of definitions for "millionaire". Sounds like next year (assuming the numbers above hold true), my wife and I will be co-owners of a joint entity who's net worth is over a million.
Rodc
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Re: Am I a Millionaire???

Post by Rodc »

I don't think there is anything wrong multiple milestones.

Nothing wrong with being proud/happy to have hit the million dollar networth milestone. Personally since I could easily turn my house into cash and move into an apartment, retirement community, nursing home, or to buy house/condo in a less expensive area and have cash left over, I count the value of my home as part of my networth. While I may hate to sell my house to move into an apartment now, I certainly could if things got tough, and I have seen many folks who said they would never sell their houses do just that when they got old and ran out of interest or ability to maintain a house. I don't count cars because the value of my cars (one new one several years old) is very small (my investments fluctuate up and down frequently more than the value of the cars so the value is just lost in the noise) and they depreciate so fast the value is somewhat fleeting.

Having a million dollars in investments is another nice milestone.

These are in many ways entirely arbitrary, but it can be motivating or just kind of nice, not note them as they arise.

And given how much markets gyrate, often you get to celebrate these milestones more than once. :)
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
FedGuy
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Re: Am I a Millionaire???

Post by FedGuy »

I agree that there are multiple ways of defining "millionaire." Here's one I've wrestled with a little:

If I have a lot of money in a traditional 401(k) and am planning to do a Roth conversion on that traditional 401(k), and if paying taxes on the Roth conversion would cause my net assets to fall below the million dollar threshold, than am I a millionaire right now? After all, you can think of the IRS as the owner of some of the assets in your traditional 401(k), since you can expect to pay some taxes on the 401(k) when you cash out, but the timing and amount of that ownership interest is not currently known. Doing a Roth conversion in the near future--under known tax laws, with known income--allows you to do the math in advance, but should the value of the taxes be deducted from your net worth before the obligation to pay them arises?

I'm not sure it really matters for any practical purpose, but it's something I've wondered about as I've looked at my own net worth spreadsheet.
Last edited by FedGuy on Fri May 15, 2015 9:34 pm, edited 1 time in total.
The Wizard
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Re: Am I a Millionaire???

Post by The Wizard »

FedGuy raises a good point.
Investments in a 401(k) or tIRA are LIGHT green in color due to tax obligation.
But funds in a Roth IRA and my bank accounts are DARK green in color, meaning fully spendable.
So I agree that we should upgrade the millionaire definition to require >$1M in dark green cash equivalent.

I'm happy to derate tax sheltered funds by my present marginal tax bracket, even though if I withdrew an extra $100K this year, it would be taxed mostly in the next higher bracket...
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pacodelostigres
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Re: Am I a Millionaire???

Post by pacodelostigres »

I count home equity and other real estate. It's hard to justify why you wouldn't, since you could easily convert those assets to cash.

We also include a line item on our balance sheet (and in Mint) called 'retirement tax liability', which is a contra asset of approximately 20% of the total value of tax deferred investments, 15% of taxable capital gains, and marginal taxes on deferred income. I figure I'll owe some taxes on those amounts, so that money isn't mine.

If home equity + cash + investments - tax liability - debt (if any) > $1MM, I'd consider a household to fall into the millionaire category.
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Re: Am I a Millionaire???

Post by Jack FFR1846 »

Find the skit by Steve Martin on how to become a millionaire, and never pay taxes. You still need to complete step #1
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Garco
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Re: Am I a Millionaire???

Post by Garco »

Being a millionaire ain't what it used to be. When Marilyn Monroe starred in the film "How to Marry a Millionaire" in 1953, and the old TV series "Millionaire" was on the air during the "Golden Age of Television" in 1955-1960 THAT's when being a millionaire was really something.

That era defines the classic "Millionaire" dreams of our fathers and mothers.

A million dollars in 1955 would be worth $8,758,283.58 today.

Or to turn this around, your $1 million today would have been worth only $114,177.62 in 1955. Not a lowly sum, but not nearly enough to win over Marilyn Monroe.
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Re: Am I a Millionaire???

Post by knpstr »

Yes, you will be a millionaire(s). Congratulations!

Your son will have parents that are millionaires, but he isn't a millionaire until he has a net worth of 1 million or more. Whether through hard work or inheritance.
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joebh
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Re: Am I a Millionaire???

