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I seem to see a lot more millionaires in high cost of living areas, but how do they compare to millionaires in low cost areas? Someone with their primary residence paid off in say SF or NYC and no plans to move could potentially have a little savings and be considered a millionaire. Perhaps no big deal for the area. Someone in a low cost area could have a similar home worth 4x less money and live a very comfortable life as a millionaire...potentially not even working at all. Their net worth may be top 3-4% for the area and they are considered wealthy people.
Not sure what the point is here lol, but maybe we could discuss how being a millionaire can be a big deal or not so big deal based on one’s location.
I seem to see a lot more millionaires in high cost of living areas, but how do they compare to millionaires in low cost areas? Someone with their primary residence paid off in say SF or NYC and no plans to move could potentially have a little savings and be considered a millionaire. Perhaps no big deal for the area. Someone in a low cost area could have a similar home worth 4x less money and live a very comfortable life as a millionaire...potentially not even working at all. Their net worth may be top 3-4% for the area and they are considered wealthy people.
Not sure what the point is here lol, but maybe we could discuss how being a millionaire can be a big deal or not so big deal based on one’s location.
if i have a million dollars and buy a million dollar home , i don't go from being a millionaire to not being one the next day . the asset you own may not be liquid but that changes nothing .
if i sold that house a year later all i did is make the same million liquid .
so an asset is an asset .
it just depends what purpose you are adding up your assets for . if it is to determine a retirement draw , no you would not count it . if it is to feel good and take a net worth snap shot , then yeah , it counts .
sure you can be house rich and cash poor but that changes nothing on a balance sheet , you just put to much of your money in the house
Not sure what the point is here lol, but maybe we could discuss how being a millionaire can be a big deal or not so big deal based on one’s location.
If you sold your residence and moved to San Fran or NY, can you still stay retired with just renting? You'd probably get rid of your car since transit is the standard.
How old are you now?
To me it's a big deal. Having a million in high COL is no big deal. A million in a low COL is something else.
unless you live in manhattan , i would never give up my car in the boroughs of nyc . we use a car every single day ... my wife does not drive and before we met she did not not need to travel weekly to see the kids or leave the area much so taking a bus around town was fine .
today after living with a car the last 18 years she would never want to be without one , nor could we be if we want to see our grand kids and do most of the things we do daily .
only in manhattan can you really get away without a car , but that is only true if you don't leave the area and go where public transportation does not go well .
it sure does . if all we had was a million dollars it is doubtful we would have retired here in nyc near our kids and grand kids . 40k in pretax dollars , and paying your own medical and dental does not by much .69k qualifies a family for a lower income new york city housing project
I seem to see a lot more millionaires in high cost of living areas, but how do they compare to millionaires in low cost areas? Someone with their primary residence paid off in say SF or NYC and no plans to move could potentially have a little savings and be considered a millionaire. Perhaps no big deal for the area. Someone in a low cost area could have a similar home worth 4x less money and live a very comfortable life as a millionaire...potentially not even working at all. Their net worth may be top 3-4% for the area and they are considered wealthy people.
Not sure what the point is here lol, but maybe we could discuss how being a millionaire can be a big deal or not so big deal based on one’s location.
Just my way of measuring but I figured we would need at least $2M (eastern Washington) to retire in a lower cost area and $3M+ (Seattle east) in a higher cost area to live the lifestyle we are accustomed to.
You always have the option of moving from a high cost area to a lower cost area in retirement.
Last edited by Tall Traveler; 12-28-2018 at 05:42 AM..
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