The Millionaires Club In Houston (Howe, Rankin: mortgage broker, house, living in)

[Texas User]

Originally Posted by Jacob11

i'm a millionaire.. for real.. i still live in an apartment less than $1000/month and drive a corolla.. i'm keeping it low profile..
there are many of us here.. i think the guy next door is a billionaire richer than bill gates.. the other guy is richer than warren buffet..

why do you want to know?

Just for knowledge.

[Texas User]

Originally Posted by Alphalogica

If one is middle-aged, makes 100K+ and has a maxed out 401K, contributes to their IRA yearly (and keeps it in conservative), owns a home in a relatively decent Houston suburb (or even in many places inner-city), and a rental property, you're looking at a million easy.

What about spending?

[Texas User]

Originally Posted by SteveArmy

pre-tax

Roth IRA grows tax-free with certain requirements.

[Texas User]

Originally Posted by AllThrottle4U

Speculation makes us try to understand what the guy next door is doing with his money. A millionaire is not what it meant many years ago. Lake Conroe resident hit it on the head as far as those who are faking their wealth. By the way, don't pass off Conroe as a sleeper city, their's a lot of old money there. It was had by striking oil in the early to mid 1900's. As a matter of fact, for a brief time Conroe boasted more millionaires per capita than any other city in the United States. If you don't believe me, look it up. That was over 70 years ago so you're looking at multi, multi millionaires in todays standards.

Interesting.

[Jacob11]

Yo mama's so poor, the only time she smelled hot food was when a rich man farted!

[Wolfpacker]

Originally Posted by Alphalogica

Forbes 400 rankings are largely considered definitive. They do lots of detective work in determining the net worth of individuals.

I'm not saying they aren't all off. However, if a person's holdings/investments are privately held, you don't have public access to that companies' or investment financial information. It's a lot harder to value those assets. Hedge funds don't release who is invested (and how much) in them or I believe that if you hold under 5% of a public company, you don't have declare publicly if you are an investor.

[Texas User]

Originally Posted by Wolfpacker

I'm not saying they aren't all off. However, if a person's holdings/investments are privately held, you don't have public access to that companies' or investment financial information. It's a lot harder to value those assets. Hedge funds don't release who is invested (and how much) in them or I believe that if you hold under 5% of a public company, you don't have declare publicly if you are an investor.

If you have large shares in a company then you have to be listed publicly?

[HoustonRonnie]

Originally Posted by Texas User

If you have large shares in a company then you have to be listed publicly?

Absolutely not. But public companies have to list "Major Shareholders" in their SEC filings, which are all public information.

[crone]

Check AARP. If you are seeking net worth, it is probably down the street. Anybody who retired from a
Fortune 500 company within the last 15 years and had a retirement plan. You just can't tell by looking. One friend who owned the ladies dress shop in Bentonville bought founder's stock from his friend Sam. Another, saved his wife's income, she was a clerk at the phone company, he was a lineman. Died with 2 million in the stock market. When DH was working and had to make shareholder visits, most of the BIG shareholders were employees. It might appear rich =flashy as in entertainers and sports figures. Not always the case. Many are the retired oil company engineers down the street, if the kids haven't got it all by now.

[slingster]

There are many millionaires that live among us that we don't know about. They just do not flaunt their wealth openly.