Post by joebh »

Woody999 wrote:I guess it depends on the definition of "millionaire"
It depends on your definition of "millionaire".

You could even be a billionaire if you define it well. Your choice.
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Re: Am I a Millionaire???

Post by truenorth418 »

I agree, use investable assets as the definition.
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Re: Am I a Millionaire???

Post by alex_686 »

First, yes, I would say that you will be a millionaire. The house is dicey. I would call it an asset but discount it by 20% in recognition that it is a illiquid asset. So maybe not quite.

Second, real millionaires don't need to ask if they are millionaires.

Which takes me to my third point - why do you care if you are a millionaire or not? I don't think there are many millionaire clubs about anymore. It is just a number and the only person that numbers matters to is you.
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Re: Am I a Millionaire???

Post by Barefootgirl »

A rose by any other name would smell just as sweet.
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Woody999
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Re: Am I a Millionaire???

Post by Woody999 »

Why does it matter??? Well because it's a cool milestone.

Worth as much as it always has been??? Well of course not.
wolf359
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Re: Am I a Millionaire???

Post by wolf359 »

Rodc wrote:I don't think there is anything wrong multiple milestones.

Nothing wrong with being proud/happy to have hit the million dollar networth milestone. Personally since I could easily turn my house into cash and move into an apartment, retirement community, nursing home, or to buy house/condo in a less expensive area and have cash left over, I count the value of my home as part of my networth. While I may hate to sell my house to move into an apartment now, I certainly could if things got tough, and I have seen many folks who said they would never sell their houses do just that when they got old and ran out of interest or ability to maintain a house. I don't count cars because the value of my cars (one new one several years old) is very small (my investments fluctuate up and down frequently more than the value of the cars so the value is just lost in the noise) and they depreciate so fast the value is somewhat fleeting.

Having a million dollars in investments is another nice milestone.

These are in many ways entirely arbitrary, but it can be motivating or just kind of nice, not note them as they arise.

And given how much markets gyrate, often you get to celebrate these milestones more than once. :)
+1 This.

"Millionaire" is just a label. It depends how you define it. And it's up to you to define it.

I treat it as a series of milestones. Over time, you will meet more and more of the various definitions. The only one that counts is when you hit the number that gives you financial independence. That number may be more or less than $1 million, depending upon the person.

Yes, you and your wife are millionaires when you have $1 million in assets. If you get divorced and split the assets, you are no longer millionaires. Your child isn't a millionaire until he has $1 million in assets. It's just a milestone, that you meet one of the basic definitions of millionaire. You're on track.

One of the other definitions may resonate more with you, and you may feel more sense of accomplishment when you hit it. You and your spouse may have different definitions. That doesn't matter. You're still working towards your goal.

When reading surveys for comparison, you have to see how they defined it before plugging yourself into that survey for comparison purposes.

Other definitions:

- More than $1 million in investable assets plus house (don't include car or other depreciating assets.) (Definition used in some surveys)
- More than $1 million in investable assets (don't include house or car) (Definition used in many surveys and statistics)
- More than $1 million in investable assets per parent (so, $2 million).
- More than $1 million in after-tax investable assets. Roth counts. Taxable counts. Traditional requires taxes to be taken into account.
- More than $1 million in after-tax investable assets. (My wife notes that having more than $1 million in retirement accounts makes you a retirement millionaire, but it doesn't count pre-retirement. She won't consider the label valid until retirement accounts are excluded, unless we're retired.)
- When your Vanguard statement alone displays a portfolio balance over $1 million. (This matters to me only because I hit this early due to a Vanguard error. I saved a PDF of when my balance was erroneously over $1 million. I'm waiting for the day when my statement shows that for real.)
- More than $1 million in income.

You can probably come up with your own yardsticks and variations.
Last edited by wolf359 on Fri May 15, 2015 10:14 am, edited 1 time in total.
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Boglenaut
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Re: Am I a Millionaire???

Post by Boglenaut »

You are not (yet) a millionaire.
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Woody999
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Re: Am I a Millionaire???

Post by Woody999 »

The Wizard wrote:I'm in the investable assets camp.
Plus you have joint assets with your wife.
So you need combined total of $2,000,000 to be considered millionaires.
Appears that right now you have around $600,000 which is a good start.
Sorry, them's the rules...
Actually right now we owe about $100k on our house and our retirement investments are about $400k so as of now we are worth about $850k not including assets in our home and not including some tax implications of liquidating.
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Woody999
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Re: Am I a Millionaire???

