umm.. since when do we have to be relative to the USA? We have our own currency. Surely the measure must be $1 million aussies- not greenbacks.
Hi Kay
Well I’m off to Italy….I will be an absolute sqillionare there
Regards
Neil
1. Definately not controlling $1mil of property..
2. Equity of $1mil – yes
3. Earning $1mil pa, definately
And in Aussie dollars. We are, after all, in Australia.
Cheers,
KarenMy only point was that a depreciating currency tends to suggest lower buying power relative to the rest of the world. Sometimes as a response to relatively higher inflation, reducing the worth of the local cuerrncy.
The extreme example was Argentina in the 80’s, where inflation wsas rampant and the currency worthless. So having a million pesos didn’t equate to a million dollars.
However, I look forward to the day, where I have a million dollars in equity…even if they are Australian!!
James
I’m sure I was a millionaire in cash once, but blew it all in the space of a few days. Yes…my last Bali Holiday.
So, I go for equity. i.e. you owe the bank 800K but you own property worth 1.8 mill.
Millionaire is just a benchmark which means ‘you’re sorted.’
Easy enough to live on 100K a year, an easily achievable income from 1 million equity. It doesn’t mean you can’t keep on getting richer….One in 80 individuals sounds about right – about 5 years ago it was 1% of all Australian households had a net worth of over $1M and given the growth in property values since then this sounds right. If only I’d had the sense to buy property back then I’d be closer to being on that side of the line.
I thought that Mr Gates was only giving his children $2M each because he thought that was more than enough for anyone – so maybe the new benchmark should be a Bi-Millionaire?[:o)]
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Mel
[email protected]I totally disagree with people who call themselves millionaires by holding title on 1million of property.
if their net worth is $1,000,000+ then they are a millionaire.
ie assets – liabilitiesCraig
NZ Property Investing News
http://www.Landlords.co.nzmaybe a more general approach is required – if you own a house outright in an upmarket suburb, have a flash car, own a boat, and say $1m equity in investments and can live off your investments, I would loosely describe such a person as a ‘millionaire’ in the true Thurston Howe (Gilligan’s Island) sense of the word.
Extensive list of new Perth property available for sale.Alternatively, become a joint venture partner in one of our property development partnerships – contact me to find out why our developments are unique. John – 0419 198 856
If you have a million dollars in Tasmania you are rich if you have a million dollars in the Eastern suburbs you will be less rich.
Having enough money to live the lifestyle you want if you had to stop work tomorrow.
When can you afford to stop???????
Mr. Henry Kaye’s defination of millionairs is a person who control (or in partnership nature ) one million value of property , so this is the secret how he make mass production of millionair in a short time.
Regards
JulainMost people in sydney would qualify for that definition but most have so much debt they don’t know where to start spending
cheers,
bluecatDo today what you want to do tomorrow
Originally posted by Julian:Mr. Henry Kaye’s defination of millionairs is a person who control (or in partnership nature ) one million value of property , so this is the secret how he make mass production of millionair in a short time.
Is that not also Mr Steve McKnight definition of Millionaire?
1) controlling a million dollars worth of property..
No way – not unless it was debt free2) having equity of a million dollars…
Possibly, but I think more realistic would be the ‘available’ equity. ie $2Mil assets, $600K debt. Available equity (80% lend) $1Mil.3) earning of a million dollars a year…
No way. What happens when their income stops.It’s about how much you keep, not how much you earn.
Cheers
Mel
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