That’s incorrect.
Net Worth is defined as all assets minus liabilities.
If you have a paid off house that counts…that’s why I’m saying the majority of those, with a college degree, should be a millionaire by the time they retire.
Cullen is correct. Being a millionaire is about net worth, and includes ALL assets and liabilities, including real estate, equity in one’s home minus any remaining mortgage, etc.
Owning a home and investing a little in the stock market each month should make it easy for any college educated professional to retire as a millionaire.
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Does a million dollars in gift cards for Half-Price Bookstore count?
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Oh Hell Yes!!!
CAN I HAVE SOME???
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All facts Law. Even someone who graduated in 2010 can attest to all of the above.
Live within your means, invest, and buying good real estate.
Simplest formula.
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Somewhere 1927 is screening into the NIL void with this stat.
I wonder how many millionaires UH has produced? I bet a pretty high number.
I would bet that UH has produced tons of wealthy grads.
The City offers boundless opportunities to achieve excellent Net Worth Statements.
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Somewhere? He’s all over this thread isn’t he?
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Nah he caught the man haven’t awhile ago
I always thought Cullen = 1927.
Cullen, are you uh1927?
Yes.
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Life insurance is judgement proof correct?
Life insurance cash value
Annuities
Qualified plan
House
1 car
Free from the claims of creditors in Texas
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i am suprised houston is that high, so much net worth of people is tied up in their house and houston is still one of the cheaper housing markets, i woulda thought boston or miami would be much higher.
So what you’re saying is that my Beanie Babies collection isn’t safe?
This report is not on total net worth. It is focused on $1M+ in liquid assets, aka HNWI individuals as defined by financial services companies. Important distinction as HNWI can qualify as an accredited investor, meaning they can participate in investments such as venture capital, hedge funds, angel investments, etc…
Net Worth is defined as Assets MINUS Liabilities so that first number doesn’t automatically mean you own the equity in the house, in a higher price location plus the interest eats up more of the mortgage lowering your equity.
And why do we keep saying Houston is cheap???
All the new inner loop townhouses I see are priced at a million dollars.
And in the suburbs, houses in decent neighborhoods/ school districts are easily going for half a million easily.
Those $100,00 dollar homes, in a quality neighborhood, ended decades ago.
Where does the report say “Cash” millionaires?
Net Worth is the typical factor used to determine how wealthy an individual is.
Liquidity is a plus, as it’s easily transferable, but that only a part of the Net Worth calulation.
It’s not in the article. Click though to the study and then go to methodology.
For the purposes of this report:
-Wealth’ refers to an individual’s liquid investable wealth, which only includes their listed company holdings, cash, bonds, gold, and crypto holdings (namely, items that can be cashed in quickly). Real estate assets are excluded.
-The term ‘millionaires’ refers to individuals with liquid investable wealth of USD 1 million or more.
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