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nog642 t1_j6f7w51 wrote

Reply to comment by ChickenStripEater in One day, being a millionaire is not going to be considered rich. by Coronazonewearmask

Depends if you own a house or something and that's included in net worth. I don't think owning a 1.4 million dollar house makes you a millionaire, considering you live in it and so don't have the money. I mean you have the option to sell it and move somewhere cheap and be a millionaire I guess, but until you do, you are not a millionaire. Net worth is not a good measure of these things.

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Acidelephant t1_j6f9kcx wrote

If you owned it outright, you would be a millionaire tho, just that your net worth is tied up in a non liquid asset.

Billionaires don't hold all their net worth in cash, it's mainly invested in stock and other investments

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nog642 t1_j6fasp0 wrote

Yes. That's how net worth works. But it's not that useful. It doesn't fit our notion of a millionaire having a million dollars. When you think of a millionaire you think of having 1 million liquid. I think many people also have a similar mental image of a billionaire, which is a misunderstanding and misconception most of the time.

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