All Topics / Help Needed! / Whats a millionaire????

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  • Profile photo of NZ-LEARNERNZ-LEARNER
    Member
    @nz-learner
    Join Date: 2004
    Post Count: 5
    October 25, 2004 - 5:53 am

    I hear of all these property investors talking of being millionaires and was just wondering when can you class yourself as a millionaire???
    Million $$$ in property??? or
    Million $$$ in equity??? or
    Million $$ in the bank???

    Just interested

    Thanks REGAN

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    October 25, 2004 - 6:08 am

    This always raises debate.

    I suggest it is your net worth less your liabilties equalling $1M or more.

    However I read recently that to be a millionaire in the classic sense of the word you need to be worth about $20M in todays dollars.

    Food for thought!

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Todays Hot Rate
    3 year fixed – 6.57%

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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