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I honestly don't know, so I'm asking a genuine question: if someone has no money in their bank account but owns a house worth millions of dollars, are they cons
by freehunter 10y ago
I honestly don't know, so I'm asking a genuine question: if someone has no money in their bank account but owns a house worth millions of dollars, are they considered a millionaire? Even though they've never realized that money and could never spend that money?
Sorry, your comment just raised an interesting question in my mind.
- __derek__ 10y agoI would wager that most billionaires do not have a billion dollars in liquid assets, yet they're still called that. It seems that the same would apply for 'millionaire'.
- tasuki 10y agoWell, they can still sell the house. Then they can spend the money.
- user5994461 10y agoBut they don't have a place to live anymore.
- euyyn 10y agoMany people live in places without owning a $1M house.
- russelluresti 10y agoFrom an outside perspective, people would see you as a millionaire. But from your perspective, you wouldn't feel like one.
- dragonwriter 10y ago> I honestly don't know, so I'm asking a genuine question: if someone has no money in their bank account but owns a house worth millions of dollars, are they considered a millionaire? Depends on other assets and liabilities. "Millionaire" is $1 million+ net worth; it's quite possible to have, say, a $3 million house, a $2.4 million mortgage, and $0 net between other assets and liabilities, and not be a millionaire.