The Millionaires Club In Houston (Allen: apartments, neighborhoods, living)

[Texas User]

If you flaunt disposable items like cars, clothes, jewerly, etc. These are not Assets to begin with. So they are flaunting Liabilities?

[mtgmike]

I would say a large percentage of the people the average person thinks is a millionaire...is not. Most people just want the appearance of wealth. When I was a mortgage broker, I did a refi for an executive of an investment firm. House was just under a mill, he and wife drove top of the line cars, and he averaged between 750k and a mill a year. He was not a millionaire.

He had many hundreds of thousands on cc debt, very little equity in his home, and less than half a mill in savings/investments.

Dont believe the hype, people.


***
You want to find the real millionaires? Look for mid sized companies(30-70 employees) that have been in business 25+ years with the same owner. This guy will be 55-65, dress like he makes 50k a year, but may wear a Rolex, and probably drives a domestic full size suv, or pickup. He lives in the same reasonable house he bought twenty years ago, and its now paid off. Id bet 75% of those guys are millionaires.

[movetotexas09]

Originally Posted by Awesome Danny

In 2010, there were 346,000 millionaires in the state, second highest in the nation.

According to this report, TX is 3rd. 1st is CA and 2nd is NY. However, I think what is more interesting is the ratio of millionaires to total Household.
http://www.phoenixmi.com/images/uplo...es20062010.pdf

[Texas User]

Originally Posted by mtgmike

I would say a large percentage of the people the average person thinks is a millionaire...is not. Most people just want the appearance of wealth. When I was a mortgage broker, I did a refi for an executive of an investment firm. House was just under a mill, he and wife drove top of the line cars, and he averaged between 750k and a mill a year. He was not a millionaire.

He had many hundreds of thousands on cc debt, very little equity in his home, and less than half a mill in savings/investments.

Dont believe the hype, people.


***
You want to find the real millionaires? Look for mid sized companies(30-70 employees) that have been in business 25+ years with the same owner. This guy will be 55-65, dress like he makes 50k a year, but may wear a Rolex, and probably drives a domestic full size suv, or pickup. He lives in the same reasonable house he bought twenty years ago, and its now paid off. Id bet 75% of those guys are millionaires.

What did he do for a living that made 3/4 mill a year? How much was his total assets worth? Age of these spouses?

Any person living in an apartment millionaire?

[Texas User]

Originally Posted by movetotexas09

According to this report, TX is 3rd. 1st is CA and 2nd is NY. However, I think what is more interesting is the ratio of millionaires to total Household.
http://www.phoenixmi.com/images/uplo...es20062010.pdf

Do you think Houston has the most in TX?

[movetotexas09]

Originally Posted by Texas User

Do you think Houston has the most in TX?

i think so due to the following reasons;
-Greater Houston has the most population in Texas
-oil and healthcare industries can bring enormous fortune

[Texas User]

Originally Posted by movetotexas09

i think so due to the following reasons;
-Greater Houston has the most population in Texas
-oil and healthcare industries can bring enormous fortune

We have some companies from Houston that are in DOW.

[mtgmike]

Originally Posted by Texas User

What did he do for a living that made 3/4 mill a year? How much was his total assets worth? Age of these spouses?

Any person living in an apartment millionaire?

First question is in OP, and 750 was the least of all the years I saw. Total Net Worth was also stated, less than half a mill. He was still with his first wife, no trophy wife.

[EasilyAmused]

There is no formula to on how to identify wealth. People are individuals with all there own baggage, lack of baggage or need for approval. Therefore, each person will handle their own wealth differently.

[mtgmike]

Originally Posted by Texas User

Any person living in an apartment millionaire?

I can only imagine an apartment liver being wealthy if they traveled very often, and only used their dwelling occasionally through the year. Otherwise, it's too good of an investment to ignore. Possibly someone who already knows they are only going to be in an area to build a business for a few years to build a small business, sell it and move on...