Settle an argument: is being a millionaire making a million+ a year, having a million dollars in assets regardless of debt, or having a net worth of at least a million dollars?
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I think so. You're example was one of the more edgemost I considered (the others were money locked up in losing investments). At that point, you could do anything anyone with a million dollars could do. The piper will come, but at that moment, you're there.
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Nah. The distinction is perhaps lost here because a person who can borrow a million in cash already has a high net worth. Such a person is leveraging their assets to make more $. A person with no assets and gets a huge loan would be in a rather unique position I think.
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You have untold riches in the form of reputational capital that allows you to borrow that much money
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or you have a mortgage in seattle
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