I've got a friend who was tired of the rat race. He sold his semi D for $2.6m and bought a $1.2m condo. He is debt free and now manages his $1m plus stocks investments. He is a happier person now, he now has more time to exercise in the gym and swim in the condo.
Quote:
Originally Posted by Unregistered
The convention to define whether a person is a millionaire or is to exclude his primary home as his home as his home is not an investable asset. That is why a person staying in a $10m bungalow but has not much other asset or cash may not be a millionaire. But please don't be stupid to pledge your bungalow to borrow $5m for you to invest, you risk losing your bungalow if your investment goes to zero.
A person staying in a HDB flat but has $1m in stocks and cash is a millionaire.
So to be a millionaire, you should sell your $10m bungalow and buy a $5m condo. You then have $5m to invest and you have private bankers serving you. |