Comments on: Who Wants to Think They’re Millionaires? http://www.concurringopinions.com/archives/2008/04/who_wants_to_th.html The Law, the Universe, and Everything Sun, 22 Nov 2009 14:10:41 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Ava http://www.concurringopinions.com/archives/2008/04/who_wants_to_th.html/comment-page-1#comment-49468 Ava Fri, 31 Oct 2008 21:23:51 +0000 http://www.solove.org/archives/2008/04/who-wants-to-think-theyre-millionaires.html#comment-49468 A friend and I were discussing some of the reasons that so many Americans vote against their best economic interest in favour of the best interest of the wealthy. We quickly began to realize that the truth had to be that most Americans really do think they are richer than they are, or that they will be richer than they truley are likely to become. It says something sad about America that we need to delude ourselves economically in order to feel good about ourselves. I believe it can truely be said that the one true thing that many Americans believe will provide peace is money. A friend and I were discussing some of the reasons that so many Americans vote against their best economic interest in favour of the best interest of the wealthy. We quickly began to realize that the truth had to be that most Americans really do think they are richer than they are, or that they will be richer than they truley are likely to become. It says something sad about America that we need to delude ourselves economically in order to feel good about ourselves. I believe it can truely be said that the one true thing that many Americans believe will provide peace is money.

]]> By: radar72 http://www.concurringopinions.com/archives/2008/04/who_wants_to_th.html/comment-page-1#comment-49467 radar72 Tue, 20 May 2008 06:17:41 +0000 http://www.solove.org/archives/2008/04/who-wants-to-think-theyre-millionaires.html#comment-49467 Regarding the first comment, millionaires have assets (yes, minus liabilities, but completely ignoring the primary residence) in excess of $1 million. It is a common misconception that your primary residence (your house) is included in your real net worth. Many people in the real estate boom liked to believe they were "rich" when all they really had was an over-appraised McMansion and a few thousand in the bank. Millionaires have over $1 million in cash, stocks, bonds, business interests and equity, investment land (not their house), etc. The primary residence is usually a very small piece of a millionaire's overall assets. I think magazines like Money contribute to this misconception to make readers feel better. But ask any financial planner and they'll ask you what your assets are OTHER than your house. Wikipedia has some good definitions for millionaire status as well. Regarding the first comment, millionaires have assets (yes, minus liabilities, but completely ignoring the primary residence) in excess of $1 million. It is a common misconception that your primary residence (your house) is included in your real net worth. Many people in the real estate boom liked to believe they were “rich” when all they really had was an over-appraised McMansion and a few thousand in the bank. Millionaires have over $1 million in cash, stocks, bonds, business interests and equity, investment land (not their house), etc. The primary residence is usually a very small piece of a millionaire’s overall assets. I think magazines like Money contribute to this misconception to make readers feel better. But ask any financial planner and they’ll ask you what your assets are OTHER than your house. Wikipedia has some good definitions for millionaire status as well.

]]> By: Logical Extremes http://www.concurringopinions.com/archives/2008/04/who_wants_to_th.html/comment-page-1#comment-49466 Logical Extremes Thu, 24 Apr 2008 06:46:26 +0000 http://www.solove.org/archives/2008/04/who-wants-to-think-theyre-millionaires.html#comment-49466 I'm curious about the definition of millionaires in the update. Shouldn't it simply be net worth (all assets minus all liabilities) over one million dollars? Also, I'd urge more clarity in discussing income vs. net worth. They can be very different beasts in terms of demographics and lifestyle. I’m curious about the definition of millionaires in the update. Shouldn’t it simply be net worth (all assets minus all liabilities) over one million dollars?

Also, I’d urge more clarity in discussing income vs. net worth. They can be very different beasts in terms of demographics and lifestyle.

]]>