What exactly constitutes a millionare? If you have $1million worth of property even though you have $800k in mortgages .Are you a $millionare.
No. A net worth of $1million is what makes a millionaire. Your example shows a net worth of $200,000.
A friend of mine said If he has $1million in dispensable cash that is a millionare.
He will not be able to find a dictionary which gives that definition.
Net worth of 1 Million = millionaire. Can be equity, cash, or gold bullion, stocks bonds.
IMO
Or 100 million pennies. Could you imagine the look on the bank tellers face when you go to cash in :-[
A million in property with $800k in mortgages is certainly not a millionaire. If that was the case I’d be worth around $50k in just student loans, car loans, and credit card debt. I wonder if I can list $50k in assets on a mortgage app? ;D
You can put whatever you want on your mortgage app.Just dont sign it :-X
I am a millionare. In my mind. Does that count? 