Post by Woody999 »

Boglenaut wrote:You are not (yet) a millionaire.
Right! But the question wasn't am I a millionaire right now...it's will I be next year assuming the numbers in my first post hold true.
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Re: Am I a Millionaire???

Post by Grt2bOutdoors »

Woody999 wrote:
Boglenaut wrote:You are not (yet) a millionaire.
Right! But the question wasn't am I a millionaire right now...it's will I be next year assuming the numbers in my first post hold true.
In nominal terms, yes, in real terms - we don't know yet and neither do you. What is your pre-occupation on whether you will be a millionaire or not? Let's say you attain a net worth of $985K this time next year instead of a $1000K, do you really think $15K is going to make or break you? Focus on saving and get on with your life. No one on their deathbed ever said, gee, I wish I could have been a millionaire.
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Re: Am I a Millionaire???

Post by Grt2bOutdoors »

alex_686 wrote:
Which takes me to my third point - why do you care if you are a millionaire or not? I don't think there are many millionaire clubs about anymore. It is just a number and the only person that numbers matters to is you.
Actually, the numbers matter to gold diggers and lawyers suing you. The IRS may be interested as well, particularly if you haven't paid your taxes on time. Charitable organizations would also be interested. Mo' money, mo' problems :twisted:

OP should be careful not to say out loud in front of others what his financial status is - money and envy do weird things to people. You will attract the wrong sorts of flies and turn off others. Careful what you wish for.
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Woody999
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Re: Am I a Millionaire???

Post by Woody999 »

Grt2bOutdoors wrote:
Woody999 wrote:
Boglenaut wrote:You are not (yet) a millionaire.
Right! But the question wasn't am I a millionaire right now...it's will I be next year assuming the numbers in my first post hold true.
In nominal terms, yes, in real terms - we don't know yet and neither do you. What is your pre-occupation on whether you will be a millionaire or not? Let's say you attain a net worth of $985K this time next year instead of a $1000K, do you really think $15K is going to make or break you? Focus on saving and get on with your life. No one on their deathbed ever said, gee, I wish I could have been a millionaire.
Of course the 15k wouldn't make or break us, lol! I know nobody ever died and said they wish they could have been a millionaire.

It's not that big of a deal to us but just curious so I thought I would ask.

When my wife and I think we have reached the milestone it will only change 1 thing... We will likely have a special bottle of wine and feel a sense of accomplishment knowing where we came from...this wasn't easy. But it will also reinforce our saving and discipline lifestyle.

Agian not a huge deal but it's nice to feel a sense of accomplishment when it took lots of hard work and let's you know there's more milestones and hard work ahead!
WhyNotUs
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Re: Am I a Millionaire???

Post by WhyNotUs »

Yes, you are a millionaire. Net worth is simply assets minus liabilities. Based on what you provided, your net is over $1M.

The cloud around the definition is really just smoke. Accredited investors are invited to participate in certain types of investments that are not protected by government regulations. One of the tests for being an accredited investor is $1M in investable assets (not your home) and that seems to me to be the origin of the smoke.

At some point, I think people adopted that thinking as a motivation to keep growing assets rather than patting themselves on the back and collecting their welcome to the 10% club pin.

Congrats you are a millionaire, at least for now :-)
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Re: Am I a Millionaire???

Post by Broken Man 1999 »

Wife and I have been millionaires twice now. It isn't the event it was the first time.

Now we are more interested in remaining millionaires, rather than becoming one. And, because we have more bonds than we used to have, the likelihood we will remain millionaires during the next market swoon is much greater than the last downturn.

Mr. Market gives, and takes, no matter our desire for it's direction.

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Re: Am I a Millionaire???

Post by westbranch »

I would say once you and your wife reach 1m+ how you want to define it, together you are millionaires. Alone you will not be a millionaire until you have 2m+ and get divorced :shock:

In regards to the son, I remember this quote posted before in some variation:
A man was once asked by his young son, "Dad, are we rich?" The father responded: "Your mother and I are well-to-do; you don't have a dime to your name."
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Re: Am I a Millionaire???

