Personal Finance: What is Your Definition of a Millionaire?

Liz Pulliam Weston and I may have a different definition of a Millionaire. I came to this conclusion after reading a recent column of hers. My working definition of a millionaire is net worth sans your primary residence, even if it’s paid off! I’ve always figured that I needed a place to stay and if I were to convert my residence to a producing asset-I would have to do something…Sell it, and then what? It’s almost like asking the question: when is a million not a million?

When I was married and we hit the millionaire mark it was without consideration to any other assets-The million dollars and then $1.2 million was in a retirement account. I insisted we clelebrate, Weston comments that when their portfolio hit a million they didn’t celebrate! They do include their residence as part of the million dollar mark. To each his own, maybe a million was not their goal but I think it’s important to celebrate along this financial journey.

Where do you stand? When is a millionaire not a millionaire? Here’s a link to my post about hitting one million in our retirement account. $1,200,000 in 401-k Now What?

PS I am a fan of Liz Pulliam Weston and her advice. I cannot find the link to her story to save my life…Money Central makes it a little challenging!

Steve Mertz
What’s A Million Dollars Amongst Friends!

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3 Responses to “Personal Finance: What is Your Definition of a Millionaire?”

  1. J.D. @ Get Rich Slowly says:

    I agree on both counts: To me millionaire means $1 million in liquid assets, and Liz Pulliam Weston generally offers great advice. Her column is one of the best, in my opinion. I also like the guy who does the “ask the expert” bit for CNN Money. His name escapes me, but I think he does a fantastic job. (I also like Laura Rowley’s advice…)

  2. Steve Mertz says:

    JD Thanks for your input. I like liz but my fear is when investors look at net worth of $1 Million and figure they have “won the big game” they can be in for a rude awakening! Steve

  3. Richard Quick, Millionaire says:

    Amen to that.

    though it’s hard to remember back that far.

    Richard Quick, Esq.
    Founder, NAAWP

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