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You're right that a more accurate term in this context would have been "financially successful disruptors and entrepreneurs". $1M technically qualifies you to
by downandout 9y ago
You're right that a more accurate term in this context would have been "financially successful disruptors and entrepreneurs". $1M technically qualifies you to be a "millionaire," even though you can get there by simply making your mortgage payments for 30 years. However, the title makes sense for YouTube, as most of the population views generally defines "millionaires" as self-made people with many millions of dollars - not just those with $1M tied up in a house or other assets earned over a long period of time.
- phkahler 9y agoI think the conventional definition of millionaire in the financial world is a person with a million dollars in investments or liquid assets. A home does not count. Of course you may downgrade to a cheaper home (at retirement for example) and take some of the difference in cash.
- madengr 9y agoThe home does count, as you can either put the money into rent, investment accounts, or a mortgage. I'd consider a house more liquid than retirement accounts. I still owe $170k on my mortgage but have $1M in net worth. It's all in retirement accounts; all on paper and subject to markets. I surely don't feel wealthy. I'm 45 and hopefully I can get it to $2M - $4M by late 60's. I still don't consider that rich since people woefully underestimate retirement needs. I'm stating the Dave Ramsey steps to see if I can get the mortgage payed off over 4 years, and get $160k saved for 2x kids college.
- mamon 9y agoI think that the term "millionaire" became synonymous with "rich" long before the Great Depression, when $1M was worth much more ($14M in today's dollars). Now, thanks to inflation, "millionaire" lost it's appeal.