Post by Grt2bOutdoors »

westbranch wrote:I would say once you and your wife reach 1m+ how you want to define it, together you are millionaires. Alone you will not be a millionaire until you have 2m+ and get divorced :shock:

In regards to the son, I remember this quote posted before in some variation:
A man was once asked by his young son, "Dad, are we rich?" The father responded: "Your mother and I are well-to-do; you don't have a dime to your name."
^^^That quotation was taken from William Bernstein, author of The Four Pillars of Investing amongst others and fellow forum member.
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Leemiller
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Re: Am I a Millionaire???

Post by Leemiller »

If I counted our investments + home equity, my husband and I would be over $1 million. But it doesn't feel like we are millionaires. Maybe after we get there only counting our investment accounts?
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Re: Am I a Millionaire???

Post by The Wizard »

Leemiller wrote:If I counted our investments + home equity, my husband and I would be over $1 million. But it doesn't feel like we are millionaires. Maybe after we get there only counting our investment accounts?
The reason it doesn't feel like much is that it's 2015, not 1955.
Especially for a couple, $1M is just a round number waypoint enroute to your destination.
I got a bit of a thrill when my truck odometer hit 100,000 miles a while back, too...
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inbox788
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Re: Am I a Millionaire???

Post by inbox788 »

Inflation has done a real number on the term. When the term was used, the affluent and wealthy aspired to be millionaires. Today, it really refers to those who are multimillionaires and billionaires.

http://en.wikipedia.org/wiki/Millionaire

At one point in time, the American Express Gold card meant something, but today they've become a commodity.
Image

The term millionaire has devalued so much that most of us will be essentially millionaires when we retire. What I mean by that is someone with a million invested and drawing $40k/year to live on is technically a millionaire, so if you've got $40k/year in SS, pension, annuities, or other total income, you're essentially a millionaire (though some of those cannot be cashed out). You could always buy a $1M life insurance policy an die a millionaire.
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HomerJ
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Re: Am I a Millionaire???

Post by HomerJ »

alex_686 wrote:why do you care if you are a millionaire or not?
I think most of the people on this board would rather be a millionaire instead of not. Ergo, we all care.
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bogleblitz
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Re: Am I a Millionaire???

Post by bogleblitz »

Yes , you are.

But your retirement accounts (401k and IRA) has not been taxed yet. I personally calculate the value after tax, so take 25% off of that 500k. This way I can compare my retirement savings vs my taxable investments.
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Lucky Lemon
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Re: Am I a Millionaire???

Post by Lucky Lemon »

wolf359 wrote:
Other definitions:

- More than $1 million in investable assets plus house (don't include car or other depreciating assets.) (Definition used in some surveys)
- More than $1 million in investable assets (don't include house or car) (Definition used in many surveys and statistics)
- More than $1 million in investable assets per parent (so, $2 million).
- More than $1 million in after-tax investable assets. Roth counts. Taxable counts. Traditional requires taxes to be taken into account.
- More than $1 million in after-tax investable assets. (My wife notes that having more than $1 million in retirement accounts makes you a retirement millionaire, but it doesn't count pre-retirement. She won't consider the label valid until retirement accounts are excluded, unless we're retired.)
- When your Vanguard statement alone displays a portfolio balance over $1 million. (This matters to me only because I hit this early due to a Vanguard error. I saved a PDF of when my balance was erroneously over $1 million. I'm waiting for the day when my statement shows that for real.)
- More than $1 million in income.

You can probably come up with your own yardsticks and variations.
When my wife and I think we have reached the milestone it will only change 1 thing... We will likely have a special bottle of wine and feel a sense of accomplishment knowing where we came from...this wasn't easy. But it will also reinforce our saving and discipline lifestyle.
Use the above definitions (and any others you can come up with) to enjoy a special bottle of wine with your wife.

LL
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sesq
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Re: Am I a Millionaire???

Post by sesq »

bogleblitz wrote:Yes , you are.

But your retirement accounts (401k and IRA) has not been taxed yet. I personally calculate the value after tax, so take 25% off of that 500k. This way I can compare my retirement savings vs my taxable investments.
This is my view also. Though the % estimate could be 20% or 30% or 40% or 8% based on what you think you will realistically have to share with the fed, state and local taxing authorities. I use 30% to be conservative. In my case the comparison is to my roth assets.

Its just an estimate unless you were 100% cash.
deikel
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Re: Am I a Millionaire???

