Someone who doesn't have 1 million quid in the bank.
I don't count assets that you owe money on as assets. Only the bit you actually own.
Rodger that!
I add up all assets and then subtract all liabilities to determine net worth.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Someone who doesn't have 1 million quid in the bank.
I don't count assets that you owe money on as assets. Only the bit you actually own.
Does it matter?
The term "millionaire" is something that the 96% of people aspire to by buying their $50 of lotto 5 days a week and $30 of scratchies each week and then wonder why they have no money.
The average person might win the big one and blow that money on trinkets and maybe end up with $500K left which they will put into a fixed term investment (or just into their day-to-day account) and maybe earn 5% before tax. That will maybe give them income of $25K but that will get eaten away with inflation and they will fritter away more of the $500K until they have nothing.
But hey, they were a "millionaire" in their mins and all their friends that appear aout of the woodwork.
The true measue should be if you have to work or not. That does not matter how much you have or if you are a millionaire or not.
My investments allow me to not work at all, I choose not to (or more to the point, my wife thinks I'll drive her nuts at home )
I really need to do something bad here at work so I can get sacked.
it's more a factor of income of the job becoming insignificant along side that of the investment income.
How do they find out stats of how many people have how much money in Australia?
Being Chinese, I know many families who have lived here for decades and are multi multi millionaires but you would never tell as most of their investments and cash are overseas and they live a relatively modest lifestyle in Australia
I would assume being a nation of immigrants, there are probably a large proportion of wealthy people living long-term in Australia who have this scenario and are flying under the radar?