Now that my finances are feeling more under control than they have been since about March, I'm feeling optimistic and forward-looking. I idly wondered, when will I (well, my household) become a millionaire, and how is that technically defined?
I looked around online and the consensus seems to be that you can either be a net-worth millionaire or an actual-money millionaire. Either your net worth is at least a million, or you have at least a million in bank and retirement accounts.
By the first measure, my household could conceivably attain millionaire status in about 4 years, if things go well and we gain about $10K per month in net worth.
By the second measure, I'd think it would be more like 8 years, since the majority of our assets contributing to net worth are our two properties. So getting to a million in cash and retirement funds will take a lot more time, and debt reduction won't help with that one.
Just some idle Friday musings.
What constitutes becoming a millionaire?
July 29th, 2016 at 07:51 pm
July 29th, 2016 at 10:33 pm 1469827981
July 30th, 2016 at 12:58 am 1469836683
Godspeed on your way to becoming millionaires!
July 30th, 2016 at 02:18 am 1469841536
July 30th, 2016 at 06:29 am 1469856542
July 30th, 2016 at 04:30 pm 1469892624
July 30th, 2016 at 08:43 pm 1469907812
July 31st, 2016 at 07:22 am 1469946154
I think for me four years is "conceivable" but pretty optimistic. It would depend on the stock markets and home prices being really good to me, because there's no way I'm saving $10K per month of straight cash.
July 31st, 2016 at 07:26 am 1469946368
July 31st, 2016 at 07:42 pm 1469990572