All Topics / General Property / What do u class as a millionaire…

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  • Profile photo of centraliancentralian
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    @centralian
    Join Date: 2003
    Post Count: 14

    How do people class a millionaire…

    1) controlling a million dollars worth of property..

    2) having equity of a million dollars…

    3) earning of a million dollars a year…

    etc etc…

    Profile photo of wilandelwilandel
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    @wilandel
    Join Date: 2003
    Post Count: 761

    Hi Centralian,

    Interesting question…..

    1. Definately not controlling $1mil of property..

    2. Equity of $1mil – probably

    3. Earning $1mil pa, definately

    Del

    Profile photo of RodCRodC
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    @rodc
    Join Date: 2002
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    $1 million of income generating equity.

    $1 million of PPOR equity doesn’t really count.

    Rod

    Profile photo of ANUBISANUBIS
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    @anubis
    Join Date: 2003
    Post Count: 559

    Net worth greater than 1 mill

    Assets minus liabilities = $1 million

    Mind you that isn’t as hard if you had invested in Sydney 3 years ago [:I]

    Profile photo of yackyack
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    @yack
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    Net equity of $1m in addition to your PPOR in my view is a millionaire.

    Having $1.2m in property and owing $800k is not a millionaire.

    Profile photo of Still in SchoolStill in School
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    @still-in-school
    Join Date: 2003
    Post Count: 1,844
    Originally posted by ANUBIS:

    Net worth greater than 1 mill

    Assets minus liabilities = $1 million

    Agree [:o)]

    Cheers,
    sis

    People 4get that by saving just $3 a day & investing it sensibly
    over a working life, you’ll end up with around $1 million

    Profile photo of digglerdiggler
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    @diggler
    Join Date: 2003
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    I agree, 1 million in equity is the minimum requirement.
    Is this the aim of the MAPS students, or 1 million of property value in the first year?

    Profile photo of ANUBISANUBIS
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    @anubis
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    $1 mill in controlled property value is the MAP target I believe.

    Profile photo of westanwestan
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    @westan
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    I’m with you guys who say its a net worth of $1 million, but as others have said being a millionaire isn’t like it used to be.

    i think this has always been the true definition. It’s only recently that some have changed it to mean having more (income of a million) because a millionaire is so common.

    westan

    I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]

    Profile photo of RiskyRisky
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    @risky
    Join Date: 2003
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    So true Westan, being a millionair today is not as wealthy as a million 5 years ago.

    I thought I was wrong once, but I was mistaken !

    Profile photo of BEAR1964BEAR1964
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    @bear1964
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    Post Count: 702

    I would say…….. 2) having equity of a million dollars…was a minimum requirement.

    Regards Bear

    POSITVE CASHFLOW properties and Joint Ventures available!
    For the BEST deals register via E-mail [email protected]
    DONT MISS OUT!!!!!

    Profile photo of elveselves
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    @elves
    Join Date: 2003
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    ditto ditto
    equity in my books, too easy to be a paper millionaire (with debts), just about two properties where I am now.

    Profile photo of Elysium-MElysium-M
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    @elysium-m
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    I once heard a self-styled millionaire saying that you’re not a real millionaire unless you have at least $1 million in cash and other highly liquid assets, in addition to any other investments you might have.

    Cheers
    Eylsium-M

    DIY Residential Property Settlements in WA – the book coming soon! When I can get my act together…

    Profile photo of kay henrykay henry
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    @kay-henry
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    Post Count: 2,737

    Elysium,

    A Millionaire is a person who has- in cash or equity- $1 million bucks- not one cent less, but not necessarily one cent more. Doesn’t matter if the person has a car or a stamp sollection or whatever- the definition is pretty simple.

    Of course, if one then had to move to another culture- the situation is different. For example, if i moved to Austria, my million would only be 600,000 euros :o(

    kay henry

    Profile photo of kuriouskurious
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    @kurious
    Join Date: 2004
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    or 34.5 million rupees…

    ~~~
    Our plans miscarry when they have no aim. When we do not know what harbor we are making for, no wind is the right wind.
    ~Seneca

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
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    Hey i found a way to increase my wealth by 15% overnight.

    i moved to New Zealand

    $1 = $1.15 NZD [:D]

    Gee i’m wealther than i thought, Oh No my Ozzie debt went up 15% also [8]

    regards westan

    I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]

    Profile photo of JulianJulian
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    @julian
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    I cann’t remember the souces maybe from ATO the is one millionair at every 80 people, Are you inc. there?

    Regards
    Julian [8)]

    Profile photo of RodCRodC
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    @rodc
    Join Date: 2002
    Post Count: 335
    I cann’t remember the souces maybe from ATO the is one millionair at every 80 people

    So with 30000 members, PI.com should have 375 millionaires?

    Come on, stand up and be counted. [:)]

    Rod.

    Profile photo of BrissyguyBrissyguy
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    @brissyguy
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    Hi..for my 2 bobs worth, I have always thought more globally and to my way of thinking to qualify as a millionare in Aus would require $1,320,000 AUD approx in uninumbered equity.(Assets minus liabilities).

    That is equivilant to $1 million US (The benchmark currency).

    Regards

    Neil

    Profile photo of Buzz LightyearBuzz Lightyear
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    @buzz-lightyear
    Join Date: 2003
    Post Count: 43

    I agree with you Neil. Of course, if we were discussing this 18 months ago, that $1.32m, would have been closer to $2m

    James

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