SPIN: Is $1M net worth/liquid a part of the 1%?

[-G$-]

i was agreeing w you



actually, you're the one showing your lack of financial sophistication. a smart wealthy person would gladly borrow a few mil at close to 3% to purchase a home and instead of having that money tied up in home equity and then use it for a better yielding investment.

He aint saying that. He's saying he'd borrow and then put his money in various financial vehicles that had a higher interest than the yearly payments on the house. Pocket the rest.

To me that shyt is risky but, plenty of people do it. I believe in living well below your means.

Exactly

He specifically said "home".... no other asset classes were mentioned

Reward comes with risk..nobody ever got wealthy playing it safe

Actually that's exactly what I said. Look above

 

[L&HH]

U really believe 10 million Americans are millionaires breh?

Everything I've written here is not based on my "belief". That's the biggest problem some of you are having is you're using your perspective or opinions on something that has clear definitions (for example the definition of "1%"). There's over 300 million people in the U.S. and the United States has a GDP of 16.77 trillion and a Gross Income of 16.9 trillion. Somebody has to account for this capital.

The 10 million millionaires comes from a variety sources:
CNBC: Record number of millionaires living in US
Time: U.S. Millionaires Club Grows To Almost 10 Million

10 million, millionaires isn't even alot compared to how much the U.S. should have. There probably should be even more if it weren't for wealth inequality. The top 0.1% own about as much as the bottom 90%:

US wealth inequality - top 0.1% worth as much as the bottom 90%

 

[JQ Legend]

Everything I've written here is not based on my "belief". That's the biggest problem some of you are having is you're using your perspective or opinions on something that has clear definitions (for example the definition of "1%"). There's over 300 million people in the U.S. and the United States has a GDP of 16.77 trillion and a Gross Income of 16.9 trillion. Somebody has to account for this capital.

The 10 million millionaires comes from a variety sources:
CNBC: Record number of millionaires living in US
Time: U.S. Millionaires Club Grows To Almost 10 Million

10 million, millionaires isn't even alot compared to how much the U.S. should have. There probably should be even more if it weren't for wealth inequality. The top 0.1% own about as much as the bottom 90%:

US wealth inequality - top 0.1% worth as much as the bottom 90%

That's nice u got links to back up what you're saying

But 10 million millionaires in the US means any given time u see 30 human beings in this country (to include children), at least 1 of them is likely to be a millionaire.

I don't claim to know more about finance than Time or CNBC but I do know 1 out of every 30 people dont even have 100k in liquid and assets combined.

Where they got 10 million from is beyond me.

Not even 1 out of every 30 people in expensive cities are millionaires.

Don't believe everything u read just because it came from the news.

 

[TRFG]

With capital flight from China, Russia and Latin America looking for safe havens

Do you really think billionaires and the 9 figure elites are getting mortgages to compete with international money ?

we aint talking about billionaires tho

 

[Cynic]

Oh...I've heard of people financing houses at a particular rate, finding an investment for a higher rate and pocketing the difference. That's what I thought he meant.

Risk is good if you know what you're doing. I don't like the idea of being over-leveraged by millions of dollars. Student loans are bad enough.

That is just foolhardy and not really a prudent way to make money at those levels.

Probably better off getting non-recourse loans for commercial RE instead
but that's beyond the scope of this thread.

That's nice u got links to back up what you're saying

But 10 million millionaires in the US means any given time u see 30 human beings in this country (to include children), at least 1 of them is likely to be a millionaire.

I don't claim to know more about finance than Time or CNBC but I do know 1 out of every 30 people dont even have 100k in liquid and assets combined.

Where they got 10 million from is beyond me.

Not even 1 out of every 30 people in expensive cities are millionaires.

Don't believe everything u read just because it came from the news.

Not really that far fetched

Also given the low barrier of entry ...it's easier now to get there than it ever was

Depends what city you live in ... there are a lot of millionaires accross a lot of industries

 

[JQ Legend]

That is just foolhardy and not really a prudent way to make money at those levels.

Probably better off getting non-recourse loans for commercial RE instead
but that's beyond the scope of this thread.




Not really that far fetched

Also given the low barrier of entry ...it's easier now to get there than it ever was

Depends what city you live in ... there are a lot of millionaires accross a lot of industries

1 out of 30 Americans aren't millionaires breh

I live in NYC and Id go as far as to say not even 1 out of every 30 people u see in midtown Manhattan are millionaires

 

[MalikX]

That's nice u got links to back up what you're saying

But 10 million millionaires in the US means any given time u see 30 human beings in this country (to include children), at least 1 of them is likely to be a millionaire.

I don't claim to know more about finance than Time or CNBC but I do know 1 out of every 30 people dont even have 100k in liquid and assets combined.

Where they got 10 million from is beyond me.

Not even 1 out of every 30 people in expensive cities are millionaires.

Don't believe everything u read just because it came from the news.

Nah....it's definitely true. Of course the wealth is concentrated in certain places.

Also, you got alot of people that have $1 million in assets but, are really upper middle class at best.

If someone has a 400k house, 100k in other assets and 500k in their portfolio, they're a millionaire

Ultra-high net worth people is what you're thinking about. People who have over $30 million net worths. That's more rare.

 

[sayyestothis]

Thread full of goofs and

 

[L&HH]

1 out of 30 Americans aren't millionaires breh

I live in NYC and Id go as far as to say not even 1 out of every 30 people u see in midtown Manhattan are millionaires

How would you know whether someone is a millionaire or not? And yes if you're walking around midtown-Manhattan chances are there's going to be some millionaires in your vicinity.

 

[JQ Legend]

How would you know whether someone is a millionaire or not? And yes if you're walking around midtown-Manhattan chances are there's going to be some millionaires in your vicinity.

I don't doubt there are plenty of millionaires in midtown or the country for that matter, but that number is far fetched.

Once again, there are 300 million people in the US, for 10 mill of that to be millionaires, that would mean for every 30 people, ateast 1 is a millionaire.

There's no way y'all believe that.

 

[Cynic]

1 out of 30 Americans aren't millionaires breh

I live in NYC and Id go as far as to say not even 1 out of every 30 people u see in midtown Manhattan are millionaires

I'm from NY too... and I'd go as far as to say we have the highest concentration of millionaires
due to the banking industry and the industries that cater to them......don't quote me on that

It's not as simple as 1 out of every 30...that's a very simplistic way to view it

On any given day you can see 10-20 traders, analysts, attorneys, architects, app dev teams
and so on and so forth....also you forget to account for their wives who become rich by proxy

It's not as far fetched as you may think...... especially when look around the Upper West Side

 

[Marc Spector]

Nah....it's definitely true. Of course the wealth is concentrated in certain places.

Also, you got alot of people that have $1 million in assets but, are really upper middle class at best.

If someone has a 400k house, 100k in other assets and 500k in their portfolio, they're a millionaire

Ultra-high net worth people is what you're thinking about. People who have over $30 million net worths. That's more rare.

This.

Seattle, Houston, San Fran, NY, DC, Chicago, MIA and LA by themselves probably account for half of the US millionaires.