How many millionaires do we have here?

[Shoot Summ]

How is this figured? Cash and investments or property?

I think there are 2 metrics, Net worth, which can be a little fuzzy based on asset valuation, and cash and investments, which still has some variability, but IMO is a better indicator of the answer.

Although if someone is heavily loaded on tax deferred savings, what you see in the account, can be significantly less in the event of a withdrawal.

 

[Preacherman]

I'm not a millionaire but I am blessed beyond what I deserve. I can always scrape up enough cash for a deal on a firearm. That is if I believed in owning firearms.

 

[Cowbaby]

How is your net worth figured?

The most basic accounting equation. Assets= Liabilites + Owner Equity.

Or if it makes you more comfortable use elementary Algebra and subtract liabilities from both sides of the equation and cancel.
This gives you Assets - Liabilities = Owner Equity(Net Worth). Basically, pay off everyone you owe and if you could sell everything you own at once WHADDAYA GOT.
If you have not gotten an understanding of this or don't understand that last statement yet that might be a one of the reasons.

A balance sheet of a company is listed just like this in the order of the first equation. Assets at the top are listed in the order of Liquidity or how fast you could sell em. Cash is of course listed first, Some things are considered cash equivelents listed next like a stock where you could sell it and have the funds wire to an account tommorrow. ect.

My problem is a strong balance sheet with not enough liquid assets at the top and the second report, a statement of cash flows that sucks. I don't want to scare you off explaining that. HA.
But, at least I understand my problem. Its what you and I do about it that will matter.

 

[ConstitutionCowboy]

I think you expect this from me.
Luke 12:16-21 Then He spoke a parable to them saying "The ground of a certain rich man yielded plentifully. And he thought within himself, saying, what shall I do, since I have no room to store my crops? So he said, I will do this: I will will pull down my barns and build greater, and there I will store all my crops and my goods. And I will say to my soul, you have many goods laid up for many years; take your ease; eat, drink, and be merry. But God said to him, Fool! This night your soul will be required of you; then whose will those things be which you have provided? So is he who lays up treasure for himself, and is not rich toward God."

Mark 8:36-37 For what will it profit a man if he gains the whole world, and loses his own soul? Or what will a man give in exchange for his soul?

When it is your time to go you don't have time to get ready you have to be ready. None of us knows when our soul will be reqired of us but we know one day it will be. You can not exchange money for your soul. To me my soul is worth more than a million dollars. I have that taken care of so I guess I wouldn't mind trying the millionaire thing.

Not to worry. Inflation will make you(and me and our ilk) millionaires sooner than you think. Trouble is, our worth will likely remain the same ...

Woody

 

[Shakel65]

What you own minus what you owe = Net worth.

 

[O4L]

What you own minus what you owe = Net worth.

My net worth is at right around zero so I'm only $1,000,000 away from being a millionaire!

 

[CHenry]

I think there are 2 metrics, Net worth, which can be a little fuzzy based on asset valuation, and cash and investments, which still has some variability, but IMO is a better indicator of the answer.

Although if someone is heavily loaded on tax deferred savings, what you see in the account, can be significantly less in the event of a withdrawal.

Taxes dont play into valuation of net worth. Market fluctuation does though.

 

[k4ylr]

I think we're close. I'm just over 200k in liquid spread across IRAs, 401k and GME/DOGE tendies, plus somewhere around 400k spread across a few residential and commercial real estate ownerships. The ammo I have left probably puts me over a million easy though LMAO.

 

[CHenry]

I think we're close. I'm just over 200k in liquid spread across IRAs, 401k and GME/DOGE tendies, plus somewhere around 400k spread across a few residential and commercial real estate ownerships. The ammo I have left probably puts me over a million easy though LMAO.

What do you think is key to that success?

 

[RickN]

It really does not matter in the long run. Most millionaires I have met have the same worries the rest of us do and most worked hard to get where they are. The only real difference is they can afford more toys and do more good.

I always wanted to have a big lotto win, buy a large U-Haul type truck and use it to make charity donations. Pull up with a truck full of food for Jesus House or other homeless shelters. A truck load of toys to Toys for Tots. Truck load of supplies to the animal rescues we support. Etc, etc, etc. I am not big on just giving money since so many charities use it to pay big salaries.