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There are Four Types of Millionaires, Which Are You?

When you think about being a millionaire, what do you think about? Someone who has millions of dollars in the bank?

There are four types of millionaires. Let’s look at all types:

Net worth millionaire

This is a person whose net worth (excluding the value of their primary home) is a million dollars or more. This person could own a business or other real estate. To calculate this, we add a person’s assets and subtract it from their liabilities. If the result is a million dollars or more, then the person would be worth a million dollars and be considered a millionaire.

Portfolio millionaire

This is a person who has an investment portfolio or retirement accounts that are valued at a million dollars or more.

Earnings millionaire

In the world of network marketing, an individual who generates a million dollars or more over a twelve month timeframe is considered a millionaire.

Lifetime millionaire

These are people who over the course of their lifetime have generated at least a million dollars. Let’s take the average person in the United States; according to the US Census Bureau, the median household income in 2016 was just under $60,000.00. That household would have earned at least a million dollars in a little over seventeen years.

These are the four types of millionaires. Which one are you?

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About Frederick Towles

Frederick Towles is an entrepreneur, author and professional coach on personal finance, recognizing, seizing and leveraging opportunities of all kinds. Frederick founded The Towles Group Inc. to address issues that relate to small businesses and individuals – accounting, taxation, asset protection, financial compliance, wealth creation, debt management and business management. He also founded Unlimited Expectations Inc. which provides tools for individuals to assist them in the areas of opportunity recognition, leadership and personal finance. Through the tools and services offered by these companies people are positioned to operate their lives and their businesses at optimal capacity.

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