Millionaires
I was just reading about the 'socialite millionairess' who got done under the new hoon laws for speeding and it made me wonder about the status of being called a millionaire.
So at what point are you a millionaire? If you own a house worth a million dollars are you a millionaire? Or do you need to have a million dollars just hanging about at the bank?
If a million dollar property would do it, then it seems to me being a millionaire doesn't really mean much these days. With the price of housing in Perth right now, I reckon there would be heaps of millionaires. I recently saw my childhood home in Mosman Park sell for over a million dollars. So if my parents haden't needed to sell it to pay off some business debt, would they be millionaires?
Weird.
posted by Milly @ 9:05 PM
4 Comments
4 Comments:
If you own the house, then yes. If you are paying off a $1 million mortgage, then no.
You're a millionaire if you have $1 million of wealth of any kind. But no, in this day and age I don't think it has anywhere near the meaning it did 10 or 20 years ago. Of course you wouldn't complain if you were one, but i don't think it's some magical echelon.
interesting observation. i'm with adam on that one i think!
Millionaire's always conjure up the 50's and 60's to me for some reason.
I wonder what would be the equivelent today given inflation etc?
I think multi-millionaire is where it's at. It sounds weird to say "I'm a decamillionaire" but multi millionaire sounds alright.
I think having a million dollars of wealth still definitely means you are very comfortable even these days, having two or more would make you very comfortable.
I think just the amount of stuff people have that they think they own but is actually just more debt they own gives the illusion that a million dollars of wealth isn't a lot. However if you own a million dollars and not a million dollars of debt then I'd say you're doing quite well and can comfortably afford what most people would consider 'anything'.
I was running through my head the other day what the first things I'd do would be if I won the lotto. That was the old standby of a WOW I love a lot of money moment. Here is how it went though :
Pay off family debts - $150k
Put aside 50k ea for my siblings - $100k
Buy myself an okay house - $500k
etc etc ... it was close ot a million straight away.
This post is going no where but yeah I think debt gives people an illusion that having a million bucks in assets isn't a lot.
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