Quote:
Originally Posted by ITD
A millionaire is a millionaire, whether he has it in cold hard cash or real estate.
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Sorry, but not by a long shot there. He might be a "paper" millionaire, but that is essentially worthless.
You're not a "millionaire" until you've got it in cash or a liquid vehicle. Property values can change dramatically, and a paid-for house worth $1MM can't really be leveraged into other investments, you're paying taxes on it, not earning money from it.