“They’re only worth a few million. Not really rich”

[Anonymous]

Someone I know describing her in laws.

I didn’t quite know how to respond. This area is really something else.

[Anonymous]

To be fair, in DCUM land it takes more than a "few million" to be "rich."

[Anonymous]

Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

[Anonymous]

My inlaws are worth 3 million and then their house is another $900k. They are certainly rich by many standards. But if they go into nice assisted living that money will evaporate so fast. And it's what they saved for in the first place. Drove one Japanese car for 20 years before getting another, kept the house cold in winter and hot in summer, no European vacations for kids, no private, rare new clothes.

[Anonymous]

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

Nope.

[Anonymous]

Anonymous wrote:My inlaws are worth 3 million and then their house is another $900k. They are certainly rich by many standards. But if they go into nice assisted living that money will evaporate so fast. And it's what they saved for in the first place. Drove one Japanese car for 20 years before getting another, kept the house cold in winter and hot in summer, no European vacations for kids, no private, rare new clothes.

This. Without a pension, that money is unlikely to last until the next generation if one or both of them ends up needing long-term care. It's a hedge against having to go into an medicare-paid nursing home, not a resource for free-wheeling living.

[Anonymous]

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

I think my bank would disagree with you. They've got the majority of that holding!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

I think my bank would disagree with you. They've got the majority of that holding!

+1 You need to look at net worth.

[Anonymous]

She’s right, and you either say nothing or hmmm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

I think my bank would disagree with you. They've got the majority of that holding!

When you are an in law that won't be true.

[Anonymous]

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

. Only if they have paid off their house loans and the majority of the population has not done that. It is only the net value that counts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

I think my bank would disagree with you. They've got the majority of that holding!

When you are an in law that won't be true.

Clearly you don't know the practice of law to say that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Everyone who owns a million dollar house is a millionaire. That includes the majority of the population around here.

I think my bank would disagree with you. They've got the majority of that holding!

When you are an in law that won't be true.

Clearly you don't know the practice of law to say that.

You bought more than you can afford, I understand that.

But normally, once somebody is in a house 30 years... when their kids are getting married, it is paid off... or you at least own most of it.

[Anonymous]

Really rich = assets that allow you to not work if you don't want to (for me anyway). A few million doesn't do that around here (it's working-rich if you will).

[Anonymous]

Anonymous wrote:Really rich = assets that allow you to not work if you don't want to (for me anyway). A few million doesn't do that around here (it's working-rich if you will).

Except you don't know if the in laws work or not, perhaps not.