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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][quote=Anonymous][quote=Anonymous]According the the Feds & Forbes a "Certified Millionaire" is a person who has a million dollar's in assets EXCLUDING their primary RESIDENCE[/quote] I do not understand this exclusion at all. Does this mean that a person who owns their 99K condo outright has the same net worth as a person who owns their 999K house outright, assuming everything else is equal? Makes no sense.[/quote] I agree that it makes no sense to exclude one's residence. With everything else being equal, a person who rents a condo for $2K per month would have the same net worth as his next door neighbor who pays $2000 mortgage but has $500K equity in the condo. Or with everything else being equal, a person who puts a small downpayment on a house and therefore has lots of liquid money would have more wealth than someone who puts a large downpayment on his house. [/quote]
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