Post by deikel »

Just for fun:

since half of all people get divorced during their life time, your more likely net asset is 1 million by 0.5 - not a millionaire, neither you nor your wife

your son would become a millionaire when (assuming not divorced) you die and your wife dies as well (I guess you have life insurance, so he would get even more) - would you like to call him a 'millionaire upon double death' ? - not a millionaire

You are describing your assets only and their value is driven by market opinion - that can fluctuate a lot and should be considered by factoring in a volatility average - so something like 1 million by maybe 0.2-0.3 (depending on AA) - not a millionaire either...

Enough to keep you grounded I hope :D
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Re: Am I a Millionaire???

Post by deikel »

inbox788 wrote: You could always buy a $1M life insurance policy an die a millionaire.
Love this one...finally a reason to have life insurance...'he always wanted to be special and died a millionaire'

If I make this out to a charity, could I somehow tax deduct my life insurance contribution as a donation ? Just curious...
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essbeer
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Post by essbeer »

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wolf359
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Re: Am I a Millionaire???

Post by wolf359 »

Leemiller wrote:If I counted our investments + home equity, my husband and I would be over $1 million. But it doesn't feel like we are millionaires. Maybe after we get there only counting our investment accounts?

Maybe it's because you instinctively picture the Hollywood fantasy version of the millionaire. The type of millionaire featured in the "Millionaire Next Door" feels very boring in comparison. MND Millionaires are balance sheet wealthy, but not very spendy. You get that way by living below your means and investing rationally over long periods of time, not by drinking champagne and eating caviar while taking your helicopter to the Hamptons.

Probably the "millionaire feeling" you're looking for is the one when you hit your number and realize you're now financially independent and are working by choice, not by necessity. You could theoretically stop saving at that point and go hog wild with future paychecks (not that you would if you developed the habits to get you that far.)
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Doom&Gloom
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Re: Am I a Millionaire???

Post by Doom&Gloom »

Garco wrote:Being a millionaire ain't what it used to be. When Marilyn Monroe starred in the film "How to Marry a Millionaire" in 1953, and the old TV series "Millionaire" was on the air during the "Golden Age of Television" in 1955-1960 THAT's when being a millionaire was really something.

That era defines the classic "Millionaire" dreams of our fathers and mothers.

A million dollars in 1955 would be worth $8,758,283.58 today.

Or to turn this around, your $1 million today would have been worth only $114,177.62 in 1955. Not a lowly sum, but not nearly enough to win over Marilyn Monroe.
Totally agree.

My earliest memory of actual large personal financial worth was at the lunch table with my parents in the '50's when I was 6 or 7. My dad was complaining to my mother about his boss (the owner of the business) having not hit a lick at a snake since the day he showed my dad his bank statement that had surpassed $1 million for the first time. It left an impression on me as a cautionary tale that milestones may be less important than they seem.
dgdevil
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Re: Am I a Millionaire???

Post by dgdevil »

Garco wrote:Being a millionaire ain't what it used to be. When Marilyn Monroe starred in the film "How to Marry a Millionaire" in 1953, and the old TV series "Millionaire" was on the air during the "Golden Age of Television" in 1955-1960 THAT's when being a millionaire was really something.

That era defines the classic "Millionaire" dreams of our fathers and mothers.

A million dollars in 1955 would be worth $8,758,283.58 today.

Or to turn this around, your $1 million today would have been worth only $114,177.62 in 1955. Not a lowly sum, but not nearly enough to win over Marilyn Monroe.
I wonder if Steve Austin would have won her over? He was the Six Million Dollar Man, though that's more of a nod to his medical bills (borne by the taxpayer) rather than his bank account.
wander
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Re: Am I a Millionaire???

Post by wander »

You cannot touch that $500k in retirement account yet, so you are not yet a millionaire.
alex_686
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Re: Am I a Millionaire???

Post by alex_686 »

deikel wrote:Since half of all people get divorced during their life time, .....
Minor nit, but the number of people who get divorced is much lower than that. The factoid that you are looking for is that half of all marriages end in divorce. Some people get divorced 2 or 3 times, meaning that most first marriages last. Other people don't marry at all.
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
island
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Re: Am I a Millionaire???

Post by island »

I don't know; depends on your definition. I'm another who only counts investable assets and even then I know the fed and state owns at least 25% of our tax deferred retirement accounts. Don't count our paid off home or other possessions because we live in and use that stuff and would need to replace with others if liquidated it all. If I was desperate and had to sell it all, I imagine I would be far from being a millionaire.
I also don't see the point of needing the millionaire label in the first place.
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