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Reply to "If you have a networth of $1m plus do you consider yourself a "millionare"?"
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[quote=Anonymous]I don't consider home equity of a primary residence or vacation home. I only count productive, or income-generating assets. 401(k)s, stocks in a brokerage account, equity on a rental house, etc. Your primary residence costs you money, it doesn't earn you money, so it's more of a liability. We own our primary residence outright, plus we have about $1.5M in investments, so based on the latter, I consider myself a millionaire. We're very much Millionaire Next Door types--public schools, normal cars, vacations at the lake--but our $1.5M in investments can be expected to, on average, generate about an 8% annual return, or $120,000 annually before either of us gets out of bed or sits down in a cubicle. If we wanted to live off of it, we could safely withdraw and spend 4% annually, forever, which is more than the median household income in the country.[/quote]
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