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No, paper millionaires. You're only an actual millionaire once you sell your stock. You become a paper millionaire when the IPO happens and you gain liquidity a
by saberience 8y ago
No, paper millionaires. You're only an actual millionaire once you sell your stock. You become a paper millionaire when the IPO happens and you gain liquidity and price increases.
- inverse_pi 8y agoTouche :)
- esoterica 8y agoAccording to your logic there is no such thing as an actual millionaire. No sane person keeps a million dollars sitting in cash in a savings account, they invest it somewhere (equity, bonds, real estate, etc).
- mrnobody_67 8y agoLots of people keep 10-20% of assets in cash. if you have $20 or $30m, you'd almost certainly have $1m in cash sitting around.
- esoterica 8y agoI would be very very surprised if the median person with $20m net worth keeps $1m in cash on a long term basis.